PLANO, TEXAS — Henry S. Miller Brokerage Co. (HSM) has arranged two office leases totaling 4,560 square feet at Hunters’ Glen Office Complex, a 21,250-square-foot office property located at 5509 Pleasant Valley Drive in Plano. The Sentry Marketing Group LLC leased 2,160 square feet and dental practice Hossain Dezham & Associates leased 2,400 square feet. Jim Breitenfeld and Jim Turano of HSM represented the landlord, First Avanti Partners LLC, in the lease negotiations.
LOS ANGELES — A joint venture between Stanton Road Capital and Second City has purchased an 89,000-square-foot office property in the Los Angeles submarket of El Segundo for $35.5 million. The building is located at 898 Sepulveda Blvd. The office space is 98 percent leased. The property includes a six-level parking structure that is leased to Central Parking. The building was constructed in 1979 and renovated in 2000. The JV plans to enhance the building, provide creative office space and extend the parking garage’s master lease. NKF’s Kevin Shannon, Ken White and Michael Moore represented the seller, TA Associates, in this transaction. The firm also arranged financing on behalf of the buyer.
BEVERLY HILLS, CALIF. — Premier Business Centers has opened its third flexible U.S. workspace in the Wilshire/Palm building in Beverly Hills. The company has signed an 8.5-year lease with John Hancock Life Insurance Company to create a new flexible, shared office space center on the building’s fifth floor. The 14,950-square-foot space is located at 9171 Wilshire Blvd. It will occupy the former Rothstein Kass and Company accounting firm space.
BOSTON — Nordblom Co., in partnership with Alcion Ventures, has purchased 135 Morrissey Boulevard, a 700,000-square-foot office building in Boston, for an undisclosed price. The company plans to redevelop the property, which was first constructed in 1958 by The Boston Globe. into an urban innovation campus offering office space for Boston’s businesses to think bigger, act bolder and move the city’s economy forward. The property is in close proximity to MBTA’s Red Line JFK/UMass station and abuts Interstate 93. The name of the seller was not released.
NEW YORK CITY — Acadia Realty Trust has completed the disposition of an office and retail building located at 260 E. 161st St. in the Bronx. Jamestown acquired the 276,622-square-foot property for an undisclosed price. Originally built in 1930, the property was renovated in 2016 and features 245,470 square feet of office space and 20,572 square feet of retail space. The 10-story property is leased to office tenants, including The City of New York, The Legal Aid Society, and Montefiore Medical Center, as well as retail tenants, Walgreens, Starbucks Coffee and Chipotle Mexican Grill. Michael Tepedino, Andrew Scandalios, Graham Stephens, David Giancola and David Fowler of HFF represented the seller in the deal. Additionally, Christopher Peck and Peter Rotchford of HFF are working on behalf of the buyer to arrange financing for the asset.
COLUMBIA, MD. — Avison Young has arranged the sale of an 84,025-square-foot office building located at 6350 Stevens Forest Road in Columbia, roughly 20 miles southwest of Baltimore. The sales price was not disclosed, but sources familiar with the transaction report the building sold for $10.6 million. Chip Ryan, Jim Kornick and Bob Wrighton of Avison Young arranged the transaction on behalf of the seller, New Boston Fund. Pratt Street Capital acquired the asset. Johns Hopkins Community Physicians anchors the building, which was 77 percent leased at the time of sale. Medical- and healthcare-related tenants occupy 43 percent of the building, which is located roughly three miles from Johns Hopkins Howard County General Hospital and two miles from Columbia Town Center.
BEVERLY HILLS, CALIF. — Douglas Emmett Inc. (NYSE: DEI) has acquired the Beverly Hills Financial Center, a 146,300-square-foot, Class A office property located at 9401 Wilshire Blvd. in Beverly Hills. Located at the corner of Wilshire and Canon Drive in Beverly Hills’ Golden Triangle, the property was initially constructed in 1972 and renovated in 1999. The building is home to tenants including Ervin Cohen & Jessup LLP, Citibank, Bank of the West, Momentum Talent Agency and Mozaic LLC. As part of the transaction, Douglas Emmett received an acquisition loan with a principal balance of approximately $32.3 million and a 4.55 percent interest rate, which matures on June 1, 2038. The provider was undisclosed. To fund the remainder of the purchase price, Douglas Emmett used cash and issued approximately 2.6 million units in its operating partnership to the undisclosed seller at an equivalent price of $40.60 per common share. Paul Hastings LLP represented the seller, a partnership between Cando Partners and Wilshire-Canon Properties LLC, in the transaction. The company’s portfolio now consists of 71 office properties totaling approximately 18.4 million square feet, along with 10 apartment communities. The company is also developing residential buildings in Los Angeles and Honolulu. Douglas Emmett’s stock price closed on Wednesday, …
NORTH HOLLYWOOD, CALIF. — J.H. Snyder Company has obtained $68 million in bridge financing for a Class A office building in North Hollywood in the NoHo Arts District. The 179,000-square-foot property is located at 5250 Lankershim Plaza. The asset has been fully occupied for nearly 10 years, though the majority of the tenants are expected to roll over in the next several years. The transaction includes an adjacent six-story, 723-space parking garage. J.H. Snyder developed the property in 2009. Seth Grossman, Steve Edelstein and Jackie Tran of Meridian Capital Group executed the transaction.
PARSIPPANY, N.J. — Cushman & Wakefield has arranged the sale of Morris Corporate Center III (MCCIII), an office property in Parsippany. P3 Properties acquired the 541,466-square-foot Class A asset from institutional investors advised by J.P. Morgan Asset Management for an undisclosed price. The property includes four interconnected buildings on a 27-acre, amenity-rich campus at 400 Interpace Parkway. The park is 62 percent leased to four occupants, including TEVA Pharmaceuticals and Ogilvy CommonHealth Worldwide. Gary Gabriel, Andrew Morin, David Bernhaut, Kevin Donner, Brian Whitmer and Andrew MacDonald of Cushman & Wakefield brokered the sales transaction. John Alascio and Sridhar Vankayala of Cushman & Wakefield’s Equity Debt and Structured Finance Group arranged $58.8 million in acquisition financing, including approximately $15 million of future funding earmarked for property upgrades.
NEW YORK CITY — The Domain Cos. has acquired a development site located at 545 Sackett St. in the Gowanus section of Brooklyn for $26.5 million. The site, which includes an existing 42,000-square-foot building, is zoned for up to 80,000 square feet of development. The site is a part of the area covered by the Bridging Gowanus community planning and land use process, an initiative to create a sustainable, livable and inclusive future for the Gowanus area. Dan Marks, Ofer Cohen and Mike Hernandez of TerraCRG represented the seller, ATS Realty Inc., in the deal.
