EL SEGUNDO, CALIF. — KARL STORZ Endoscopy-America Inc. has acquired Grand Avenue Executive Center, an office complex located at 2151 E. Grand Ave. in El Segundo, for approximately $40 million. Designed by Nadel + Associates and built in 2001, the four-story, 121,000-square-foot center is leased to a variety of tenants including LA Lakers Corp., Boeing, Oracle, Mattel and Teledyne. Mike Catalano of Studley represented the buyer; Steven Solomon of Jones Lang LaSalle represented the seller, Transwestern Investment Co., in the transaction.
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WALNUT CREEK, CALIF. — Alamo Essex LLC, a joint venture between Alamo, Calif.-based Alamo Group and Essex Property Trust, has acquired 1500 Newell Avenue in Walnut Creek. Located at the corner of South Main Street and Newell Avenue, the eight-story property offers 51,343 square feet of office space. Sean Cooley, Mike Zylstra, Forrest Gherlone and Joyce Gutzeit of Cornish & Carey Commercial represented both the buyer and the seller, Hong Kong-based Shaw Foundation Properties Corp., in the transaction. The financial terms of the transaction were not disclosed.
LOGANVILLE, GA. — Faison Enterprises’ Atlanta office has acquired 37 acres in Loganville from David and Alice Still for the development of North Logan Commons, a 370,000-square-foot power center along Highway 78. Anchor tenants include Lowe’s Home Improvement Warehouse, Best Buy, Dick’s Sporting Goods, PetsMart and OfficeMax. The project is expected to open in spring 2009. Faison is also planning South Logan Commons, a 350,000-square-foot power center situated 41 acres from North Logan Commons, which is slated for completion in 2010.
TAMPA, FLA. — Crescent Resources is building Corporate Center Four at International Plaza, an eight-story, 247,000-square-foot Class A office facility in Tampa. The LEED-certified building is located at Boy Scout Blvd. and Lois Ave. and will open in fall 2008.
FORT WAYNE, IND. — Bill Bean of Hanning & Bean Enterprises has acquired the Metro Building, a 132,216-square-foot office building located at 202 W. Berry St. in downtown Fort Wayne. The building marks Bean’s third downtown office acquisition, and he plans to complete major capital improvements to the property, including significant façade and interior renovations. CB Richard Ellis | Sturges will provide leasing and property management services. The acquisition price, as well as the seller, was undisclosed.
NEW YORK CITY — Carlton Advisory Services has arranged $92 million in senior debt and mezzanine financing for the acquisition of 511-541 W. 25th St. The 158,908-square-foot property, which is located in the Chelsea area of Manhattan, New York City, was purchased by the Cardinal Investment Group. The loan was placed by Michael Campbell, Steve Fenster and Steven Rock of Carlton.
SAN ANGELO and SCHERTZ, TEXAS — CB Richard Ellis (CBRE) has finalized the sale of two office buildings located in San Angelo and another located in Schertz on behalf of San Antonio-based Atlee Development. The properties are part of a seven-building office portfolio. The San Angelo buildings — San Angelo Regional Medical Center #1 and #2 located at 3501 Knickerbocker Rd. — were built in 2004 and are both 21,292 square feet. The property in Schertz, located at 5000 Baptist Dr., is a 19,825-square-foot building completed in 2005. Montecito Medical Investment Co. purchased the portfolio.
PHOENIX — Aslan Realty Partners III, a partnership led by California-based Transwestern, has purchased Anchor Centre, a two-building office complex located at 2201 and 2231 E. Camelback Rd. in Phoenix. 2201 Camelback Associates LLC, a partnership led by Denver-based Alliance Commercial Partners, sold the property for $96 million. Built in the early 1980s, the 333,265-square-foot property was 89 percent leased to a variety of tenants, including Starwood Hotels, Northwestern Mutual, JP Morgan Chase Bank and Ruth’s Chris Steakhouse, at the time of acquisition. Chris Toci, Ted Harrison, Larry Downey and Jerry Jacobs of Cushman & Wakefield brokered the transaction.
WASHINGTON, D.C. — Bill Asbill, Bob Donhauser and Cary Abod of Holliday Fenoglio Fowler’s Washington, D.C. office have arranged a $104 million, 36-month construction loan on behalf of Carr Properties for the development of 901 K Street, a 261,000-square-foot office building in Washington, D.C.’s central business district. A consortium of banks facilitated the loan, including; Wells Fargo, as administrative agent; PNC Bank National, as syndication agent; US Bank National; and Chevy Chase Bank. The Class A office building will feature 12 stories of LEED-certified space along 10th and K St. and Massachusetts Ave.
ROCKVILLE, MD. — Bethesda, Md.-based Washington Property Company has broken ground on The Summit at Washingtonian, a two-building complex in Rockville. Completion of the first phase, an eight-story, 200,000-square-foot LEED-certified office building and adjacent parking structure, is scheduled for March 2009. The project is located at the intersection of Interstate 270 and Shady Grove Rd. Wisnewski Blair & Associates are the project architect.