HOUSTON — Marcus & Millichap has brokered the sale of Devon Professional Building, a 26,735-square-foot retail and office building located at 17300 El Camino Real in Houston. The list price for the property was approximately $2.56 million. Justin Miller of Marcus & Millichap's Houston office represented the seller, a local partnership, in the transaction. Eric Guerrero, Rahul Bijlani and Michael Yu, also of Marcus & Millichap's Houston office, secured and represented the buyer, a partnership.
SOUTHLAKE, TEXAS — Transwestern's Dallas office has arranged the sale of the 129,333-square-foot Cedar Ridge Office Park, a two-building office complex located in Southlake. The property is fully leased to tenants such as American Specialty Health, Keller Williams and Regus. Transwestern represented the buyer, a private investor, in the transaction.
SAN FRANCISCO — The Swig Company has purchased an 88,668-square-foot office building in San Francisco for an undisclosed sum. The four-story property is located at 901 Battery Street. The acquisition also includes a parking structure that resides at 998 Sansome Street. The fully leased building is home to KMD Architects, Viscira, MediaOne, Fox News and New Deal Design. The seller, a partnership that had owned the property for several decades, was represented by Tony Crossley and Erik Hanson of Colliers International. Mee Mee Kiong and Peter Nelson of HSBC Bank provided the acquisition financing.
SAN FRANCISCO — Wells Real Estate Investment Trust II has purchased a Class A office tower in San Francisco’s Financial District for an undisclosed sum. The 657,000-square-foot tower is located at 333 Market Street. The building is fully leased to Wells Fargo Bank. It has undergone more than $80 million in tenant and capital improvements over the past eight years. The REIT was represented in-house by Keith Willby. The seller was Korean Federation of Community Credit Cooperatives.
LAUREL, MD. — Montpelier Research Park, a four-building office/flex property at 7701-7707 Montpelier Rd. in Laurel, has traded for $18.85 million. Los Angeles-based Fort Properties sold the 158,000-square-foot property to Exeter Property Group. Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group represented Fort Properties in the transaction.
CHICAGO—A group of investors has purchased 540 West Madison in Chicago for a reported $350 million. The partnership included Joseph Mizrachi, David Werner, Eyal Ben-Yosef, David Alcalay, Bruce Wisbaum and Dr. Zvi Sharf, Carlton Associates Inc. and the investment division of Independent Health. The investors secured senior mortgage and mezzanine financing from Deutsche Bank to acquire the 1.1-milion-square-foot office tower. Jones Lang LaSalle capital markets team secured a fixed-rate, interest-only five-year loan for a reported $250 million through Deutsche Bank for the deal. The 31-story, LEED gold-certified property was completed in 2003 and is currently 91 percent leased.
SAN FRANCISCO — Wells Real Estate Investment Trust II has purchased a Class A office tower in San Francisco’s Financial District for an undisclosed sum. The 657,000-square-foot tower is located at 333 Market Street. The building is fully leased to Wells Fargo Bank. It has undergone more than $80 million in tenant and capital improvements over the past eight years. The REIT was represented in-house by Keith Willby. The seller was Korean Federation of Community Credit Cooperatives.
SAN DIEGO — Cornerstone Heights Corporate Center in San Diego has sold to a joint venture between Lincoln Property Company and Artemis Real Estate Partners for $14.1 million. It is located at 5959 & 6059 Cornerstone Court West. The center contains twin buildings that total 97,945 square feet. Lincoln Property represented itself in this transaction, while the seller, The Realty Associates Fund VI, L.P., was represented by Rick Reeder and Brad Tecca of Cassidy Turley San Diego.
SAN PEDRO, CALIF. — Pacific Place, a 292,540-square-foot, Class A office tower in San Pedro, has sold to Jupiter Holdings LLC for an undisclosed sum. It is located at 222 West 6thStreet. The building was previously occupied by Northrop Grumman. The seller, Pacific Place Associates, was represented by CBRE’s Kevin Shannon, Dave Smith and Scott Schumacher.
STOCKBRIDGE, GA. — A joint venture between Strategic Capital Partners LLC and Atlanta-based Kodiak Ventures has acquired South 75 Center, which includes two flex office buildings, in Stockbridge for an undisclosed price. It is 84 percent occupied and was purchased from the lender, which foreclosed on the property in 2011. The strategy is to stabilize the property at 90 percent occupancy as well as renew the largest tenant, which expires in 2017. Third-party medical suppliers and distributors occupy much of the nearby office space due to the proximity of Henry Medical Center, a 215-bed hospital.