DALLAS — A fund managed by Dallas-based Lone Star Funds has acquired 11 properties in Raleigh and Morrisville, N.C. for $45 million. The assets include 154,581 square feet of flex office space at Raleigh’s Spring Forest Business Center and 478,356 square feet at Morrisville’s Eastridge at Perimeter Park. Seller U.S. Bank purchased the properties at auction in January for $49 million.
WEST HOLLYWOOD, CALIF. — Funny Or Die, the popular comedy video website, has leased 1.5 floors at Formosa South in West Hollywood. Formosa South is a creative office building that is currently under construction at The Lot, an 11-acre studio campus. The new office building will be located adjacent to the studio arrival gates. Funny Or Die is expanding its operations and plans to maintain a studio, in addition to other production and office space, at the new building. The campus is located on Santa Monica Boulevard and is bounded by Formosa Avenue and Poinsettia Place. Construction on Formosa South began in April 2012 and will be completed in late 2013. The Lot and Formosa South are both owned by CIM Group.
WASHINGTON, D.C. — A joint venture between Atlanta-based Songy HighRoads and New York City-based Elliott Management Corp. has acquired an 11-story, 91,000-square-foot office building located at 1522 K St. in Washington, D.C. The partnership intends to redevelop the building but has not released any specific plans apart from a proposal to convert it into a hotel. The seller in the transaction was 1522 K Street LLC. The purchase price was not disclosed.
CHAZY, N.Y. — Northstar 41 LLC has hired Binswanger to sale and/or lease a 386,060-square-foot medical research facility in Chazy, located in northern New York near the Canadian border. Among the research and lab space, the facility also includes 17,000 square feet of warehouse space and 39,074 square feet of office space. The property is located one-half mile from I-87, approximately 14 miles from Plattsburgh and 50 miles from Montreal, Canada.
IRVING, TEXAS — Quadrant Investment Properties LLC has purchased Irving’s Union Bower Business Park, a six-building, 302,848-square-foot office property. This is the second acquisition for Quadrant, which was formed in July 2012 and is headquartered in Dallas. Adam Graham of Lee & Associates represented the buyer, while Mercer Co.’s Ryan Boozer and Corby Hodgkiss represented the seller and will continue to lease the project.
BURBANK, CALIF. – A 34,153-square-foot office building in Burbank has sold to a locally based private investor for an undisclosed sum. The building is located at 2727 W. Alameda Ave. in the city’s media district. The sale comes just days after the building's two tenants, FotoKem and St. Joseph’s Hospital/Providence Health System, renewed their leases. Corey Spoundand Dean Hawthorneof Jones Lang LaSalle’s Los Angeles office represented both the buyer and the seller, GLC Enterprises, in this transaction. The firm also completed the two lease renewals.
SAN DIEGO — Cornerstone Heights Corporate Center, a 97,945-square-foot office property in the San Diego submarket of Sorrento Mesa, has received $13.7 million in acquisition/bridge financing. The two-building center is located at 5959 and 6059 Cornerstone Court West. Both buildings underwent significant renovations in 2008. The property now boasts a 90 percent occupancy. The three-year, floating-rate loan was arranged by HFF’s Aldon Cole, Kara Mathis, Jay Marshall and Doug Bond on behalf of a joint venture between Lincoln Property Company and Artemis Real Estate Partners. The loan was placed with Bank of America.
HUNTINGTON BEACH, CALIF. – A 102,700-square-foot industrial building in Huntington Beach has sold to a joint venture between CT Realty Investors and Artemis Real Estate Partners for $10.6 million. The building is located at 17311 Nichols Lane. The JV also recently signed a 10-year lease with Driessen Aircraft Interior Systems Inc. that is valued at $9.1 million. The company, which specializes in designing, manufacturing and marketing high-quality galleys for commercial and private aircraft, will occupy 100 percent of the space. Per the lease agreement, Driessen has the option to convert a portion of the warehouse into office space and add 10,447 square feet of second-story mezzanine office space. Driessen is owned by Zodiac Aerospace.The JV was represented by Darin McDonald and Ted Sawyer of Lee & Associates’ Newport Beach office. McDonald and Sawyer also represented Driessen in the lease transaction. The seller, a former owner/user, was represented by Jeffrey Read and Scott Read of Newmark Grubb Knight Frank in Newport Beach. The transaction was executed on behalf of New York State Common Retirement Fund’s $300-million real estate emerging manager program. The program hopes to invest with best-in-class operating partners that have proven market and product expertise.
DULUTH, GA. — Parmenter Realty Partners has sold the 10-story Gwinnett Commerce Center, a 213,563-square-foot, Class A office building in Duluth. The purchase price was $20.5 million, according to DataBank, an Atlanta-based provider of commercial real estate data. A joint venture between Biscayne Atlantic, Red Starr Investments and PointOne Holdings purchased the property, which is located approximately 22 miles northeast of downtown Atlanta. Gwinnett Commerce Center features a parking deck attached to the lobby by a covered walkway, a full-service cafe, conference facility, on-site management and 24/7 security. David Meline, Stewart Calhoun and Samir Idris with Cushman & Wakefield's Atlanta capital markets group represented the Miami-based seller in the transaction. Mike Ryan and Brian Linnihan with Cushman & Wakefield's equity, debt and structured finance group arranged acquisition financing on behalf of the buyer. The buyer has also selected Cushman & Wakefield to serve as the leasing agent and property manager for the building. Andy Sumlin and Aileen Almassy with the company's Atlanta office will lead the leasing efforts.
MONROVIA, IND. — Sunbeam Development Corp. has purchased I-70 West Commerce Park, a 1.5 million-square-foot business and industrial complex in metro Indianapolis. Currently, there are two existing buildings in the park, a 1 million-square-foot Johnson & Johnson distribution center and the 545,010-square-foot Gordmans distribution center, which is under construction. Sunbeam’s acquisition totals 685 acres, 660 of which are zoned for industrial use with the remaining 25 zoned for commercial use. The company has a long-term plan to develop the park, beginning with a 525,000-square-foot speculative industrial building. The complex is located in the northwest quadrant of Interstate 70 and State Road 39 in Monrovia. Cassidy Turley will continue to act as the exclusive marketing agent for the project.