PHOENIX — Minnetonka, Minn.-based Carlson Real Estate Co. has acquired Opus Cotton Center, a four-building, 265,000-square-foot commercial complex in Phoenix, from Minneapolis-based Opus Real Estate Fund VI (ORE) and Phoenix-based Opus West Corp. for $46.1 million. The buyer plans to rename the property Cotton Center IV to represent the four flex buildings that make up the project. The buildings range in size from 57,055 to 82,825 square feet. At the time of acquisition, the complex was 77 percent occupied by tenants such as Inter-Tel Technologies, Genzyme Corp., Sodexho and AETNA Insurance. Brian Ackerman, Chris Toci, Pat Harlan, Mike Beall and Jim Wilson of Cushman & Wakefield brokered the transaction.
Office
CENTENNIAL, COLO. — Crown West Realty has purchased Plaza Quebec, a 94,400-square-foot office building located at 6025 S. Quebec St. in Centennial, from Principal Financial Group for $10.25 million. The company plans to upgrade the three-story property, which was built in 1984, to Class A status. Currently, the building is 93 percent occupied. Ryan Stout and Nate Bradley of Grubb & Ellis are marketing and leasing the property, which will have 20,000 square feet of space available for lease during 2008 and 2009.
BEVERLY HILLS, CALIF. — New Pacific Canon LLC, an entity of Beverly Hills-based New Pacific Realty Corp., has acquired 9399 Wilshire Boulevard, an approximately 10,187-square-foot office/retail property in Beverly Hills, for $10.35 million or $1,016 per square foot. Built in 1954, the two-story property was 95 percent occupied at the close of escrow. The buyer plans to utilize the top floor as its new corporate headquarters. The first floor includes a retail tenant, Johnathon Arndt Gallery of Jewels. Dennis Herzig of Sperry Van Ness’ Los Angeles office represented both the buyer and the seller, Beverly Hills-based Guy Price Inc., in the transaction.
BETHESDA, MD. — Piedmont Office Realty Trust has acquired Opus Center at Rock Spring I in Washington, D.C. The Class A office building will be connected by the Opus Center at Rock Spring Park II, a second building currently under construction. Piedmont is planning to purchase that property. The eight-story buildings will total 407,000 square feet and will be renamed Piedmont Pointe I and II. The seller was Opus East, who was represented by Erick Berkman and Steven Gichner of Grubb & Ellis. The property is located at Rockledge Drive in Bethesda near Interstates 495 and 270.
JACKSONVILLE, FLA. — Mike Harrell, Lou Nutter and Cliff Taylor of CB Richard Ellis brokered the sale of Interstate South, a 260,072-square-foot office park in Jacksonville. The six-building complex was purchased by Boston-based WRF-11 Acquisitions LLC from DBSI Philips LLC for an undisclosed amount. Tenants include DR Horton, Laufen International and First American Title.
MIAMI — Regional Properties has acquired a 22,000-square-foot office property in Miami from Burger King Corp. for $3.5 million. Nicknamed “The Burger King Bunker” after employees used the site to wait out Hurricane Andrew, the property is located at 11975 SW 140th Terrace. The seller plans to lease the property to The Sunrise Group, a health care company. Edward Redlich and Viktoria Telek of ComReal Miami represented the seller in the transaction.
VIRGINIA BEACH, VA. — Samuel Walker and Samuel Scott of Thalhimer have brokered the sale of a 15,000-square-foot office/warehouse in Virginia Beach. DRBX2-600 N. Witchduck LLC acquired the property from Witchduck Properties for $1.61 million. The building is situated on 2.4 acres at 600 N. Witchduck Rd.
ORLANDO, FLA. — South Florida-based Skyrise Development Group has received final site approval from the Orlando City Council to build World Trade Center Orlando, a $200 million International Commerce Center. It will comprise two multi-use towers zoned for more than 500,000 square feet of commercial mixed-use including Class A office space with executive suites, retail space, banking, restaurants and a health club. Phase I, which entails Tower I, is scheduled for early 2008 with completion estimated for mid-2009.
NASHVILLE, TENN. — Atlanta-based Wells Real Estate Funds has acquired the CMT headquarters building in downtown Nashville. CMT, Country Music Television, is a company of Viacom. The building sits atop a nine-story parking facility. Wells acquired the office building the top two parking levels from Ferrari Partners. Wells will market approximately 29,000 square feet in available office space.
NORTH CAROLINA AND VIRGINIA — New York-based Savills Granite has represented Greensboro, N.C.-based The Starmount Company in the sale of a retail and office portfolio to the joint venture of CBL & Associates Properties and the Teachers’ Retirement System of the State of Illinois for $356.6 million. CBL also acquired a portfolio of eight community centers and a 12-office building portfolio from Starmount, bringing the total value of Starmount’s sales to $540.8 million. Included in the transaction are: Friendly Center, a 1-million-square-foot property located in Greensboro, N.C., that plans to add 20,000 square feet by spring 2008; The Shops at Friendly Center, a 253,000-square-foot property that plans to add 62,500 square feet by summer 2008; Green Valley Office Park, a six-building portfolio in Greensboro; eight community centers located in Greensboro and High Point, N.C.; a 12-building office portfolio located in Greensboro and Raleigh, N.C., Newport News and Chesapeake, Va.; and the Renaissance Center, a 355,000-square-foot shopping center located in Durham, N.C.