ROCHELLE PARK, N.J. — Cushman & Wakefield has arranged the sale of 395 W. Passaic St., a four-story, 107,969-square-foot office building in Rochelle Park. The sales price was not disclosed. Cushman & Wakefield represented the sellers, Garrison Investment Group and Onyx Equities, in the transaction. They buyer was Ramaa Management. The three-acre property was 80 percent leased to eight tenants at the time of sale.
CHICAGO — The Howard Hughes Corp. and Riverside Investment & Development, along with Clark Construction, have broken ground on 110 North Wacker, a 1.4 million-square-foot office tower in the heart of Chicago’s central business district. More than 30 percent of the 55-story tower is preleased to Bank of America. Designed by Goettsch Partners, the Class A building is located between the Chicago River and Wacker Drive. Amenities will include a conference center, fitness facility, retail and dining space. Bank of America and JP Morgan Chase provided a $495 million construction loan. USAA Real Estate also provided an equity investment. Completion is slated for the fourth quarter of 2020.
CHICAGO — J.C. Anderson Inc. has completed a 26,000-square-foot office build-out for Fitch, Even, Tabin & Flannery LLP in Chicago. The law firm chose to modernize its space on the 21st floor at 120 S. LaSalle St. The project features a new reception desk, open ceilings and private offices. Renovations also include an open layout and technology upgrades. Partners by Design provided architectural services.
PHOENIX — New York Life Real Estate Investors, on behalf of a joint venture between New York Life Insurance Co. and Finland-based Ilmarinen Mutual Pension Insurance Co., has purchased 24th at Camelback, an office property located in Phoenix’s Camelback Corridor submarket. Hines U.S. Office Value Added Venture III sold the property for an undisclosed price. The eight-story property features 302,209 square feet of Class A office space. CBRE represented the seller in the deal.
BRISBANE, CALIF. — Meridian has completed the disposition of a multi-tenant office building located at 1000 Marina Blvd. in Brisbane, just south of San Francisco. Phase 3 Real Estate Partners acquired the property for $39.5 million in an off-market transaction. Built in 1983, the six-story building features 104,000 square feet of office space. CBRE’s Northern California Capital Markets team represented the seller and buyer in the deal.
LOS ANGELES — Vanbarton Group has acquired an office building located at 6725 Sunset Blvd. in Los Angeles’ Hollywood submarket. Crown Realty & Development sold the property for $37.7 million. The five-story multi-tenant property features 73,835 square feet of office space. At the time of sale, the property was fully leased by 15 tenants. Additionally, the transaction included an adjacent three-level parking structure. Kevin Shannon, Rob Hannan, Ken White, Michael Moll of NKF Capital Markets, along with John Tronson of Avison Young and Kreg Groat of Crown Realty & Development, represented the seller in the sale.
CHARLOTTE, N.C. — Cambridge Properties plans to convert a former Kohl’s department store at 9315 N. Tryon St. in Charlotte into an 87,000-square-foot office building. The transit-oriented development is located across the street from the main entrance to University of North Carolina at Charlotte and near the JW Clay Boulevard light-rail station. In addition, the building is situated within walking distance to more than 30 restaurants. The property features high ceilings and a mezzanine level and has the ability to accommodate a new glass storefront, collaborative meeting space, employee lounge/game area and an outdoor back patio. Alexandra Mann, Barry Fabyan and Charley Leavitt of JLL are handling the building’s leasing assignment. Last year, JLL leased roughly 96,000 square feet of creative office space to Verizon Wireless at the site of a former Super Kmart in east Charlotte.
ATLANTA — CBRE has brokered the sale of Glenridge Point, a two-building, Class B office campus located at 100 and 200 Glenridge Point Parkway in Atlanta’s Central Perimeter submarket. Richmond Honan Development acquired the five-story buildings, which total 185,402 square feet. Jay O’Meara, Justin Parsonnet, Will Yowell, Ryan Reethof and Lee Asher of CBRE arranged the transaction on behalf of the seller, a partnership between Pope & Land and Noro. The pair originally acquired the property at 62 percent occupancy in 2015. At the time of sale, the campus was 99 percent leased to tenants including eVestment and Northside Hospital’s IT division. Glenridge Point is located less than a half-mile from the Medical Center MARTA station.
HUDSON, MASS. — R.W. Holmes Realty has brokered the $6.9 million sale of 1 Cabot Road, a 69,272-square-foot office building in Hudson, about 30 miles west of Boston. Craig Johnston, Garry Holmes, and Jim Bartholomew of R.W. Holmes represented the seller, K & L Realty, in the transaction. The buyer was Creative Cabot LLC. The property features a fitness center with showers, a lobby and two retail stores.
MIAMI — KKR and Parkway Property Investments LLC have acquired Sabadell Financial Center, a 30-story office tower located at 1111 Brickell Ave. in Miami’s Brickell submarket. PGIM Real Estate Investors sold the asset for $250 million after acquiring the building in 2013 for $184.3 million, according to The Real Deal. Square Mile Capital Management LLC originated acquisition financing on behalf of the new owners. The building was constructed in 2000 in conjunction with the adjacent JW Marriott Hotel. The tower features panoramic views of Miami and Biscayne Bay, roughly 18,000 square feet of green space, an onsite café and deli, fitness center and an airport shuttle service. KKR and Parkway plan to renovate the building’s common areas. The building houses tenants including Sabadell United Bank, Telefonica USA, Ferragamo, Hunton & Williams, Baker & McKenzie, Regus and Barclays.
