NEW YORK CITY — Law firm Wilson Sonsini Goodrich & Rosati has signed a 119,000-square-foot office lease at 31 W. 52nd St., a 768,000-square-foot building in Midtown Manhattan. The lease term is 16.5 years. The firm will occupy floors five through nine, the first four of which are currently occupied by law firm Clifford Chance on a lease that expires in June 2024. The ninth floor is currently vacant. New York City-based Paramout Assets owns the building.
PRINCETON, N.J. — A joint venture between Mountain Development Corp. and Gottesman Real Estate Partners will develop a 38,000-square-foot life sciences project within the Roszel Square campus in Princeton. Building features will include lab-level HVAC systems, a 16-foot clear height, freight elevator, loading dock and a backup generator. The joint venture will market the two-story facility as a build-to-suit. Princeton Property Partners has been appointed as leasing agent.
ROSEVILLE, MINN. — JLL Capital Markets has brokered the sale of Crossroads Center of Roseville for an undisclosed price. The 357,115-square-foot retail power center is located in the Twin Cities suburb of Roseville. Built in 1985, Crossroads Center of Roseville is 97 percent leased. Some of the tenants include Best Buy, Dick’s Sporting Goods and Kohl’s. Matt Hazelton, Cory Villaume, Bill Krebsbach, Dave Monahan and Michael Nieder of JLL represented the undisclosed seller. HJ Development was the buyer.
GRAFTON, WIS. — NAI Greywolf has arranged the sale of a 36,154-square-foot industrial building in Grafton, a northern suburb of Milwaukee. The sales price was undisclosed. The property, which features both manufacturing and office space, is located at 1000 Hickory St. near Highway 60 and I-43. David Hodge of NAI Greywolf represented the undisclosed seller.
ADDISON, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has purchased a 26,661-square-foot industrial property in the Chicago suburb of Addison for an undisclosed price. Constructed in 1976, the building features a clear height of 15 feet, one dock, two drive-in doors, parking for 28 cars and 3,421 square feet of office space. The property is leased to one tenant. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.
AVON, IND. — Marcus & Millichap has negotiated the $1.1 million sale of Avon Executive Offices, a 21,600-square-foot office building in the western Indianapolis suburb of Avon. The property is 94 percent leased by tenants such as the Hendricks County Community Foundation and the Firefighters Union. Julia Evinger of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a local private investor. The sales price represented a cap rate of 8.6 percent.
LOS ANGELES — KBS has sold Union Bank Plaza, an office tower totaling 675,945 square feet in downtown Los Angeles. The buyer, Waterbridge Capital, purchased the asset for $104 million and assumed approximately $6 million in committed capital obligations to existing tenants. Designed by local architect A.C. Martin and built in 1967, Union Bank Plaza comprises a 40-story office tower, two-level retail center, two-acre landscaped outdoor plaza and four-level parking structure. Amenities include electric vehicle car charging stations, storage areas, an onsite bank and carwash. Located at 445 S. Figueroa St., the asset is named for anchor tenant Union Bank, which has occupied the building since its construction and leases 30 percent of the property. At the time of sale, the building was 62 percent leased. The property recently underwent a $22 million renovation, including a remodeled lobby with upgraded elevator cabs as well as improvements to the outdoor plaza that include fire pits, workspaces and new seating. Union Bank Plaza is the first skyscraper in Los Angeles to become an historical landmark nominated by the Los Angeles Conservancy. It also recently achieved The Outstanding Building of the Year (TOBY) recognition from the Building Owners and Managers Association (BOMA) Greater …
AUGUSTA, GA. — Wellstar Health System and Augusta University Health System (AUHS) have reached an agreement where AUHS facilities will come into Wellstar’s network of hospitals and clinics. The most notable affected facility is Augusta University Medical Center (AUMC), a more than 600-bed safety net and teaching hospital. Wellstar will also have a broader affiliation with the university’s Medical College of Georgia, the only public medical college in the state. Marietta, Ga.-based Wellstar has also pledged to invest $800 million over 10 years for AUHS facilities and infrastructure, including more than $200 million allocated to AUMC. Additionally, capital for a new hospital, medical office building and ambulatory surgery center in Columbia County and the costs associated with implementing a new state-funded electronic medical records system throughout AUHS will be funded. AUHS will operate under a new name, Wellstar MCG Health, once the deal is finalized later this year. The boards of Wellstar and AUHS and the Board of Regents of the University System of Georgia have approved the agreement.
CHARLOTTE, N.C. — Dominion Realty Partners has broken ground on The Exchange Apartments, a 252-unit multifamily development in southwest Charlotte. The community will be situated within the Exchange Business Park off I-77 and Tyvola Road, about a half-mile from the Woodlawn stop on the Blue Line Light Rail. Units will feature oversized windows, sliding glass doors, Nest thermostats and smart locks. Community amenities will include a resort-style pool and sundeck, coffee bar, fitness center with a yoga and spin room and a game room. United Bank and Dogwood State Bank are providing an undisclosed amount of construction financing for the development. The design-build team includes architectural firm Rule Joy Trammell & Rubio, civil engineer LandDesign and general contractor Harkins. Katherine Southard of CBRE assisted in the land sale between Dominion Realty and the seller, Dilweg. Dominion Realty expects to deliver the first units in first-quarter 2025. The Exchange represents the developer’s fifth project in the metro Charlotte area.
GREER, S.C. — Cushman & Wakefield has arranged the $29 million sale of Velocity II, a newly built industrial facility in Greer spanning nearly 300,000 square feet. Built in 2022, the property is located at 915 Victor Hill Road, about one mile from I-85 and four miles from South Carolina Port Authority’s Inland Port Greer. Childress Klein and Cullum Interests co-developed the logistics facility on a speculative basis, but the property was fully leased at the time of sale. Velocity II features 32-foot clear heights, an ESFR sprinkler system, LED lighting, 66 high dock-high doors and two ramped drive-in doors, five separate office store fronts and 220 automobile parking spaces with the opportunity for further expansion. Rob Cochran, Bill Harrison, Nolan Ashton, Casey Masters, Stewart Calhoun, Brian Young, Elliott Fayssou, and Kacie Jackson of Cushman & Wakefield represented the developers in the transaction. Stream Realty Acquisition LLC is the buyer.