NEW YORK CITY — CPEX has arranged the sale of a retail property located at 2038-2050 Flatbush Ave. in Brooklyn. The 15,000-square-foot property sold for $4.5 million, or $300 per square foot. The four-unit property was 76 percent occupied at the time of sale. Current tenants are Telco Stores and Sports Physical Therapy of NY. Andre Sigourney and Harrison Balisky of CPEX’s retail sales team represented the seller and buyer in the transaction. The names of the seller and buyer were not released.
CAMBRIDGE, MASS. — Akamai Technologies, a provider of cloud services, has signed a 10-year lease for 67,000 square feet at 50 Hampshire in Cambridge. The company will occupy the entire sixth and seventh floors of the building and use the space to expand its Cambridge office, which serves as its U.S. headquarters. BioMed Realty owns the property, which will be 50 percent leased once Akamai takes occupancy. Terms of the transaction were not released.
CHATSWORTH, CALIF. – Rexford Industrial Realty has purchased a 153,984-square-foot distribution building in Chatsworth for $14.1 million. The building is located at 9401 De Soto Ave. It was built in 1983. The building was the former corporate headquarters, manufacturing and distribution center for Topco Sales. David Young and Chad Gahr of NAI Capital’s Encino office represented both the buyer and seller, 9401 De Soto LLC, in this transaction.
MISSION VIEJO, CALIF. – La Paz Gateway, a 6,000-square-foot retail center in the Orange County submarket of Mission Viejo, has sold to an unnamed buyer for $5.5 million. The Class A center is located at the intersection of Muirlands Boulevard and La Paz Road, off Interstate 5. It is fully occupied by three tenants, including Roberto’s Taco Shop, Ortho Mattress and Beach Hut Deli. La Paz Gateway was built in 2007. Both the buyer and seller were represented by Scott Hook of Hook Retail Advisors/Coldwell Banker Commercial (CBC) Alliance Orange County.
LOS ANGELES – Human Services Agency of Ventura County has leased 57,200 square feet of office space at Younan Executive Center in the Los Angeles submarket of Simi Valley. The Class A space is located at 2900 Madera Road. The new lease will allow the county agency to consolidate some of its departments under one roof. The landlord, Younan Properties, was represented by Mark T. Leonard, Cory Richmond and Jared Smits of Lee & Associates-LA North/Ventura.
LOS ANGELES – Whalerock Industries has leased space at the RedBuilding in West Hollywood’s Pacific Design Center. The center is located at 8687 Melrose Ave. The independent media/technology company will be relocating from nearby Santa Monica. The company was represented by Gayle Landes and Mike Geller of First Property Realty Corp. The 400,000-square-foot RedBuilding is the newest addition to the Cesar Pelli designed Pacific Design Center. The center is owned and developed by Charles S. Cohen.
TUSTIN, CALIF. – Kettlebar restaurant has opened at Union Market Tustin. The Southern seafood offering will be located within the 22,000-square-foot artisanal center, which contains a mix of independent gourmet food, fashion and lifestyle micro-tenants. Union Market Tustin is situated within The District at Tustin Legacy, a regional shopping center. The District was developed by Vestar/Kimco and is operated by Vestar.
MIAMI — The site of the 83-story Panorama Tower in Miami spans 14,677 cubic yards, making it Florida’s largest single foundation in history. The continuous concrete pour held last weekend comprised more than 1,200 loads spread out between 175 cement trucks pouring for a consecutive 22.5 hours. Upon completion, Florida East Coast Realty’s Panorama Tower will be the tallest residential tower on the Eastern seaboard south of New York and the tallest building (830 feet) in the state of Florida. The project includes 16 miles of auger cast piles, more than 3,500 tons of reinforcing steel, 13.5 million pounds of cement, 15.3 million pounds of sand, 25.8 million pounds of rock and 495,000 gallons of water. For the $800 million tower, Florida East Coast Realty is using a $340 million construction loan from Wells Fargo, which is the largest construction loan in South Florida. Mosche Cosicher designed the tower to feature a 2,000-car parking garage, 100,000 square feet of medical office space, a 208-room hotel, 50,000 square feet of retail and restaurant space and 64 stories of residential space totaling 821 rooms.
HOUSTON — JLL has arranged the sale of Ashford Place II and III, two Class B properties in Houston’s energy corridor. The Mission Cos. purchased the properties for an undisclosed amount. The company also owns two buildings adjacent to Ashford Place II and III. The purchase raises The Mission Cos.’ total investment in the energy corridor to 12 acres. Rudy Hubbard, Kevin McConn and Rick Goings led the JLL team representing the seller, Insite Realty, in the transaction. Ashford Place II is a 58,730-square-foot office building located at 950 Threadneedle St. Ashford Place III is an 84,775-square-foot office building located at 14800 St. Mary’s Lane. The properties were built in 1977 and 1978, respectively, and underwent a $3.2 million capital improvement program in 2008. The properties each offer access to I-10, Beltway 8, Houston’s central business district, Memorial City, Westchase, CityCentre and both major airports. The Mission Cos. is an integrated full-service group of companies involved in the development, acquisition, management and leasing of office buildings and medical buildings in Houston and the surrounding communities.
PEACHTREE CORNERS, GA. — Emma Capital Investments Inc. has purchased Valencia Park Apartments, a 508-unit garden-style apartment community in Peachtree Corners, a suburb of Atlanta. The multifamily investor acquired the asset via 3500 Peachtree Corners LP for $28.2 million. The multifamily community’s amenity package includes a swimming pool with a sundeck, clubhouse and fitness center. Emma Capital plans to implement a renovation program to the common areas and unit interiors upon completion of the sale. Valencia Park is Emma Capital’s second acquisition in north Atlanta within the last three months and its seventh purchase in the United States. The company now owns roughly 2,000 units in the United States.
