SANTA MONICA, CALIF. — Douglas Emmett Inc. has acquired Cornerstone Plaza, an eight-story, 174,000-square-foot office building located at 1990 S. Bundy Dr. in the Olympic Corridor area of Santa Monica. The Class A property was purchased for $84 million or approximately $484 per square foot. The building features a curvilinear step-up architectural design, which provides exterior terraces on each floor; a two-story lobby with granite and glass finishes; and a courtyard with a water fountain feature.
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SAN DIEGO — Neurocrine Biosciences Inc. has entered into a sale and leaseback agreement with Veralliance Properties for its real estate assets in San Diego. The total consideration to be received by Neurocrine for the properties is $108 million. Concurrently with the closing of the sale, Neurocrine will leaseback its corporate headquarters under a 10-year lease term.
ROSWELL, GA. — An investment group sponsored by Block & Co. has acquired five low-rise office buildings in Roswell from A-Colonial Center. The portfolio, situated on 14.8 acres in the Colonial Center at Mansell Overlook business park, is comprised of two two-story buildings and three single-story buildings totaling 188,400 square feet. The buildings are 78 percent leased. Atlanta based-Resource Real Estate Partners represented the seller, and Kenneth Block and Brian Beggs of Kansas City-based Block & Co. represented the buyer in the transaction.
FORT MYERS, FLA. — Center Town Commons is developing Daniels Commons, a four-building office park in Fort Myers. The office park, situated on 5 acres at Daniels Parkway and Appaloosa Lane, will consist of two one-story buildings totaling 11,025 square feet; one building zoned as a medical office; and a two-story building that will house office condos. Community Engineering Services is providing engineering services. Completion is slated for summer 2008.
PARSIPPANY, N.J. — McMorgan & Co. has purchased 10 Waterview Boulevard., a 208,601-square-foot Class A office building located in the Waterview Corporate Center business park in Parsippany. Situated on 18.6 acres, tenant spaces in the building range in size from 2,484 to 45,032 square feet. Tenants of Waterview include US Express Leasing, the Food and Drug Administration, PharmaVOICEMarketplace.com and BASES. Thebuilding is in close proximity to interstates 287 and 80, as well as to routes 46 and 202. The sale price and the seller were not disclosed.
HOUSTON — Houston-based Cameron Management has purchased Minute Maid Building, an approximately 350,899-square-foot office building in Houston, from The Coca-Cola Co. The 12-story property, which is located at 2000 St. James Place in the Galleria area of the city, was constructed in 1978 on a 6.23-acre tract of land. Amenities include a fitness center, a full-service cafeteria, green space and 1,230 parking spaces. The Coca-Cola Company will continue to lease approximately 150,000 square feet currently occupied by its Minute Maid division until next year.
PLANO, TEXAS — Haggard Property Group has begun the development of Windhaven Place One, a 200,522-square-foot office project located in Plano. The eight-story development is located in the southeast quadrant of Windhaven Parkway and the Dallas North Tollway and is scheduled for completion in 2009. Amenities will include a two-story atrium lobby, a 24/7 energy management system and an electrical backup generator. On-site management will be provided by Double H Realty Services.
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