CUPERTINO, CALIF. — RREEF Alternative Investments, the global alternatives asset management business of Deutsche Bank’s Asset Management division, has formed a joint venture with Snell&Co to acquire Torre Plaza in Cupertino for an undisclosed price. The 91,288-square-foot office building offers a unique butterfly designed-floor plate, which allows tenants twice the amount of exterior glass and natural light. Located at 10201 Torre Ave., the property was vacant at the time of acquisition. Cushman & Wakefield represented the undisclosed seller in the transaction.
FORT LAUDERDALE, FLA. — Thomas D. Wood & Co.’s Tom Wood, Jr., and Ben Jimenez recently secured $8 million in financing for the 84,000-square-foot Bayview Offices, located at 1040 Bayview Dr. in Fort Lauderdale, which is home to tenants including Corinthian Colleges and Bank of America. The loan comes at a fixed rate of 6.25 percent for 5 years, and the loan term is 10 years with a 25-year amortization. A regional bank financed the loan, which has a loan-to-value rate of 67 percent.
ATLANTA — The Georgia Automobile Dealers Association, a trade group comprised of more than 600 Georgia car dealerships, has purchased 1 acre in Shadowood Office Park and will break ground in mid-August on a new 10,900-square-foot headquarters building. Located on Powers Ferry Rd. in Atlanta, the property will be constructed by Pro Building Services and will deliver in March 2009. Norcross, Ga.-based Wakefield Beasley & Associates provided design services. Richard Bowers & Co. completed the sale.
LAKE MARY, FLA. — Lake Mary-based Trinity Mortgage has sold a 4,500-square-foot office building located at 930 Williston Park Point in Lake Mary to Altamonte Springs, Fla.-based NACB Group Inc. for $1.13 million. Miguel de Arcos and Jeff Chatlos of Lake Mary-based Sperry Van Ness Paradigm Commercial Real Estate Group represented the seller, and the buyer was represented by Troy Blanchard of Boca Raton, Fla.-based Realty Associates Florida Properties.
PISCATAWAY, N.J. — Eastern Consolidated has brokered the sale of two adjacent Class B office buildings located in Piscataway for $8.25 million. Situated on 10 acres, the two properties include a two-story, 68,156-square-foot building located at 200 Centennial Ave. and a single-story, 70,451-square-foot building located at 220 Centennial Ave. Eric Anton, Ronald Solarz and Paul Nigido of Eastern Consolidated represented the seller, New York City-based The Andalex Group. The buyer, locally based Ambiani Realty, was represented by Dan de Palma of Jones Lang LaSalle.
DANBURY, CONN. — The Hampshire Companies has acquired the Praxair Office Building, a 42,500-square-foot office building located at 55 Old Ridgebury Rd. in Danbury. The property is fully leased on a long-term basis by Praxair Inc. The seller in the transaction was Sunbelt Management Co., which was represented by Grubb & Ellis. Hampshire made the acquisition on behalf of Hampshire Generational Fund, the company’s commingled, discretionary real estate investment fund.
HOUSTON — Capmark Finance has secured a $21.5 million loan for the refinancing of Norfolk Tower, an 11-story office tower located at 2211 Norfolk St. in the Greenway Plaza submarket of Houston. The Class B property comprises 206,671 square feet of rentable space. It was 83 percent occupied at the time of closing, with notable tenants including Frost National Bank, Comprehensive Health Management and Groundwater Services. Jim Adams of Capmark’s Houston office originated the financing on behalf of the borrower, Younan Properties. The loan carries a 3-year, variable-rate term with a 75 percent loan-to-value ratio and interest-only payments.
MOUNTAIN VIEW, CALIF. — California-based NAI BT Commercial Palo Alto has arranged the sale of the Mountain View Courtyards office complex located at 1200-1390 Villa St. in Mountain View. The 170,763-square-foot office complex, which was 100 percent leased at the time of sale, includes new Class A interiors, volleyball and basketball courts, and a full service fitness center. Metzler Realty Advisors has acquired the facility from Broadreach Capital Partners for more than $62.2 million. David Hiebert of NAI BT Commercial Palo Alto represented the seller in the transaction.
STERLING, VA. — Jim Kornick, Jerry Burg and Matt Clinebell of Bethesda, Md.-based NorthMarq Investment Services recently brokered Bethesda-based Asset Capital Corp.’s sale of the four-building, 184,168-square-foot Countryside Professional Office Park to CSG Partners LLC for $24 million. The buildings, located at 2, 6, 10 and 14 Pidgeon Hill Dr., are across the street from Dulles Town Center mall and adjacent to a movie theater.
AUSTIN, TEXAS — Chicago-based Lillibridge has broken ground for the development of a 43,000-square-foot medical office building located on the Seton Southwest Healthcare Center campus in Austin. The two-story structure will house a pulmonary rehab clinic, an MRI facility and a café. Additionally, the adjacent hospital will relocate its physical therapy and sport medicine centers to the new building. The building also will feature a covered walkway attaches to the hospital. Completion is scheduled for the summer of 2009. Lillibridge will own and manage the facility upon completion.