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SEATTLE — Transwestern Investment Company, on behalf of Aslan Realty Partners III LLC, has purchased Park Place, a 21-story, 310,000-square-foot office tower located in downtown Seattle. The company plans to implement a significant capital improvement program to upgrade the building’s common areas and systems. Wright Runsted & Co. have been retained to manage the property; Urbis Partners will handle the leasing. The seller and acquisition price were not disclosed.
NORWALK, CALIF. — MVP Carmenita, an affiliate of the Meridian family of companies, has purchased Carmenita Square Business Park, a 105,442-square-foot business park located on Carmenita Road in Norwalk, for $13.75 million. The park consists of three buildings, which offer units ranging in size from 412 to 7,409 square feet. At the time of acquisition, the property was 90 percent occupied. Robert Socci, Louis Tomaselli and Mitch Zehner of Voit Commercial Brokerage’s Anaheim, Calif., office represented the seller, Carmenita Square Business Park LLC, and the buyer in the transaction.
ST. LOUIS — St. Louis-based Sperry Van Ness/Infinity Commercial Group (SVN) has brokered the sale of two St. Louis office buildings for $6.69 million. Robert Kleinlehrer and Trey Buffington of SVN represented Los Angeles-based 515 Olive LLC in the sale of The Millennium Center, a 20-story Class B office building located at 515 Olive St., for $4.14 million. The building contains 226,218 rentable square feet and was 50 percent occupied at the time of closing. The property was acquired by New York-based Nassimi Realty. Kleinlehrer and Buffington also represented St. Louis-based Shell Building LLC in the sale of The Shell Building, a 12-story, 112,000-square-foot office building located at 1221 Locust St., for $2.55 million The buyer, St. Louis-based RSDB, was represented by Hal Hanstein and Ron Kramer of Cardinal Real Estate.
PARSIPPANY, N.J. — McMorgan & Co. has acquired 10 Waterview Blvd., a 208,600-square-foot office property in Parsippany, from TIAA-CREF. The Class A property is 58 percent leased to four tenants and suites are available from 2,484 square feet to 45,032 square feet. Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction. The acquisition price was undisclosed.
WASHINGTON TOWNSHIP, N.J. — NAI James E. Hanson has negotiated the sale of 6 acres of land in Washington Township. Hamilton, N.J.-based Sherute acquired the property, zoned for commercial/office space, from BP Products of North America. The property is located at Route 130 and Meadowbrook Road. Gary Sauerborn of NAI Hanson represented the seller in the transaction. The sale price was undisclosed.
PALO ALTO, CALIF. — San Francisco-based Shorenstein Properties has acquired 601 California Avenue, a 111,653-square-foot office building located within Stanford Research Park in Palo Alto. Built in 1998, the two-story, Class A property is currently 100 percent leased to Wilson, Sonsini, Goodrich and Rosati. The property also includes parking for 385 vehicles. Terms of the transaction were not disclosed.