CORPUS CHRISTI, TEXAS — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased assets, has negotiated the $4 million sale of a single-tenant office building in Corpus Christi. The Texas Department of Family & Protective Services occupies the 51,307-square-foot property and has less than a year remaining on its lease. Brian Corriston of Stan Johnson Co. represented the seller, a Texas-based developer, in the transaction. The buyer was a group of individual investors from the Midwest that acquired the asset in an off-market transaction.
KANSAS CITY, MO. — Kirkendall Dwyer LLP and Law Tigers have jointly signed a long-term office lease for 1,474 square feet at the Skelly Building in Kansas City’s Country Club Plaza. The organizations will occupy Suite 208 on the second floor. The building, located at 605 W. 47th St., is now 97 percent occupied. Other tenants include Panera Bread, Bo Lings Chinese restaurant, Footlocker, Roth Living, McDowell Rice Smith & Buchanan, House Park & Dobratz, Block & Co. Inc. Realtors and MegaStar Financial. Alex Block of Block & Co. handled the lease transaction on behalf of property ownership. Kirkendall Dwyer specializes in automotive personal injury. Law Tigers is a national network of motorcycle accident attorneys that focuses more specifically motorcycle personal injury. Block & Co. is the property manager for the Skelly Building.
FRANKLIN, TENN. — Brasfield & Gorrie has delivered the new North American headquarters for Mars Petcare, a leading pet care and products firm. Located in the southern Nashville suburb of Franklin, the pet-friendly campus includes a Wi-Fi-enabled dog park, two indoor dog play areas with options for daycare, coffee bars on every floor with designated “slurp stations” for pets, pet beds and toys throughout the campus, wide furniture that is upholstered with pet-friendly fabric and green space with walking paths. Mars Petcare employs 85,000 associates and features 50 brands, including Pedigree, Iams and Whiskas.
SAN DIEGO — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired a two-building medical office campus known as Genesee Plaza for $90 million. Genesee Plaza is located in San Diego’s University Town Center, near the University of California, San Diego and Scripps Hospital campuses.
SAN DIEGO — Cushman & Wakefield has advised the seller in the disposition of Sorrento Ridge, a 103,325-square-foot, three-story office building in the Miramar submarket of San Diego. Tappan Corp. purchased the property, located at 7220 Trade St., from an unnamed seller. The price was not disclosed. Cushman & Wakefield’s Rick Reeder, Brad Tecca, Brooks Campbell and Duncan Dodd represented the seller, while Bill Cavanagh and Mike Novkov provided local market advisory. Larry Glenn of Glendale Mortgage represented the buyer. Sorrento Ridge was nearly 60 percent leased at the time of sale to mainly smaller tenants representing a mix of professional services, engineering and technology firms, with the largest leasing less than 10,000 square feet. The property is situated on 4.4 acres near interstates 5 and 805 and the Sorrento Plaza shopping center.
DRAPER, UTAH — Irvine Investment Co. has started construction of Irvine Office Park in the Salt Lake City suburb of Draper. Upon completion, the 540,000-square-foot park will include three buildings at the intersection of I-15 and Bangerter Highway. Building one will finish completion in early 2020, spanning six stories and 180,000 square feet. Colliers is handling leasing.
NEW YORK CITY — Locally based investment firm RFR has acquired 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. Built in 1953 and renovated in 2016, the property includes 11,000 square feet of street-level retail space. RFR will continue to enhance various features of the building by upgrading the façade, windows, landscaping and mechanical systems. The seller and sales price were not disclosed.
WESTPORT, CONN. — Investment firm Marcus Partners has sold two office buildings in Westport for $30 million to New York-based Waterway Capital. The newly renovated buildings, located at 8 & 19 Wright St., total 83,964 square feet and are situated within walking distance of the Saugatuck River, as well as high-end retail and dining options. The buildings were 94 percent leased at the time of sale to tenants such as UBS, Regus Corp., Berkowitz, Energy Income Partners and Ameriprise Financial. CBRE’s Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie represented the seller and procured the buyer.
SEATTLE — Vanbarton Group, a privately owned real estate investment and advisory firm, has purchased 901 Fifth Ave. from Schnitzer West and Investcorp for $305 million. The 541,190-square-foot, 41-story tower is located at the corner of Fifth Avenue and Madison Street in Seattle’s central business district. Schnitzer West will continue to perform property management services for the tower, which is 100 percent occupied by tenants including Pitchbook and Cray Inc. HFF and Newmark Knight Frank brokered the transition with market leasing support from JLL.
BURLINGAME, CALIF. — Harvest Properties and joint-venture partner New York Life Real Estate Investors, on behalf of McMorgan Northern California Value Add Development Fund I, have sold One Bay Plaza in Burlingame to local developer/operator Woodstock Development for an undisclosed amount. The 196,000-square-foot, nine-story office tower was originally purchased in 2016. Paul Nelson, Stephen Van Dusen, Cartter Berg and Cameron Palmer of Eastdil Secured represented Harvest and New York Life Real Estate Investors on the transaction. Sources close to the sale confirmed a price of $75.3 million.