EL SEGUNDO, CALIF. – The Admiral Capital Real Estate Fund, which is a partnership between USAA Real Estate Company and Admiral Capital Group, has purchased a 119,626-square-foot office building in El Segundo for an undisclosed sum. The fund is targeting value-add opportunities in major markets across the U.S. Its ideal transaction size is $25 million to $100 million.
NEW YORK CITY — A 1.65 million-square-foot, 42-story office building, located at 1285 Avenue of the Americas in New York City, has received a $372 million refinancing. The building is jointly owned by AXA Equitable Life Insurance Co. and institutional investors advised by J.P. Morgan Asset Management. Whit WIlcox and Mike Tepedino of Holliday Fenoglio Fowler's New York City office secured the 10-year loan through MetLife Real Estate Investments.
HOUSTON – 712 Main Street, a 794,186-square-foot Class A office building in Houston’s central business district, has been financed with a non-recourse loan through Capital One Bank. Holliday Fenoglio Fowler (HFF) worked on behalf of an entity owned by Brookfield Real Estate Opportunity Fund (BREOF) to secure the loan. 712 Main Street is comprised of three towers situated on a full city block at the corner of Main and Capitol streets. Originally constructed in 1929, the property includes a historic 35-story art deco-style office building that is home to the Texas headquarters of JP Morgan Chase’s southwest banking operations. John Ahmed led the HFF team that secured the loan. BREOF is sponsored by Brookfield Asset Management, Inc., a global asset management company focused on the real estate, power generation and infrastructure sectors.
SCOTTSDALE, ARIZ. — MIG Real Estate has purchased Scottsdale Centre, a Class A office property that contains five two-story buildings and 164,300 square feet of space. Though terms of the sale were not disclosed, the previous owner had recently completed a $5.1-million property renovation. Jones Lang LaSalle's Don Mudd and John Bonnell represented the seller in the transaction. MIG Real Estate represented itself.
ALISO VIEJO, CALIF. — GPS and location-based software developer Telogis is relocating its world headquarters to 20 Enterprise Drive inside Aliso Viejo's Summit Office Campus. Telogis is relocating from 85 Enterprise Drive, which is also in the Summit Office Campus. The move, which will provide Telogis with 26,000 square feet of first generation space, should be complete this November. The firm was represented by UGL Services' vice president Drew Netherton, senior vice president Justin Hodgdon and senior associate Chris Houston, who are all out of UGL's Orange County office. Jake Stickel, first vice president in the Newport Beach office of CB Richard Ellis, represented Summit Office Campus' ownership group, Parker Properties.
INDIANAPOLIS — Pace Properties has purchased a Class A office building in Indianapolis for an undisclosed amount. The property totals 72,481 square feet over three stories and is located at 9225 Priority Way West Drive within The Precedent Office Park. Rebecca Wells and David Moore of Cassidy Turley's Indianapolis office partnered with Michael Hanrahan of the firm's St. Louis office to represent the seller, Bank of America. The buyer provided in-house representation.
CHICAGO — The former Chicago Patrolmen's Federal Credit Union building has been sold for $3.4 million. The 22,000-square-foot property is located at 1359 W. Washington Blvd. in the city's Union Row neighborhood. A local nonprofit purchased the building, which was built in 2000. Luke Malloy and Greg Bayer of Mid-America Real Estate represented the seller, and Bettye Reynolds of FJ Williams Realty represented the buyer.
STAMFORD, CT. — CB Richard Ellis' New York Institutional Group has brokered the $17 million REO sale of a 103,367-square-foot office building, located at 750 East Main St. in Stamford. Jeffrey Dunne, Steven Bardsley and David Gavin of the firm's Stamford office represented the seller, 750 Acquisition Co., and procured the buyer, East Main Street Equity Partners, an entity controlled by Aegean Capital.
THE WOODLANDS — Tridan II, LLC has purchased a 41,653-square-foot office building at 3606 Research Forest Dr. in The Woodlands from Lex-Gen Woodlands, L.P. Josh Cheatham and Dan Broyles Jr. of NAI Houston represented the seller, while Trey Martin of NAI Houston represented the buyer.
SAN JOSE, CALIF. – Harvest Properties and its partner, Stockbridge Real Estate, have purchased Central Park Plaza in Silicon Valley for an undisclosed sum. The recently renovated campus includes six, two-story Class A office buildings that total 300,954 square feet. HFF's Michael Leggett, Gerry Rohm, David Karol and Steve Golubchik participated in this transaction. Harvest Properties, which has managed Central Park Plaza since 2006, will continue to manage the property.