SCRANTON, PA. — Hinerfeld Commercial Real Estate has negotiated the sale of the Mount Pleasant Medical and Professional Center in Scranton for $6.4 million. The two-story, 30,750-square-foot office building sits on a three-acre parcel and is located at 521 Mt. Pleasant Drive. Geisinger-Community Medical Center purchased the property. The seller was undisclosed. The building was fully occupied at the time of sale to a tenant roster that includes Valley Oral & Maxillofacial Surgery, Physicians Health Alliance and LabCorp.
CHICAGO — Snap36 has expanded and relocated its headquarters to more than 42,000 square feet at 219 N. Paulina St. in Chicago’s Fulton Market district. Snap36 specializes in product photography. The company’s new space is six times the size of its previous office in a different corner of Fulton Market. Adam McCostlin and Jordan Decker of Cushman & Wakefield represented Snap36 in the lease transaction. Mitch Adams of CBRE represented the undisclosed landlord.
DEL MAR, CALIF. — LPC West has acquired Polo Plaza, a mixed-use property located at 3702 and 3790 Via De La Valle in Del Mar, approximately 20 miles north of San Diego. An undisclosed local seller sold the property for $27.5 million. At the time of sale, the two-building 57,253-square-foot property was 92 percent occupied. Ben Tashakorian and Bradley Peters of Marcus & Millichap represented the seller, while LPC West represented itself in the transaction. LPC West plans to renovate the Mediterranean-style office and retail property to include a new paint scheme, monument sign, exterior lighting, furniture and landscaping, as well as complete parking lot upgrades. The renovated property will feature small ExecuOffices and on-site amenities, including a café offering coffee, breakfast and lunch.
MESA AND CHANDLER, ARIZ. — Inland Real Estate Acquisitions has negotiated and closed on the purchase of two Swagel Wootton Hiatt Eye Centers in Mesa and Chandler, approximately 20 miles east of Phoenix. Matthew Tice of Inland Real Estate Acquisition and David Neboyskey of The Inland Real Estate Group Law Department completed the deal on behalf of an Inland affiliate. Located at 220 S. 63rd St. in Mesa and 3940 S. Alma School Road in Chandler, the properties provide a combined total of 25,340 square feet of medical office space and seven board-certificated physicians. Specializing in eye care procedures, Swagel Wootton Hiatt Eye Centers offer patients laser cataract, corneal and retinal surgeries, corneal transplants, procedures for Descement’s Membrane Endothelial Keratoplaty and glaucoma and treatment of diabetic eye disease, macular degeneration and primary open-angle glaucoma. To date, Inland Real Estate Acquisitions has facilitated more than $45 billion of purchases including retail centers, apartments, single-tenant properties and a total of more than $323 million in medical office buildings.
ONTARIO, CALIF. — NKF Capital Markets has brokered the sale of Empire Towers V, a five-story office building located at 3990 Concours St. in Ontario. TA Associates sold the property to MGR Realty for $29.9 million. Kevin Shannon, Ken White and Michael Moore of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Built in 2007, the 124,529-square-foot property is situated on 4.4 acres and within walking distance to various amenities, including restaurants, hotels, Ontario Mills Mall, Citizens Business Bank Arena and the Ontario Convention Center. At the time of sale, the property was 100 percent occupied by 11 tenants, including United Health Care Services, Chapman University and CEMEX.
NEW YORK, N.Y. — Alexandria Real Estate Equities Inc. (NYSE: ARE) has acquired 219 E. 42nd St. in Manhattan for $203 million from Pfizer Inc. The pharmaceutical giant will lease back the 350,000-square-foot office building on a triple-net basis from an affiliated purchasing entity of Alexandria known as 219/235 East LLC. Pfizer announced plans earlier this year to relocate its global headquarters to Manhattan’s Hudson Yards neighborhood in 2022. Tishman Speyer is currently building the 2.85 million-square-foot, 65-story tower known as The Spiral. Located in the heart of Manhattan’s East Side Medical Corridor, 219 E. 42nd St. rises 10 stories. Upon expiration of Pfizer’s lease, Alexandria plans to redevelop the property into office and laboratory space. Pasadena, Calif.-based Alexandria was instrumental in creating the New York City life science cluster through the development of its Alexandria Center for Life Science, which opened in 2010. Alexandria is an urban office REIT focused on collaborative life science and technology campuses with a total market capitalization of $17.9 billion and a North American asset base of 30.2 million square feet as of March 31. Alexandria’s stock price closed at $127.96 per share on Thursday, July 12, up from $118.73 per share one year ago. …
DALLAS — Nokia has signed a 350,000-square-foot office lease at Cypress Waters, a mixed-use development by Billingsley Co. in northwest Dallas. The move will allow the Finnish telecommunications giant to consolidate its operations in the metroplex and move its North American headquarters to Cypress Waters. Nokia is aiming for the consolidation, which is expected to bring about 2,300 jobs to the area, to be complete by the third quarter of 2019. Randy Cooper, Craig Wilson, Chad Tsitovich, Scott Goldman and Chris Wood of Cushman & Wakefield represented Nokia in the lease negotiations. Marijke Lantz internally represented Billingsley Co.
DALLAS — Crescent Real Estate LLC will redevelop 2401 Cedar Springs, an office property in Uptown Dallas that was built in 1989. The property will offer 200,000 square feet of Class A office space upon completion of the project, which will upgrade the lobby, amenity spaces and individual office spaces. Following the redevelopment, 2401 Cedar Springs will feature a fitness center with locker rooms and a social lounge, a multipurpose conference room and a golf simulator. Crescent acquired the property earlier this year in a joint venture with Goldman Sachs Asset Management Private Real Estate.
FRISCO, TEXAS — New York-based Innovatus Capital Partners LLC has acquired Frisco Bridges Place, a 163,923-square-foot office building located along the $5 Billion Mile in Frisco. The Class A property was 93 percent leased at the time of sale to 23 tenants and features structured parking and direct access to the Dallas North Tollway. Innovatus will implement capital improvements to certain amenities, including the fitness center and café. The seller and sales price were not disclosed.
CHICAGO — Mansueto Properties LLC has acquired The Wrigley Building, which is located on North Michigan Avenue in Chicago. HFF arranged $150 million in acquisition financing, but the actual purchase price was $255 million, according to local media reports. The iconic Class A office and retail property totals 478,920 square feet. Originally built in 1921 and 1924, the property is listed on the National Register of Historic Places. The two-tower property, which has connecting walkways on the third and 14th floors, was renovated from 2012 to 2014 to create modern office and retail space, to further enhance the historic façade and to provide amenities such as a fitness center, tenant lounge and conference center. The towers are 90 percent leased. Tenants include American Medical Association, Leo Burnett, ABA, Nuveen, Walgreens and Perkins + Will. Stephen Skok of HFF arranged the 30-year, fixed-rate financing through a major life insurance company. The seller was BDT Capital Partners, according to local media.