LOS ANGELES — North Ranch Office Building in the Los Angeles submarket of Westlake Village has sold to Chippewa Enterprises for $7.7 million. The 45,000-square-foot building is located at 31225 La Baya Drive. It was 48 percent leased at the time of sale. Jeff and Travis Albeeof Sperry Van Ness represented both the all-cash exchange buyer and the unnamed seller in this transaction.
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OAK BROOK, ILL. — J.C. Anderson Inc. has been selected to complete a 20,000 square-foot office build-out for Millennium Trust Co. within Commerce Plaza, an office building in Oak Brook. Commerce Plaza, located at 2001 Spring Road, will undergo an interior build-out to add additional space on the third floor of the building. The full-floor remodel will include construction on open workspaces, private offices, training areas and a large multi-purpose room. This is the second project for J.C. Anderson with Millennium Trust. Dan Burnette is the project manager for the build-out. Ryan Kingsmill is the project superintendent for J.C. Anderson. Cannon Design will provide architectural services. CBRE is the project manager.
DRAPER, UTAH — Lone Peak Center, an 87,672-square-foot office building in Draper, has received $14.5 million in refinancing. The center is located at 11747 Lone Peak Parkway, just 20 miles south of Salt Lake City. The proceeds were used to pay off existing senior debt, among other uses. Lone Peak was built in 2007. It is currently 99 percent leased. The building serves as one of nine global customer service support centers for EMC Corporation, the world’s largest provider of data storage systems. It is also the corporate headquarters for O’Currance, a direct response telesales service provider. The center’s original developer, DBSI Group of Companies, experienced bankruptcy liquidation in 2010. The sponsor, a San Francisco-based real estate investment and asset management firm, purchased the REO property from M&I Bank, which is now BMO Harris. Financing was provided by Thorofare Capital.
CORAL GABLES, FLA. — CBRE has arranged the sale of Douglas Entrance, a Class A 467,325-square-foot landmark office campus in Coral Gables. Miami-based Banyan Street Capital and Los Angeles-based Oaktree Capital Management partnered to acquire the five-building project from Chicago-based Pearlmark Real Estate Partners for approximately $100.8 million. The property was 82 percent leased at the time of sale. Douglas Entrance, located at the intersection of S.W. 37th Avenue and S.W. 8th Street, includes modern high-rise towers, street-level retail, boutique office suites and meeting spaces. The building, which is LEED Silver-certified and an Energy Star-rated project, is also listed on the National Register of Historic Places. The CBRE team representing the seller included Christian Lee, JoséLobón, Charles Foschini and Chris Apone. Eric Groffman, Josh Gibbons and Andrea Lopez of Transwestern assisted the CBRE team in the transaction.
WASHINGTON, D.C. — Akridge, a real estate services company, has signed law firm Brown Rudnick LLP to a 35,000-square-foot lease renewal at The Homer Building for seven years. The Homer Building, located atop Metro Center station a few blocks away from the White House, includes a rooftop terrace with views of the D.C. skyline, a full-service fitness facility and a 12-story atrium. The Homer Building is LEED Gold-certified, Energy Star-rated and has received a BOMA 360 Performance Building designation. The building also received BOMA's International Office Building of the Year award. Mitsui Fudosan America, a majority shareholder of Akridge, owns the Homer Building. Susan Thomas and Brittany Kalkstein of Cushman & Wakefield represented Brown Rudnick in the lease transaction. Wil Pace and Greg Tomasso of Akridge provided landlord representation. Akridge provides property management services at the building.
FORT LAUDERDALE, FLA. — 110 Tower, a LEED Gold-certified, Class A office building in downtown Fort Lauderdale’s Central Business District, has leased more than 40,000 square feet to a variety of commercial tenants. 110 Tower recently completed a comprehensive $15 million interior and exterior renovation, which included the addition of ground-floor retail, upgrades to the lobby and interior common areas, enhancement of primary mechanical systems and installation of a unique exterior lighting system. The building now hosts more than 800 full-time employees. Law firms Lewis Brisbois Bisgaard & Smith; Fort Lauderdale Executive Office Suites; the Broward Safety Council; and Cole, Scott & Kissane, P.A. are among the established businesses at the tower. Subway is now open in 110 Tower’s ground floor and Trial Copy, a litigation consulting firm specializing in electronic data discovery, computer forensics custom trial graphics and heavy litigation copy services, sits in 110 Tower’s lobby level. Laurel Oswald of Cushman & Wakefield handles office-leasing responsibilities for 110 Tower.
FARMERS BRANCH, TEXAS — Developer Billingsley Co. will break ground this quarter on a 165,000-square-foot office structure in Farmers Branch for home security system provider Monitronics International Inc. The building, which Monitronics will use as its new headquarters, is the first office project at Billingsley’s Mercer Business Park, a 225-acre development at the northwest corner of I-635 and I-35. Architect Good Fulton & Ferrell designed the three-story facility, which is slated for completion in the summer of 2015. Rick Hughes and Dean Collins of Cushman & Wakefield represented Monitronics in the build-to-suit deal.
RALEIGH, N.C. — Grubb Properties, a Charlotte-based commercial real estate company, and Rubenstein Partners, a Philadelphia-based real estate fund manager, have sold Newcastle North, an 112,340-square-foot laboratory and office building at the Imperial Center Campus in Raleigh. The two-building portfolio was sold for $14.5 million to Capital Square Holdings, a real estate investment and advisory firm based in Glen Allen, Va. The building, located at 1035 Swabia Court at the intersection of I-40 and I-540, was originally acquired in September 2012 from GlaxoSmithKline. The building was fully leased to Reichhold Industries within its first year of ownership. Scot Humphrey, Chris Norvell and Bill Simerville of Cushman & Wakefield | Thalhimer’s capital markets group, along with Samir Idris of Cushman & Wakefield’s Atlanta office, handled the negotiations on behalf of the seller. The building was 100 percent leased at the time of sale. The second building, Newcastle South at 1015 Swabia Court, features 86,895-square-feet of office space.
AUSTIN, TEXAS — Clarion Partners LLC has acquired Las Cimas IV, a 138,008-square-foot office building in Austin’s Southwest submarket. Constructed in 2008, the five-story structure is located at 900 S. Capitol of Texas, in proximity to Loop 360 and Bee Cave Road. The property, which features a two-story lobby and on-site showers, was 93.5 percent occupied at the time of the sale. Clarion Partners is a New York-based real estate investment firm with approximately $30 billion in total real estate assets under management.
LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 21,680-square-foot medical office building in the Dallas suburb of Lewisville. Constructed in 2003, the structure is located at 571 W. Main St., in proximity to I-35 and across from the Medical Center of Lewisville. The property, known as Main Street Medical, was not fully occupied at the time of the sale. Ron Hebert and Wayne Bares of Marcus & Millichap marketed the asset on behalf of the seller, a private investor. Hebert also secured the buyer, another private investor. The transaction closed within 77 days of the original listing.