PHOENIX — MIG Real Estate has acquired Arcadia Gateway Center, an 89,835-square-foot office building in Phoenix, for an undisclosed sum. The Class A center is located at 4222 East Thomas Road near Arcadia Crossing and Desert Palm. It is currently 93 percent leased. Cushman & Wakefield represented the seller in this transaction.
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.
WASHINGTON, D.C. — Cassidy Turley has negotiated 21 coterminous leases for the relocation of the Washington Design Center, a collection of showrooms featuring interior design architectural firms in Washington, D.C. The Washington Design Center will relocate to 120,000 square feet of space at Franklin Court, a 440,874-square-foot office building located at 1099 14 St. N.W. in downtown Washington, near the new CityCenterDC development. Starting in mid-2014, the following showrooms will be featured in the new Washington Design Center: AmericanEye, Arc-Com Fabrics, Century Showrooms, Cowtan & Tout, Doris Leslie Blau, Duralee Fabrics, F. Schumacher & Co., Fabricut, Galleria International, Hines & Co., Holland & Sherry, Holly Hunt, J. Lambeth & Co., Kravet, Michael Cleary, Osborne & Little, Pindler & Pindler, Robert Allen, Romo, Scalamandre and Stark Carpet. The new space will occupy the second, third and fourth floors, with additional retail offered on the ground level. Each showroom will feature a glass storefront and access to the plaza level of Franklin Court for product displays and events. Art Santry, Kurt Richter, Richard Bernstein, Jared Thal, and Steve Braun of Cassidy Turley represented the tenants in the transaction. Richard Tonner, Laurie McMahon and Zeke Dodson, also of Cassidy Turley, represented Franklin Court’s …
PHILADELPHIA — A joint venture partnership between Keystone Property Group, Mack-Cali Realty Corp. and Parkway Corp. has acquired 100 Independence Mall West in Philadelphia for $40.5 million. The nine-story, 400,000-square-foot office building is located across from the historic Liberty Bell, the National Constitution Center and Independence National Park. The partnership purchased the Class A property from an affiliate of The Dow Chemical Co. The building is 85 percent leased to two tenants: Dow, which occupies 173,000 square feet as its Northeast headquarters; and the U.S. General Services Administration, which will occupy 135,715 square feet in July 2014. The partnership was represented in-house in the transaction. Robert Fahey, Jerry Kranzel, Lizann McGowen and George Cauffman of CBRE represented Dow.
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.
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.