SAN DIEGO — Falcon Real Estate Investment Co. has acquired University Pacific Centre, a four-story, 96,581-square-foot office building located at 8899 University Center Ln. in San Diego’s University Towne Center. The company purchased the property for $42 million, on behalf of GEM University Pacific LLC, an overseas private investor in a 1031 exchange. At the time of acquisition, the property was 87 percent leased to tenants, including Pharmaceutical Research Associates, EpiCept Corp. and the Merrill Corp. Adam Edwards, Daniel Broderick and Rick Stumm of Eastdil Secured represented the seller, San Francisco-based Alecta Real Estate USA LLC, in the transaction; Falcon represented the buyer.
SAN DIEGO — WNM Properties LLC has purchased Citibank Office Plaza, a five-building, multi-tenant office complex located at 11818-11858 Bernardo Plaza Ct., for $12 million. The 51,830-square-foot property is currently 47 percent occupied by eight tenants, including Citibank, Architects BPA Associates, Southwest Consulting Group and Prime Structural Engineers. Steve Rowland, Michael Roberts, Chris Hobson and Robert Kuzman of Grubb & Ellis|BRE Commercial represented the seller, Citibank, in the transaction; Triwell Properties represented the buyer. Citibank plans to lease back the bank branch building on a long-term basis.
RICHMOND, VA. — 2820 WL Group, has acquired Waterford I, a 47,000-square-foot, Class A office building in Richmond, from Continental Waterford, for $7 million. The property is located at 2820 Waterford Lake Dr., and was 100 percent occupied at the time of sale. Eric Robison and Dean Meyer of Virginia-based Thalhimer, a member of the Cushman & Wakefield Alliance, represented the seller. The buyer was represented by Jack Creighton of Boston-based SourceNet Financial.
ARLINGTON, VA. — The United States Patent and Trademark Office has signed a 10-year lease for a 168,468-square-foot office space at Randolph Square in Arlington from Transwestern Monument Randolph Square LLC, a joint venture of Washington, D.C.-based Monument Realty and Chicago-based Transwestern Investment Co. Randolph Square, a 9-story, 208,000-square-foot office complex, is located at 2800 S. Randolph St. and expected to deliver in April. Matt Bundy and Joshua Masi of Transwestern and Doug Olson and Bethany Allen of Monument Realty represented the landlord. Todd Valentine of Studley’s represented the tenant.
MIAMI — Scott Leeds has acquired an 8,000-square-foot office building, located at 2541 S.W. 27th Ave. in Miami, from Miami-based Physicians Investment Group, for $2.6 million. The property is situated on 22,000 square feet between Coral Way and Highway 1. Stephen and Eric Gaunt of CresaPartners’ Miami office represented the buyer. The seller was represented by Alexandra Tovar of Miami-based Fortune Realty.
CHICAGO The Chicago office of Hines has signed a lease for the anchor tenant of River Point, the developer s 52-story office tower located at 444 W. Lake St. in Chicago. William Blair & Co. will occupy more than 340,000 square feet of the 1.1 million-square-foot tower. Groundbreaking for the project is set to occur late this year, with completion scheduled for mid-2011. William Blair & Co. was represented by The Staubach Company in site selection and lease negotiations.
CHICAGO — The Chicago office of Hines has signed a lease for the anchor tenant of River Point, the developer’s 52-story office tower located at 444 W. Lake St. in Chicago. William Blair & Co. will occupy more than 340,000 square feet of the 1.1 million-square-foot tower. Groundbreaking for the project is set to occur late this year, with completion scheduled for mid-2011. William Blair & Co. was represented by The Staubach Company in site selection and lease negotiations.
O’FALLON AND FAIRVIEW HEIGHTS, ILL. — Fairview Heights-based IMPACT Strategies is advancing construction for two environmentally sustainable office buildings located in Illinois. The first building is Greenmount Corporate Center, a 52,000-square-foot office building located in O’Fallon. The $6 million project is the first multi-tenant facility located within the Regency Park development. Sustainable features include an efficient water use system, the use of low-emitting materials and a bicycle storage area to promote alternative transportation. The building is owned by St. Louis-based Balke-Brown Associates, and TR,i Architects is serving as project architect. Completion is scheduled for June. In Fairview Heights, IMPACT is also advancing construction on its $2.1 million headquarters located within The Fountains of Fairview Heights. The 20,000-square-foot building will feature the use of sustainable construction materials, energy-saving equipment and insulated glass, and a design that maximizes natural light. The project, which is being designed by Gray Design, is also scheduled for a June completion.
O FALLON AND FAIRVIEW HEIGHTS, ILL. Fairview Heights-based IMPACT Strategies is advancing construction for two environmentally sustainable office buildings located in Illinois. The first building is Greenmount Corporate Center, a 52,000-square-foot office building located in O Fallon. The $6 million project is the first multi-tenant facility located within the Regency Park development. Sustainable features include an efficient water use system, the use of low-emitting materials and a bicycle storage area to promote alternative transportation. The building is owned by St. Louis-based Balke-Brown Associates, and TR,i Architects is serving as project architect. Completion is scheduled for June. In Fairview Heights, IMPACT is also advancing construction on its $2.1 million headquarters located within The Fountains of Fairview Heights. The 20,000-square-foot building will feature the use of sustainable construction materials, energy-saving equipment and insulated glass, and a design that maximizes natural light. The project, which is being designed by Gray Design, is also scheduled for a June completion.
NEW YORK CITY — Itzhaki Properties has completed the $19 million sale of 176-182 W. 82nd St. in Manhattan, New York City. The four-building portfolio includes identical five-story properties located between Columbus and Amsterdam avenues. Shay Zach of Itzhaki Properties represented the seller, West 82nd Street Holdings, and Barry Farchi represented the buyer, an undisclosed foreign entity, in the sale.