SADDLE BROOK, N.J. — Marcus & Millichap has arranged the sale of the leasehold interest of Park 80 East, an office building located at 160 Pehle Ave. in Saddle Brook. A private investor acquired the 83,160-square-foot property for $2.3 million. At the time of sale, the property was 50 percent occupied. Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.
AUSTIN, TEXAS — DivcoWest, an investment firm with offices in Boston and San Francisco, has sold The Campus at Arboretum, a five-building, 318,534-square-foot office campus in Austin. The 16.5-acre campus, which offers walking trails, volleyball and basketball courts and picnic areas, is located near several major roads, including U.S. Highway 183 and Loop 360. Collectively, the three-story buildings are 97 percent leased to tenants such as BMC Software Inc. and Trion Worlds Inc. HFF represented DivcoWest in the transaction and procured the buyer, a partnership between Vanderbilt Partners and True North Management Group LLC. The buyer secured an undisclosed amount of acquisition financing from JPMorgan Chase.
HOUSTON — Lingerfelt CommonWealth Partners LLC, a Richmond, Va.-based investment firm, has purchased 1700 West Loop, a 14-story, 272,941-square-foot office tower in Houston’s Galleria neighborhood for $52 million. The Class A property was 81 percent occupied at the time of sale and is anchored by engineering and consulting firm Burns & McDonnell. The sale includes a 786-space parking garage adjacent to the building. The name of the seller was not disclosed.
OAKDALE, MINN. — Cushman & Wakefield NorthMarq has negotiated two leases at 4Front, a 550,000-square-foot office property in Oakdale, a suburb of St. Paul. Gemalto, a security software developer, has signed a 15,000-square-foot lease. Impact Group, an employee coaching and career transition consulting firm, has signed an 8,100-square-foot lease. The space will serve as a consolidation of two previous locations in the Twin Cities for Impact Group. The four-building 4Front is also home to Incubology, a high-tech business incubator that occupies labs, clean rooms and offices. Slumberland Furniture purchased the property in 2016 from previous owner, Imation, which used the property as its corporate headquarters. Eric King of Cushman & Wakefield NorthMarq and Brian Brisky of Brisky Commercial represented Slumberland in the lease transactions.
ATLANTA — Atlanta-based real estate investment firm Atlanta Property Group has acquired six office properties in Florida, North Carolina, South Carolina and Pennsylvania. The deal marks Atlanta Property Group’s first acquisitions outside metro Atlanta and adds nearly 1.3 million square feet of space to its portfolio. The properties include the 164,766-square-foot Baldwin Point and the 226,548-square-foot 11950 Corporate Blvd. in Orlando, Fla.; the 254,808-square-foot Tampa Commons in Tampa, Fla.; the 226,865-square-foot LakePointe Corporate Center, Buildings 3 and 5 in Charlotte, N.C.; the 175,145-square-foot Edgewater Corporate Center One in Fort Mill, S.C.; and the 234,859-square-foot 2000 Park Lane in Pittsburgh. The buildings were acquired in a single transaction, the terms of which were not disclosed.
WASHINGTON, D.C. — Oxford Properties Group, in a joint venture with Norway-based-Norges Bank Real Estate Management, has acquired two office towers in Washington, D.C. — 900 16th Street N.W. and 1101 New York Avenue N.W. The nine-story, 122,000-square-foot 900 16th Street is LEED Gold-certified and features an outdoor terrace, fitness center and underground parking. The property, sold by The JBG Cos. and ICG Properties LLC, was 75 percent leased at the time of sale. The 12-story 1101 New York Avenue, developed in 2007, is LEED Gold-certified and features 180-degree panoramic views of the D.C. skyline, a fitness facility, rooftop terrace and underground parking. W. R. Berkley Corp., an insurance holding company, and Morgan Stanley Real Estate Investing sold the tower for an undisclosed price, according to media reports. The property was 99 percent leased at the time of sale. Toronto-based Oxford Properties Group will manage both office buildings.
NORCROSS, GA. — Lincoln Property Co. has completed the $3.5 million sale of a 56,600-square-foot office and industrial building located at 4261 Communications Drive in Norcross, roughly 20 miles north of Atlanta. The property features 11,597 square feet of office and showroom space, as well as a 44,389-square-foot warehouse featuring 24-foot clear heights and drive-in, dock-high loading. Young Georgia Properties LLC acquired the asset, and Chip Sipple and Jeff Henson of Lincoln represented the seller, Flooring International Distribution Inc., in the transaction.
GARLAND, TEXAS — NAI Robert Lynn has negotiated an 114,515-square-foot office/warehouse lease at 3901 W. Miller Road in the Dallas metro of Garland. Stephen Cooper of NAI Robert Lynn represented the undisclosed landlord in the transaction. Ann Huntington of CBRE represented the tenant, Stonecrop Technologies LLC, a California-based communications deployment firm.
PHOENIX — Regent Properties has purchased Camelback Commons, a 322,406-square-foot office campus in Phoenix, for $66.4 million. The Class A office property is located at 4722 and 4742 N. 24th St. It was built in 1986 and underwent a $4.5 million renovation in 2015. CBRE’s Barry Gabel and Chris Marchildon represented the seller, a joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing, in this transaction. CBRE Capital Market’s Debt & Structured Finance team secured the financing for the buyer. The firm has also been retained to lease the property.
SANTA ANA, CALIF. — Gold Acceptance has purchased a 24,737-square-foot office building in Santa Ana for an undisclosed sum. The building is located at 555 N. Park Center. It was renovated in 2016. Gold Acceptance will occupy a portion of the building. The seller was Stream Realty Partners.