HOUSTON — Armando Montelongo Cos. Inc., a commercial real estate investment firm, has purchased Northchase Place, a 75,000-square-foot Class B office building in Houston. The four-story property is located at 13700 Veterans Memorial Drive. Armando Montelongo Cos. purchased the asset for approximately $26 per-square-foot.
SEATTLE — Hudson Pacific Properties has acquired a four-building office portfolio in Seattle for $367.5 million. The portfolio contains a total of 836,419 square feet. It includes a two-building, 472,881-square-footwaterfront office property located at 505 First Street & 83 King. This property was originally renovated and developed by Starbucks Coffee Company, though it is now occupied by tenants like Capital One/ING Direct, EMC Corporation and Nuance Communications. The buy also includes Met Park North, a 189,762-square-foot building in South Lake Union that is primarily occupied by Amazon. The final property included in the transaction is Northview Center, a 173,776-square-foot office building in Northend that is leased to tenants like ADP and FEMA. The seller, Spear Street Capital, was represented by the Eastdil Secured group of Wells Fargo Securities, LLC.
ATLANTA — Franklin Street Properties Corp. has acquired a 28-story office building located in Atlanta’s Midtown submarket from Jamestown Properties for $157.9 million. Situated at 999 Peachtreet St., the property was constructed in 1987 and contains approximately 621,000 rentable square feet and a parking garage. Occupancy was 95 percent at the time of closing. Jamestown first purchased the tower in 2007 and since then has made improvements that resulted in the 2009 LEED-EB certification of the building. Jamestown also repositioned the tower’s street-level retail space with tenants that include restaurant Empire State South. Eastdil Secured represented Jamestown in the deal.
LONG BEACH, CALIF. AND COLUMBUS, OHIO — Molina Healthcare has sold its headquarters office complex in Long Beach, Calif., and an office building in Columbus, Ohio, for $158 million in a sale-leaseback transaction. The 160,000-square-foot building in Columbus was acquired in December 2012 and serves as the principal health plan operations of Molina Healthcare of Ohio. The Long Beach corporate office complex is approximately 500,000 square feet and was purchased in 2011. Angelo Gordon & Co., AGNL Clinic L.P was the buyer. The McKinney Advisory Group, led by Damian McKinney, represented Molina Healthcare in the transaction. In addition, Western Reserve Partners LLC, led by Victor Faris, managing director, and supported by associate Matthew Reus and analyst Andrew Foster, served as a co-advisor and placement agent to Molina Healthcare.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. (NYRR) has entered into an agreement to acquire the fee simple interest in a 10-story office building in Manhattan for $220.3 million. The 347,000-square-foot building is located at 333 W. 34th St. Midtown and is fully occupied. NYRR is purchasing the interest from SL Green Realty Corp. (SL Green). Tenants at the building include The Segal Co., The Metropolitan Transportation Authority, Godiva Chocolatier Inc. and Sam Ash New York Megastores LLC. The Jones Lang LaSalle New York Capital Markets team represented SL Green in this transaction.
PHILADELPHIA — SSH Real Estate has sold Chestnut Place, a 140,000-square-foot, Class B office building in Philadelphia, to a partnership led by Alterra Property Group LLC for $17.5 million. The seller was 15th and Chestnut L.P., a limited partnership led by general partners Peter Soens and Jeffrey Seligsohn, principals of SSH Real Estate. The partnership acquired the building in 2005 for approximately $11.4 million. During the past several years, SSH Real Estate has positioned selected office leases to have the flexibility to allow for residential conversion. The building is located at the corner of 15th and Chestnut streets.
SEATTLE — Hudson Pacific Properties has acquired a four-building office portfolio in Seattle for $367.5 million. The portfolio contains a total of 836,419 square feet. It includes a two-building, 472,881-square-footwaterfront office property located at 505 First Street & 83 King. This property was originally renovated and developed by Starbucks Coffee Company, though it is now occupied by tenants like Capital One/ING Direct, EMC Corporation and Nuance Communications. The buy also includes Met Park North, a 189,762-square-foot building in South Lake Union that is primarily occupied by Amazon. The final property included in the transaction is Northview Center, a 173,776-square-foot office building in Northend that is leased to tenants like ADP and FEMA. The seller, Spear Street Capital, was represented by the Eastdil Secured group of Wells Fargo Securities, LLC.
BOCA RATON, FLA. — Avison Young has brokered the sale of Gallery Center, a 64,565-square-foot office building located at 604-622 Banyan Trail in Boca Raton. The Class B property, which recently underwent a capital improvements and repositioning plan, traded for $6.5 million. David Duckworth, Keith O’Donnell and Jonathan Senn, all of Avison Young’s south Florida office, represented the seller, First Southern Bank. The buyer’s name was not disclosed.
NORWALK, CONN. — Mack-Cali Realty Corp. has sold its office property located at 40 Richards Ave. in Norwalk for $16.5 million. The Davis Cos. purchased the seven-story, 145,487-square-foot property. The office building was 64 percent occupied at the time of sale. Matthew Keefe of HK Group represented Mack-Cali in the transaction.
PHOENIX — Phoenix-based Cole Corporate Income Trust Inc. (CCIT) has acquired three Class A office buildings in Texas and Massachusetts for $160.8 million. Cole Corporate Income Advisors LLC, a subsidiary of Cole Real Estate Investments, served as the external advisor to CCIT in the transaction. The properties include an office campus leased to Allstate Insurance Co. in Plano totaling 458,338 square feet. Allstate will occupy the campus under a 12-year lease through a sale-leaseback transaction. CCIT also acquired a 206,362-square-foot office building in Houston's Westchase District. The property serves as the corporate headquarters of The Men's Wearhouse, which has more than 14 years remaining on its lease. The last property is a 49,250-square-foot medical office building in Concord, Mass. The property is leased for 17 years to Harvard Vanguard Medical Associates, a 630-physician medical group. Boyd Messmann of Cole Real Estate Investments represented CCIT in both Texas transactions, and Robert Corry of Cole represented CCIT in the Massachusetts transaction.