SAN DIEGO — Cornerstone Heights Corporate Center in San Diego has sold to a joint venture between Lincoln Property Company and Artemis Real Estate Partners for $14.1 million. It is located at 5959 & 6059 Cornerstone Court West. The center contains twin buildings that total 97,945 square feet. Lincoln Property represented itself in this transaction, while the seller, The Realty Associates Fund VI, L.P., was represented by Rick Reeder and Brad Tecca of Cassidy Turley San Diego.
SAN PEDRO, CALIF. — Pacific Place, a 292,540-square-foot, Class A office tower in San Pedro, has sold to Jupiter Holdings LLC for an undisclosed sum. It is located at 222 West 6thStreet. The building was previously occupied by Northrop Grumman. The seller, Pacific Place Associates, was represented by CBRE’s Kevin Shannon, Dave Smith and Scott Schumacher.
STOCKBRIDGE, GA. — A joint venture between Strategic Capital Partners LLC and Atlanta-based Kodiak Ventures has acquired South 75 Center, which includes two flex office buildings, in Stockbridge for an undisclosed price. It is 84 percent occupied and was purchased from the lender, which foreclosed on the property in 2011. The strategy is to stabilize the property at 90 percent occupancy as well as renew the largest tenant, which expires in 2017. Third-party medical suppliers and distributors occupy much of the nearby office space due to the proximity of Henry Medical Center, a 215-bed hospital.
CHESTER AND BERNARDSVILLE, N.J. — Urstadt Biddle Properties has acquired a medical office building and childcare center in New Jersey for a combined $6.4 million. The properties include the 14,592-square-foot Bernards Square Medical Office Building in Bernardsville and the 9,120-square-foot Clockwork Childcare Center in Chester. Both deals were part of a three-property portfolio owned by a local family. Urstadt expects to close on the third property, a grocery-anchored shopping center, in the next 90 days.
HOUSTON — San Francisco-based Shorenstein Properties has completed the purchase of the 1.2 million-square-foot 800 Bell Street, an office tower located in downtown Houston. The 45-story office tower covers two city blocks and includes a seven-story parking garage. ExxonMobil Corp., the seller, also occupies the building. Shorenstein Properties purchased the property for Shorenstein Realty Investors Ten, a fund formed in 2010 with $1.23 billion in committed capital. Simultaneous with the purchase, ExxonMobil has leased back the entire building into 2015. Shorenstein plans to make upgrades upon ExxonMobil's departure.
IRVING, TEXAS — Newport Beach, Calif.-based KBS Real Estate Investment Trust III has purchased the 364,366-square-foot Tower on Lake Carolyn building, located in the Las Colinas submarket in Irving. The 19-story, LEED-certified office tower features residential, commercial, retail and open space. The property is now 83 percent leased by 42 tenants. The Class A property has received more than $8 million in capital improvements during the past five years. Michael McDonald and Kennedy Hicks of Eastdil Secured represented the seller in the transaction.
SAN DIEGO — Cornerstone Heights Corporate Center in San Diego has sold to a joint venture between Lincoln Property Company and Artemis Real Estate Partners for $14.1 million. It is located at 5959 & 6059 Cornerstone Court West. The center contains twin buildings that total 97,945 square feet. Lincoln Property represented itself in this transaction, while the seller, The Realty Associates Fund VI, L.P., was represented by Rick Reeder and Brad Tecca of Cassidy Turley San Diego.
SAN PEDRO, CALIF. — Pacific Place, a 292,540-square-foot, Class A office tower in San Pedro, has sold to Jupiter Holdings LLC for an undisclosed sum. It is located at 222 West 6th Street. The building was previously occupied by Northrop Grumman. The seller, Pacific Place Associates, was represented by CBRE’s Kevin Shannon, Dave Smith and Scott Schumacher.
PALO ALTO, CALIF. — KBS Realty Advisors has purchased Palo Alto Technology Center, a 259,157-square-foot office campus, for an undisclosed sum. The 10-building complex is located on Embarcadero Road at Highway 101 in Palo Alto. It was 97 percent leased at the time of sale. Stanford Hospital and Clinics recently leased about 66 percent of the campus.
SANTA MONICA, CALIF. — Acento Advertising has signed a seven-year lease for 19,042 square feet at 2001 Wilshire Blvd. in Santa Monica. The new space will allow the company to expand and hire about 60 new employees. The lease is valued at $4.36 million. Acento will occupy the new space in March. The firm was represented by Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company. The landlord, Douglas Emmett, represented itself in this lease transaction.