SAN FRANCISCO — ASB Real Estate Investments has acquired a 111,497-square-foot creative office and retail property in San Francisco for $61.2 million. The six-story property is located at 989 Market Street, near the intersection of Market Street and 6th Street in the city’s Mid-Market corridor. The historic office building was originally constructed in 1908. It underwent extensive renovations from 2011 to 2013. It is now 94 percent occupied. Notable tenants include tech companies Zendesk and Zoosk, as well as Blick Art Supplies, which occupies the ground-floor retail space. The seller, Harbert Management Corporation, was represented by HFF’s Steven Golubchik, Nicholas Bicardo, John Simerlein, Nathan Blair, Mark Damiani and Josh DiSalle. HFF had previously secured $27.69 million in financing for the seller in 2012.
Office
JACKSONVILLE, FLA. — Fairlead Commercial Real Estate has purchased three Class A office properties totaling 241,277 square feet in Jacksonville. The office buildings are located at 7406 and 7411 Fullerton St. and 10199 Southside Blvd. in the 23-acre Gran Park at the Avenues business park. Fairlead, along with its equity partner Bridge Investment Group Partners, purchased the assets for an undisclosed price. John Bell of Transwestern represented the seller, Flagler Development Group, in the transaction. Fairlead has hired Ross Carrier of Flagler Development to lease the properties.
DALLAS — Parmenter Realty Partners has sold the 196,215-square-foot Two Forest Plaza office building in Dallas to an affiliate of Encore Enterprises. Jack Minter and Creighton Stark from Colliers International represented Parameter in the transaction. Tenants of Two Forest Plaza include New York Life Insurance Co. and La Madeleine. The sale price was not disclosed. Two Forest Plaza has earned Energy Star certification and the BOMA 360 Performance Designation.
WINTER SPRINGS, FLA. — Avison Young has brokered the $1.4 million sale of Tuskawilla Professional Offices, a 20,000-square-foot, three-story office building located at 1030 Spring Villas Point in Winter Springs. David Duckworth of Avison Young represented the seller, AHM INV LLC, in the transaction. The buyer was DPN USA LLC.
COLUMBUS, OHIO — Grandbridge Real Estate Capital has originated a $17 million first mortgage loan for the Smith Bros’ Hardware Building in Columbus. The 190,949-square-foot historic building includes offices and event spaces. The historic building and its iconic rooftop water tower have been a distinct feature on the Columbus skyline since it was constructed in 1929 as home for the Smith Bros’ Hardware Co. Craig Kegg of Grandbridge Real Estate Capital originated the refinance loan with a fixed interest rate through Goldman Sachs & Co. Mary Zofko of Grandbridge’s Columbus office assisted in the transaction.
EVANSTON, ILL. — In a joint venture, Lubert-Adler and The Farbman Group have acquired a 154,000-square-foot, Class A office building in Evanston, a suburb of Chicago, for an undisclosed sales price. The property is located at 1007 Church St. The building, previously owned by a tenant-in-common group, had been taken over by a special servicer when the joint venture acquired its outstanding debt in February 2014. The property is located near Northwestern University and adjacent to a transit station. The building includes 351 parking spaces, two rooftop decks and an outdoor patio. The joint venture plans to improve the building, currently at 52 percent occupancy, and then lease the remaining vacancy. Lubert-Adler, which invests on behalf of leading national university endowments and state retirement systems, owns five other Chicagoland properties with The Farbman Group: 79 W. Monroe St., 209 W. Jackson Blvd., and 205 W. Randolph St., all in the Loop area, plus the Atrium Building in Naperville and 25 Northwest Point in Elk Grove Village.
WESTPORT, CONN. — Building and Land Technology (BLT) has acquired Nyala Farms Corporate Center in Westport for $130 million. Situated on 53 acres at 60 Nyala Farms Road, the property offers 372,207 square feet of Class A office space. The office park is currently home to Terex, Bridgewater Associates, Morgan Stanley and RBC, among others. With this acquisition, BLT now owns more than 5 million square feet of office space in Connecticut.
MORRIS TOWNSHIP, N.J. — Keystone Property Group and Mack-Cali, through a joint venture, has acquired 412 Mt. Kemble Avenue in Morris Township for $45.4 million. Located in Morris County’s corporate corridor, the asset comprises three three-story buildings offering 475,100 square feet of office space. The property offers a variety of tenant amenities, including a fitness center, café, executive parking garage and dual power feeds. Earlier this year, the companies entered into agreements to form various joint ventures to acquire the property as part of a larger portfolio of office properties that Mack-Cali owns throughout Northern New Jersey, New York and Connecticut.
HOUSTON — Peloton Capital Partners has sold a recently renovated two-building office property in Houston’s Westchase district to Pennybacker Capitol InSite Realty Partners for an undisclosed amount. The properties total 121,700 square feet and are 80 percent occupied. Todd Casper and Mike Hassler with CBRE’s capital markets team arranged the sale. ITT Educational Service Inc. anchors the two-building asset, located at 2950 and 3030 S. Geasner near the Westpark Tollway and U.S. Highway 59.
SACRAMENTO, CALIF. — Jackson Properties has acquired University Office Park, a 130,000-square-foot office campus in Sacramento, for nearly $20 million, according to reports. The six-building campus is located at 777 Campus Commons Drive in the master-planned community of Campus Commons. The campus is situated on 12 acres next to two fully leased office buildings that Jackson recently developed. The transaction includes additional land for future development. The property is flanked by Fair Oaks Boulevard, as well as University and Howe avenues.