LOS ANGELES — CIM Group has purchased a seven-property portfolio that includes Two California Plazain Downtown Los Angeles and the Montclair Plaza shopping mall in Montclair, Calif., for a reported $170 million. The portfolio also includes the Class A Stadium Towers Plaza in Orange County, Calif.; the 126-room Comfort Suites-San Diego/Mission Valley in San Diego; the 262-room DoubleTree by Hilton Hotel-Bakersfieldin Bakersfield, Calif.; the 125,000-square-foot Montvale Center office building in Gaithersburg, Md.; and a non-performing loan secured by a 440,000-square-foot office campus at 270 Technology Park in Frederick, Md. The portfolio’s marquee asset is Two California Plaza, a 52-story, Class A office building in Downtown Los Angeles’ Bunker Hill neighborhood. It contains 1.28 million square feet of office space and 44,000 square feet of retail space. It is part of a two-tower office complex that shares a retail and restaurant pavilion featuring a 1.5-acre water court and performance plaza. The other top asset in this portfolio is Montclair Plaza, a two-story enclosed regional shopping mall about 30 miles east of Los Angeles. The acquisition included 868,000 square feet of the 1.3 million-square-foot mall. Notable anchors include Macy’s, Nordstrom, Sears, JC Penney and Target. This portfolio was acquired as part of …
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ONTARIO, CALIF. — Sedgwick Claims Management, a technology-enabled claims and productivity management solutions provider, has renewed and expanded at Empire Towers in Ontario. The company has leased more than 29,700 square feet at the property, which is located at 3633 Inland Empire Blvd. Sedgwick Claims was represented by Vindar Batoosingh of CBRE's Ontario office. The landlord is CIP Real Estate. It owns the towers in partnership with a fund sponsored by Guggenheim Real Estate.
ATLANTA — Origin Capital, a Chicago-based real estate investment manager, has acquired its fourth asset in Atlanta: Centrum at Glenridge. The 186,360 square foot office building is located at 780 Johnson Ferry Road and is LEED Gold certified. Centrum at Glenridge will be part of Origin Capital's second value-add fund — Origin Capital Fund II LLC. Michael McDonald and Kennedy Hicks of Eastdil Secured brokered the transaction. The seller was Atlanta-based Ackerman & Co. and Northwestern Mutual. Located in Atlanta's Central Perimeter submarket, Centrum at Glenridge is currently 84 percent occupied, with the bulk of occupancy leased on a long term basis to Haverty Furniture Cos. Inc. and Cumulus Media. Origin plans to undertake several capital improvement projects, including the modernization of the building’s elevators, parking garage repairs, the creation of a tenant lounge and upgrades to the multi-tenant floor bathrooms. Origin has selected the Atlanta office of Stream Realty Partners to provide property management and leasing services for the asset. Amenities at Centrum at Glenridge include a tenant conference room, an on-site café and an exercise facility.
ATLANTA — UC Funding LLC has structured and funded a $16.8 million acquisition bridge loan for a 262,000-square-foot office building located in Atlanta's Central Perimeter office submarket. The property is situated with more than 1,000 feet of direct frontage on Interstate 285. Dan Palmier, president and CEO of UC Funding says, “We provided our new sponsor with what they needed to win the deal, a quick commitment and closing in less than 21 days.”
BOSTON —Jones Lang LaSalle Construction has completed construction of Life is Good’s new 22,000-square-foot headquarters at 51 Melcher St. in Boston. Designed by Baker Design Group, the new space features a variety of different-sized private conference rooms, as well as phone booths for individual calls. Life is Good’s new office also includes community worktables, stand-up media-sharing tables and living room areas with lounge chairs, sofas and large flat-panel video displays for laptop or iPad presentations. Jones Lang LaSalle Construction team included Steven Wassersug, managing director, Brendan Boyle, senior construction manager, and Chris Hardiman, senior estimator.
PITTSBURGH, PA. — Vorys, Sater, Seymour & Pease LLP has signed a 4.5-year sublease for office space in the BNY Mellon Center in downtown Pittsburgh. The firm plans to move this spring to the approximately 11,200-square-foot space on the building’s 49th floor. Vorys opened a temporary office at Foster Plaza XI in October 2013 while the firm searched for permanent space with the assistance of Robert Geiger, a principal at Cushman & Wakefield Grant Street Associates Inc. Tim Goetz, a principal with Cushman & Wakefield Grant Street Associates Inc., had been marketing the sublease opportunity on behalf of Pepper Hamilton LLP for about four months before Vorys became interested in the space.
THE WOODLANDS, TEXAS — The J. Beard Real Estate Company LP has arranged a 10,000-square-foot lease for Conversio Health LLC at Research Forest Lakeside in The Woodlands. The tenant, a service provider for patients with chronic conditions, will occupy part of Building 4 in the larger 10-building mixed-use complex, located on 77 acres overlooking Lake Woodlands and in close proximity to The Woodlands Mall and Interstate 45.Lindsey McKean of J. Beard represented Conversio in the negotiations. James Warmack of Warmack Investments represented the Research Forest Lakeside.
SPRING, TEXAS — Newcor Commercial Real Estate has arranged a 8,700-square-foot office lease for James Construction Group in the Houston suburb of Spring. The single-tenant property is located on 1.35 acres at 21755 Interstate 45 North, in close proximity to the interchange of I-45 and Grand Parkway, as well as the new Exxon Mobil campus. Rob Banzhaf of Newcor represented the landlord, Jefferson Bank Trust, and also negotiated a lease termination on behalf of the existing tenant, Terminix. Joe Gallini of the Gallini Group represented the James Construction Group.
PHOENIX — Creative Touch Interiors (CTI) has signed a three-year lease for 36,540 square feet of office space in Phoenix. The new space is located at 1002 E. University Drive. The 73,080-square-foot building is also leased to two other tenants. It is part of a three-building project that totals 177,000 square feet. CTI will be relocating from its facility near Sky Harbor International Airport. The tenant was represented by Pat Feeney of CBRE and Chris Gadrix of CBRE Atlanta Global Corporate Services Inc. Jackie Orcutt, John Grady and Jim Wilson of Cushman & Wakefield assisted with the transaction. The landlord is EastGroup Properties.
RICHMOND, VA. — CBRE | Richmond has brokered the sale of the Surry Building, a Class B, 33,578-square-foot office building at 1601 Rolling Hills Drive in Richmond. Surry Building Associates LC, an entity managed by Robinson Development Group Inc. (RDG), sold the asset for approximately $1.8 million. Will Bradley and David Wilkins of CBRE | Richmond represented RDG in the transaction.