LAKE MARY, FLA. — McKinley, an Ann Arbor, Mich.-based real estate owner and operator, has sold Lake Emma Corporate Park, a 245,000-square-foot office complex in Lake Mary, approximately 20 miles north of Orlando. McKinley was appointed as receiver in August 2011 and was subsequently retained as property manager. During its time as manager, McKinley successfully negotiated a tax appeal, completed an extensive HVAC replacement, increased occupancy, reduced operating costs and enhanced the overall property appearance.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $10.7 million loan for the purchase of an office and industrial property in Brooklyn. The four-story, 90,000-square-foot building is located at 168 Seventh St. The seven-year loan features a fixed interest rate of 3.9 percent. A regional balance sheet lender provided the loan. Shamir Seidman of Meridian Capital arranged the loan. Tenants at the building include the Mac Support Store and Aqua Design Group.
NEW YORK CITY — Pacific College of Oriental Medicine has signed a 42,000-square-foot, 15-year office lease at 110 William St. in Brooklyn. The educational institution for East Asian medicine will occupy the entire 19th floor, plus a portion of the ground floor. Jonathan Dean, senior vice president and director of commercial leasing for Swig Equities, represented the landlord in the transaction. Mark Weiss, Robert Eisenberg and Nick Berger from Newmark Grubb Knight Frank represented the tenant. The 32-story office building spans 900,000 square feet and was 99 percent leased at the time of sale.
SOUTHLAKE, TEXAS — A holding company and development subsidiary of billionaire brothers Farris and Dan Wilks has purchased an undeveloped property in the Solana Business Park of Southlake, north of Fort Worth. The 122-acre lot was part of a larger 900-acre development that Wells Fargo & Co. foreclosed on in November 2011. Redus Texas Land, a subsidiary of Wells Fargo & Co., sold the land to the brothers, who made their fortunes of $1.4 billion each through hydraulic fracturing and oil field services, according to Forbes magazine.
LAS VEGAS – A 47,501-square-foot medical and professional office building in Las Vegas has sold to MVP REIT Inc. $15 million. The building is part of a five-property portfolio that was recently acquired by the firm for $48.6 million. The Las Vegas asset is located at 8930 W. Sunset Road. It was built in 2008 and is 90 percent occupied by a mix of medical and professional tenants. Each tenant is bound by a triple-net lease that includes a five- to 10-year remaining term.
AZUSA, CALIF. — Xebec Realty Partners has announced its plans to develop a $33-million, 330,000-square-foot industrial business park in Azusa. The park will be located at 1001 N. Todd Ave. It will be referred to as 10th Street Center. Construction on the Class A office park is set to commence in the fourth quarter of 2013. It is scheduled for completion in the fourth quarter of 2014. Leasing efforts are being handled by Peter McWilliams, Paul Sablock and Nicole Page of Jones Lang LaSalle Los Angeles.
RIVERSIDE, CALIF. — Market Street Corporate Center I & II and Riverside Gateway I & II have sold to Alliance Commercial Partners for $41.5 million. The parks are located at 2190, 2280, and 2300 Market Street and 3480 & 3550 Vine Street, respectively, in downtown Riverside. Market Street contains three Class A office buildings totaling 133,468 square feet. Riverside Gateway includes two Class A office buildings totaling 90,154 square feet. The centers were 92 percent leased at the time of sale. They feature a mix of tenants, including the County of Riverside, American Express, Metro PCS, Caremore Health Plan, Brandman University, FBI, Fidelity National Title, Robert Half International and Merrill Lynch. The sellers, Pacific Coast Capital Partners and the Muller Company, were represented by CBRE’s Michael Kendall, Philip Woodford, Kevin Shannon, Scott Schumacher, Ken White and Rebecca Perlmutter Finkel.
NORTH HOLLYWOOD, CALIF. – A 9,856-square-foot office building in North Hollywood has sold to Xtetic World/Mesoestetic USA for $2.5 million. The building is located at 11313 Weddington Street. The transaction includes two additional parcels at 5305 and 5313 Bakman Ave. They will be used for parking. The office building will serve as the medical skin care company’s new U.S. headquarters. Xtetic was represented by Adam Comora and Jeremy Barbakowof NAICapital’s Encino office. The seller, Hurley Properties, LLC, was represented by Marty Agnew and Jessica Kelley of Marcus & Millichap.
RALEIGH, N.C. — KBS Realty Advisors, a commercial real estate investment advisor firm based in Newport Beach, Calif., has signed pharmaceutical company Salix to a lease extension and expansion at its Colonnade One office building in Raleigh. Colonnade One is a five-story, 126,928-square-foot office building and is now fully leased. Salix signed an extension to its existing 42,949-square-foot lease, as well as a 16,749-square-foot expansion. Both lease terms run through 2023. Ed Pulliam of CBRE represented Salix in the transaction.
RIVERSIDE, CALIF. — Market Street Corporate Center I & II and Riverside Gateway I & II have sold to Alliance Commercial Partners for $41.5 million. The parks are located at 2190, 2280, and 2300 Market Street and 3480 & 3550 Vine Street, respectively, in downtown Riverside. Market Street contains three Class A office buildings totaling 133,468 square feet. Riverside Gateway includes two Class A office buildings totaling 90,154 square feet. The centers were 92 percent leased at the time of sale. They feature a mix of tenants, including the County of Riverside, American Express, Metro PCS, Caremore Health Plan, Brandman University, FBI, Fidelity National Title, Robert Half International and Merrill Lynch. The sellers, Pacific Coast Capital Partners and the Muller Company, were represented by CBRE’s Michael Kendall, Philip Woodford, Kevin Shannon, Scott Schumacher, Ken White and Rebecca Perlmutter Finkel.