MORRISTOWN, N.J. — HFF and Transwestern have arranged the $5 million sale of a 20,000-square-foot office building in downtown Morristown. Located at 62 Elm St., the three-story building was built in 2006 and features a brick façade, flexible floorplates and 40 parking spaces. HFF and Transwestern represented the seller, Cornerstone Family Programs, in the transaction. A private buyer purchased the property.
CHICAGO — Ready Capital Structured Finance has provided a $7.9 million loan for the refinancing of a 38,000-square-foot office property in Chicago. The building, located on West Carroll Avenue in the Fulton Market neighborhood, was repositioned from an industrial warehouse into an office property. The non-recourse, floating-rate loan features a 36-month term. The borrower was not disclosed.
HOUSTON — Tulsa-based publishing firm PennWell Corp. has signed a 19,363-square-foot office lease renewal at 1455 West Loop S. in Houston. Bob Cromwell and Kevin Nolan of Moody Rambin represented the landlord, Koswood Investments NV, in the lease negotiations. Grayson Wallace and Rich Claussen of Cushman & Wakefield represented PennWell.
SAN MATEO, CALIF. — Hudson Pacific Properties has completed the sale of the remaining six buildings at Peninsula Office Park in San Mateo. The buildings sold for a total consideration of $210 million before credits, pro-rations and closing costs. Totaling 447,739 square feet, the assets included in the sale are Buildings 1-5 and 7. As of the end of the first quarter of 2018, the buildings were 83 percent occupied. Hudson Pacific sold the fully vacant, 63,050-square-foot Building 6 in January for $22.5 million. Net proceeds from the sale were used to repay amounts outstanding on the company’s revolving credit facility, with the remainder held for general corporate purposes. The name of the buyer was not released.
SAN FRANCISCO — Lincoln Property Co. has partnered with affiliates of Rockwood Capital to purchase 332 Pine St., a historic office building located in San Francisco’s financial district. Built in 1912, the 45,000-square-foot property features open floor plans, side-core construction, high ceilings and exposed concrete and brick. Additionally, the nine-story office building includes a penthouse and rooftop terrace. At the time of sale, a variety of technology and media tenants occupied the property. Kyle Kovac and Mike Taquino of Newmark Knight Frank handled the transaction. Terms of the sale were not disclosed.
LOS ANGELES — Charlotte, N.C.-based Asana Partners has purchased The Fig Collection @ Highland Park, a three-property mixed-use portfolio in Los Angeles’ Highland Park submarket. Engine Real Estate, a Los Angeles-based private investor, sold the asset for $23.2 million. The portfolio includes: A two-building multifamily and retail property located at 5900 N. Figueroa St. and 111 S. Avenue 59. The property at 5900 N. Figueroa St. includes 12 studio and one-bedroom apartment units and 11,305 square feet of ground-floor retail space, which is 86 percent leased. Mr. Holmes Bakehouse occupies the 4,167-square-foot building located at 111 S. Avenue 59. A single-story, 2,250-square-foot building located at 5711 N. Figueroa St. The property is fully occupied by Sonomama, a high-end gift and apothecary shop; and Afters Ice Cream, an ice cream shop with outposts across Southern California. A two-story, 22,500-square-foot property, located at 5715-5717 N. Figueroa St. Recently renovated, the property features retail and commercial office space, which is fully occupied. Tenants include LemonTree, an audio production facility and recording studio; Blind Barber, a barber shop with a speakeasy bar; Chops Market, a deli; Otono Restaurant; Pacific Union, a luxury residential real estate brokerage firm; and Arrive Enterprises. Dana Brody of JLL …
SMYRNA, GA. — Accesso Partners LLC has sold 7100 Highlands Parkway, a 150,000-square-foot office building in Smyrna, roughly 14 miles northwest of downtown Atlanta. Exeter Property Group acquired the asset for an undisclosed price. Completed in 1997, the single-story building was designed for IBM Corp. as its Atlanta call center. The technology company still occupies the building as its sole tenant. Jay O’Meara of CBRE arranged the transaction on behalf of Accesso.
PORTLAND, ORE. — Greystar Real Estate Partners, on behalf of its real estate funds, has purchased Indigo at Twelve West, a mixed-use property located at 430 SW 13th Ave. in Portland. The price was not disclosed Situated in the city’s West End submarket, the property features 273 residential apartments, 86,000 square feet of creative office space and a 10,000-square-foot retail component. The office and retail components are fully leased. Completed to LEED Platinum standards in 2009, the property features all-glass façade with floor-to-ceiling windows, 10-foot to 12-foot ceilings, gas appliances and city views.
BREA, CALIF. — Avison Young has arranged the sale of an office building located at 330 E. Lambert Road in Brea. Miller Brothers Eureka Road One LLC acquired the asset from Brea Metro LLC for $8.7 million in a 1031 exchange transaction. Built in 1988 as a single-tenant property, the two-story, 43,800-square-foot building underwent a renovation and conversion to multi-tenant use in 1997. Situated on 2.4 acres, the property is fully occupied by five tenants, including Southland Corp. (7-Eleven), PharMedQuest, National Mortgage Services and Merchant Money Corp. Alan Pekarcik and Chris Smith of Avison in collaboration with Tim Walker and Steve Heimuli of Lee & Associates represented the seller, while Colliers International represented the buyer in the deal.
SPRING BRANCH, TEXAS — REOC Development LLC has recently broken ground on Singing Hills Professional Building, a three-story, 60,000-square-foot medical office building in Spring Branch. The property will be situated at U.S. Highway 281 and Harmony Hills Street, about 30 miles north of downtown San Antonio. Ambulatory Surgical Center (ASC) has leased space on the ground floor, and REOC’s brokerage firm affiliate REOC San Antonio is pursuing an imaging center provider for the remainder of the first floor space. About 65 percent of Singing Hills’ square footage is preleased, according to REOC Development. The project team, including architect Luna Middleman Architects and general contractor Middleman Construction Co., expect to deliver the facility next fall.
