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Meridian West sells Phoenix office building for $10.5M

Drew Smith — Fri, 05 Sep 2008 12:36:00 CST

Meridian West Development has sold a 40,000-square-foot office building in Phoenix, Ariz., for $10.5 million to Dublin, Calif.-based Granite Capital Investments.

Ann Sondrol and Eric Wichterman of Grubb & Ellis, along with Steve Johl of Lee & Associates, brokered the deal on behalf of both parties.

The property is located at 1048 N. 44th St. and was built by Meridian West in 2006. It is currently occupied by V3 Landmark Engineering and Meridian.

Address: 1048 N. 44th St., Phoenix, Ariz.

Size: 40,000 square feet

Built: 2006

Eagle Commercial offers Flagstaff retail property

Chad King (news@crefeed.com) — Fri, 05 Sep 2008 10:54:00 CST

Phoenix, Ariz.-based Eagle Commercial Realty Services has been tapped to market and sell a 15,776-square-foot retail center in Flagstaff, Ariz., with an asking price of $2.85 million.

Nicholas Miner is representing the seller in the offering.

The property is located at 1750 S. Railroad Springs Blvd. and contains 10,200 square feet of retail space and 5,576 square feet of office space. It is being offered with a 7.4 percent capitalization rate and currently occupied by tenants including Oreas Sandwich Bakeshop, American General Finance and Land America Transnation Title.

Miner is an associate broker with Eagle and began his career with The MEGA Corp. in 1998. He is a former employee of CB Richard Ellis and Marcus & Millichap where he worked as a sales assistant.

Address: 1750 S. Railroad Springs Blvd., Flagstaff, Ariz.

Size: 15,776 square feet

San Antonio investor pays $6.5M for Oklahoma City office tower

Eric Ramsden (news@crefeed.com) — Fri, 05 Sep 2008 10:00:00 CST

Lake Park Tower-Cotter, LLC, an entity headed by San Antonio real estate investor James F. Cotter, has purchased the Lake Park Tower office building in Oklahoma City, Okla., for $6.5 million from Dallas-based Domain Lake Park Associates, LP.

Tim Strange and Zach Martin of Sperry Van Ness represented Domain Lake while Cotter was self-represented in the deal.

The six-story building is located at 6525 N. Meridian Ave. Built in 1982, it contains 103,017 square feet and was sold with a 6.49 percent capitalization rate. At the time of sale, the building had seven tenants representing an occupancy rate of approximately 56 percent.

Address: 6525 N. Meridian Ave., Oklahoma City, Okla.

Size: 103,017 square feet

Built: 1982

Pacific Foods lands 28,510 sf industrial building

Michael Wayne (news@crefeed.com) — Fri, 05 Sep 2008 09:52:00 CST

Pacific Foods Distribution has acquired a two-story, freestanding industrial property in Santa Ana, Calif., for $4.9 million from Mehrdad Safari, a private investor.

Chris Miglioro of DAUM Commercial Real Estate represented the seller while Andy Friedman of Industrial Properties represented Pacific Foods.

The building is located at 3431 West Carriage Dr. and contains 28,510 square feet. It sits on 1.9 acres and has 6,000 square feet of high image executive office space.

Address: 3431 West Carriage Dr., Santa Ana, Calif.

Size: 28,510 square feet

Transwestern handles sale of Austin apartments

Drew Smith — Fri, 05 Sep 2008 09:12:00 CST

Brokers from Transwestern have represented Brookstone Associates in the sale of the Hampton Apartments in Austin, Texas to locally-based Belco Equities, Inc.

Jeff Rogers and Chris Stutzman of Transwestern's Central Texas Multifamily Group brokered the deal.

The apartments are situated on 10 acres in the Wells Branch submarket at 1773 Wells Branch Pkwy. The complex contains 308 units and was built in the mid-1980s. The buyer has holdings in Austin and Central Texas.

"Both buyer and seller were pleased to get the transaction closed in the current difficult debt and equity environment" Rogers said. "The buyer, who has holdings throughout the Austin metro area, looks forward to adding value to this mid-1980's project."

Address: 1773 Wells Branch Pkwy., Austin, Texas

Size: 308 units

Built: Mid-1980s

CBRE orchestrates $92M sale of NJ power shopping center

Chad King (news@crefeed.com) — Fri, 05 Sep 2008 08:43:00 CST

Long Island, N.Y.-based Milbrook Properties, in a 1031 exchange, has purchased Aviation Plaza in Linden, N.J., for $92.35 million from Aviation Tower, LLC.

Jeffrey Dunne and Todd Newman of CB Richard Ellis represented Aviation Tower in the sale while Jim Gunning of CBRE Melody procured financing for the buyer.

Aviation Plaza is a grocery anchored power shopping center that contains more than 642,000 square feet. It is located along U.S. Route 1 & 9 at 617-701 W. Edgar Rd. and is anchored by ShopRite, Target, Home Depot, AMC Theatres, Marshalls, Staples, Old Navy and A.C. Moore.

"This is the third 1031 sale that we've completed for Milbrook over the past 18 months," Dunne said. "They are buying great real estate with Aviation and should fare well with this investment."

Dunne is the vice chairman of the New York Institutional Group, a 12-person team that specializes in New York and eastern second-tier cities. He was the Gale Company's Broker of the Year in 2002 and recently arranged the sale of a 25 asset industrial portfolio for $209M in New York and New Jersey.

Newman is an associate with the NYIG and joined the team in February 2005. He is a former transaction manager with Clayton Services, Inc.

Address: 617-701 W. Edgar Rd., Linden, N.J.

Size: 642,458 square feet

Jones Lang LaSalle looks to sell four Manhattan properties for $30M

Eric Ramsden (news@crefeed.com) — Thu, 04 Sep 2008 11:52:00 CST

The New York Capital Markets Group of Jones Lang LaSalle has been hired to sell five Manhattan properties for a combined asking price of $30 million.

Peter DeCheser is handling the offering, which contains a total 59,218 square feet. The properties are 35 Walker St., 73 Leonard St., 103 Washington St., 10-12 Maiden Lane and 67 Greenwich St.

The Walker Street property, a three-story building with 12,500 square feet, is currently unoccupied. The Leonard Street property is a five-story building that is currently 100 percent occupied. It it situated between Broadway and Church Street in the TriBeCa East Historic District. Both buildings are expected to bring $5 million each.

The Washington Street property is the Chapel Moran Inn located in lower Manhattan's Trinity Church District. It has been completely renovated and Jones Lang LaSalle expects it to fetch $11 million. The Maiden Lane building, a five-story and loft building, consists of 13,709 square feet and is expected to bring $8 million. The Greenwich property is the Robert & Anne Dickey House, a four-story townhouse also in the Trinity Church District. Built in 1809, the building is one of the oldest structures in Manhattan.

Address: 35 Walker St., New York, N.Y.
- 73 Leonard St., New York, N.Y.
- 103 Washington St., New York, N.Y.
- 10-12 Maiden Lane, New York, N.Y.
- 67 Greenwich St., New York, N.Y.

Size: 59,218 square feet

Grubb & Ellis expands Atlanta office holdings

Michael Wayne (news@crefeed.com) — Thu, 04 Sep 2008 11:00:00 CST

Grubb & Ellis Realty Investors, LLC, has expanded its office holdings with the acquisition of One Live Oak in Atlanta, Ga., from Forth Worth, Texas-based Crescent Real Estate Equities.

W. Hayes Swann and Matt Tritschler of DTZ Rockwood, LLC, represented the seller in the transaction.

One Live Oak is located in the Buckhead - Lenox submarket at 3445 Peachtree Rd. NE. Situated on more than two acres, the 10-story building was built in 1981 and contains approximately 199,000 square feet. It is currently 92-percent leased to tenants including Securities and Exchange Commission, the University of Georgia Real Estate Foundation Inc. and Corporate Offices Georgia LLA.

Address: 3445 Peachtree Rd. NE, Atlanta, Ga.

Size: 199,000 square feet

Built: 1981

RREEF/Snell JV acquires Cupertino office building

Chad King (news@crefeed.com) — Thu, 04 Sep 2008 09:48:00 CST

A joint venture between RREEF and Snell & Co. has purchase the Torre Plaza office building in Cupertino, Calif., from Symantec.

Brad Rogers of Cushman & Wakefield represented RREEF in the deal.

Torre Plaza is a three-story office building containing 88,580 square feet. The building, which will be delivered vacant, is located at the intersection of De Anza Boulevard and Stevens Creek Boulevard.

Rogers is a broker in the Cushman & Wakefield's capital markets group. He is a former employee of The Rogers Group, Arthur Andersen & Co., and is a graduate of the University of Southern California.

Address: De Anza Boulevard & Stevens Creek Boulevard, Cupertino, Calif.

Size: 88,580 square feet

Toy designer acquires new headquarters in Birmingham

Drew Smith — Thu, 04 Sep 2008 09:00:00 CST

Trussville, Ala.-based Summit Products, a children's toy designer, has purchased a three-story office building in Birmingham for $1.85 million from 2160 Highland Partners, LLC, a local investor.

John Lauriello and Blake Crowe of Birmingham-based Southpace Properties represented the seller in the deal.

The building contains 20,000 square feet and is set to undergo renovations. Once completed, the building will serve as Summit's corporate headquarters. Built in 1986, it is located at 2160 Highland Ave.

Lauriello is a principal with Southpace and has completed $350 million in gross sales and leasing volume. A graduate of the University of Alabama, he is on the executive board of the YMCA.

Crowe is the director of Southpace's office group and specializes in office tenant/landlord representation and the acquisition and disposition of office properties. He is a graduate of Troy University.

Address: 2160 Highland Ave., Birmingham, Ala.

Size: 20,000 square feet

Built: 1986