NEW YORK CITY — Oxford Properties Group and Crown Acquisitions has completed a 175,000-square-foot lease extension through 2035 with the National Basketball Association (NBA) at Olympic Tower, located at 646 Fifth Ave. in Midtown Manhattan. The property owners plan to significantly modernize the office property’s lobby and public space to deliver a more engaging, customer-focused experience. Adam Frazier of Oxford, along with Paul Amrich, Howard Fiddle, Neil King and Patrice Meagher of CBRE, represented the owners, while Mary Ann Tighe, Gregory Tosko, Andrew Sussman and Munish Viralam of CBRE represented the tenant in the transaction.
BETHLEHEM, PA. — J.G. Petrucci Co. has acquired a fully-occupied industrial building located at 1990 Highland Ave. within Lehigh Valley Industrial Park IV in Bethlehem, for an undisclosed price. Hygrade Components sold the property for $2.7 million in a sale-leaseback transaction. In 1996, J.G. Petrucci Co. completed the design/build of the property for Hygrade Components, which has signed a long-term lease for the property.
BRAINTREE, MASS. — The Triad Group has arranged the 20-year lease for the former Kindred Hospital campus, located at 2001 Washington St. in Braintree. CATS Academy, a United Kingdom-based prep school, has leased the 100,000-square-foot facility from 2001 Washington Street LLC. The landlord completely renovated the former hospital facility, which was built in 1918, and built 400 dorm rooms to accommodate students on the property. Andrew Mann of The Triad Group represented the tenant, while David Stubblebine, James Stubblebine and Micah Stubblebine of The Stubblebine Company represented the landlord in the transaction.
ANAHEIM, CALIF. — Bentall Kennedy has purchased Anaheim Concourse, a 965,255-square-foot industrial property, for $188.2 million. The facility is situated on North Miller Street in Anaheim. The seven-building, Class A project was completed last year. The space is currently 86 percent leased. The lease rollover is staggered, with the first lease expiring in January 2021. CBRE’s Val Achtemeier arranged acquisition financing. The firm’s Darla Longo, Barbara Emmons, Michael Kendall, Rebecca Perlmutter, Brad Bierbaum and Ryan Peterson represented the sellers, Panattoni and Clarion Partners, on behalf of a separate account managed by the firm.
FULLERTON, CALIF. — A global fund has purchased the 292-unit Amerige Pointe apartments in Fullerton for $115 million. The Class A community is located at 1001 Starbuck St. within the master-planned community of Amerige Heights. The property also contains 10,300 square feet of retail space. The buyer plans to upgrade the unit interiors, as well as some common area spaces. Joe Leon, Jeff Rowerdink and Dean Zander of Berkadia represented both the buyer and original owner and developer in this transaction.
PALM DESERT, CALIF. — Colliers International has arranged the $19.8 million sale of Town Center Plaza, an 82,000-square-foot shopping center located in Palm Desert. Tenants at the center include Trader Joe’s, Michaels, Banner Mattress, Tuesday Morning, Fisherman’s Market and Grill, The Palms Café and Uncle Don’s Hobbies. Bill Barnett and Doug Hogan of Colliers represented the buyer, Citivest Commercial Investments LLC, in the acquisition of the property from Town Center Plaza LP.
PASADENA, CALIF. — CBRE has arranged the $13.4 million sale of Shops on Hill, a 32,685-square-foot mixed-use center in Pasadena. The two buildings are located on opposite corners of the intersection of East Washington Boulevard and North Hill Avenue, and feature 12 apartments with ground-floor retail. Shops on Hill LLC, an entity controlled by Engine Real Estate, acquired the property.
SALT LAKE CITY — The Kissel Co. has purchased the Sweet Candy Building in downtown Salt Lake City for an undisclosed sum. The historic building is located at 200 West and 224 South. The 97,000-square-foot property was built in two phases between 1911 and 1922. The Sweet Candy Building was renovated in 2001, at which time it was converted into retro tech space. It is fully leased. CBRE’s Marty Plunkett and Craig Thomas represented the seller, Olafson II LLC, in this transaction.
SAN ANTONIO — On behalf of Seavest Healthcare Properties, Trammell Crow Co. has begun construction on a medical office building located at 1434 E. Sonterra Blvd. in San Antonio. Seavest Healthcare Properties will own the new three-story, 60,000-square-foot Children’s Hospital of San Antonio Health Pavilion at Stone Oak. The medical office building will focus on pediatric services. CHRISTUS Santa Rosa will lease 88 percent of the property, with the remaining space leased to MedCare Associates, a primary healthcare group. Construction has already begun and is scheduled for completion in fall 2017. The development team includes general contractor Joeris, architect MKS Associates, Cooper-Lochte Landscape Architecture, Pape Dawson, RGM Engineering and Alpha Consulting Engineers.
TULSA, OKLA. — CBRE has arranged the sale of BOK Place at Southern Hills, a 126,656-square-foot, Class A office building in Tulsa. The eight-story asset was 89 percent occupied at closing. Mary Martin of CBRE’s Tulsa office represented the seller, Allegiancy Houston LLC, in the transaction. The building is located at 5727 S. Lewis Ave. near the intersection of East 61st Street and South Lewis Avenue with close proximity to Southern Hills Country Club. Building amenities include high-speed internet, on-site banking with drive thru lanes and an on-site deli. Major tenants include Bank of Oklahoma and The Home Depot.