IRVINE, CALIF. — Von Karman Plaza, a 241,539-square-foot retail property in Irvine, has received $35 million in refinancing. The plaza is located at 16585 Von Karman Ave. The center was undergoing a repositioning prior to the refinancing, as several large blocks of space had been vacated, including a Sam’s Club building. The owner, Harsch Investment Corp., renovatedthe plaza and has since filled a majority of the vacated space with new tenants, including Walmart. The loan features a 10-year term and a 30-year amortization schedule. It was arranged by Ken Griggs and Paddy Ryan of Norris, Beggs & Simpson Financial Services. Financing was provided by ING Investment Management.
Office
SAN JOSE, CALIF. — Embarcadero Capital Partners has purchased Gold Street Technology Center, a 302,600-square-foot office/R&D campus in San Jose, for an undisclosed sum. The five-building campus is located at 2100, 2130, 2150, 2160 and 2190 Gold Street along Highway 237. It is 80 percent leased to four tenants, including Tivo, Inc., eSilicon Corporation, Minerva Networks and PiCoral. The seller, PNC Realty Investors, Inc., is the investment advisor to the AFL-CIO Building Investment Trust. It was represented by HFF’s Michael Leggett, Steven Golubchik and John Simerlein.
PORTLAND, ORE. — An investment fund sponsored by Unico Properties LLC has purchased the Commonwealth Building, a 219,557-square-foot creative office building in Portland, for $41 million. The building is located at 421 SW 6th Ave. It was built in 1947 and renovated from 2008 to 2010. Commonwealth is currently 93.1 percent occupied. The seller was Commonwealth Acquisition LLC. Unico will continue to manage the building. Buzz Ellis, Michel Seiferand Paige Morgan of Jones Lang LaSalle’s Capital Marketsexecuted the sales transaction. JLL’s Joe Vaughanand Kristin Hammond will continue to oversee its leasing efforts.
RALEIGH, N.C. — Grubb Properties and Rubenstein Partners have teamed up to acquire a two-building office campus totaling 467,000 square feet in the Research Triangle Park. The Class A office buildings were built and formerly occupied by telecommunications company Ericsson. Grubb and Rubenstein plan to renovate and reposition the two properties.
COLUMBIA AND NORTH CHARLESTON, S.C. — ElmTree Net Lease Fund II has acquired a 16,000-square-foot office building in North Charleston and a 42,000-square-foot office building in Columbia for a combined $6.9 million. URS Corp. will occupy both properties under a 10-year lease. The North Charleston building is part of the Riverview Corporate Park and the Columbia building is in the SCRA Carolina Research Park.
ATLANTA — Lincoln Property Co. Southeast, along with Cushman & Wakefield, has arranged the new lease of 28,299 square feet of office space at 55 Allen Plaza in Atlanta. The 350,000-square-foot office tower is located in downtown Atlanta. Tony Bartlett of Lincoln and Andy Sumlin of Cushman & Wakefield’s Atlanta office represented the landlord in the lease transaction. Carla Williams and Jeff Samaras of Cushman & Wakefield represented the tenant, Connecture Inc., an healthcare information systems firm. The company signed an 11-year lease to occupy the entire fourth floor of the building, which is now 93 percent leased.
RICHARDSON, TEXAS — Hudson Peters Commercial has brokered the sale of an 11,420-square-foot office building in Richardson. Located at 212 W. Spring Valley Road, the two-story property is in close proximity to State Highway 75 and Interstate 635. Janice Peters and Michelle Hudson of Hudson Peters represented the seller, Medwed Properties, in the transaction. Kent Smith of NAI Robert Lynn represented the buyer, Modjarrad & Abusaad Law Firm.
SAN JOSE, CALIF. — Embarcadero Capital Partners has purchased Gold Street Technology Center, a 302,600-square-foot office/R&D campus in San Jose, for an undisclosed sum. The five-building campus is located at 2100, 2130, 2150, 2160 and 2190 Gold Street along Highway 237. It is 80 percent leased to four tenants, including Tivo, Inc., eSilicon Corporation, Minerva Networks and PiCoral. The seller, PNC Realty Investors, Inc., is the investment advisor to the AFL-CIO Building Investment Trust. It was represented by HFF’s Michael Leggett, Steven Golubchik and John Simerlein.
PORTLAND, ORE. — An investment fund sponsored by Unico Properties LLC has purchased the Commonwealth Building, a 219,557-square-foot creative office building in Portland, for $41 million. The building is located at 421 SW 6th Ave. It was built in 1947 and renovated from 2008 to 2010. Commonwealth is currently 93.1 percent occupied. The seller was Commonwealth Acquisition LLC. Unico will continue to manage the building. Buzz Ellis, Michel Seifer and Paige Morgan of Jones Lang LaSalle’s Capital Markets executed the sales transaction. JLL’s Joe Vaughan and Kristin Hammond will continue to oversee its leasing efforts.
FORT COLLINS, COLO. — Westfield-Harmony LLLP has acquired Harmony Corporate Center, a 190,617-square-foot office building in Fort Collins, for $32 million. The property is located at 2950 E. Harmony Road. The seller was Casa Grande Capital Group, LLC. The transaction was executed by Peter Kast of Realtec, as well as by Gary Hollenbeck of Palmer-McAllister and Mary Frances Cowan of Quantum Commercial Group.