LOS ANGELES — Westwood Terrace, a 150,632-square-foot office building in the Los Angeles submarket of Westwood, has sold to a joint venture between Ocean West Capital Partners and Westbrook Partners. The institutional-quality building is located at 1640 S. Sepulveda Blvd. It is currently 67 percent leased. The seller, Jamison Properties, was represented by CBRE’s Kevin Shannon, Ken White, Todd Tydlaska and Mike Moll.
ST. PETERSBURG, FLA. — A joint venture between Tampa, Fla.-based Cardinal Point Management and Naples, Fla.-based Halstatt Real Estate Partners has purchased Echelon Pointe, a Class A office building located in St. Petersburg. The five-story building, which was constructed in 2007, contains 123,639 square feet of space and is situated on 5.1 acres within Carillon Park office park at 970 Lake Carillon Drive. The propertyalso includes a 359-space parking deck. Echelon Pointe was 98 percent leased at the time of the sale to tenants that include Paychex, Smith & Nephew, and Regus. The Holliday Fenoglio Fowler (HFF) team of Hermen Rodriguez, Ike Ojala and Jorge Portela represented the seller, an undisclosed institutional investor. HFF’s Chris Drew led the team that arranged joint venture equity with Halstatt for the property’s purchase.
FORT LAUDERDALE, FLA. — Avison Young has arranged the acquisition of Cypress Court, a 41,850-square-foot office building located in Fort Lauderdale, for $4.3 million. The three-story building is situated within Corporate Park at Cypress Creek at 6360 NW 5th Way. Its common areas were recently renovated. Wayne Schuchts and Greg Martin of Avison Young represented the buyer, NRNS Acquisition McNab Road LLC, which plans to occupy the majority of the building and lease the remaining space to third-party tenants. The seller’s name was not disclosed.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has secured three new leases totaling 70,262 square feet at 31 Penn Plaza in Manhattan. TPG Planning & Design, an architecture firm, has signed a 40,431-square-foot lease, spanning the entire fifth floor and portion of the fourth floor. Mark Ravesloot and Michael Monahan of CBRE represented TPG in the transaction. Regus, a workplace provider, has signed a lease for 23,009 square feet, spanning the entire 15th floor. Patrick Heeg and Jim Wenk of Jones Lang LaSalle represented Regus in the transaction. Real Estate Arts Inc., a digital marketing and branding agency specializing in real estate and architecture, has signed a 6,882-square-foot lease. The agency will be moving into a prebuilt space on the sixth floor. Benjamin Friedland and Michael Hirsch of CBRE represented Real Estate Arts in the transaction. Mitchell Konsker, Matthew Astrachan and Matthew Polhemus of Jones Lang LaSalle represented the landlord, Savanna, in all three transactions. 31 Penn Plaza is an 18-story, 444,000-square-foot office building located at 132 W.31st St.
SAN ANTONIO — CBRE has arranged a 14,500-square-foot lease for ground-floor space at One Riverwalk Place in downtown San Antonio. The property is located at 700 N. Saint Mary's St. The tenant, South Texas Money Management Ltd., (STMM) is moving is headquarters from Olmos Park in midtown San Antonio. STMM will work with CBRE's Project Management Group to remodel the space before occupancy. The new office will serve as the firm's headquarters and will also house its multifamily office subsidiary. Taylor Dorris of CBRE's San Antonio office represented STMM in the lease.
NASHVILLE, TENN. — Richmond, Va.-based Lingerfelt Companies has purchased Nashville’s Bank of America Plaza Tower from Parkway Properties for $41.8 million. Located at 414 Union St. in the downtown submarket, the 21-story office tower contains 435,525 square feet of Class A space. Its anchor tenants, Bank of America and Louisiana Pacific Corp., occupy more than 50 percent of the tower. Total occupancy will be 70 percent by the end of the year. In the near term, Lingerfelt plans to complete capital improvements to the lobby and common areas as well as maintenance upgrades. Commonwealth Commercial Partners will manage the building, and CB Richard Ellis will handle leasing. This purchase more than double’s Lingerfelt’s Tennessee office portfolio, bringing it to 919,672 square feet.
KANSAS CITY, MO. — The Opus Group has completed construction on the 208,000-square-foot headquarters for Freightquote in Kansas City. The new building accommodates the freight shipping provider’s current workforce of 1,100 employees and includes space for its growing operations with capacity for 1,800 employees on the 30-acre site. Located on Carondelet Drive just east of State Line Road with easy access to I-435, the four-story headquarters is steel frame and features architectural precast concrete with glass curtain wall. Construction began in August 2012 and was completed in early June. Opus Design Build LLC served as the design-builder, and Opus AE Group LLC served as the architect and engineer. VanTrust Real Estate provided development services, and RED Brokerage LLC was the brokerage firm representing Freightquote.
GREENFIELD, IND. — Spectra Premium Industries, a manufacturer and distributor of automotive parts, has signed a lease for 250,000 square feet at Axcess70 in Greenfield, about 25 miles east of Indianapolis. Axcess70 is a two-building, 673,000-square-foot industrial development and is fully occupied following Spectra’s lease. Completed in 2009, the development is a joint venture between Browning Investments and Real Estate Capital Partners.
PHILADELPHIA — Mack-Cali Realty Corp. (NYSE: CLI) has entered into agreements to form various joint ventures with a fund sponsored by Keystone Property Group to sell 15 office properties and three parcels located in suburban Philadelphia. The portfolio will be sold for approximately $233 million — $201 million in cash, a $10 million mortgage secured by One Plymouth Meeting and subordinated interests in the portfolio with capital accounts totaling $22 million. Mack-Cali will participate in management fees and 50 percent of value creation above certain hurdle rates. The portfolio of assets includes approximately 1.6 million square feet of existing office properties and land that can accommodate future development of approximately 162,000 square feet. Mack-Cali will also receive majority interest in a parcel in Bala Cynwyd, Penn., for multifamily residential development.
DALLAS — Brookwood Financial Partners LLC, a real estate investment and asset management firm, has acquired Interchange Office Center, a three-story, Class A office building in Dallas. The 150,596-square-foot office building is located at the intersection of the Dallas North Tollway and the George Bush Turnpike. The property was 88 percent leased at the time of sale. Michael McDonald and Kennedy Hicks of Eastdil Secured represented the seller in the transaction. Brookfield was self-represented.