COLORADO SPRINGS, COLO. — Patriot Equities has acquired a 1.2-million-square-foot office portfolio in Colorado Springs for a reported $160 million. The portfolio contains a total of 15 Class A office buildings, including eight multi-tenant and seven single-tenant structures. The properties are more than 90 percent leased. The seller, Corporate Office Properties Trust, was represented by Cushman & Wakefield.
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SAN JOSE, CALIF. — USAA Real Estate Company has purchased America Center, a 430,852-square-foot office campus in San Jose, and its adjacent development site, for an undisclosed sum. The campus is located at 6001 America Center Drive. Phase I of the development was completed in 2009. It contains two office buildings that are 83 percent leased. Notable tenants include Polycom and Flextronics, which are both headquartered there. Phase II calls for a pair of 213,800-square-foot office buildings. USAA will team up with Legacy Partners, America Center’s original developer, on this second phase of development. The site is entitled and shovel-ready.
ORLANDO, FLA. — KBS Strategic Opportunity REIT, a public non-traded REIT based in Newport Beach, Calif., has purchased Maitland Promenade II, a 230,366-square-foot, Class A office building in Orlando’s Maitland submarket. The REIT acquired the five-story property, located at 495 N. Keller Road, for $31.2 million. The building is 77.2 percent leased to tenants including Star Networks, United Healthcare, Zurich Insurance, Akerman, Senterfitt and Edison and New York Life.
RICHMOND, VA. — CBRE has arranged the sale of the Lar Don Portfolio, a three-building office portfolio in Richmond consisting of the Vistas I, Vistas II and One Holland Place. Real Estate Value Advisors LLC purchased the 153,762-square-foot portfolio for $13.1 million. Vistas I and Vistas II are two three-story, Class B office buildings located at 5516-5540 Falmouth St. in the Glenside/I-64 submarket. One Holland is a four-story, Class B office building located at 2235 Staples Mill Road. David Wilkins, Will Bradley and Joe Marchetti of CBRE | Richmond represented the seller, Lar Don Realty LLC, in the transaction.
ALPHARETTA AND ACWORTH, GA. — Atlanta-based Bull Realty has brokered the sales of three office buildings totaling 78,000 square feet in Alpharetta and Acworth. SugarOak Investors acquired 3050 and 3060 Royal Blvd. S. in Alpharetta for $3.9 million. The buildings span a combined 60,352 square feet and are 70 percent occupied. Tom Shafer and John Hinson of CBRE represented the seller, KR Office Investors LLC, in the transaction. Casey Keitchen of Bull Realty represented SugarOak Investors. Keitchen also represented the sellers in the disposition of the 18,000-square-foot Building 800 at 4900 Ivey Road in Acworth. An Israeli-based investor purchased the building for $960,000.
DALLAS — Mesa West Capital has provided a total of $59.7 million in first mortgage loans for two Dallas office asset acquisitions. In one transaction, CapRidge Partners received $30.9 million in financing for the purchase of Gramercy Center, a 255,000-square-foot property in the Upper Tollway submarket, from a partnership between Stockbridge Real Estate and Billingsley Co. Constructed in 1999 and renovated in 2012, the two-building complex was 79 percent occupied at the time of the sale. Andy Scott and Jim Curtin of HFF arranged the loan, which was originated by Jason Bressler of Los Angeles-based Mesa West. In a separate transaction, Brookwood Financial Partners LLC received $28.8 million in financing for the purchase of Heritage Square, a 359,758-square-foot property in the Far North Dallas submarket, from Silver Tree Partners. Built in 1978 and 1980, the two buildings of the complex were 56 percent occupied at the time of the transaction. Charles Foschini, Christian Lee and Chris Apone of CBRE arranged the loan, which was also originated by Bressler of Mesa West. The borrowers in both transactions plan to use a portion of their respective loans for capital improvements.
ALEXANDRIA, VA. — Clarion Partners LLC, a real estate investment manager, has acquired a majority condominium interest in Carlyle Overlook, an office property located in the Carlyle district of Alexandria. The purchase price was approximately $65.8 million. Clarion purchased the top five floors, ground-floor retail and parking at the property, which is 91.4 percent leased. The remaining interest of the 126,462-square-foot, Class A office building is held by the American Society of Clinical Oncology, which is headquartered in the building.
SCOTTSDALE, ARIZ. – The North Scottsdale Corporate Office Complex has sold to Talia Jevan Properties for $5.2 million. The 22,080-square-foot facility is located at 6970 E. Chauncey Lane in Scottsdale. The seller was Alliance Real Estate Holdings. The transaction was brokered by Cashen Realty Advisors.
DENVER — Shorenstein Properties LLChas purchased Denver City Center, a pair of Class A office buildings totaling 1.3 million square feet in the city’s downtown region, for a reported $286 million. The center is located along17thStreet in the city’s Financial District. The acquisition includes the office portion of 707 17thStreet, which occupies floors 21 through 42 of the building. Marriott Denver City Center resides on the lower floors of the building, and was not included in this transaction. The acquisition did include the adjacent Johns Manville Plaza, a 29-story office building. Both buildings were renovated in 2013.Notable tenants include Jacobs Engineering, Forest Oil Corporation, Johns Manville, Baker Hughes and AECOM. This is Shorenstein’s first acquisition in Denver since the early 1990s. The company completed its most recent acquisition on behalf of its tenth fund, Shorenstein Realty Investors Ten, L.P. The seller, Crescent Real Estate Holdings LLC,a subsidiary of Barclays plc, was represented by HFF’s John Jugl and Mary Sullivan.
WASHINGTON, D.C. — HFF has arranged the sale of a 10-story, 105,965-square-foot office building located at 919 18 th St. in Washington, D.C.’s central business district. Epic LLC purchased the asset from Clarion Partners for approximately $52.8 milllion. The property was built in 1981, renovated in 2013 and is currently 94 percent leased. The property features a three-story, 85-space parking garage and a Devon & Blakely restaurant. Jim Meisel, Dek Potts, Andrew Weir and Stephen Conley of HFF represented the seller and procured the buyer in the transaction.