MONMOUTH JUNCTION, N.J. — Ridge Road Properties has acquired Pfizer Inc.'s 378,000-square-foot research facility at 865 Ridge Road in Monmouth Junction. Ridge Road — which purchased the property with plans to develop the adjacent acreage — will make the building available for lease or sale. The Class A building includes 128,000 square feet of laboratory space, a 60,000-square-foot vivarium and 70,000 square feet of office space. The building was constructed in the 1950s and then expanded in the 1980s and 1990s. Joseph Nitti and John Kainer of Colliers International New Jersey represented the buyer in the transaction.
NEW YORK CITY — HFZ Capital Group is moving forward with plans to convert a 122,000-square-foot office building at 11 Beach St. in New York City into a luxury condominium. The company has partnered with Joy Construction and New Valley on the redevelopment. HFZ acquired the property in July for a reported $62 million. HFZ has started pre-development planning for the proposed project.
HOLLYWOOD, CALIF. -— A 24,000-square-foot office building in Hollywood has sold to JMS Ventures for $8.1 million. The property is located at 6735 Selma Ave. It is currently fully occupied by Panavision Hollywood, which has leased the property through 2016 with an option to extend. Ian Strano of NAI Capital’s West Los Angeles office represented JMS. The seller was Highland Selma Ventures.
DAYTON, OHIO — Thompson National Properties has acquired 3745 Pentagon Blvd., an 86,928-square-foot office building in Dayton, on behalf of 1031 tax-deferred exchange investors. Science Applications International Corp. (SAIC) will move into the space. American National Insurance Co. financed the acquisition and Wally Reid and Kelly Layne of HFF originated the loan. The three-story property is located across from Wright Patterson Air Force Base. SAIC is an engineering and tech firm that focuses on national security, energy and environment, health and cybersecurity issues.
HOUSTON — The Richland Companies has acquired the 104,091-square-foot Bay Plaza Office Complex, located at 711 W. Bay Area Blvd. in Houston. The six-story office property consists of glass-backed elevators, balconies on each floor, a conference facility, card-key access and manicured landscaping. The Richland Companies will assume the property's on-site management. The property is 89 percent to tenants such as British Petroleum (BP), San Jacinto College, Blue Moon Detective Agency, Hometrust Mortgage, Broadpoint, Texan Bank, Evergreen Tank Solution, MeCor and Select Medical.
DALLAS — Stream Realty Partners has arranged Hudson Advisors/Lone Star's 110,652-square-foot lease renewal at The Tower at Cityplace, a 1.22 million-square-foot office complex located at 2711 N. Haskell Ave. in Dallas. Jeff Schweitzer, Sarah Erickson and Tommy Nelson of Stream Realty Partners represented the landlord, Barrow Street Capital, in the lease transaction. Dan Paterson of Swearingen Realty Group represented the tenant. The Tower at Cityplace is currently 85.7 percent leased and features a conference center, Larry North Fitness, food court, cafeteria and DART rail access.
SANTA MONICA, CALIF. – A 14,860-square-foot office building in Santa Monica has sold to Sumo Properties, LLC for $6.3 million. The building is located at 1617 Broadway. It is currently 100 percent leased, with Innovative Artists acting as the main tenant. Sumo was represented by Dave Wilson and James Wilson of Lee & Associates West Los Angeles. The seller, SZS Crossroads Associates, was represented by Brad Kesner of Stone-Miller. Financing was arranged by Jeff Jacobsen of Broadway Capital Partners in Santa Monica.
THIENSVILLE, WIS. — MSP Development has acquired an office building at 200 Green Bay Road in Thiensville from BMO Harris Bank for $275,000. Thiensville is a village 18 miles north of Milwaukee. Tom Shepherd and Lyle Landowski of Colliers International represented both parties in the transaction.
CEDAR KNOLLS, N.J. — MB1 has acquired the 118,000-square-foot Cedar Knolls Corporate Center at 240 Cedar Knolls Road in Morris County. The four-story property is situated on 15 acres and includes an on-site cafe and 445 parking spaces. The building was constructed in 1981 and underwent renovations in 2007. Paul Giannone, Ken Flynn and Kevin Carton of Cushman & Wakefield will lease the property.
PRINCETON, N.J. — River Drive Construction Co. has completed an office renovation for Regus, a provider of temporary office space for traveling business people, at the 149,000-square-foot Princeton Overlook I in Princeton. Regus occupies the second floor of the building, which is located at 100 Overlook Center. Mack-Cali is the property owner. The project included the creation of 16 new offices, as well as renovations to the business lounge, restrooms and video conference rooms. River Drive served as the general contractor and WKMC Architects was the project architect.