SANTA ANA, CALIF. — Meridian Value Partners has acquired The Arbors, a 50,812-square-foot office complex located at 2101 E. Fourth St. in Santa Ana, for $9.3 million. The two-story, multi-tenant complex sold at a cap rate of 6.18 percent. Ryan Gallagher of Grubb & Ellis represented the buyer; Greenwood & McKenzie represented the seller, Arbors Tenant in Common Group, in the transaction.
Office
JACKSONVILLE, FLA. — Birmingham, Ala.-based BP Graham has acquired a 220,000-square-foot office building in Jacksonville for $22.3 million. The 14-story, Class A building is located at 550 Water St. and features a deli, on-site parking and views of downtown and the St. Johns River. Tenants include Verizon, Interline Brands, Blue Cross/Blue Shield and MCI. Peter Crolius of Hollywood, Fla.-based Graham & Co./CORFAC International represented the buyer. Lou Nutter of CB Richard Ellis represented the undisclosed seller.
KANSAS CITY, MO. — Chicago-based ORIX Real Estate Capital has acquired a 94,846-square-foot office building located at 300 Wyandotte Ave. in Kansas City. The building features floor-to-ceiling glass windows, exterior aluminum sunscreens and a 388-space underground parking garage. The building is anchored by sports architecture firm HOK Sports, which occupies 81 percent of the fully leased building. Eric Wollan and Brian Murphy arranged the acquisition for ORIX in-house; Eric Berkman of Grubb & Ellis’ Washington D.C. office represented the seller, Opus Estates, in the transaction. The acquisition price was not disclosed.
LYNNWOOD, CALIF. — Wells Fargo REIT II has acquired Northpointe Corporate Campus, a new two-building Class A office development located on 25th Avenue in Lynnwood. The property consists of an approximately 87,000-square-foot facility, which is 100 percent leased to Comcast, and a 69,000-square-foot building. Cushman & Wakefield represented the seller, Opus Northwest LLC, in the transaction. The acquisition price was not disclosed.
PORTLAND, ORE. — KBS REIT has acquired ADP Plaza, a two-building office campus located at the intersection of First Avenue and Sheridan Street in downtown Portland, for $33.1 million. The two four-story buildings offer a total of 180,772 square feet and feature a 117,614-square-foot parking garage. Built in 1981, the property is 91 percent occupied by two tenants. Automatic Data Processing (ADP), for which the plaza is named, occupies 115,180 square feet, and Oregon Health and Science University occupies 48,506 square feet.
COLORADO SPRINGS, COLO. — SVN Equities has acquired Academy Point Service Center, a two-building, 77,000-square-foot office/flex property located at 1030 and 1050 S. Academy Dr. in Colorado Springs, for $5 million. At the time of acquisition, the property was 84 percent leased to tenants, including GSA, Lockheed Martin and BAE Systems. Kurt Holzkamp and Ed Bartlett of SVN Colorda LLC represented the buyer; Chris Bodnar, Geoff Baukol, Chad Brue and Ron Urgitus of CB Richard Ellis represented the seller, Illinois-based CMD Realty Investment Fund III LP, in the transaction.
TOWN AND COUNTRY, MO. — The St. Louis office of Clayco has been selected as the design/builder for the shell and core of a three-story, 80,000-square-foot office building located at the intersection of South Outer 40 and Maryville Centre drives in Town and Country. 825 Maryville will be a Class A office building that can accommodate single or multiple tenants. The building will feature offices with garden views, as well as a lobby that will feature an ornamental, glass staircase. Construction began in October, with completion scheduled for next summer. Forum Studio Inc. is serving as project architect.
PHILADELPHIA — Wrightwood Capital has provided $9.83 million on behalf of the sponsor, a joint venture between 806 Capital and Seligsohn Soens Hess, to finance the acquisition of 1201 Chestnut Street in Philadelphia. The 15-story office building will undergo upgrades as part of the transaction. Totaling approximately 90,000 square feet, the building features three retail suites at street level. Office spaces occupy the remaining floors. The complex is located between three courthouses and near a variety of restaurants and retail amenities, as well as Thomas Jefferson Hospital, in the Center City/Market East submarket. The sponsor’s planned improvements include upgrading the lobby, elevator landings and restrooms and leasing the available space at market rents. Josh Zegen of Alpine Commercial Capital sourced the financing. A 36-month loan was structured by Wrightwood Capital.
SAN DIEGO — Denver-based Simpson Parkview LP has broken ground for the construction of a 20,300-square-foot office building, which is located at 3540 Aero Ct. in the Kearny Mesa submarket of San Diego. Designed by Denver-based KTGY Group, the two-story, Class A property will feature steel frame construction with a stone exterior, a covered parking area and floor plates designed for medium-sized users. Warmers Corporation is serving as general contractor for the project, which is slated for completion in May 2009.
CHICAGO — Chicago-based Reed Illinois Corp. has been selected to complete a 40,000-square-foot office build-out for the U.S. Census Bureau. The office is located on the 16th floor of a building located at 500 W. Madison Ave. in Chicago, and will be used by the agency as a regional office for the upcoming 2010 Census. The build-out will include a complete remodeling and upgrade of the office space. Mekus Studios is providing architectural services for the project. Completion is scheduled for January.