ST. LOUIS — Davidson Surface/Air Inc. has purchased the former KV Pharmaceuticals headquarters in St. Louis for $9.5 million. The 315,000-square-foot industrial/office building is located at 1 Corporate Woods Drive. Gary Parker and Dan Merlo of Intelica CRE represented Davidson Surface/Air Inc. in negotiating the transaction.
DALLAS — CBRE Capital Markets has negotiated the sale of Cedar Springs Business Park, a newly constructed office and industrial complex in Dallas. Dallas-based Berlin Interests purchased the 33,248-square-foot building from Dallas-based Carlisle Interests. Cedar Springs is located near the corner of Mockingbird Lane and Cedar Springs Road close to Dallas Love Field Airport. The building is 100 percent occupied by a variety of tenants including Park Cities Petals, Oxshott, SEI Metal Tek and TLC Events Rentals. Jennifer Pierson, Beth Pierson and Cameron Deptula of CBRE’s Dallas office represented the seller.
AUSTIN, TEXAS — ARA has arranged the sale of Tree, a 335-unit Class A community located in south Austin. Pat Jones of ARA Austin represented the sellers, Greystar and The Carlyle Group. A private Canadian investment group was the buyer. Tree was built in 2014 and consists of one- and two-bedroom floor plans as well as a five-story concrete garage. Amenities include a swimming pool, gym, bocce ball court, meditation fountain and an outdoor kitchen. Tree sits next to Highway 290 and was 94 percent leased at the time of sale.
LAWRENCEVILLE, N.J. — Prism Capital Partners has secured three new leases, totaling 57,000 square feet, at Princeton Pike Corporate Center in Lawrenceville. J. Knipper and Company Inc. has inked a deal for 23,000 square feet of garden-level space at 1009 Lenox Dr. Sab Russo of Mercer Oak Realty represented the tenant in the long-term transaction. National law firm Eckert Seamans Cherin and Mellott LLC signed a long-term lease for 22,550 square feet of second-floor space at 2000 Lenox Dr. Ed DaCosta of CBRE represented the Pittsburgh-based firm, which will relocate its regional office to the property from Trenton, N.J. Additionally, Management Planning Inc. leased 11,370 square feet at 1000 Lenox Dr. Roby Bull of Jones Lang LaSalle represented the tenant in the long-term transaction. Prism Capital Partners and Angelo, Gordon & Co. acquired Princeton Pike Corporate Center in 2013. Bloomfield, N.J.-based Prism Capital serves as operating partner for the joint venture.
TACOMA, WASH. – Kennedy Wilson has acquired the 280-unit Bella Sonoma apartment complex in the Tacoma suburb of Fife for $46.7 million. The luxury residential community is located at 2301 62nd Ave E. Bella Sonoma was built in two phases in 2004 and 2006. About 35 percent of the community’s units are townhomes with attached garages. The community is situated near the Port of Tacoma and a Sound Transit stop which, connects to Seattle and Tacoma. Kennedy Wilson has purchased 2,185 units in the Pacific Northwest this year alone, bringing its Pacific Northwest multifamily portfolio to a total of 5,216 units. It owns a total of 20,719 multifamily units worldwide. The firm invested $11.1 million of equity into the acquisition. It also secured $37.3 million of new debt through Fannie Mae. That 10-year loan features a fixed interest rate of 3.59 percent and five years interest-only. The seller was not named.
VANCOUVER, WASH. – Eagle Home Mortgage has leased 8,340 square feet at the Broadway Building in Vancouver. The Class A building is located at 805 Broadway Building. Eagle Home Mortgage is a subsidiary of Universal American Mortgage Company, which is a division of Lennar Corporation. The company should occupy the building by Jan. 1. Eagle Home Mortgage was represented by Eric Turner of Cresa. The landlord, RS Holdings LLC, was represented by Doug Bartocci and Tamara Fuller of NAI Norris, Beggs & Simpson Associate.
ANAHEIM, CALIF. – A 2,250-square-foot industrial building in Anaheim has sold to an unnamed buyer for $2.5 million. The building is located at 145 W. Santa Ana Street. EmilAmerica is the building’s sole tenant. Chris Migliori of DAUM’s Orange County office represented both parties in this transaction.
ST. PETERSBURG, FLA. — A joint venture between affiliates of Feldman Equities, Tower Realty Partners and Second City Real Estate has purchased First Central Tower in downtown St. Petersburg. The 17-story, 250,000-square-foot office building is located at 360 Central Ave. Feldman Equities is spearheading leasing and redevelopment efforts, and Tower Realty Partners will handle management responsibilities. The joint venture plans to invest $10 million in building renovations and tenant improvements. First Central Tower was 50 percent leased at the time of sale, accounting for known tenant move-outs. Redevelopment plans for First Central Tower include an extensive lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms. In addition, the new ownership is planning an amenity package, which will include a concierge desk, state-of-the-art luxury fitness center and conference center. Mechanical/system upgrades will include completely new elevator systems and cabs. The parking garage will be upgraded with a new electronic door entrance and upgraded lighting. In addition, air conditioning systems will be upgraded throughout the building. First Central Tower is anchored by BB&T Bank — whose name tops the building — Abbey Adams Law, Traub Lieberman Law and United Insurance.
AURORA, COLO. — AmCap has purchased The Gardens on Havana, a 496,561-square-foot open-air shopping center in Aurora, for $86.3 million. The center is located at 10551 E. Garden Drive. The retail center is 98.4 percent occupied. Notable tenants include Target, Sprouts Farmers Market, Kohl’s, Toys ‘R’ Us, Dick’s Sporting Goods, Petco, Ulta, Noodles & Company, Chick-fil-A and Starbucks. The Gardens on Havana was purchased on behalf of one of AmCap’s institutional investors. Miller Realty was the seller.
NEW YORK CITY — Perella Weinberg Partners Asset Based Value Strategy, a unit of Perella Weinberg Partners and Madison Marquette, has sold The Center Building to Vornado Realty Trust for an undisclosed price. Located at 33-00 Northern Blvd. in Queens’ Long Island City area, the 440,000-square-foot, mixed-use commercial building is 98 percent leased. When the joint venture originally purchased the property in late 2012, it was 88 percent leased. New tenants include New York Foundling, which signed a 15-year lease for more than 35,000 square feet. Ackman-Ziff advised Perella Weinberg Partners Asset Based Value Strategy and Madison Marquette on the transaction.