SAN DIEGO — KBS Real Estate Investment Trust II has purchased the 118,030-square-foot Torrey Reserve West, a Del Mar Heights office park located 20 miles north of downtown San Diego, for $27.3 million. Ninety-one percent leased, Torrey Reserve West consists of three two-story buildings that house five corporate headquarters locations. Eastdil Secured’s Adam Edwards and Dan Broderick represented the seller in the transaction.
BRANFORD, CONN. — The Geenty Group has completed the sale of a 25,000-square-foot flex building located in Branford for $1.3 million. The multi-tenant property is situated at 14 Business Park Drive within Branford Industrial Park. Its occupants include three medical tenants and one office tenant. The buyer, Commercial Building Associates, plans to renovate the building's 10,000 square feet of vacant space for new tenants. Kevin Geenty and Bill Clark of Geenty Group represented the buyer. Kristin Geenty, also of Geenty Group, represented the seller, Todds Hill Investment Circle.
BEDFORD, MASS., AND MONTGOMERY, N.Y. — Transwestern Realty Finance Partners has arranged $15 million in mezzanine financing for a three-property portfolio owned by Australia-based Real Estate Capital Partners USA Property Trust. The portfolio contains two office buildings located in Bedford and Montgomery. The third property is an industrial building located in Deerfield, Ill. Michael Girimonti of Transwestern arranged the transaction.
FULLERTON, CALIF. — The Saywitz Co. has negotiated a 10-year, $4 million lease renewal for the corporate headquarters of Label-Aire Inc., located at 550 Burning Tree Road in Fullerton. The 60,000-square-foot facility was built for Label-Aire more than 20 years ago and houses its international headquarters and main processing operations. Barry Saywitz negotiated the lease renewal on behalf of the tenant; the landlord, RREEF, represented itself in the deal.
NORTHBOROUGH, MASS. — IT provider Akibia Inc. has renewed its lease for 42,000 square feet at 20C Forbes Road in Northborough. J.R. McDonald and Stephen Woelfel of Cushman & Wakefield represented Akibia in lease negotiations. CB Richard Ellis represented the undisclosed landlord.
HOUSTON — McDermott International has signed a 190,000-square-foot office lease renewal with Berhinger Harvard in Houston. The property is located at 757 N. Eldridge Parkway. Lucian Bukowski and Mike Boehler of Jones Lang LaSalle represented the tenant. CB Richard Ellis' John Pruitt and Kristen Rabel represented the landlord.
WHITTIER, CALIF. — Marcus & Millichap has brokered the $3.5 million sale of two commercial office buildings located at 8109 Greenleaf Ave. and 8034-8040 Comstock Ave. in Whittier. The new owner/user intends to establish a community church on site. Marcus & Millichap’s Michael Lawrence represented the private REO seller of the approximately 34,049-square-foot complex, which was built in 1990.
WOODBURY, MINN. — Wellington Management Inc. has signed a purchase agreement for the 450,000-square-foot Woodbury Corporate Campus in Woodbury. State Farm formerly occupied the property. Wellington plans to convert the campus into a Class A, multi-tenant office building for tenants in the 20,000 to 200,000-square-foot range. Additionally, the adjacent 50 acres of undeveloped land at Radio Drive and Interstate 94 will be marketed for build-to-suit office, hotel and retail uses. Also, a portion of the site is expected to be developed as an upscale senior housing campus. Transaction details were not released. Dan Gleason, Tom Stella and Pete Rand of NorthMarq represented State Farm in the disposition of the property. Wellington owns and manages a $375 million portfolio of 88 commercial properties for 625 tenants throughout the Twin Cities area.
STONINGTON, CONN. — Zachry Nuclear Engineering is expanding its Connecticut facility with the signing of a new, long-term lease for a 67,651-square-foot building in Stonington. The company will relocate from its current facility in Groton to the new building, which is located at 14 Lords Hill Road, in 2012. It will renovate the building, a former manufacturing facility, into loft-style office and R&D space. Ted Harris of Studley represented Zachry in lease negotiations. Dan Barber of Northeast Property Group represented the landlord, Shermen Group.
GERMANTOWN, WIS. — Pendergast Real Estate LLC has completed the disposition of a 25,000-square-foot property. The property is located at W194 N11250 McCormick Drive in Germantown. NW McCormick LLC acquired the property for an undisclosed price. Barry Chavin and Adam Matson of NAI MLG Commercial represented the seller in the transaction.