BURBANK, CALIF. – A joint venture has been formed between PCCP, LLC and Worthe Real Estate Group to acquire Tower Burbank, a 486,972-square-foot office property. The 32-story, Class A tower is located at 3900 West Alameda Ave. within the Burbank Media District. It became the tallest building in Burbank upon completion in 1989. The tower was formerly occupied by a division of Walt Disney Company until early 2013. It is currently vacant. The JV plans to update and rebrand the tower, which will undergo improvements to its lobby and exterior. It will also add a tenant-only health club and café.
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LOS ANGELES — Markwood Enterprises has acquired a 16,000-square-foot lot in Hollywood for $4.4 million. The lot is located at 7100 Melrose Ave. It currently houses a Chevron gas station. Markwood plans to build a retail and office development on the site. New development would range from 6,000 square feet to 10,000 square feet. Construction should be complete by mid-2015. Markwood was represented by Jason Gribin from Wilson Commercial Real Estate. The unnamed seller was represented by David Aschkenasy of CAG Commercial Asset Group. Wilson’s Scott Burns and Tom Breen from Epsteen and Associates will jointly represent Markwood in leasing efforts.
MANHATTAN BEACH, CALIF. – A 5,782-square-foot retail property in Manhattan Beach that is triple-net leased to JPMorgan Chase Bank has sold to a private family trust in a 1031 exchange for $6.2 million. The free-standing property is located at 1727 Artesia Blvd. JPMorgan Chase holds a long-term 15-year NNN lease at the property. The buyer was represented by CBRE. The seller, Sackley Family Trust, was represented by Chris Tramontano and Mike Ward of Faris Lee Investments in this all-cash transaction.
SMYRNA, GA. — Atlanta-based Cocke Finkelstein Inc. has acquired The Park at Vinings, a 484-unit apartment community in Smyrna, for $49.5 million. CFLane, the apartment management subsidiary of Cocke Finkelstein Inc., will manage the community, which was 97 percent occupied at the time of sale. The Park at Vinings offers one-, two- and three-bedroom floorplans. Amenities include a two-story pool with waterfalls, six lighted tennis courts, a volleyball court, pond with a gazebo, playground, car care center and a dog park.
MIAMI BEACH, FLA. — Franklin Street Real Estate Services has brokered the $4.3 million sale of a 24-unit apartment building in Miami Beach. The apartment community is located at 8101 Crespi Blvd., about five minutes south of Bal Harbour and 15 minutes north of South Beach. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the seller, a local investor, in the transaction. The buyer, a real estate investor and developer from Italy, purchased the asset with the intent to convert the project to a condominium development.
GOOSE CREEK, S.C. — Marcus & Millichap has brokered the $3.4 million sale of Springhill, a 192-unit apartment property at 100 Swift Blvd. in Goose Creek. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap represented the seller, a bank/financial institution, in the transaction. The property was built in 1974 and was in the mid-70 percent occupancy range at the time of sale.
ATLANTA — Lincoln Property Co. Southeast has arranged office lease renewals totaling 30,048 square feet at Eleven Seventeen Perimeter, a Class A office building in Atlanta’s North Fulton submarket. Hunter Henritze and Michael Howell of Lincoln Property Co. represented the unnamed landlord in the transactions, which include: Troy University renewing its 13,291-square-foot lease. Kathleen Burke of Cresa Atlanta represented Troy. Visionaire Partners renewing its 6,273-square-foot lease. Pete Shelton of Colliers International represented Visionaire. Care Solutions renewing its 5,681-square-foot lease. Ryan Cone of Cone Middour Partners represented Care Solutions. CURE Childhood Cancer renewed and expanded its lease to 4,803 square feet. Greg Kindred of Richard Bowers & Co. represented the tenant.
GLEN BURNIE, MD. — First Potomac Realty Trust has signed Skyline Technology Solutions to an 11-year lease for 28,753 square feet at Aviation Business Park in Glen Burnie. Aviation Business Park features three single-story, Class A office buildings totaling 120,285 square feet. The property is located about two miles from Baltimore-Washington International Airport. The transaction with Skyline brings the park to 70 percent occupancy.
INDIANAPOLIS — Browning, an Indianapolis-based development and construction firm, will complete a building expansion for NorthPark Community Credit Union. The facility is located in the Northwest Technology Center Park, a business park at the corner of Technology Center Drive and Zionsville Road in Indianapolis. Browning will expand the NorthPark building by adding six new offices that will include exterior storefront glazing to allow natural light to flow into the interior space. NorthPark Community Credit Union is one of 12 properties located in the Northwest Technology Center Park. Some other businesses at the center include the American Heart Society, the American Cancer Society and HC-1. NorthPark has occupied space in the Northwest Technology Center Park for more than 10 years.
CHICAGO — Amata Office Centers, an office suites provider, will open its sixth shared office center on May 1. The 16,950-square-foot center occupies the entire 24th floor of the building in the West Loop located at 150 S. Wacker Drive. The office center features more than 50 private office suites, seven open workstations, six large team rooms, three conference rooms, a café and lounge, and Amata’s Cognac room. The center also includes an open loft concept, gigabit Ethernet connection and video games in the lounge.