CHARLOTTE, N.C. — Charlotte-based SYNCO Properties Inc., on behalf of Associated Realty Investors/500 East Morehead Limited Partnership, has sold 500 East Morehead Street, a 43,000-square-foot office building in Charlotte’s Midtown submarket. An entity sponsored by Charlotte-based Beacon Partners acquired the property for $5.25 million. The three-story building was built in two phases in 1960 and 1963. It fronts East Morehead Street adjacent to the Dowd YMCA. SYNCO Properties and its investing partners purchased 500 East Morehead Street in 1982 for $1.3 million. Tim Hose of SYNCO Properties represented the seller, and Mike Harrell of Beacon Partners represented the buyer.
FARMINGTON HILLS, MICH. — Alidade Capital has acquired 224,000 square feet of office space at Technology Park, located at 27200-27300 Haggerty Road in Farmington Hills. Bruce Morrison and John Gordy of Signature Associates represented the seller, Principal Financial, in the transaction.
LANCASTER, PA. — Global engineering firm Parsons Brinckerhoff has signed a 15-year lease for 80,000 square feet of office space at 4139 Oregon Pike in Lancaster. The firm plans to relocate 150 employees from its current New York location at One Penn Plaza. Occupancy is set for April 2013. Tom McDermott and John Thiry of NAI Commercial Partners represented the building owner, Oak Tree Development Group, in the transaction.
LEHI, UTAH — Perry & Associates will develop Traverse Ridge Center I, a 70,000-square-foot office building in Lehi, in March 2013. The building will be built near the new Adobe Campus, Cabela's and the Outlets at Traverse Mountain as part of a 22-acre, mixed-use campus. Construction is scheduled for completion in May 2014. Eric Smith, Kreg Peterson, James Mecham and Jessmine Kim of CBRE will serve as the leasing agents.
OAKLAND, CALIF. – A 520,000-square-foot high rise office building in downtown Oakland that serves as the headquarters for Clorox has been purchased by Westcore Properties, dba Westcore City Center LLC. The purchase price was not disclosed. Clorox has occupied and owned the building since 1988. It is located at 1221 Broadway. Clorox has another 15 years remaining on its lease with options to renew for an additional 15 years. It occupies 57 percent of the building. The remaining space will be marketed by Cushman & Wakefield. The sales transaction was executed by Craig Zodikoff and Brad Metzger of Cresa and Brett Holden of Lee & Associates.
CYPRESS, CALIF. — A 285,000-square-foot office/R&D building in Cypress has received $27 million in permanent financing. The non-recourse debt features an interest rate in the low 4 percent range and a 20-year term. The borrower, a privately held entity, used the funds to refinance the existing principal balance, as well as generate capital for its commercial real estate portfolio. Kevin Burkhalter of Johnson Capital's Los Angeles office arranged the loan.
PHILADELPHIA — Winthrop Realty Trust has paid $57 million to take over the non-performing $70 million mortgage on 1515 Market St., a 514,000-square-foot office building in Philadelphia. Tenants of the property include Citizens Bank and Temple University.
HOUSTON — Jones Lang LaSalle has arranged the sale of 12301 Kurland, a four-story, 195,525-square-foot office building in Houston's Gulf Freeway submarket. Rudy Hubbard and Kevin McConn of Jones Lang LaSalle represented the seller, Capital Commercial Investments, in the transaction. Paul House and John Ream of Jones Lang LaSalle secured a 10-year senior mortgage CMBS loan through Deutsche Bank on behalf of the buyer, Mission Cos. The property is 92 percent leased to five tenants.
CYPRESS, CALIF. — A 285,000-square-foot office/R&D building in Cypress has received $27 million in permanent financing. The non-recourse debt features an interest rate in the low 4 percent range and a 20-year term. The borrower, a privately held entity, used the funds to refinance the existing principal balance, as well as generate capital for its commercial real estate portfolio. Kevin Burkhalter of Johnson Capital's Los Angeles office arranged the loan.
SAN DIEGO – A 359,218-square-foot, 24-story office building in Downtown San Diego has sold to a joint venture between Lincoln Property Companyand Angelo, Gordon & Companyfor $49 million. The high rise is located at 600 B Street. It is 85 percent occupied. Notable tenants include the City of San Diego and Bridgepoint Education, as well as several law firms. This is Lincoln’s first acquisition in the area since it opening a San Diego office this past May.