LOS ANGELES – A 63,605-square-foot office property in Simi Valley has sold to Younan Properties for $4.4 million. The Class A property is located at 2900 N. Madera. It is currently vacant. Younan was represented by Dan Vittone and Alan Pekarcik of Avison Young. The seller, Rexford Industrial Realty, was represented by John DeGrinnis of Colliers International.
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FORT PIERCE, FLA. —The SRS Southeast investment sales team has brokered the sale of a 74,090-square-foot office property in Fort Pierce that is currently occupied by Virginia College. The property, located at 2810 South Federal Highway, sold for approximately $7.6 million. The property underwent a complete renovation in 2013. Kyle Stonis and Pierce Mayson in the SRS Atlanta office, along with Josh Burmeister and Buff Teague of Jones Lang LaSalle, represented the unnamed seller in the transaction. The undisclosed buyer did not have broker representation.
CINCINNATI — Cassidy Turley has arranged the sale of the 811,670-square-foot Central Parke Business Park Portfolio for $34 million. The portfolio is comprised of five office buildings, five flex buildings and one retail building, Grand Central Station. The buildings are located in Norwood and Cincinnati. Locally based PBY Partners acquired the portfolio from 4600 Smith Road Holdings LLC. Jim O’Connell, Mike Sullivan and Tom Powers of Cassidy Turley represented the seller in the transaction.
HOUSTON — HFF has brokered the sale of Centre at Cypress Creek, a four-structure, 465,716-square-foot office and industrial complex in Houston. The properties include three office buildings located at 20455, 20465 and 20475 State Highway 249 totaling 220,622 square feet, as well as one flex facility of 245,094 square feet located at 11777 Compaq Center Drive. At the time of the sale, 93.6 percent of the office space was leased to tenants including Gexa Energy, FoxConn, Intel Americas and Noble Energy, and the flex building is fully occupied by FoxConn. The complex is part of the larger HP Compaq Computer Campus, a 300-acre development. Rusty Tamlyn and Jeff Hollinden of HFF marketed the property on behalf of the seller, Principal Real Estate Investors. SG Cypress Real Estate Ventures, consulted by Coventry Investment Group Inc. and Coventry Realty Advisors, purchased the assets free and clear of existing debt.
BOSTON — The Fallon Co. has broken ground on 100 Northern Avenue, a 17-story, 515,000-square-foot, build-to-suit tower that will house the Boston office of global law firm Goodwin Procter LLP. The tower will be located in Fan Pier, one of the country’s largest privately-funded development sites, featuring three million square feet of mixed-use office, residential and retail space spanning 21 acres and nine city blocks. Designed by global architectural firm HOK, 100 Northern Avenue will feature 500,000 square feet of commercial space, 380,000 of which will be occupied by Goodwin Procter, which plans to relocate to the new building by spring 2016. The building also features more than 15,000 square feet of ground-floor retail space.
NEWARK, N.J. — Three long-term leases totaling 53,000 square feet have brought 570 Broad in Newark to 85 percent occupancy. The 200,000-square-foot, 15-story tower was 20 percent leased in 2011, when The Berger Organization acquired a controlling interest in 570 Broad Street LLC, the partnership that owns the asset. Brendan Berger of The Berger Organization represented his company in negotiating the latest leases at 570 Broad. Programs for Parents leased 22,000 square feet, relocating from another Newark property. McElroy, Deutsch, Mulvaney & Carpenter LLP leased 19,000 square feet. Peter Blanchard and Lee Barnes of The Garibaldi Group served as the tenant’s broker in the transaction. Health Republic Insurance of New Jersey leased 12,000 square feet. Harlan Hollander of Cushman & Wakefield served as the tenant’s broker.
GRAPEVINE, TEXAS — Coldwell Banker Commercial Alliance DFW has brokered the sale of Grapevine I, a 38,709-square-foot office property in the Metroplex suburb of Grapevine. Located at 3500 William D. Tate Ave., the building was fully leased at the time of the sale to tenants including Academic Health Plans. Gary Walker and Renee Efimoff of Coldwell Banker Commercial Alliance DFW represented the seller, Skywalker Property Partners, which purchased both Grapevine I and the adjacent Grapevine II in August 2011 on behalf of Hangover Opportunity Fund LLC. OSK Investments LP acquired Grapevine II in August 2012. Jill Bayne of Alliance Commercial represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.
DETROIT, MICH. — NAI Farbman has arranged a 3,205-square-foot office lease for The Public Lighting Authority of Detroit at Cadillac Tower. Located at 65 Cadillac Square, Cadillac Tower is a 40-story, 350,000-square-foot Class B office building. The tower is in Detroit’s central business district. Paul DeBono of NAI Farbman represented the landlord, Cadillac Tower MI LLC, and the tenant.
NEW HAVEN, CONN. — O,R&L Commercial has arranged the $2.8 million sale of an office building located at 495 and 517 Congress Ave. in New Haven. Frank Hird of O,R&L Commercial represented the sellers, 495 Congress LP and Mortgage Investors V LLC, in the transaction. Steve Miller of Levey Miller Maretz LLC represented the buyer, The APT Foundation. The 27,640-square-foot property was originally constructed in 1884 and used as a school. APT was a tenant in the building and will continue to use the property for its programs.
CLAREMONT, CALIF. – A 79,800-square-foot office property on the Keck Graduate Institute (KGI) Applied Life Science Campus in Claremont has received $8.5 million in financing. The two-story, single-tenant building is occupied by Technip North America. It is also known as the Technip building. The project management, engineering and construction leader for the energy industry recently signed a new 10-year lease at the property. The new 10-year loan has a fixed interest rate in the mid-5 percent range and a 25-year amortization schedule. It was arranged by Geoffrey Arrobio of Johnson Capital’s Downtown Los Angeles office. Financing was provided by EverBank. KGI plans to use the financing to expand its on-campus pharmaceutical program.