RALEIGH, N.C. — Boston-based New Boston Fund has purchased the 99,181-square-foot Carolina Place, a five-story office building located at 2626 Glenwood Ave. in Raleigh, from a client advised by Invesco Real Estate. The property is currently 86 percent leased to tenants including Cherry, Bekaert and Holland and Scott Madden. Ben Kilgore of CBRE's Raleigh office represented the seller in the transaction.
Office
NORWALK, CONN. — In a joint venture KABR and Blackpoint Partners have acquired 535 Connecticut Ave. in Norwalk for $11 million. The 175,000-square-foot, Class A suburban office building includes a gym, cafeteria, conference facility and covered parking. The seller was LNR Partners, which purchased the building in 2006 for $26.5 million.
PHOENIX — Phoenix Peak, an 89,099-square-foot office building in Phoenix, has sold to Alvarado Realty for $10,225,000. The three-story building was constructed in 1986 and was 87 percent leased at the time of sale. Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley BRE Commercial’s Capital Markets Group represented both the buyer and the seller, Real Estate Value Advisors.
PETALUMA, CALIF. – The Petaluma Marina Business Center, a three-building, Class A office building totaling 116,380 square feet, has gained four new tenants. Cellular World has leased 2,200 square feet; H.M. Vreeland and Son Insurance Agency is occupying 941 square feet; Grade A Tutoring Center has taken 1,072 square feet; and Hanford ARC has moved into 842 square feet. Cellular World, H.M. Vreeland and Grade A each signed three-year leases. Hanford signed a one-year lease. Mike Thomason of Keegan & Coppin Company represented the center’s landlord, Basin Street Properties, in these lease transactions.
NEW YORK CITY — Endurance Reinsurance Corp. of America has signed a 10-year sublease for 40,500 square feet and a 10-year direct lease for 16,864 square feet at 750 Third Ave. in New York City. The Class A office building, also known as Grand Central Square, is owned by SL Green Realty. Ryan Masiello and Peter Riguardi of Jones Lang LaSalle represented Endurance in the transaction. SL Green was represented in-house by David Kaufman and David Amsterdam.
THE WOODLANDS — Moody Rambin Investment Services has secured the sale of two office buildings totaling 22,278 square feet, located at 25301 and 25325 Borough Park Dr. in The Woodlands. The buildings were 92 percent leased at the time of the sale. Christopher Dray of Moody Rambin's Houston office represented the seller, Borough Partners LP, in the transaction. Jody Czajkoski of Moody Rambin's Houston office represented the buyer, I-45 Property Management Inc.
MESA, ARIZ. – Mitel has signed a 10-year lease for 83,264 square feet of office space at Riverview Point in Mesa. The company will use the space for its new U.S. headquarters. The office building was constructed in 2009 as part of the master-planned Mesa Riverview Project. Mitel was represented by Robert Stephens, Kurt Saulnier and Tricia Gumulka of Grubb & Ellis’ Industrial Group, along with Steven Morgan of the firm’s Atlanta office. Bryan Taute and Michael Strittmatter of CBRE acted on behalf of the building’s landlord, private investors.
LONG BEACH, CALIF. – Ignify is relocating its headquarters to 200 Pine Ave. in Long Beach. The company plans to lease the entire fourth floor of the 67,000-square-foot building. Ignify was represented by Noel Aguirre of Lee & Associates. Bob Alperin of Cushman & Wakefield represented the landlord, the Realm Group, which recently acquired the property for $9.58 million.
WASHINGTON, D.C. — Washington, D.C.-based Rock Creek Property Group has purchased a 28,366-square-foot building, located at 1100 16th St. NW in Washington, D.C., at a foreclosure auction from Tysons Corner, Va.-based Cardinal Bank for $4.72 million. The company plans to gut the building and convert the project into a first-class office headquarters. Rock Creek has retained Washington, D.C.-based OTJ Architects as the base-building architect and planner. Construction is slated to begin in the first half of 2012 with completion slated for later in the year.
NORWALK, CONN. — In a joint venture, KABR and Blackpoint Partners have acquired 535 Connecticut Ave. in Norwalk for $11 million. The 175,000-square-foot, Class A office building is newly renovated and includes a gym, cafeteria and conference facility. The seller, LNR Partners, foreclosed on the previous owner, who purchased the building in 2006 for $26.5 million.