DAVIS, CALIF. — Fulcrum Properties has acquired University Research Park, a 304,912-square-foot campus in Davis, for $70 million. The 17-building park is located at 1440-1590 Drew Ave., 1850-2020 Research Park Drive and 1947 Galileo Court, less than one mile from the University of California, Davis. The property was 92 percent occupied at the time of sale. Major tenants include Novozymes, Marrone Bio Inovations and UC Regents. CBRE’s Russell Ingrum, Joe Moriarty, Tyler Meyerdirk, Sean Sullivan, Stuart Wright and Matt Post represented the seller, Interland LLC. The firm’s Mike Stassi and Daniel Baker provided leasing market expertise .
SAN JOSE, CALIF. — Ridge Capital Investors has purchased One Eleven Market Square, a 320,559-square-foot office property in San Jose, for an undisclosed sum. The property is composed of two towers. A 163,775-square-foot building is located at 111 W. St. John St., while a 156,784-square-foot building is located at 111 N. Market St. The property is 78 percent leased to tenants like Pacific Business Centers, Rockwell Automation, Kerio Technologies, BAM Labs Opportunity Fund and Diamanti. Ridge Capital Investors purchased the property in partnership with an undisclosed commingled discretionary equity fund. The seller was Swift Real Estate Partners, which made capital improvements during its two years of ownership.
TUSTIN, CALIF. — Dunbar Real Estate Investment Management has purchased eight medical office properties at Tustin Corporate Center for an undisclosed price. The center is located at 2492 Walnut Ave. in Tustin. The building is zoned for wet lab medical space. Tustin Corporate Center was built in 1986 and later converted into a mixed-use medical building with individual office condos. The eight office/medical condo units total 31,388 square feet. There are three additional units in the building that are under separate ownership and were not included in this sale. The buyer intends to refurbish and update the building before selling the individual condos.
SANDY, UTAH — Gardner Co. has broken ground on a 327,000-square-foot office building in Sandy. Mountain America Credit Union will own and occupy the building once completed. The 11-story building is located at 9800 South. The building is scheduled for completion in 17 months. Gardner Co. is developing the project, which WRNS Studio designed.
MCKINNEY, TEXAS — Duke Realty and Baylor Scott & White Health, a not-for-profit healthcare system, have opened Baylor McKinney Physician Office Building 2 in McKinney. Located at 5252 W. University Drive, the three-story, 77,000-square-foot building is adjacent to Baylor McKinney I, an 114,924-square-foot medical office building. Affiliates of Baylor Scott & White lease a significant portion of both buildings. The Dallas office of Medco Construction served as general contractor, while the Dallas office of HDR served as architect for the project, which was developed by Duke Realty.
GREENWICH, CONN. — NGKF Capital Markets, on behalf of Fareri Associates, has closed on $97.5 million in debt financing for the acquisition of Greenwich Office Park in Greenwich. The five-year, fixed-rate loan with a full-term interest-only component will be used to acquire the eight-building office park from Clarion Partners for $130 million, or $344 per square foot. Situated on 21 acres, the 380,561-square-foot property underwent a $15.5 million capital improvement program. Jordan Roeschlaub, Steven Sperandio and Daniel Fromm of NGKF Capital Markets arranged the loan for the sponsor, Fareri Associates.
QUINCY, MASS. — Campanelli, in partnership with TriGate Capital, has sold Heritage One and Heritage Two, two office buildings located in Quincy. Foxrock Properties has purchased Heritage One, a 173,000-square-foot office building, while Grander Capital Partners has acquired Heritage Two, a 183,000-square-foot office building. State Street Corp. occupies more than 50 percent of Heritage One, while Heritage Two is 93 percent occupied by a variety of tenants, including Massachusetts Teachers Association, Healthcare Financial, G-Force Shipping, Pharmalogics Recruiting and Stran Promotional Services. Robert Griffin, Edward Maher, Matthew Pullen, Judy Ravech, Samantha Hallowell, Michael Frisoli and David Douvadjian of Newmark Grubb Knight Frank represented the seller in the deal. The acquisition prices were not disclosed.
SOUTH BURLINGTON, VT. — Nedde Real Estate has brokered the lease of 5,808 square feet office at 1891 Williston Road in South Burlington. The tenant, Ideas Well Done, will move into the space in early December. Fernando Cresta and Doug Nedde of Nedde Real Estate co-own the property. Meg McGovern of Donahue & Associates represented the tenant in the lease.
WASHINGTON, D.C. — Atlanta-based Columbia Property Trust Inc. has executed more than 100,000 square feet of leases this year at 80 M Street, a 285,000-square-foot office building in Washington, D.C., that the company has owned since 2004. The Class A office building is located in the Capitol Riverfront submarket and is within walking distance of the Washington Nationals’ ballpark and the Navy Yard/Ballpark Metrorail station. The leases include a 15-year deal with WeWork, a shared office space provider, for 68,673 square feet; a 24,224-square-foot renewal with Gryphon Technologies, a military engineering company; and a new 14,990-square-foot lease with General Dynamics Information Technology, a defense services provider. Columbia Property Trust is also investing $3 million in renovations at the office building that will add a new entrance, collaborative main lobby, outdoor terrace and tenant lounge. The investment will also include renovations of the building’s elevators, fitness facility and restrooms. WeWork will occupy portions of the first, second and third floors and will feature a dedicated entrance within the main lobby. The company is expected to open its offices in the third quarter of 2017.
GLEN ALLEN, VA. — BH Properties has sold the Owens & Minor office building to Real Estate Value Advisors for $8.3 million. The 62,941-square-foot property is located at 4800 Cox Road in Glen Allen, a suburb of Richmond. The building was 98 percent leased at the time of sale to three tenants: The Winebow Group, Covington Travel and Free Agents Marketing. Eric Robison, Mark Douglas and Mac Wilson of Cushman & Wakefield | Thalhimer brokered the transaction.