SEATTLE — GLL Real Estate Partners has purchased a 130,530-square-foot, Class A office building in Seattle’s South Lake Union neighborhood for a reported $97 million. The six-story building is located at 202 Westlake. It is fully leased, with Amazon being the main tenant. The building is only three blocks away from the company’s high-rise headquarters development, which will contain 2.2 million square feet at Sixth and Blanchard. This is GLL’s first purchase in Seattle.
LOS ANGELES – The State Bar of California will soon occupy the top four floors of a 111,000-square-foot office building in Downtown Los Angeles. The building is located at 845 South Figueroa Street. The space is undergoing a $14-million interior renovation before the State Bar takes up residency this December. Smart & Final recently opened on the building’s ground floor. The renovation will be carried out by Driver SPG, a construction affiliate of C.W. Driver. LeanArch will serve as the project’s architect. The five-story building also underwent a full-base renovation last year before the State Bar purchased the property from L&R Companies. The State Bar will be relocating from the AT&T Center once the renovations are complete.
PHOENIX – Omninet Capital has purchased the Midtown Phoenix Bank of America Tower for $14.8 million. The 189,000-square-foot building is located at 3030 N. Central Ave. The tower is currently 87 percent leased to tenants like Bank of America, Dignity Health, Xerox, AVESIS, Teach for America and Barrow Neurological Institute. Omninet plans to invest more than $2 million to renovate the building. The company also plans to invest an additional $200 million in the Phoenix market over the next two years. Omninet represented itself in this transaction. The seller, a partnership between Morrison Street Capital and Ronald Realty Group, was represented by Michael Crystal of Cushman & Wakefield of Arizona and Jim Palmer of The Palmer Group.
SANTA MONICA, CALIF. — It’Sugar has signed an eight-year lease for 2,250 square feet of space on Third Street in Downtown Santa Monica. The space is located at 1427 Third Street. The lease is valued at $6.2 million, or $312 per square foot, a record-breaking high in this shopping district. The global candy and gift retailer will occupy the space in March 2014. It’Sugar was represented by Jeremy Ezra of RKF. The landlord, Promenade Enterprises LP, was represented by Randy Starr of Avison Young.
PALMDALE, CALIF. – The 626-unit National Storage Center in Palmdale has sold to an unnamed buyer for $5.7 million. The 78,630-square-foot, Class A facility is located at 3305 East Palmdale Blvd. The seller, a partnership, was represented by Christopher R. Secreto and Nicholas Walker of Marcus & Millichap.
TORRANCE, CALIF. — LivingSocial has leased 19,311 square feet at Pacific Center in Torrance. The center is located at 21250 Hawthorne Blvd. Other notable tenants at the center include Bank of America, Wells Fargo Insurance and Morgan Stanley Smith Barney.The landlord, Bixby Land Company, was represented by Eric Lastition, Doug Brawnand Thacher Goodwin of Colliers International. They are the exclusive leasing agents for the property.
ATLANTA — HFF has arranged $114 million in non-recourse financing for Promenade, a 775,089-square-foot, Class A office tower located in Atlanta's Midtown submarket along Peachtree Street. The property, built in 1990 as a build-to-suit for AT&T, is adjacent to The Four Seasons, Colony Square and the High Museum. The office tower is currently 87 percent leased. Mark Sixour and Bill Ireland of HFF arranged the nine-year, fixed-rate loan through Northwestern Mutual on behalf of the borrower, Atlanta-based Cousins Properties Inc.
ACWORTH, GA. — Colliers International has arranged the sale of Acworth Crossing and Acworth Avenue Shops in Acworth, a northwest suburb of Atlanta. Acworth Crossing sold for $12.5 million and Acworth Avenue Shops for $3.6 million. Acworth Crossing, a 118,829-square-foot center located at 3335 Cobb Parkway N.W., is 83 percent leased to tenants Best Buy, Michaels, PetSmart and Dollar Tree. Acworth Avenue Shops, a 16,130-square-foot, unanchored retail strip center, is fully leased to national and local tenants. Joseph Montgomery and Tony D'Ambrosio of Colliers International represented the sellers in the transactions. A CMBS bondholder was the seller of Acworth Crossing and a national shopping center owner was the seller of Acworth Avenue Shops.
NAPLES, FLA. — Stevens Construction has been selected as the construction manager for Landmark Hospital of Southwest Florida, a 50-bed, acute-care facility located on Goodlette-Frank Road in Naples. The three-story, 86,676-square-foot hospital will specialize in wound care, low-tolerance rehabilitation, mechanical ventilation and treatments. The first floor of the hospital will be shell space available for lease; the second floor will accommodate operating rooms, conference rooms, CT scans and administrative offices; and the third floor will feature a 10-bed ICU, 10-bed progressive care unit and 30 medical and surgical beds. Construction is slated to begin in early 2014. HuntonBrady Architects designed the new hospital.
MIDDLE RIVER, MD. — Washington, D.C.-based Greysteel has arranged the sale of Miramar Plaza Shopping Center, a 37,000-square-foot, unanchored retail center located at 901-915 Middle River Road in Middle River, about 12 miles outside Baltimore. Gil Neuman of Greysteel represented the seller, Vanguard Equities, and procured the buyer, Aasan Investment LLC, in the transaction. The property is currently 92 percent leased.