LOS ALAMITOS, CALIF. — KZ DevCo has purchased a 10,100-square-foot office building in Los Alamitos for $4.25 million. The company plans to redevelop the property, which is located at 3401 Katella Ave., into a CVS/pharmacy. Construction will begin in September with completion scheduled for May 2010. Vincent Roche with CB Richard Ellis represented the buyer; David Cox of Cox Commercial represented the seller, Tipton Family Trust.
LOS ANGELES — The General Services Administration (GSA) has inked a $14.4 million lease transaction at 606 S. Olive St. in Los Angeles. The deal will expand the Federal Government’s Executive Offices of Immigration Review (EOIR) office space to 72,210 square feet. The EOIR now occupies five-and-a-half floors of the City National Bank Building. John Anthony of Charles Dunn Co. brokered the transaction. The landlord is 606 Olive LLC.
GREENVILLE, S.C. — Greenville New Markets Opportunity has provided more than $8 million in financing toward the 60,000-square-foot NEXT Innovation Center project being planned by Greenville-based Hughes Development Corp. The center is located in a rehabilitated building in Greenville and will initially employ 114 construction workers. When the property is up and running, 336 employees will staff the center. GNMO’s below-market financing is being combined with debt and equity provided by Carolina First Bank.
ROXBURY, N.J. — NAI James E. Hanson has completed the sale of a 2,500-square-foot office space, located at 181 Route 206 South in Roxbury. The two-story building was a former residential property that was converted into office space. Situated on 1.2 acres of land, the building features five offices, a conference room, one and a half bathrooms, a kitchen, a walk-up attic, a full basement, a new furnace, as well as a two-car garage, 10 additional employee parking spaces and a storage shed. The property is conveniently located to Routes 287, 24 and 78. NAI Hanson's Joe Vindigni represented both the seller, Kirk Hessels, and the buyer, Michael Gilbert, in this transaction.
SAN MARCOS, CALIF. — Doug Harwood of The Harwood Group represented Robert Goetz in the acquisition of a 6,450-square-foot office/retail building in San Marcos. Located at 1215 San Elijo Rd. within the community of San Elijo Hills, the property sold for $1.95 million. The buyer plans to use the mixed-use space for its marketing company as well as an eatery. Deborah Hunkeler, Kevin Farrell and Jay Arnett of Cushman & Wakefield represented the seller, San Elijo Hills Development Co., in the deal.
FALLS CHURCH, VA. — Besancon has borrowed $2.56 million from John Marshall Bank for its 22,453-square-foot office building in Falls Church. The property is located at 4900 Leesburg Pike and houses 32 tenants. The 5-year loan carries a 25-year amortization schedule. Matthew Kohlhoss and Gary McGlynn of NorthMarq Capital’s Washington, D.C., office arranged the loan.
MINNETONKA, MINN. — Carlson Real Estate Co., serving as general contractor, is currently renovating Plymouth Corporate Center in Minnetonka. The $2.5 million project includes updating the commons areas with new finishes, adding a two-story atrium with seating, media and Wi-Fi; improving way finding in the building; and improvements to building entrances and signage. BDH & Young Space Design is providing architectural services for the project, which is slated for completion in September. The center will continue to offer a fitness center, a building café, a coffee bar, a sundry shop, an ATM, a training room, multiple conference rooms and an on-site daycare.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell a 49.5 percent interest in New York City’s 485 Lexington Avenue for approximately $504.2 million. The buyer is Green 485 JV LLC, a joint venture partnership between Optibase Ltd. and Gilmor USA LLC. The sale includes the assumption of $450 million of existing debt, which will remain outstanding. The transaction is valued at $547 per square feet with an implied cap rate of 6.25 percent. The deal can only be consummated under certain conditions, including approval by the lender. SL Green purchased 485 Lexington in 2004 and immediately completed a $90 million capital repositioning program. The property is currently at 98.6 percent occupancy with a tenant roster that includes Citigroup, N.A. and The Traveler’s Indemnity Corp. Cushman & Wakefield represented SL Green in the transaction.
NEW YORK CITY — The Kaufman Organization has brokered a lease for 13,805 square feet at 1407 Broadway, a 42-story, 1.1 million-square-foot office building located in the Fashion District of Manhattan, New York City. Fashion company Franco Apparel will occupy the space, which consists of an entire tower floor. It will contain office and showroom space. Grant Greenspan of Kaufman represented the undisclosed landlord in lease negotiations. David Menaged of Intrepid Real Estate represented Franco Apparel. Lease terms were not disclosed but the asking price for the property was $42 per square foot.
HOUSTON — Cadence McShane Construction Co. has completed West Pointe Center, a 170,823-square-foot office building located in Houston’s Northwest corridor. Situated on 24.8 acres at the intersection of Beltway 8 and West Road, the building contains three stories of Class A office space. It features floor plates totaling 55,455 square feet as well as a lobby with high-quality stone, wood and glass finishes. Sustainable features of the project include a construction waste recycling program, the use of regional construction materials and a water-efficient plumbing system. The project architect for West Pointe Center was Gromatzky Dupree & Associates.