IRVINE, CALIF. – Griffin Capital Corp. has acquired an 82,645-square-foot creative office building in Irvine for $27.2 million. The Class A building is located at 16752 Armstrong Ave. near Tustin Legacy. Motorcross accessories and apparel company Fox Head recently signed a 15-year lease at the facility. The sellers, Shubin Nadal Realty Investors and Penwood Real Estate Investment Management, were represented by Newmark Grubb Knight Frank (NGKF) and CBRE. NGKF also negotiated the Fox Head lease.
Property Type
SAN DIEGO – A 28-unit apartment building in San Diego has sold to Gordon Reese and John Reinhardt of Imperial Group Partners for $2.6 million. The community is located at 5460-5468 Imperial Ave. The seller, Michael Contreras, initially purchased the asset as a foreclosed REO property. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller in this transaction.
SEATTLE – Thomas Company has opened a new office in Seattle. It has also hired net lease expert Adam Christoffersen to oversee the region. Christoffersen was previously with Gibraltar, LLC and CBRE. Thomas Company, which specializes in the single-tenant, net leased assets, was originally founded in Newport Beach, Calif.
SAN DIEGO — Lockheed Martin Corporation has renewed its lease for 111,972 square feet at Horizon Tech Center in San Diego. The 157,884-square-foot tech center is located just east of Scripps Ranch Road and 0.5 miles east of I-15 in the Scripps Ranch submarket. The center is owned by KBS Real Estate Investment Trust II.
NEW ORLEANS AND BATON ROUGE, LA. — Atlanta-based real estate firm Songy HighRoads LLC has purchased seven office buildings in New Orleans and Baton Rouge for $52.7 million. The properties total nearly 520,000 square feet. The Baton Rouge properties include 2431 S. Acadian Thruway; Citiplace One & Two; Sherwood Oaks Office Park; Corporate Atrium; and Corporate Two. The last property is Latter Center West, located at 2800 Veterans Blvd. in Metairie, a northwest suburb of New Orleans. Jones Lang LaSalle's Houston office brokered the transaction.
NORTH MIAMI, FLA. — NorthMarq Capital has arranged $42 million in refinancing for Causeway Square, a three-building mixed-use development located at 1801 N.E. 123rd St. in North Miami, a suburb of Miami. The main building in the development is anchored by LA Fitness and features 86,873 square feet of office space and 73,124 square feet of retail space. The two outparcel properties are occupied by Total Bank and The Vitamin Shoppe. Robert Hernandez of NorthMarq Capital's Tampa, Fla., office arranged the two-year, interest-only loan through a national bridge lender.
DURHAM, N.C. — Skanska USA has been awarded a $33 million contract for the construction of a new 125,700-square-foot facility at the Duke Eye Center in Durham. Construction is underway on the property, located in the parking lot adjacent to the existing Wadsworth Building. Skanska USA expects to wrap up construction in the fall of 2015. The new property will expand Duke Eye Center's existing footprint with more space to receive and treat patients.
TALLAHASSEE, FLA. — Hunter Hotel Advisors and Harp Holdings have sold the 117-room Hotel Duval in Tallahassee to Schulte Hospitality Group for $23 million. Hunter and Harp purchased the hotel in 2007 and spent approximately $15 million restoring the hotel before reopening it in October 2009 as the Hotel Duval. The boutique hotel, built in 1951, recently jointed Marriott's Autograph Collection. The sellers were represented internally by Teague Hunter and Trey Scott of Hunter Hotel Advisors.
ATLANTA — Walker & Dunlop has arranged acquisition financing for a Class A, 123,000-square-foot office building in Atlanta's Cumberland/Galleria submarket. The property is currently 88 percent leased. Hagan Dick of Walker & Dunlop's Atlanta office arranged the non-recourse loan through a national bank on behalf of the borrowers, Brookwood Investment Group and Noro Management Inc.
EDWARDSVILLE, KAN. — Monmouth Real Estate Investment Corp. (NYSE: MNR) has acquired a 280,000-square-foot industrial building in Edwardsville, a western suburb of Kansas City, for $18.8 million. The property, located at 2552 South 98th St., is net leased for 10 years to International Paper Co., a Memphis, Tenn.-based global provider of paper and packaging materials. The Class A distribution center is within close proximity to four major interstates — I-435, I-70, I-635 and I-35. Freehold, N.J.-based Monmouth is a publicly traded REIT, which owns 78 industrial properties and one shopping center within 27 states.