SAN DIEGO — Western States has acquired a 36,936-square-foot office building in the San Diego submarket of Sorrento Mesa for $6.3 million. The corporate headquarters building is located at 10540 Heater Court. It is fully leased to Cobham Defence Electronics. Bryce Aberg, Brant Aberg and Brian Driscoll of Cassidy Turley Commercial Real Estate Services in San Diego represented both Western States and the unnamed seller in this transaction.
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TUCSON, ARIZ. – A 15,000-square-foot office building in Tucson has sold to Redyns Development for $4.2 million. The building is located at 2070 W. Rudasill. Redyns was represented by Russell W. Hall and Stephen D. Cohen of Cushman & Wakefield | PICOR. The seller, Fountains Medical Plaza Investors, was represented by CBRE’s David Montijo and Mike Sandahl.
PHOENIX – The Arizona Super Bowl Host Committee has leased 7,535 square feet at Renaissance Square in Downtown Phoenix. The 965,000-square-foot, Class A office complex is located along North Central Avenue. The committee was represented by CBRE’s Brad Anderson. The landlord, Hines, was represented by Jerry Noble of Cushman & Wakefield.
RALEIGH, N.C. — JLL has brokered the $6.8 million sale of a 98,780-square-foot office building located at 3600 Wake Forest Road in Raleigh. The buyer, Local Government Federal Credit Union (LGFCU), a not-for-profit financial cooperative, will make capital improvements in order to bring the property to Class A status, according to JLL. LGFCU was considering a build-to-suit opportunity in downtown Raleigh before deciding to purchase 3600 Wake Forest. Michael Morgan of JLL represented LGFCU in the transaction. Justin Dauncey of JLL will manage the building renovations and site improvements for LGFCU.
SOUTHPORT, CONN. — Quincy, Mass.-based The Grossman Companies and Southport-based Summit Development have acquired an office building at 200 Pequot Ave. in Southport. The 12,700-square-foot building sold for $2.4 million or approximately $185 per square foot. The buyers plan to upgrade the property’s common areas and lease out the building, which is currently 43 percent occupied. The undisclosed seller, a former tenant, sold the property directly to the buyers in an off-market transaction.
HAYWARD, CALIF. – Questcor has renewed its lease for 30,000 square feet at the Point Eden Business Park in Hayward. It has signed an additional lease for 13,867 square feet at the park. The spaces are located at 3980 Point Eden Way and 26118 Research Road, respectively. The expansion will provide the biopharmaceutical company with office space. Questcor was represented by Todd Severson of Colliers International in Oakland. The landlord was represented by CBRE.
CORAL GABLES, FLA. — Marcus & Millichap has arranged the $9 million sale of 1575 San Ignacio, a 30,668-square-foot office property located in Coral Gables. Baptist Health South Florida leases 60 percent of the property. The office building includes a 110-space parking garage and a 5,000-square-foot Gibraltar Private Bank & Trust. Douglas Mandel and Benjamin Silver of Marcus & Millichap represented the seller, a private investor based in Coral Gables, in the transaction.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. has arranged a $5.8 million loan for the acquisition and redevelopment of a 30,000-square-foot office building in west Houston. Constructed in 2002, the Class A, tilt-wall facility is located on a three-acre parcel in Westway Business Park. Matt Franke and Larry Peters worked on behalf of the borrower, GE Oil & Gas Inc., to arrange the 90 percent loan-to-value financing through a regional bank.
LOS ANGELES – A 101,653-square-foot medical office building in Beverly Hills has received $40 million in refinancing. The fully leased building is located at 450 N. Roxbury, near the intersection of Wilshire and Santa Monica boulevards in the Golden Triangle area. The 15-year, fixed-rate loan will be used to refinance the property’s senior debt. Financing for Starpoint Properties was arranged by HFF’s Chris Vittetoe and Paul Brindley through an affiliate of Guggenheim Finance LLC. The loan will be serviced by HFF.
ROCKVILLE, MD. — NAI KLNB has brokered the sale of 1801 and 1803 Research Boulevard, a two-building office portfolio in Rockville. RFII Acquisitions LLC purchased the two assets for approximately $18.3 million from DMARC 2006-CD2 Research Office LLC. The six-story properties are 48 percent leased to tenants such as Allied Technologies, Adventist Healthcare and BLH Technologies. Christopher Kubler of NAI KLNB, in cooperation with C-III Realty Services LLC, brokered the transaction on behalf of the buyer.