NEW BRAUNFELS, TEXAS — NAI Partners has arranged the sale of a 128.5-acre site at 7965 Old Bastrop Road in New Braunfels. Schlameus Trust sold the commercially zoned site to Don Buttrom for an undisclosed price. Brett Lum of NAI Partners represented the seller, while Wayne Windle of Anders Pierce Realty represented the buyer in the deal.
ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors has arranged the acquisition of a two-story office building located at 801 E. Border St. in Arlington. Bardin Square Investors Ltd. acquired the property from Snowden Family Properties LLP for an undisclosed price. Renee Efimoff of Coldwell Banker Commercial Advisors represented the buyer, while Jordan Foster of Peyco Southwest Realty represented the seller in the transaction.
TOMBALL, TEXAS — Marcus & Millichap has arranged the sale of Acadiana Courte, an office property located at 16506-16522 Avenplace/16430 A-E N. Eldridge in Tomball. A developer sold the 20,135-square-foot property for an undisclosed price. Keith Lloyd of Marcus & Millichap represented the seller. The name of the buyer was not released.
ATLANTA — GLL Real Estate Partners has purchased The Forum at West Paces, a nine-story, 220,000-square-foot office tower located at 3290 Northside Parkway in Atlanta’s Buckhead submarket. The Munich-based real estate fund management group bought the Class A asset from Atlanta-based Cousins Properties for an undisclosed price. Built in 2001, The Forum at West Paces was 96 percent leased at the time of sale to tenants including healthcare and financial institutions, wealth managers, attorneys, investment funds and other professional services. The building features tenant balconies on every floor, onsite security, a fitness center and an adjacent five-story parking garage. CBRE’s Atlanta office represented Cousins Properties in the transaction.
NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.
MANCHESTER, N.H. — NAI Norwood Group has brokered the sale of two state-owned land parcels in Manchester. A private investor acquired the properties for $1.2 million. The site at 300 Hanover St. includes a 20,360-square-foot office building and the parcel at 436 Maple St. is currently used as a parking lot. NAI Norwood Group represented the seller, the state of New Hampshire, in the transaction.
NEW YORK CITY — A joint venture between CIM Group, Kushner and LIVWRK has acquired a land parcel at 85 Jay St. in Brooklyn’s Dumbo neighborhood from Watchtower Real Estate for an undisclosed price. The partnership plans to develop a mixed-use project on the parcel, which is currently a 135,000-square-foot parking lot. Additional details of the development have not been released. In August, the joint venture acquired a 739,000-square-foot property at 25-30 Columbia Heights in Brooklyn.
SAN DIEGO — Kearny Real Estate Company has purchased the 364,000-square-foot office component of Emerald Plaza in San Diego for $91.7 million. The office component features four hexagonal towers ranging from 20 to 30 stories. Emerald Plaza includes a connected 436-room hotel operated by Westin Hotel, which was not part of the transaction. Emerald Plaza encompasses a full city block at 402 W. Broadway in downtown San Diego. The plaza, which Deutsche Bank has owned since 2005, was 70 percent leased at closing. Local developer and entrepreneur Sandy Sharpery built the property in 1990. HFF’s Ryan Gallagher, Nick Psyllos, Nick Frasco and Michael Leggett represented Deutsche Bank. CBRE’s Ryan Grant, Matt Carlson and Jeff Oesterblad will head up the leasing efforts at Emerald Plaza.
MIAMI — Cushman & Wakefield has arranged a relocation and lease expansion for Wells Fargo at Wells Fargo Center in downtown Miami. The long-term, 54,160-square-foot expansion is valued at $32 million and is downtown Miami’s largest office lease in 2016, according to Cushman & Wakefield. Wells Fargo will relocate its personal banking, small business banking, commercial banking and investment advisory services from Southeast Financial Center in downtown Miami in November 2017. The move increases Wells Fargo’s existing footprint at Wells Fargo Center from 96,656 square feet to 150,816 square feet. Built in 2010, Wells Fargo Center is a 47-story, 752,488-square-foot office tower that adjoins the JW Marriott Marquis Hotel and Hotel Beaux Arts. Brian Gale, Andrew Trench, Ryan Holtzman and Jeannette Mendoza of Cushman & Wakefield represented the building owner, Metropolitan Life Insurance Co., in the deal. David Preve of JLL represented Wells Fargo.
PORTLAND, ORE. — The Ashforth Co. and an unnamed institutional investor partner have sold Pacwest Center, a 30-story, 545,000-square-foot office tower in Portland’s central business district. The $170 million sale of Pacwest Center is Portland’s largest office transaction in 2016, according to HFF, which represented the seller in the transaction. HFF also procured the buyer, LPC Realty Advisors I LP, on behalf of a pension fund client. LPC Realty Advisors is an investment advisory affiliate of Dallas-based Lincoln Property Co. Completed in 1984, Pacwest Center is located at 1211 S.W. 5th Ave. within the 57-block Transit Mall, which has more than 1 million square feet of development currently underway. The office tower features parking for 413 vehicles through valet and self-parking and is an Energy Star-rated building. The new ownership plans to renovate PacWest Center by modernizing the common spaces, main lobby and shared amenities. The tower was 76 percent leased at the time of sale to tenants such as Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Co. Nick Kucha and Michael Leggett led the HFF investment sales team. Based in Stamford, Conn., The Ashforth Co. owns, develops and invests in assets on the East …