CULVER CITY, CALIF. – A 30,000-square-foot industrial building in Culver City has sold to a joint venture between Industry LTD and Saber Realty Advisors for $8 million. It is located at 5900 Blackwelder Street. The JV plans to execute a multimillion-dollar capital improvement project at the facility to convert it into creative office space. The conversion will include the addition of 10,000 square feet of new mezzanine space. The seller was owner-user Burke Williams Spa. Industry Partners will handle leasing for the space.
Office
PORTLAND, ORE. — Johnstone Supply has renewed its lease for 124,610 square feet of office and warehouse space in Portland. The facility is located at 11632 NE Ainsworth Circle. It serves as the company’s headquarters. Johnstone Supply was represented by Tyler SheilsandKevin Kriesienof Jones Lang LaSalle’s Portland office. The landlord, Industrial Income Trust, was represented by Scott Kappes of Capacity Commercial Group.
WILMINGTON AND WOBURN, MASS. — NAI Hunneman has brokered the sales of 1 Jewel Drive in Wilmington and 225 Wildwood Ave. in Woburn for $4.1 and $4.3 million, respectively. David Gilkie and Gina Barroso represented the seller, Hudson Advisors in the sale of 1 Jewel Drive, a four-building office and warehouse project, to Howland Development. The building was 55 percent leased at the time of sale. Gilkie represented the buyer, Janis Research Co. LLC, in the sale of 225 Wildwood Ave., a Class B warehouse space. Murray Hills Inc. was the seller. The building was fully leased at the time of sale.
TEANECK, N.J. —Univision Communications Inc., a media company serving Hispanic America, has expanded its long-term lease at Glenpointe by 10,000 square feet to 78,000 square feet at the Class A office campus. Univision, a Glenpointe tenant for more than 15 years, maintains broadcasting studios and offices at the property. J.C. Giordano of Jones Lang LaSalle represented Univision in the transaction. Cushman & Wakefield is the leasing agent for Glenpointe. Alfred Sanzari Enterprises developed and continues to own and operate Glenpointe.
NEW YORK CITY— Clarion Partners LLC has signed a new 10-year lease for the entire 12 floor at 230 Park Ave. in Manhattan, a total of 71,000 square feet. The real estate investment firm is long-term tenant in the building. Mark Ravesloot and William Iacovelli of CBRE represented Clarion Partners in the transaction. Jordan Berger of Monday Properties and Frank Doyle of Jones Lang LaSalle represented the building’s owners, Monday Properties and Invesco. Clarion Partners is a real estate investment manager with $25.6 billion in total assets under management on behalf of 200 institutional investors, both domestic and international.
AUSTIN, TEXAS — Louisville, Ky.-based LDG Development, a multifamily housing developer with more than 4,000 units in its portfolio, has opened a new office in downtown Austin. The new office is located at 1305 East 6th St. LDG owns more than 1,500 units in Austin, Houston, Sherman and Alvin. Dick Janson of LDG Development will serve as the Austin office's senior leader.
CULVER CITY, CALIF. – A 30,000-square-foot industrial building in Culver City has sold to a joint venture between Industry LTD and Saber Realty Advisors for $8 million. It is located at 5900 Blackwelder Street. The JV plans to execute a multimillion-dollar capital improvement project at the facility to convert it into creative office space. The conversion will include the addition of 10,000 square feet of new mezzanine space. The seller was owner-user Burke Williams Spa. Industry Partners will handle leasing for the space.
PORTLAND, ORE. — Johnstone Supply has renewed its lease for 124,610 square feet of office and warehouse space in Portland. The facility is located at 11632 NE Ainsworth Circle. It serves as the company’s headquarters. Johnstone Supply was represented by Tyler Sheils and Kevin Kriesien of Jones Lang LaSalle’s Portland office. The landlord, Industrial Income Trust, was represented by Scott Kappes of Capacity Commercial Group.
SAN FRANCISCO — A 50,000-square-foot parcel that may soon be home to the West Coast’s tallest tower has sold to Hines and Boston Properties for $192 million, or nearly $4,000 per land foot. The firms plan to construct the 1,070-foot Transbay Transit Tower on the site, which sits adjacent to the future Transbay Transit Center inside San Francisco’s South of Market (SOMA) district. Construction is set to begin on the tower as early as this summer. It is scheduled for completion in 2016, just before the transit facility is due to open. Once the tower tops out, it is anticipated to be the seventh tallest building in the U.S., a title that currently belongs to the Chrysler Building in New York. The 60-story tower is being designed by Pelli Clarke Pelli and built by a partnership between Clark Construction and Hathaway Dinwiddie.
WASHINGTON, D.C. — Nakash Holdings has closed on its purchase of 1400 New York Ave. N.W. in Washington, D.C., otherwise known as the Bond Building, for a reported $100 million. Nakash is a closely held investment company controlled by the founders of Jordache Enterprises, a company made famous in the 1980s with its designer jeans. The 175,000-square-foot property is leased to the Justice Department, which has agreed to sign a new lease and stay on another 15 years after its current lease expires next year. Located near the White House, the eight-story building was originally built in 1901.