CARY, N.C. — A joint venture between Intercontinental Real Estate Corp. and Spectrum Properties has acquired a four-story, Class A office building in Regency Park in Cary. Regency Park includes a dozen office buildings, three hotels, a 110,000-square-foot fitness club, retailers and upscale housing. The property will be rebranded and marketed as Regency Pines. Spectrum also purchased 17 adjacent acres, which can house an additional 250,000 square feet of office space. Spectrum Properties will handle the leasing and management for the new property.
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MIAMI — New Boston Fund Inc. has sold Waterford Centre, a six-story, Class A office building in Miami, for an undisclosed price. The 91,285-square-foot asset is located at 6205 Blue Lagoon Drive in the Blue Lagoon Business Park. Ivy Realty purchased the office building, which was 91 percent leased at the time of the sale to tenants such as McAfee, a subsidiary of Intel; Whirlpool Corp.; Travel Traders; Xerox Corp. and Remy Cointreau. Christian Lee, Jose Lobon, Charles Foschini and Chris Apone of CBRE represented New Boston Fund in the transaction. Danet Linares of Blanca Commercial Real Estate assisted CBRE in the transaction.
LATHAM, N.Y. — First Columbia is breaking ground for the development of a two-story office building in Century Hill Plaza business park in Latham. Located at 40 Century Hill Dr., the 30,000-square-foot building will be the seventh out of eleven approved buildings within the 625,000-square-foot office park. Each floor of the building will consist of 15,000 square feet of professional, high-tech space. The building will fulfill demand for Tier 1 properties in the area.
DENVER — Lowe Enterprises Investors (LEI) has acquired Stanford Place II, a 366,184-square-foot office building in Denver for a reported $56.1 million. LEI acquired the Class A building on behalf of an investment client. The 17-story building is located at 7979 Tufts Ave. in the North Denver Tech Center. It is situated at the I-25 and I-225 interchange. The building was constructed in 1982. It is currently 97 percent leased. LEI plans to execute a capital improvements program that will include upgraded building systems, common areas and gathering spaces. Lowe Enterprises Real Estate Group, the firm’s local affiliate, will assume management of the property and oversee the renovation program. Peter Morgan of Lowe Enterprises Real Estate Group represented LEI in this transaction. The seller, TIAA Realty, was represented by HFF’s Mary Sullivan and John Jugl. The firm’s Eric Tuppler assisted in securing debt on the property.
LOS ANGELES –Sunrise Real Estate Group has acquired a107,000-square-foot office building in the West Los Angeles submarket of Brentwood for $39 million. The Class A building is located at 12301 Wilshire Blvd. The building is currently 75 percent leased. Notable tenants include Open Road Films and Opus Bank, as well as several dentists and dermatologists. The property recently underwent a $5.5-million capital improvement program that was executed by the seller, TPMC Realty Corp. The building will be operated by SRG Management, a subsidiary of Sunrise Real Estate Group. Sunrise acquired the building in partnership with Robhana Group and 4M Investment Corp. The buyers were represented by Ali Bararsani of Newmark Grubb Knight Frank. TPMC represented itself in this off-market transaction.
NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has brokered six leases for a total of 25,000 square feet at the Empire State Building in New York City. Glenn Markman and Joseph Cirone of Cushman & Wakefield represented Qatar Airways in its 6,152-square-foot lease; Jeff Hersch of Prime Manhattan Realty arranged a 3,778-square-foot lease for Taurasi Capital Management; and Ethan Silverstein and Brian Zoubek of Cushman & Wakefield brokered a 3,272-square-foot lease on behalf of RKY Services (USA). Additionally, Esther Zar of MHP Commercial Brokerage Services and Lior Politi of The Corcoran Group arranged a 2,879-square-foot lease for BioSynthema Inc.; Jonathan Anapol of Prime Manhattan Realty brokered a 5,192-square-foot lease for Moses & Ziegelman; and Erik Alberti of EFA Realty LLC represented Community Options Inc. in its 3,617-square-foot expansion. Ryan Kass and Fred Posniak of Empire State Realty Trust and William Cohen, Jon Tootell and Shanae Ursini of Newmark Grubb Knight Frank represented the landlord in the six transactions.
LAS VEGAS — MCA Realty has acquired Lamb Technology Center, a 114,782-square-foot industrial property in Las Vegas, for $4.9 million. The center is located at 2725-2797 North Lamb Blvd. It was 54 percent occupied at the time of sale. In addition to the 16 industrial buildings, the property also includes a freestanding 14,750-square-foot commercial/retail building. MCA was represented by Voit’s Kevin Higgins and Garrett Toft and CBRE’s Brian Riffel.
SAN DIEGO — Broadcast Company of the Americas (BCA Radio) has leased 14,200 square feet in the San Diego submarket of Sorrento Mesa. The space is located at 6160 Cornerstone. The lease is valued at $3.5 million. BCA was represented by Jeff Saywitz of The Saywitz Company. The landlord, LBA Realty Fund Holding Company, represented itself in this transaction.
PARSIPPANY, N.J. — CBRE’s Debt & Structured Finance Group has secured a $69.5 million loan for the acquisition of two Class A office properties in Parsippany. Beverly, Mass.-based Brookwood Financial Properties purchased the properties, which total 529,362 square feet. Situated within a 182-acre corporate campus, Morris Corporate Center I offers 261,924 square feet and Morris Corporate Center II offers 267,438 square feet. The property is currently 78 percent occupied by a variety of tenants, including Zurich, ICAP-EBS, Ralcorp, Farmers Insurance and Medtronic. Brookwood plans to invest approximately $3 million in property upgrades. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Debt & Structured Finance Group brokered the three-year, interest-only floating rate loan, which was provided by Los Angeles-based Starwood Property Trust.
SAN DIEGO — Drawbridge Acquisitions LLC has acquired Via del Campo Court, a 188,072-square-foot corporate office campus in the San Diego submarket of Rancho Bernardo for $26 million. The two-building campus is located at 16710 and 16750 Via del Campo Court, just north of the I-15 and SR-56 intersection. Via del Campo is fully leased to Northrop Grumman through 2016. Drawbridge represented itself in this transaction, while the seller, WAM Via del Campo LP, c/o WAM Development Group, was represented by Rick Reeder and Brian Driscoll of Cassidy Turley’s San Diego office.