SANTA MONICA, CALIF. – JOSS Realty Partners has purchased a 23,531-square-foot boutique office property in downtown Santa Monica for $23.7 million. The Class A property is located at 1315 Lincoln Blvd. in an area known as Silicon Beach. The space is fully occupied by five tenants, including City National Bank, Chandler Chicco Agency, Centro Media, O’Gara Coach Company and Dethrone Basecamp. JOSS paid $1,004 per square foot for the building – one of the highest prices paid for a Los Angeles-area property.
REDONDO BEACH, CALIF. – DHL has signed a six-year lease extension for 234,858 square feet of industrial space in Redondo Beach. The facility is located at 4000 Redondo Beach Ave. The logistics company uses the space as an air freight hub. The lease is valued at $11.9 million. DHL was represented by Todd Taugner, Frank Schulz and David Prior of the Klabin Company in this transaction.
LOS ANGELES – Black Equities has purchased a retail center at 7300 Melrose Ave. in Los Angeles for $5.3 million. The center is home to Floyd’s Barbershop and the Dark Room bar and restaurant. The seller, Ness Holdings, purchased the center for $3.8 million in 2013. At that time, the firm renegotiated the anchor tenants’ leases and re-tenanted the additional spaces. The repositioning program was completed and the asset was sold in less than two years.
COPPELL, TEXAS — Marcus & Millichap has arranged the sale of a 96,500-square-foot, single-tenant office building fully leased to Avaya Inc. Built in 1998 on 6.8 acres, the two-story office building is located near the Dallas/Fort Worth International Airport at 1111 Freeport Parkway in Coppell. The property features frontage on I-635, the Lyndon B. Johnson Freeway. Ron Hebert of Marcus & Millichap’s Dallas office represented the seller, KP Dallas LLC. Steve Sauter of firm’s Palo Alto office represented the buyer, Coliseum Storage Associates LLC.
KENNESAW, GA. — Atlanta-based shopping center owner RCG Ventures has formed a joint venture with DRA Advisors to purchase Cobb Place, a 335,190-square-foot shopping center located along Ernest Barrett Parkway in Kennesaw, a northern suburb of Atlanta. The joint venture acquired the center from an undisclosed seller for $46.5 million. The property’s tenant roster includes Bed Bath & Beyond, Cost Plus World Market, DSW Shoe Warehouse, Ashley Furniture and American Signature Furniture. CBRE represented the seller in the transaction, and RCG Ventures was represented internally by Matt Klump.
FORT LAUDERDALE, FLA. — CBRE has arranged the $13.1 million sale of Merrill Lynch Plaza, a 77,878-square-foot office campus located at 2601-2611 E. Oakland Park Blvd. in Fort Lauderdale. An unnamed equity investor from Israel purchased the asset from BE ML FLL LLC. The office campus was 84.9 percent leased at the time of sale to tenants such as Merrill Lynch, Centennial Bank, Africa Adventure Co., Exit Ryan Scott Realty and The Darwin Agency. Dominic Montazemi, Miguel Alcivar, Greg Miller, Jason Hochman and Scott O’Donnell of CBRE represented the seller in the transaction.
TYSONS, VA. — Lerner Enterprises has signed Capital One Financial Corp. to a 136,000-square-foot office lease in Tysons, roughly 14 miles outside of Washington, D.C. Capital One will occupy six full floors at The Corporate Office Centre at Tysons II, an 18-story Class A office tower located at 1750 Tysons Blvd. Capital One anticipates moving into its new offices in late 2015. Brian Tucker, Moe Hamilton and John Dragelin of Cushman & Wakefield’s Virginia office represented Lerner Enterprises in the lease transaction. Jeffrey Roman and John DiCamillo of CBRE represented Capital One.
FORT WORTH, TEXAS — Sperry Van Ness / Visions Commercial have arranged three new office lease transactions at Fossil Creek Station office complex in Fort Worth. CelSana LLC leased 1,091 square feet for a three-year term beginning May 1; Scott Boyd, CPA leased 1,091 square feet for a three-year term that began April 1; and Blue Star Consulting leased 1,091 square feet for a three-year term that began March 1. Located at 6642 N. Riverside Drive, Fossil Creek Station is a four-building office complex situated just north of I-820 and east of I-35 off Western Center Blvd. The property was built in 2006. Clint Montgomery with Sperry Van Ness / Visions Commercial represented the property owner, Value Builders Inc., in all three transactions.
NEW YORK CITY — Madison Realty Capital has provided $34 million in financing for the acquisition and renovation of a mixed-use residential and retail building in Manhattan’s Chelsea neighborhood. The loan provides $29 million in immediate acquisition funding and $5 million for planned renovations. Located at 125 West 16th St., the 39,504-square-foot building features 40 residential units and two ground-floor retail units. The name of the borrower was not released.
NEW YORK CITY — Prime Manhattan Residential has arranged the acquisition of a 10,000-square-foot multifamily property located at 52 East Seventh St. in New York City’s East Village. 1637 Abbot Kinney LLC purchased the property for $9.9 million from an undisclosed seller. Originally built in 1910, the 10,000-square-foot building features 17 free-market and three rent-stabilized one-bedroom apartments and 2,000 square feet of ground-floor retail space. The buyers plan to build out the retail space, which is currently vacant. Robert Dankner of Prime Manhattan Residential represented the buyer, while Keith Copley and Pascual Ortiz of Douglas Elliman represented the seller.