BURLINGTON, MASS. — CB Richard Ellis (CBRE) Realty Trust has acquired a Class A office building in Burlington. One Wayside Road totals 200,411 square feet over four stories. It serves as the corporate headquarters for Nuance Communications, which is leasing it through 2018. The building was expanded in 2008 when Nuance took occupancy; construction included the addition of a cafeteria and a fitness center. An in-house negotiations team led by Kim Adamek completed the deal on behalf of CBRE Realty Trust. The seller's name was not disclosed.
OAKLAND, CALIF. — CB Richard Ellis Investors has purchased a 1.6 million-square-foot office portfolio located within Oakland City Center. Ninety-one percent leased at the time of sale, the five-building portfolio in the heart of Oakland’s central business district consists of 1111 Broadway, 555 12th Street, 1300 Clay Street, 505 14th Street and City Square. The purchase, which included City Center Garage, was made on behalf of the CBRE Strategic Partners U.S. Value 5 fund, a commingled private equity real estate fund raised from institutional investors in the United States, Europe and the Middle East.
RICHFIELD, OHIO — Cuyahoga Falls, Ohio-based Carrara Cos. has acquired a 15,134-square-foot office and warehouse property in Richfield. Situated on 10.44 acres at 3774 Congress Parkway, the property sold for $735,000. William Nice and John Chaluda of Cleveland-based The Chartwell Group represented the buyer; Jennifer Fernandez of NAI Cummins Real Estate represented the seller, Akron, Ohio-based The Macomb Group, in the transaction.
MONTVALE, N.J. — CB Richard Ellis Realty Trust (CBRE) has acquired a Class A office building located in Montvale. The two-story, 142,500-square-foot property is situated on 35 acres at 225 Summit Ave. It is currently occupied by Medco Health Services, which is subleasing the space from Barr Pharmaceuticals. The property was built in 1966 and underwent an $8.5 million renovation in 2007. Amenities include a 300-seat cafeteria and 480 parking spaces. The seller was a partnership between a fund managed by Urdang Capital Management, Ivy Equities and Paragon Realty. The Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel represented the partnership. The same team also procured the buyer.
NEW YORK CITY — NorthMarq Capital has arranged a total of $34 million in first-mortgage financing for two Manhattan office towers. The buildings total approximately 300,000 square feet and are located at 300 E. 42nd St. and 1776 Broadway. The United Nations is the major tenant at the former property. The loan carries a 15-year term, a 25-year amortization schedule and a fixed interest rate. The lender was Sun Life of Canada. NorthMarq's Craig Bjornsund arranged the funding.
ALAMEDA, CALIF. — Grubb & Ellis has negotiated the $10.6 million sale of the 62,000-square-foot Bay View Plaza, a two-story office building located at 1600 Harbor Bay Parkway within the Harbor Bay Business Park in Alameda. Anchored by OtisMed, the property was approximately 93 percent leased at the time of the sale. Grubb & Ellis’ Steve Golubchik, Christopher Johnke, Cale Miller, Edward Suharski and Seth McKinnon represented the seller, Ellis Partners, in the transaction; the buyer, Worthington Investments, represented itself.
SAN DIEGO — The 31,960-square-foot Padre Plaza office building, located at 3505 Camino del Rio South in San Diego, has been sold for $3.9 million. Cushman & Wakefield’s Barry Mahlberg and Derek Applbaum represented the seller, Lewis D. Hutchins, Hampshire Investments LLC, in the transaction, and Jerome Sili represented the buyer, Atlantida LLC.
MIAMI — Keiser University has leased a new 90,000-square-foot building from Procacci Development Corp. for the relocation of its Kendall campus. The build-to-suit is located in Crossroads at Dolphin Commerce Center in Miami. The office park spans 438,000 square feet in four, Category 5 hurricane-resistant buildings.
BURLINGTON, MASS. — The Davis Companies has acquired a Burlington office park at auction for $32.75 million. Burlington Woods consists of two buildings totaling 267,829 square feet. The project was 64 percent occupied at the time of the sale. Tenants include Philips Color Kinetics, GE Ionics, KeyPoint Partners, Cbeyond and Corporate Technologies. The buyer plans to undertake a significant capital improvements program in order to reposition the property. Cushman & Wakefield has been selected to lease it. The Davis Companies completed the acquisition on behalf of its $230 million Davis Investment Ventures Value Opportunity Fund I.
HOUSTON — The General Services Administration has signed a 132,539-square-foot lease with MetLife for space in Wells Fargo Plaza. The U.S. Attorney's Office will occupy the space, which is located at 1000 Louisiana St. in Houston. The property is a Class A office building that stands 71 stories tall. Jones Lang LaSalle's Brian Weiss, Bruce Rutherford, David Bale, Louie Crapitto and Anna Schinas represented the tenant. Dave Hanusa and Bonnie Kelley of CB Richard Ellis represented the landlord.