SUNSET HILLS, MO. — Western Oil Inc. has purchased the former Bob Evans restaurant building located at 1430 S. Kirkwood Road for $1.7 million. After Bob Evans closed in 2005, Novus Development Co. purchased the property with plans for a retail and lifestyle center. However, after Novus was unable to move forward, First Bank purchased the building. The bank originally bought the building for another First Bank location, but then decided the building was not fit for a bank branch and put it back on the market. Savoy Properties represented the seller, First Bank, and the buyer in the deal.
CHATSWORTH, CALIF. — Panavision Federal Systems has signed a three-year lease for a 22,775-square-foot office/industrial building in Chatsworth. The building is located at 9340 De Soto Street. The company will expand and relocate to the new facility in late January. Panavision Federal was represented by Brock Burnett, Jeff Gould and Jeff Albee of Colliers International. The landlord, Northeast Valley Industrial Parks, was represented by Scott Caswell of Delphi Business Properties.
SCOTTSDALE, ARIZ. — Meritage Homes has leased 57,784 square feet at Raintree Corporate Center in Scottsdale. The Class A office building is located at 8800 E. Raintree Drive. The company will be relocating from the southeast corner of 85th Street and Perimeter Drive. This new lease will bring Raintree to nearly 90 percent occupancy. The landlord, iStar Financial, was represented by Brad Anderson, Bryan Taute and Michael Strittmatter of CBRE’s Phoenix office.
AVENTURA, FLA. — Continental Real Estate Companies (CREC) will lease and market Aventura View, a 106,500-square-foot office building in Aventura. The property, which was previously known as Concorde Centre II, was recently acquired by Steelbridge Capital. Steven Hurwitz and Douglas Okun of CREC will oversee the leasing and marketing of Aventura View. Steelbridge Capital will manage the property and is preparing a series of upgrades for the building, including renovations to all common areas and a reconfigured parking lot. Aventura View is located at 2999 NE 191st St. in Aventura.
HENRIETTA, N.Y. — Marcus & Millichap has arranged the $5.8 million sale of a 71,866-square-foot NY State Department of Transportation office building in Henrietta. The property is located at 1530 Jefferson Road. Steven Stoehrer and Preet Sabharwal of Marcus & Millichap represented the seller, a private investor, in the transaction. They also represented the buyer, a developer.
HOUSTON — CBRE has been retained to market 919 Milam, an historic 24-story office tower located in Houston's CBD. The office building spans 543,259 square feet and is 94 percent leased to energy-based tenants. The property is LEED Silver certified and is Energy Star rated. The office building is situated at the center of the downtown Houston pedestrian tunnel system, and it features four levels of parking, a food court, new tenant conference center, full-service banking and 24-hour security. The property has undergone $19.3 million worth of renovations since 2006, including more than $3.2 million invested by the current owner, Fort Worth-based M-M Properties. Jared Chua, Bernard Branca, John Alvarado, Russell Ingrum and Gary Carr of CBRE will market 919 Milam on behalf of the owner.
SCOTTSDALE, ARIZ. — Meritage Homes has leased 57,784 square feet at Raintree Corporate Center in Scottsdale. The Class A office building is located at 8800 E. Raintree Drive. The company will be relocating from the southeast corner of 85th Street and Perimeter Drive. This new lease will bring Raintree to nearly 90 percent occupancy. The landlord, iStar Financial, was represented by Brad Anderson, Bryan Taute and Michael Strittmatter of CBRE’s Phoenix office.
LOS ANGELES — Beverly La Jolla Tower, a 38,667-square-foot office building in Los Angeles, has sold to Beverly Quest LLC for $14.3 million. It is located at 8201 Beverly Blvd. The tower was initially built in 1964 and modernized in 1990. Beverly Quest was represented by Steven Rayan of South Park Group. The seller, Aptium Oncology, was represented by Martin McDermott of Avison Young.
NEW YORK CITY — Atlas Capital has acquired 311-319 West 43rd St., a 14-story office building between Eighth and Ninth avenues in New York City, for $62.4 million. The 185,000-square-foot building is fully occupied and home to several theater and design firms. Atlas may invest in improvements, bringing the Class B office space to Class A. However, the firm is also considering a full or partial residential conversion when leases expire. Peter Hauspurg, Brian Ezratty and Scott Ellard of Eastern Consolidated represented the seller, Zurbarry Associates. Ezratty also procured the buyer, who assumed the seller's mortgage in the form of a securitized loan.
WHITE PLAINS, N.Y. — In a joint acquisition, Faros Properties and Caspi Development have purchased the former Nestle headquarters at 120 Bloomingdale Road in White Plains. The six-acre property and its 145,000-square-foot office building sold at a deep discount for $10.5 million. The property, previously appraised at $33 million, was acquired from a special servicer after the previous owner defaulted on its CMBS loan. The new owners plan to extensively renovate the property by this fall. The building features a private roof deck, on-site property management, 24/7 building access and a private, 100-car parking deck. Carl Austin of Austin Corporate Properties represented the buyers. Joseph Garibaldi of Jones Lang LaSalle represented the seller, C-III Realty Services.