DENVER — NAI Shames Makovsky has negotiated the sale of an office property, located at 820 16th St. in Denver. Harbor Associates purchased the building from 820 16th Street LLC for $24.5 million. Known as the Symes Building, the property recently underwent renovations and improvements, including to the common-area corridors. Renovations included flooring, wall treatments, lighting, signage and restrooms. The buyer plans additional improvements including amenities, interior and exterior improvements, and more creative office features to the existing space. Dorit Fischer, Hayden Hirschfield, Trent Rice and Connor Donahue of NAI Shames Makovksy represented the seller in the deal.
RIVERSIDE, CALIF. — Newmark Knight Frank (NKF) has directed the purchase of Center Tower Riverside, a five-story office building in downtown Riverside. De Anza Land and Leisure Corp. acquired the property from Irvine-based CIP Real Estate for $20.7 million. Located at 3880 Lemon St., the property features 73,645 square feet of Class A office space. Situated on 1.1 acres, the building was built in 1987 and underwent a more than $3 million renovation in 2017. Renovations included common area improvements and upgrades to the lobby, elevators, corridors, restroom and landscaping. At the time of sale, the building was 94 percent occupied by 11 tenants, including Best Best & Krieger, County of Riverside, Index Fresh, Kimley-Horn & Associates and Reid & Hellyer. Additionally, the property features 248 parking stalls in an adjacent four-level parking structure. John Ewart and John Daciolas of NKF represented the buyers, while Mike Longo, Todd Tydlaska, Sean Sullivan, Barbara Perrier and Darla Longo of CBRE represented the seller in the deal.
SAN ANTONIO — Worth & Associates has broken ground on Farinon Business Park III, an 84,890-square-foot office building in San Antonio. The two-story, Class A property is located within Worth’s master-planned business community at 5818 Farinon Drive on the city’s northwest side. Completion is slated for the third quarter of 2019.
DALLAS — New York City-based investment firm JMC Holdings LLC has acquired Lakeside Square, a 410,000-square-foot office tower located along the Lyndon B. Johnson Freeway in north Dallas. The Class A, 18-story property was built in 1985 and offers amenities such as a fitness center, a deli and multiple conference rooms. JMC Holdings will invest more than $20 million in capital improvements to the building. The seller was California-based Younan Properties. The sales price was not disclosed.
CARLSBAD, CALIF. — A joint venture between SteelWave and funds managed by Angelo Gordon has purchased a former Hughes Aircraft Co. facility, located at 2051 Palomar Airport Road in Carlsbad. Palomar Acquisitions Partners sold the single-story, multi-tenant property for an undisclosed price. Situated on more than 13 acres, the property was originally developed as a build-to-suit campus for Hughes Aircraft Co. in the early 1980s, with a series of renovations over the decades. The buyer plans to convert the 208,904-square-foot asset into a modern creative office/R&D campus. Renovations will include exterior upgrades and improved amenities, as well as a re-branding that will both honor the property’s history and embrace its future use as a creative environment for tech, biotech and creative industry tenants. Upgrades will include a new full-service fitness center, a bistro with indoor/outdoor seating, contemporary architecture, common areas with gaming and lounge areas, and multiple outdoor patios and workspaces. Aric Starck and Rick Reeder of Cushman & Wakefield’s San Diego office represented the seller in the deal.
CHARLOTTE, N.C. — Duke Energy plans to consolidate its office space in Uptown Charlotte and build a 39-story office building located on the 500 block of South Tryon Street, across from Duke Energy Center. Duke Energy will sell two properties (526 Church St. and 401 S. College St.) and exit its lease at 400 S. Tryon St. The Charlotte-based company will reduce its Charlotte office space from 2 million square feet to 1.5 million square feet. The building, developed by Childress Klein, is expected to take three years to build. Duke Energy provides electricity to 7.6 million retail customers in six states and has $138 billion in assets as of year-end 2017. The company currently employs 29,060 people.
PRINCETON, N.J. — CBRE Institutional Properties has negotiated the sale of a 110,000-square-foot, two-building office complex in Princeton. The sales price was undisclosed. Located at 100 and 101 Thanet Circle, the property sits on 15 acres and is less than two miles from downtown Princeton and Princeton University. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE represented the undisclosed seller in the transaction. The buyer was KABR Group.
WOODLAND HILLS, CALIF. — Bolour Associates has purchased a flex commercial building, located at 21200 Oxnard St. in Woodland Hills, for an undisclosed price. Situated on three acres, the property features 50,000 square feet of commercial space. Additionally, the building is part of the Warner Center 2035 Specific Plan, which promotes high-density development in the Warner Center neighborhood of San Fernando Valley. The building is surrounded by development, including a 120,000-square-foot seniors housing facility, 110,000-square-foot medical office building, 170-room hotel and 461-unit apartment complex. Nigel Stout of JLL represented the buyer in the deal. David Harding, Billy Walk and David Josker of CBRE will oversee the leasing of the property.
LOS ANGELES — CBS Corp. (NYSE: CBS) has signed a definitive agreement for the sale of its landmark CBS Television City property and sound stage operation in Los Angeles. Hackman Capital Partners, a Los Angeles-based real estate developer, is purchasing the 25-acre campus from the mass media company for $750 million. As part of the agreement, Hackman Capital will have the rights to use the Television City trademark in connection with its operations on the property. CBS programs including “The Late Late Show With James Corden,” “The Price is Right” and “The Young and The Restless” will continue to be produced on the Television City campus for at least the next five years. CBS will also retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site. The transaction is expected to close in early 2019. The Los Angeles Times reported that CBS has been considering selling its studio complex since 2017 to capture increased value for developers looking to build in the Fairfax area. The campus features surface parking that Hackman Capital could redevelop, according to the newspaper. Joseph Ianniello, president and acting CEO of CBS Corp. says the company will use …
NEW YORK CITY — A partnership between Taconic Investment Partners LLC and TH Real Estate has acquired 440 Ninth Avenue, a 411,000-square-foot office building in Manhattan, for $269 million. The property, known locally as the Harding Building, is located at Ninth Avenue and West 35th Street near the Hudson Yards mixed-use development on Manhattan’s west side. The 18-story building was originally constructed in 1927 and currently includes retail space. The seller was UNIZO Holdings Co. Ltd., a Japanese real estate investment firm. Darcy Stacom and Bill Shanahan of CBRE represented UNIZO in the deal. Evan Pariser and Michael Gigliotti of HFF represented the buyer. Tom Traynor and James Millon of CBRE arranged acquisition financing through MetLife Real Estate Investors for the transaction. The new ownership will implement a value-add plan that will upgrade the lobby, elevators and mechanical systems.