HOUSTON — Younan Properties, along with joint venture partner Passco Cos., has sold its 272,113-square-foot Younan West Loop South, a Class A high-rise office tower attached to the Marriott Hotel in Houston's West Loop district. The buyer was Salt Lake City-based ROC Bridge Partners. Darrell Betts of Avison Young represented Younan in the transaction.
LEAGUE CITY — Marcus & Millichap has arranged the $5.25 million sale of The Lakes Professional Center, a 24,240-square-foot office property located at 6455-6465 S. Shore Blvd., Suite 400 in League City. Tanner McGraw of Marcus & Millichap's Houston office represented the buyer, a private investor, in the transaction.
SANTA MONICA, CALIF. — CIM Group has purchased Lincoln Place, a Class A office building in Santa Monica. The 37,572-square-foot building was constructed in 1990 at 725 Arizona Ave. The firm has made other investments in the area, including 11600 and 11620 Wilshire Blvd. in Brentwood, and 150 and 151 El Camino Drive in Beverly Hills.
ANAHEIM, CALIF. — Younan Properties has purchased the Anaheim Corporate Center in Anaheim. The acquisition marks the firm’s re-entry into Orange County and will allow it to expand its Southern California presence. Younan notes it is targeting a few more transactions before year’s end. The seller, LNR Partners, was represented by Michael Lawrence of Marcus & Millichap.
SILVER SPRING, MD. — A joint venture between Brandywine Realty Trust and Current Creek Investments, a subsidiary of Allstate Insurance Co., has entered into an agreement to acquire three office properties totaling 499,395 square feet, located in Silver Spring, for $120.6 million. The properties include the 162,832-square-foot 1100 Wayne Ave., the 196,663-square-foot 1010 Wayne Ave., and the 139,900-square-foot 8484 Georgia Ave. The seller is a joint venture between Urdang's Value-Added Fund II and Moore&Associates. The acquisition is slated to close in July.
ARLINGTON, VA. — Washington Real Estate Investment Trust (WRIT) has purchased the 147,000-square-foot Fairgate at Ballston, an office building located at 1005 N. Glebe Road in Arlington, for $52.25 million in an all-cash transaction. The eight-story building is 82 percent leased. WRIT funded the acquisition with available capacity on its line of credit.
COLUMBUS, GA. — Gladstone Commercial Corp. has acquired a 32,000-square-foot office and classroom building, located in Columbus, for $7.3 million. The building is fully leased to the University of Phoenix and fully guaranteed by Apollo Group, its publicly traded parent company.
COLUMBUS — Morris, Smith & Feyh Inc. has arranged a $16 million first mortgage loan for a newly built office building in Columbus. The 140,000-square-foot building is fully leased to NetJets Inc., the private jet company owned by Berkshire Hathaway. It serves as the company's world headquarters. Jeffrey Morris of Morris, Smith & Feyh's Columbus office originated the 20-year loan for the borrower, The Daimler Group, through a life insurance company. The loan includes a 25-year amortization schedule.
PLANO — KDC has leased an additional 123,716 square feet of office space to Denbury Resources at The Campus at Legacy, located at 5360 Legacy Drive in Plano, which brings Denbury's footprint in The Campus at Legacy to 500,000 square feet. The newly expanded office space is now Denbury's corporate headquarters. The Campus at Legacy features other tenants such as PepsiCo., Dr. Pepper Snapple Group, Rent-a-Center and St. Jude Medical. John Brownlee represented KDC in-house in the lease transaction, as well as KDC's partner Spear Street Capital.
SANTA MONICA, CALIF. — A 52,676-square-foot medical office building in Santa Monica has received a $10-million refinance. The loan was secured for the borrower, 2825 Santa Monica LLC, by Timothy Wright and Zack Holderman of HFF through California Bank & Trust. The three-year loan features an adjustable rate. The managing member of 2825 Santa Monica LLC is an institutional investment fund sub-advised by Long Wharf Real Estate Partners LLC.
