LOS ANGELES — The Somerset Group has acquired 5055 Wilshire Boulevard in Los Angeles for $45.1 million. The nine-story, Class A office property is located in the Miracle Mile district of the city. The 168,532-square-foot building is 97 percent leased to multiple tenants, including Verizon Business, Nationwide Mutual, The Hollywood Reporter, Billboard Magazine and Nielson. Fred Cordova, Nathan Pellow and Andrew Rosengarten of Colliers International represented the buyer; The Palmer Team represented the seller, USAA Real Estate Company, in the transaction. Wells Fargo Real Estate Group provided debt financing for the transaction.
HENDERSON, NEV. — The Las Vegas office of United Construction, serving as general contractor, has completed the construction of the Pecos Building, a $2 million office/retail project in Henderson. Located at 178 N. Pecos Rd., the 24,732-square-foot property consists of two components. The 10,981-square-foot first floor offers retail tenant space speculatively built out into three units to allow for move-in ready space. The second floor offers 12,971 square feet of office space, which is designed for single or multiple tenants. Mertz Properties is the developer of the project; Dekker/Perrich/Sabatini served as architect of record. Chris Meade of MDL Group has been retained to market and lease the property.
CHICAGO — Los Angeles-based Younan Properties has completed the disposition of 211 East Ontario located in downtown Chicago. The 172,000-square-foot, Class A office building is situated within the North Michigan Avenue submarket, adjacent to the Magnificent Mile shopping district. Northwestern Memorial Hospital has acquired the 18-story building from Younan Properties for $35.7 million.
EL SEGUNDO, CALIF. — Barker Pacific Group and Prudential Real Estate Investors have leased Continental Tower to an undisclosed aerospace-related company for approximately $120 million. Located at 101 Continental Blvd. in El Segundo, the 16-story tower offers 333,000 square feet of office space. Eric Lastition, Geoff Ludwig and Greg Walsh of Colliers International’s South Bay office represented the landlord in the transaction; CB Richard Ellis represented the lessee.
NASHVILLE, TENN. — Miami-based Parmenter Realty Partners has acquired the 480,224-square-foot Class A office building Nashville City Center, located at 511 Union St. in Nashville, from Nashville City Center Partnership for an undisclosed amount. The purchase of the fully-leased building was part of the $550 million Parmenter Realty Fund III and includes contiguous land for a 570-car parking garage. Eastdil Secured’s Atlanta office represented the seller in the transaction.
SUNRISE, FLA. — Les Byron of Sperry Van Ness’ Fort Lauderdale, Fla., office represented MCL Communications in the sale of its 23,000-square-foot office property, located at 13951 N.W. 8th St. in Sunrise, to Sunrise-based Sawgrass Holdings for $3.21 million. Stuart Kaminsky of Deerfield Beach, Fla.-based US Realty, Inc., represented the buyer.
WAUWATOSA, WIS. — Irgens Development Partners’ Mayfair Woods Business & Technology Center, which is located within the Milwaukee County Research Park in Wauwatosa, has achieved LEED Silver certification for the Core & Shell of the building. The 163,350-square-foot, five story office facility is situated on a 10.8-acre site. High-energy efficient glass, low impact materials with recycled content and extensive use of day lighting were employed at the site in order to reduce long-term operating costs. Elements including green space buffers, wooded areas, activity trails, a pond and natural waterway are highlights of the property. The cost of completion was not disclosed.
COMMACK AND NEW YORK, NEW YORK — New York City-based Massey Knakal Realty Services has completed two sales valued at $3.18 million. In the Long Island city of Commack, Massey Knakal brokered the sale of a 29,185-square-foot office building, for $1.91 million. The building is located at 6143 Jericho Turnpike and includes approximately 45 parking spaces. Nalini Chugh and Jonathan Berman of Massey Knakal represented the undisclosed seller. The buyer utilized in-house representation. In the Brooklyn, New York City, neighborhood of Bay Ridge, Massey Knakal arranged the $1.27 million sale of a residential building located at 8612 Third Ave. The building comprises a 2,000-square-foot, four-bedroom duplex and a Carvel/Cinnabon restaurant on the ground floor. Stephen Palmese of Massey Knakal represented the undisclosed seller; the buyer, a Brooklyn investor, utilized in-house representation. The property traded at a price of $350 per square foot.
LITTLETON AND FOUNTAIN, COLO. — Central Development, dba Littleton Ridge LLC, has completed the disposition of a 6,400-square-foot medical office building, which is located at 761 Southpark Dr. in Littleton. Colorado Plastic Surgery Center purchased the shell building, which is part of a six-building medical and office project called Littleton Ridge, for approximately $1.33 million. Billy Halax of Metro Brokers represented the buyer; Dan Miller, Brad Rice and R.C. Myles of Fuller Real Estate represented the seller in the transaction. In a separate transaction, Pikes Peak Raceway Inc. has acquired the former Pikes Peak International Raceway, which is located at Interstate 25 and Exit 122 in Fountain, for $9 million. Rocky Mountain Speedway Corp. sold the former NASCAR racetrack, which also includes 1,155 acres of surrounding land. Easter Kettering and Stew Mosko of Fuller Real Estate represented the seller.
EL SEGUNDO, CALIF. — Behringer Harvard has completed the disposition of 2383 Utah Avenue, a 150,000-square-foot office/research and development building, which is located directly south of the Los Angeles International Airport in El Segundo. Situated on a 9.6-acre site, the one-story property is leased to Northrop Grumman, a global defense company, and Unisys, a multinational information technology company. The buyer and acquisition price were not disclosed.