Office

CULVER CITY, CALIF. — Los Angeles-based IDS Real Estate Group has acquired a 3.3-acre land parcel within the 1.6 million-square-foot Corporate Pointe office campus in Culver City for the development of a 12-story office tower. The $115 million project will offer 277,607 square feet of office space in 25,200-square-foot, column-free floor plates. Designed by Gene Watanabe of Gensler, the project is slated to meet LEED Silver standards. Steve Walbridge and Eric Olofson of Cushman & Wakefield represented IDS in the acquisition of the property. The acquisition price was not disclosed.

PHOENIX — Phoenix-based Miamar Investments L.P. has purchased Country Club Manor, an 89,214-square-foot office complex located at 1221 and 1313 E. Osborn Rd. in Phoenix. Laguna Hills, Calif.-based Muller-County Club LLC (The Muller Company) sold the property for $13.97 million. Built in 1987, the property consists of two one- and two-story buildings. At the time of acquisition, the property was 100 percent occupied. Barry Gabel, Mindy Korth, Mark Dancer, Ken White and Rob Hannan of CB Richard Ellis (CBRE) represented the seller in the transaction. Financing for the transaction was arranged by Rocco Mandela and Brad Miner of the Phoenix office of CBRE|Melody, CBRE’s debt and equity financing service.

RENO, NEV. — Petaluma, Calif.-based Basin Street Partners has acquired Waterfront Plaza, a 145,000-square-foot office tower located at 300 E. Second St., and two adjacent hotel properties, which are located at the intersection of East Second and Nevin streets in Reno. The company has a $6 million capital improvement renovation planned to convert the Waterfront Plaza into a Class A office building. Additionally, Basin Street Partners is developing Hyatt Summerfield Suites on the hotel properties. The new six-story hotel will offer 148 rooms. TRT Investments sold Waterfront Plaza for an undisclosed price. Basin Street Partners purchased the hotel properties from the City of Reno and a private investor.