SAN DIEGO — Wereldhave USA has purchased DiamondView Tower for $161 million. Located in downtown San Diego, the 15-story, 305,255-square-foot office tower features an elaborate penthouse suite, 12 floors of Class A office space and two levels of high-end amenities. Kraig Kristofferson and Stacy Meronoff of CB Richard Ellis represented the buyer; Eastdil Secured represented the seller, a partnership between Cisterra Partners and The Prudential, in the transaction.
ORANGE COUNTY, CALIF. — Orange County-based Innovative Property Partners LLC et al. has acquired a 15-property portfolio in a $24 million sale-leaseback transaction. The properties, which are located in Arizona, California and Nevada, are entirely occupied by Del Taco. Del Taco Corp. executed 20-year absolute NNN leases with the buyer and will continue to operate the properties. Richard Walter and Dennis Vaccaro of Irvine, Calif.-based Faris Lee Investments represented the buyer; Del Taco Corp. was represented in-house.
NEW YORK CITY — Construction is advancing for SJP Properties’ 11 Times Square, a 40-story, 1.1 million-square-foot commercial tower located on Eighth Avenue between 41st and 42nd streets in Manhattan, New York City. The project is on schedule for a 2010 completion, with steel currently erected to the 30th floor and the building’s unique concrete core completed up to the 39th floor. The building is presently the largest speculative office building under construction in Midtown Manhattan. SJP will be seeking LEED-Gold certification for the project.
AUSTIN, TEXAS — Marcus & Millichap has negotiated the sale of 605 Brazos, an 8,614-square-foot office building located in the central business district of Austin. Greg Gaynor of Marcus & Millichap’s Austin office represented the undisclosed seller in the transaction. The property was acquired by a local company for an undisclosed amount.
GRANBURY, TEXAS — Commercial Mortgage Connection (CMC) has secured a $4 million acquisition loan for a 21,000-square-foot medical office building located at 805 Hill Blvd. in Granbury. The fully occupied property is situated within the Avalon Medical Park office complex. Terms of the financing include a 5-year term with a 25-year amortization schedule, a 5.75 percent interest rate and an 80 percent loan-to-value ratio. Bill Jackson of CMC arranged the loan on behalf of Avalon Medical Partners LP with a large commercial bank. Chris Cantwell of Fidelity National Title of Fort Worth assisted with the closing.
SACRAMENTO, CALIF. — Grove Investment Co. has leased 285,016 square feet of office space to the California Highway Patrol (CHP). Located at 591, 601 and 611 N. 7th St. in Sacramento, CHP will use the property for a state headquarters campus. The three-building property comprises Continental Plaza. Bill Newland, Clyde Rawlings and Toss Vallentine of Grubb & Ellis represented the lessor, Newport Beach, Calif.-based Grove Investment Co., in the transaction; Cornish & Carey represented the lessee. Terms of the 20-year lease were not disclosed.
NEW YORK CITY — Chatham, N.J.-based Cronheim Mortgage has arranged a total of $18 million in financing for three office buildings located in Manhattan, New York City. Bruce Theuerkauf of Cronheim secured an $11 million loan for a 14-story, 100,165-square-foot office building located at 1270 Broadway Ave. The Class B building also includes ground-level retail space. The loan carries a 5-year term with a 30-year amortization schedule. Andrew Stewart of Cronheim secured a $4 million loan for a six-story, 74,425-square-foot office building located at 45 W. 21st St. The building is currently occupied by 20 tenants, one of which is leasing the first floor of the building as retail space. The loan carries an 8-year term with a 25-year amortization schedule and a 6.24 percent interest rate. Stewart also arranged a $3 million loan for a 12-story, 52,000-square-foot office building located at 32 E. 31st St. The building also includes ground-floor and second-story retail space. The loan carries a 15-year term with a 25-year amortization schedule and a 6.26 percent interest rate. The lenders and borrowers in each transaction were not disclosed.
ANAHEIM, CALIF. — Panattoni Development Company is redeveloping a 60-acre project in Anaheim. The first two phases include the revitalization of Building 3370, a 204,989-square-foot facility, and Building 3330, a 195,798-square-foot facility, both of which formerly served as part of The Boeing Company’s Anaheim campus. The renovation for Building 3370 includes a retrofit of the existing two-story research and development/office building into a 204,989-square-foot office building, showcasing an enhanced entry with feature walls and new windows. Plans for Building 3330 includes retrofitting the existing, 6-story office building with a new exterior façade on all sides. Designed by Ware Malcomb, the project is seeking LEED certification and features recycled materials, a certified cool roof, water efficient fixtures, low VOC materials, reclaimed water use, drought tolerant landscaping, a construction waste management plan, a building recycling program and certified wood. Irvine, Calif.-based Panattoni Construction Inc. is serving as general contractor. Groundbreaking is slated for December.
LANCASTER, PA. — CB Richard Ellis (CBRE) has negotiated the sale of Imaging Center of Lancaster, a 12,630-square-foot, Class A medical office building located at 924 Red Rose Ct. in Lancaster, for $2.48 million. Situated on 2.2 acres within close proximity to Lancaster General Hospital Health Campus, the single-tenant property is occupied on a long-term basis by Lancaster Outpatient Imaging. Stephen Marzullo of CBRE’s Greater Philadelphia office, along with Kevin Fry of the firm’s Harrisburg, Pa., office represented the seller, RAIT Financial Trust. The buyer was not disclosed.
VENTURA, CALIF. — Newport Beach, Calif.-based CT Realty Corp. has acquired Ventura Professional Center, which is located at 5700, 5720 and 5740 Ralston St. in Ventura. Security National Properties Funding II sold the three-building complex for $11.75 million. Situated within the Victoria Avenue corridor, the property consists of 113,346 square feet of office space. CT Realty plans to invest $1.2 million to renovate the property, which is currently 63 percent occupied by 22 tenants. Malcolm Rickards of Colliers International represented the buyer; Buz Miller and Greg Kasner, also of Colliers International, represented the seller in the transaction. Equity financing was provided by CT California Fund VI and private investors, while debt financing was provided by Pacific Coast Capital Partners.
