HOUSTON — Moody Rambin has brokered the sale of a 13,924-square-foot office building in Houston for $1.4 million. Located on nearly one acre at 6701 Pinemont Drive, the property is in close proximity to the Northwest Freeway. Constructed in 1982, the building features a new roof and HVAC units and was 75 percent leased at the time of the sale. Christopher Dray of Moody Rambin represented the seller, an individual, in the transaction. TAM International Inc. purchased the asset.
Office
LOS ANGELES — SL Green Realty Corp. has agreed to sell its 43.74 percent interest in a Southern California office portfolio to an affiliate of joint venture partner Blackstone Real Estate Partners VII for $100 million. The fund will now take full ownership of the portfolio. The portfolio consists of 28 properties totaling 3.7 million square feet located throughout the submarkets of Los Angeles, Orange County and San Diego counties. It was originally part of a 31-property, 4.5 million-square-foot portfolio that SL Green acquired through foreclosure. That portfolio was eventually recapitalized and the financing was restructured. SL Green went on to form a new partnership with Blackstone while acquiring the other two minority partners’ interests. SL Green sold three of those properties for $223 million. Blackstone’s affiliate, Equity Office Properties, launched a successful capital improvement and lease-up program at the remaining properties.
HOLLYWOOD, CALIF. – Construction has commenced on a 245,000-square-foot creative office campus in Hollywood that is being developed by J.H. Snyder Co. The two-building campus will be located at 959 Seward directly across from Hollywood Center Studios. The glass complex will contain a restaurant, fitness center, outdoor event space, screening room and bike storage. Construction should be complete by the first quarter of 2016. It will be designed by Ware Malcomb. The Multi-Employer Property Trust will provide a $95-million participating loan to an LLC affiliated with J.H. Snyder.
NEW YORK CITY — On behalf of Sitt Asset Management LLC, JLL’s capital markets group has closed the sale of 240 W. 40th St. in Manhattan. AEW Capital Management purchased the 159,774-square-foot property for $63 million. The 13-story, loft-style building is fully leased to LVMH subsidiary, DKNY. Richard Baxter, Jon Caplan, Scott Latham, Yoron Cohen and Stephen Shapiro led the JLL team in the transaction.
WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged the sale of a 5,776-square-foot office building and adjacent parking lot in Wilmington. J. Gregory Ellis of Patterson-Woods Commercial Properties represented the seller, Rockford King LLC, in the transaction. The property, located at 1320 N. King St., sold for an undisclosed price. WG&S LLP purchased the office building and is currently occupying it. The company previously occupied a 3,800-square-foot location at 4550 Linden Hill Road. Walnut Street Parking Inc. purchased the parking lot.
SALT LAKE CITY — KBS Real Estate Investment Trust III has acquired a 426,657-sqare-foot office tower in Salt Lake City’s Central Business District for $170.5 million. The Class A tower is located at 222 Main near the TRAX Main Line light rail system stop. The tower was 85 percent leased at the time of sale. Its largest tenants include Goldman Sachs and Holland & Hart law firm. The structure was built in 2009 and was the first building in Utah to achieve LEED-Gold certification. KBS REIT III also owns the 198,324-square-foot Gateway Tech Center in Salt Lake City.
SAN JOSE, CALIF. — Rio Robles Technology Park, a 460,000-square-foot office and R&D portfolio in San Jose, has received $73.5 million in acquisition financing. The eight-building park is located on Rio Robles not far from San Jose International Airport. It is 70 percent leased to a variety of tech-centric tenants, including Hitachi and F5 Networks. The financing will be used by Brookfield Asset Management to acquire and reposition the property. This will include a significant capital improvement plan that will upgrade the buildings and outdoor areas. The first-mortgage debt was arranged by Rob Rubano and Greg Stampley of Eastdil Secured. It was originated by Jason Bressler of Mesa West Capital.
MINT HILL, N.C. — HFF has arranged $11.5 million in financing for a 57,580-square-foot medical office building at 10545 Blair Road in Mint Hill, about 14 miles east of downtown Charlotte. The property is fully leased to Carolinas HealthCare System. HFF arranged the four-year, floating-rate loan through a national bank on behalf of the borrower, Chicago-based Harrison Street Real Estate Capital LLC.
PALATINE, ILL. — Marcus & Millichap has arranged the $1.1 million sale of Countryside Office Park, a 93,648-square-foot office property located in Palatine, a northwest suburb of Chicago. John Abuja, Rich Merryman and Bill Schofield in Marcus & Millichap’s Chicago offices, marketed the property on behalf of the seller. Countryside Office Park is located at 1210-1278 W. Northwest Highway and is 74 percent occupied. The property includes 465 parking spaces.
SCHAUMBURG, ILL. — Morgan / Harbour Construction has completed an 11,000-square-foot office renovation for Crestron Electronics at 935 National Parkway in Schaumburg, a northwest suburb of Chicago. Crestron Electronics relocated its Midwest regional offices to Schaumburg from Arlington Heights. The build-out includes a new custom-built reception desk, two training rooms, multiple private offices, along with a storefront glass entrance in the reception area. Founded in 1968, Crestron Electronics has offices in 45 countries and offers integrated solutions to control audio, video, computer and environmental systems. Morgan / Harbour’s construction team included Dan Kohlsaat and Jerry Hawkinson. Featherstone Consulting Inc. provided the architectural services.