LOS ANGELES — Madison Partners has completed the $4.3 million sale of a 13,565-square-foot, Class A office building located at 4500 Wilshire Blvd. in Los Angeles. Situated in the Park Mile submarket, the three-story property was vacant at the time of sale. Madison Partners’ Lynwood Fields and Joe King represented the seller, 4500 Wilshire LLC, in the transaction, and Paul Asher of Building Capital Realty represented the buyer, Salomon Investment Partners LLC.
MIAMI — The 750,000-square-foot Met 2 Financial Center has received its temporary certificate of occupancy, and the first tenant will move into the 47-story, Class A tower next month. The property is located at 333 Avenue of the Americas in Miami and was developed by MDM Development Group and MetLife. Met 2 Financial Center was designed to LEED Gold specifications By Nichols Brosch Wurst Wolfe and Associates.
NORTH PALM BEACH, FLA. — CJ-VJ Management has purchased .70 acres of land from 1295 U.S. Highway One LLC for $900,000 and plans to build an office property on the site. The land is located at 1295 U.S. Highway One in North Palm Beach. Sperry Van Ness' Robert Hamman represented the buyer. Nancy Maione of Illustrated Properties represented the seller.
HOUSTON — Boxer Property has purchased two office properties in Houston from special servicer LNR Partners for an undisclosed amount. The transaction included the 111,159-square-foot 9950 Westpark Drive, which is 69 percent occupied. The other property, a 148,695-square-foot building at 10333 Harwin, is 46 percent occupied. Dan Miller and Robert Williamson of Holliday Fenoglio Fowler represented the seller.
SAN DIEGO — KBS Realty Fund has purchased Horizon Tech Center, a three-building, 158,000-square-foot office campus located in the Scripps Ranch submarket of San Diego, in an REO sales transaction totaling $40.5 million. Fully leased to Lockheed Martin, the Class A, LEED Gold-certified development was constructed by Opus in 2009. Cushman & Wakefield’s Jeffrey Cole, Steve Rowland, Steve Rosetta, Ed Hernandez and Michael Roberts represented the seller in the transaction; Chris Wood of Voit Real Estate Services also consulted with ownership on the sale.
FREMONT, CALIF. — Cassidy Turley BT Commercial Palo Alto has brokered the nearly $3.6 million investment sale and subsequent lease of a 44,352-square-foot freestanding R&D/flex building located at 6200 Paseo Padre Pkwy. in Fremont. The single-story building was first sold by Drawbridge Partners and purchased by investor Christensen Ardenwood LLC, which then subsequently leased the entire building to Solaria Inc., a solar panel manufacturing company that also committed to a 1.5-acre ground lease at an adjacent site from a separate entity controlled by Christensen Ardenwood for a new solar plant. Solaria plans to move into its new headquarters facility in December. Cassidy Turley BT Commercial’s Sam Wright, Brian McCarthy and Scott Foster represented both Drawbridge and Christensen Ardenwood in the sale, as well as the two Christensen Ardenwood ownerships in the leasing of the building and the land.
LAS VEGAS — CB Richard Ellis (CBRE) has negotiated Wells Fargo Bank N.A.’s approximately 60,200-square-foot office lease at 3800 Howard Hughes Pkwy., also known as the Wells Fargo Tower. The 10-year deal represents the largest office lease signed in Las Vegas this year. CBRE’s Darren Lemmon represented Wells Fargo in the transaction.
ORLANDO, FLA. — Scott Bois of Wells Fargo has originated a $23 million CMBS loan for the 260,751-square-foot Citrus Center office building. The Class A property is located in downtown Orlando. Citrus Center features a private business club, a spa and a fitness center.
VIRGINIA BEACH, VA. — Hartley LLC has purchased an 8,400-square-foot office building from Realty Ventures for $1.14 million. The property is located at 615 Lynnhaven Parkway in Virginia Beach. The space will be used as the offices of Integrity Staffing. John P. Duffy of Thalhimer brokered the sale.
ROSEMONT AND NAPERVILLE, ILL. — Naperville-based Ryan Cos. Midwest Division has completed the development and construction of two office buildings in Rosemont and Naperville. The company, along with The Harp Group, developed Rosemont Corporate Center, a four-story, 119,000-square-foot office building located between River Road and Interstate 294 in Rosemont. Cisco Systems, Skyline Advanced Technology Services and The Harp Group/Portfolio Hotels & Resorts occupy the property, which was built to LEED Gold certification criteria. Additionally, Ryan Cos. developed 111 Shuman Boulevard in Naperville. The four-story, 85,000-square-foot building will be occupied by Delta Dental and Ryan Cos., which will relocate to the space in November. The properties are the first Class A office buildings to come online in the O’Hare and East-West Corridor markets since fall 2008.