FORT LAUDERDALE, FLA. — CNL Commercial Real Estate Inc. has acquired Sawgrass Lakes Center, a 239,373-square-foot, Class A office building in Fort Lauderdale. CNL purchased the asset through a $300 million joint venture investment with Long Wharf Real Estate Partners LLC. Long Wharf made the investment on behalf of a value-added real estate fund it manages. The property is currently 78 percent leased to tenants including AT&T and JP Morgan Chase.
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CHESTERTON, IND. — HSA Commercial Real Estate has arranged a 13,800-square-foot office lease for Lakeside Wealth Management, a financial services company based in Chesterton, Ind. The company will occupy space on the second level of the Village Point Professional Office Building, located at 3100 Village Point Road in Chesterton, approximately 17 miles east of Gary. Lakeside Wealth Management currently leases space at 407 W. Indiana Ave. The company plans to relocate to the Village Point Professional Office Building in September. Robert Titzer of HSA Commercial and Jay Pouzer of CBRE represented the owner in the transaction.The new lease with Lakeside Wealth Management will bring the 31,210-square-foot Village Point Professional Office Building, which was developed by HSA Commercial in 2007, to full occupancy.
TRENTON, MICH. — NAI Farbman has arranged a 6,831-square-foot lease for Lakeshore Surgical Consultants PLC in the Oakwood Southshore Medical Office Building in Southeast Michigan. The facility is located at 5400 Fort St. in Trenton, approximately 25 miles southeast of Detroit. Jeff Cavazos, Laney Cavazos and Mark Yagerlener of NAI Farbman represented the landlord, Oakwood Enterprises Inc., in the transaction. John Harwood of NAI Farbman represented Lakeshore Surgical Consultants. Oakwood Southshore is a 25,000-square-foot, Class B medical building attached to Southshore Hospital. The property, built in 1992, underwent renovations in 2008.
BOSTON — The Rockefeller Group Investment Management Corp. and Mitsubishi Estate New York have closed on the acquisition of 28 State Street in Boston from The Blackstone Group. The 40-story skyscraper features more than 570,000 square feet of office space and 7,000 square feet of retail at the northeast corner of State and Congress streets. The purchase price was not disclosed, but the Boston Business Journal reported the tower was last assessed at $177 million. Designed by Emery Roth & Sons and built in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. Blackstone acquired the property in 2007.
AUSTIN, TEXAS — Full-service real estate firm DivcoWest has acquired The Avallon, a 318,000-square-foot office complex in Austin. The five-building, Class A development was 88 percent leased to 19 different tenants, most of which were technology companies, at the time of the sale. Highbrook Investment Management sold the asset. DivcoWest, which now holds an Austin portfolio totaling more than 1 million square feet, plans to rebrand the property and upgrade the indoor common areas of the buildings.
SAN DIEGO — Fieldstone Plaza, a 44,307-square-foot office building in the San Diego submarket of Sorrento Mesa, has sold to TA Associates Realty for $9.4 million. The building is located at 5465 Morehouse Drive, near the Interstate 805/Mira Mesa Boulevard interchange. It was built in 1986. Fieldstone Plaza is currently 92 percent occupied. The unnamed seller was represented by Louay Alsadek, Evan August, Hunter Rowe and Brad Black of CBRE Institutional Investment Properties team.
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.
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.