MESA, ARIZ. — Buchanan Street Partners has acquired Stapley Corporate Center, a 180,000-square-foot office property in the Phoenix suburb of Mesa, for $32.5 million. The two-building, Class A center is located at 1840 and 1910 South Stapley Drive, near the border of Mesa and Gilbert. Stapley is 90 percent occupied. Tenants with long-term leases include Cigna Healthcare and Wells Fargo. Chris Toci and Chad Little of Cushman & Wakefield of Arizona represented the seller and original developer, the DESCO Group, in this transaction. Buchanan was self-represented. JLL’s Mark Gustin will handle the center’s leasing. Buchanan is targeting value-add investment properties within the Phoenix market. It currently owns 1.4 million square feet of properties in this market, including Mesa Corporate Center and the 260-unit Vue Park West in Peoria, which closed earlier this year.
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CHELMSFORD, MASS. — Boston-based Tritower Financial Group has acquired 300 Apollo Drive in Chelmsford. Texas-based USAA Real Estate Company sold the property for $39.4 million. The LEED Silver-certified property offers more than 293,000 square feet of Class A office space. At the time of sale, the property was 100 percent leased to eight tenants. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.
NEWPORT BEACH, CALIF. – A joint venture between AEW and Kearny Real Estate Company has acquired five fee title buildings and 12 land parcels within Newport Corporate Plaza in Newport Beach for $41.5 million. The 24-building Newport Corporate Plaza is situated on 20 acres of land on Corporate Plaza Drive. The acquired properties are subject to ground leases at the office campus. The joint venture was represented by CBRE’s Gary Stache. The unnamed seller was represented by Don Nourse and Jim Nourse of Lee & Associates – Newport Beach.
MILWAUKEE — Marcus & Millichap has arranged the $5.9 million sale of a 25,466-square-foot medical office building in Milwaukee. The Lakeshore 20th Medical Building is located at 3305 S. 20th St. The property is fully occupied by healthcare tenants. The building is anchored by Lakeshore Medical Clinics, a multi-specialty medical group offering primary care and 20 different sub-specialties. Lakeshore Medical Clinics is a wholly owned subsidiary of Aurora Health Care. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the undisclosed seller and undisclosed buyer. Matthew Fitzgerald of Marcus & Millichap assisted in the transaction.
DALLAS — Goddard Investment Group LLC has acquired the 58-story Fountain Place office tower, located at 1445 Ross Ave. in Dallas. The 1.2 million-square-foot building is 88 percent occupied. The purchase of Fountain Place was completed through the Goddard Value-Add Office Fund I LP. Cassidy Turley has been retained to oversee leasing at the property. Goddard plans to renovate the building to re-establish it as a Class A asset. Specific property improvements include refurbishing the lobby and elevator banks and enhancing the exterior fountains and landscaping. In addition, Goddard plans to build a new parking garage adjacent to the building. Fountain Place was built in 1986 and designed by I.M. Pei.
HOUSTON — Stream Realty Partners has negotiated a lease extension and expansion on behalf of attorneys Doyen Sebesta Ltd. LLP at Paragon Center One, located at 450 Gears Road. Doyen Sebesta now leases 5,694 rentable square feet in the building. Anthony Squillante and Greg Marconi of Stream Realty Partners represented Doyen Sebesta. Carrie Powledge, leasing director of Rosemont Realty, negotiated on behalf of the landlord, Paragon Operating Associates LP.
SAN FRANCISCO — Patson Cos. has acquired a 140,000-square-foot office building at 1155 Market Street in San Francisco for $72.6 million. The deal represents an internal rate of return of more than 56 percent for investors. The 11-story building was virtually empty when Laurus Corporation acquired it in 2011, as the single tenant was in the process of vacating. The company implemented a tenant improvement program and re-leased more than 75 percent of the building to the City and County of San Francisco within 90 days. The building also underwent a $14-million renovation program, which included upgrades to the facade, lobby, corridors, bathrooms, elevators and common areas, among other items. The majority of the sales proceeds will be rolled into the Ethika Diversified Opportunity Real Estate Fund. Laurus formed this fund to provide investors access to a unique platform that invests in opportunistic and value-add assets in the United States.
CHICAGO — MB Real Estate has arranged a 26,214-square-foot office lease renewal and expansion for Knight Engineering at the LaSalle Wacker Building in Chicago. The property is located at 221 N. LaSalle St. The full-service engineering and architectural firm renewed its lease for space on the third floor and expanded to a portion of the fourth floor at the office property. Knight Engineering is the largest tenant in the 416,000-square-foot, 41-story building. MB Real Estate has managed and leased the property since 2010. Walter Hennig and Kelsey Karp of MB Real Estate represented building ownership in the transaction. Knight Engineering was self-represented in the negotiations.
HOLBROOK, N.Y. — Long Island Industrial has completed a renovation project for Consumers Kitchens & Baths’ headquarters in Holbrook. The upgrade is part of the company’s $35 million capital improvement program, which is aimed at modernizing its portfolio of properties across Nassau and Suffolk counties. Completed by Long Island, N.Y.-based Hunt Construction Services, the renovation included the demolition of the outdated exterior and the installation of a new energy-efficient Exterior Insulation Finish System façade, as well as new electrical circuits, crown molding and window accents. As part of its capital improvements program, Long Island Industrial will invest an average of $7 million per year over a projected five-year period into its Long Island portfolio, which includes 23 buildings totaling 2 million square feet in Suffolk County and 13 buildings totaling 1.5 million square feet in Nassau County.
DALLAS — CBRE has brokered the sale of Galleria North Tower I, a Class A office tower located at 13737 Noel Road in north Dallas. The 16-story, 379,518-square-foot office tower is 87 percent occupied, and includes an executive parking level beneath the building, as well as an adjoining parking garage. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill arranged the transaction on behalf of FSP Galleria North Limited Partnership. Deutsche Asset & Wealth Management acquired the tower on behalf of one of its institutional clients for an undisclosed price. Galleria North Tower I’s tenant mix includes Dealertrack Technologies, EmCare Holdings, Insperity and U.S. Bank.