CHESTER AND BERNARDSVILLE, N.J. — Urstadt Biddle Properties has acquired a medical office building and childcare center in New Jersey for a combined $6.4 million. The properties include the 14,592-square-foot Bernards Square Medical Office Building in Bernardsville and the 9,120-square-foot Clockwork Childcare Center in Chester. Both deals were part of a three-property portfolio owned by a local family. Urstadt expects to close on the third property, a grocery-anchored shopping center, in the next 90 days.
DALLAS — Encore Multi-Family LLC has commenced construction of the 288-unit Encore 6162, a four-story apartment development in Dallas' Medical District. The community will feature porte cache, high-end interior finishes, a resort-style swimming pool, fitness center and community gathering areas. The first units available are scheduled for a February 2014 delivery, while final completion is slated for June 2014. Whitney Bank, New Orleans is providing construction financing for the project. There is currently more than $2.5 billion in medical construction projects within two miles of Encore 6162, according to Brad Miller, president of Encore Multi-Family, a subsidiary of Encore Enterprises Inc.
HOUSTON — San Francisco-based Shorenstein Properties has completed the purchase of the 1.2 million-square-foot 800 Bell Street, an office tower located in downtown Houston. The 45-story office tower covers two city blocks and includes a seven-story parking garage. ExxonMobil Corp., the seller, also occupies the building. Shorenstein Properties purchased the property for Shorenstein Realty Investors Ten, a fund formed in 2010 with $1.23 billion in committed capital. Simultaneous with the purchase, ExxonMobil has leased back the entire building into 2015. Shorenstein plans to make upgrades upon ExxonMobil's departure.
IRVING, TEXAS — Newport Beach, Calif.-based KBS Real Estate Investment Trust III has purchased the 364,366-square-foot Tower on Lake Carolyn building, located in the Las Colinas submarket in Irving. The 19-story, LEED-certified office tower features residential, commercial, retail and open space. The property is now 83 percent leased by 42 tenants. The Class A property has received more than $8 million in capital improvements during the past five years. Michael McDonald and Kennedy Hicks of Eastdil Secured represented the seller in the transaction.
HOUSTON, DALLAS AND SAN ANTONIO — Global Fund Investments, in a joint venture with Israeli-based The Phoenix, has acquired a 49 percent interest in a 22-property retail portfolio located in Houston, Dallas and San Antonio. The portfolio spans approximately 2.4 million square feet and is predominantly grocery-anchored shopping centers. Investcorp International will retain a 51 percent majority interest in the portfolio, which is 92.5 percent occupied to tenants such as H-E-B, Kroger, Walmart, Tom Thumb and Albertsons.
SAN DIEGO — Cornerstone Heights Corporate Center in San Diego has sold to a joint venture between Lincoln Property Company and Artemis Real Estate Partners for $14.1 million. It is located at 5959 & 6059 Cornerstone Court West. The center contains twin buildings that total 97,945 square feet. Lincoln Property represented itself in this transaction, while the seller, The Realty Associates Fund VI, L.P., was represented by Rick Reeder and Brad Tecca of Cassidy Turley San Diego.
SAN PEDRO, CALIF. — Pacific Place, a 292,540-square-foot, Class A office tower in San Pedro, has sold to Jupiter Holdings LLC for an undisclosed sum. It is located at 222 West 6th Street. The building was previously occupied by Northrop Grumman. The seller, Pacific Place Associates, was represented by CBRE’s Kevin Shannon, Dave Smith and Scott Schumacher.
PICO RIVERA, CALIF. – An industrial property in Pico Rivera that contains 9,840 square feet of office space and 57,635 square feet of dock area has sold to Beverly Pico, LLC for $11.5 million. It is located at 9933 Beverly Blvd. The seller, NRC Realty & Capital Advisors, LLC, worked in cooperation with brokers from Burr & Temkin and Grubb & Ellis on this transaction.
WEST COVINA, CALIF. — A single-tenant restaurant space that sits adjacent to the West Covina Mall has sold to Olympic Harbor Investment Corporation for $4.2 million. It resides at 1360 W. Garvey Ave. in West Covina. The unnamed seller was represented by Patrick Barnes and Peter Spragg of Colliers International.
PALO ALTO, CALIF. — KBS Realty Advisors has purchased Palo Alto Technology Center, a 259,157-square-foot office campus, for an undisclosed sum. The 10-building complex is located on Embarcadero Road at Highway 101 in Palo Alto. It was 97 percent leased at the time of sale. Stanford Hospital and Clinics recently leased about 66 percent of the campus.