BOSTON — Boston Realty Advisors has brokered the sale of an office building located at 311 Summer St. in Boston’s Fort Point neighborhood. Qatar-based Alduwaliya acquired the property for $38.5 million, or $673 per square foot. The seven-story, 57,225-square-foot brick-and-beam building was 100 percent leased at the time of sale. Jason Weissman, Nick Herz and Michael D’Hemecourt of Boston Realty Advisors represented the undisclosed seller in the deal.
DALLAS — CBRE Capital Markets’ Institutional Properties has arranged the sale of Dominion Plaza, a Class A office asset in north Dallas, to an undisclosed buyer. The property includes a 14-story office tower and a three-story office building spanning 318,695 square feet. The property also includes a four-level parking garage and surface parking. CBRE’s John Alvarado, Gary Carr, Eric Mackey and Robert Hill arranged the transaction on behalf of the seller, Dalfen America Corp. Dominion Plaza is 83.5 percent leased to tenants including Regus, Tenet Healthcare, Old American County Mutual, RoundPoint Mortgage and healthcare staffing firm ESS. On-site amenities at the property include a renovated fitness center, full-service deli, conference facility and outdoor courtyard.
TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 278,000-square-foot office building in Toledo. The 16-story Edison Plaza is located at 300 Madison Ave. Toledo Edison Co. sold the building to 300 Madison LLC. Peter Shawaker of Reichle Klein Group represented the seller in the transaction.
ATLANTA — Franklin Street Properties Corp., a Wakefield, Mass.-based office REIT, has purchased Pershing Park Plaza in Midtown Atlanta for $45.5 million. The nine-story, 160,000-square-foot, Class A office building is located at 1420 Peachtree St. N.E. Franklin Street Properties plans to invest $1.8 million in capital improvements for Pershing Park Plaza, which is currently 97 percent leased to three tenants. International law firm Jones Day occupies roughly 88 percent of the office building’s rentable square footage. The acquisition brings Franklin Street Properties’ Midtown Atlanta office portfolio to more than 780,000 square feet.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the $47 million sale of Silverstone Marketplace, a newly constructed, 78,000-square-foot shopping center located in Scottsdale. The Sprouts-anchored shopping center is fully leased to tenants including Einstein Bagels, Verizon, Mattress Firm, 1st Bank, Tenet Urgent Care, Massage Green, Eddie Merlot’s Steakhouse, Firehouse Subs and Pacific Dental. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the buyer, Chicago-based LaSalle Investment Management. Ryan Amato and Jason Eisenberg of the Eisenberg Co. of Phoenix represented the seller, RHVT Limited Partnership.
TORRANCE, CALIF. — CBRE has arranged the sale of the Artesia & Prairie Center, a triple-net-leased retail property located at 3931 and 3971 Artesia Blvd. in Torrance. A local private investor acquired the property from Makena Great American Prairie for $7.9 million. At the time of sale, the center was 100 percent leased to 12 tenants. Alex Kozakov and Patrick Wade of CBRE represented the seller, while Lee & Associates represented the buyer in the deal.
PLAINSBORO, N.J. — Hana Asset Management Co., a Korean investor, has purchased a 762,000-square-foot office campus in New Jersey for $305 million. The Class A campus is located in Plainsboro, approximately midway between Philadelphia and New York City and nearby to Princeton University. The 58-acre property was originally built for Merrill Lynch in 1985. Novo Nordisk currently occupies 563,000 square feet of the campus, with expansion rights through April 2031, no termination rights and a 10-year renewal option. The pharmaceutical company has occupied the campus since 2013, when the property underwent a full redevelopment. The acquisition marks the largest single-asset sale in New Jersey so far in 2016, according to Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which represented the seller. The firm’s Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer executed the transaction on behalf of a partnership between Ivy Equities, LCOR Inc. and Intercontinental Real Estate Corp. Ken Lorman of Lee & Associates represented the buyer. John Alascio, Alexander Hernandez and Alex Lapidus of Cushman & Wakefield Equity, Debt & Structured Finance’s team arranged acquisition financing and future funding for Novo Nordisk’s planned expansion at the campus. The campus is situated in the Princeton Forrestal Center …
YORBA LINDA, CALIF. — A Beverly Hills-based investment group has acquired Home Ranch Center, a 54,169-square-foot shopping center located in the Orange County community of Yorba Linda. The property — located roughly 35 miles outside of Los Angeles — comprises three buildings that are home to tenants including Blue Agave, Edible Arrangements, Crepe Maker, State Farm and Papa John’s. CJ Osbrink and Gleb Lvovich of HFF marketed the property on behalf of the seller, YL Friends Church.
SANTA MONICA, CALIF. — Kennedy Wilson has arranged the $16 million sale of a 23,500-square-foot retail and multifamily property located at the corner of 11th Street and Wilshire Boulevard in Santa Monica. The multifamily component of the property consists of five units. All of the property’s buildings were fully leased at the time of sale. Ed Sachse, Fred Cordova and Christine Deschaine of Kennedy Wilson represented both the buyer, 11th and Wilshire LLC, and the seller, Paragon Properties, in the transaction.
LAS VEGAS — DZ Net Lease Realty LLC has arranged the $3.7 million sale of a 12,000-square-foot CVS/pharmacy located in Las Vegas. The ground lease has 11 years remaining on its term, with rental increases every five years. David Zacharia of DZ Net Lease marketed the property on behalf of the seller, an undisclosed Las Vegas-based family. The buyer was an undisclosed individual based in California.
