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HOUSTON-The Santa Ana, CA-based buyer combines 14 funds and internal capital to acquire the 85,923-sf office building at 602 Sawyer St. The 97%-leased building is termed "a low-risk, medium-reward investment" due to its tenant roster.
CERRITOS, CA-The longtime employer for the Mid-Cities area remains in the market, but changes the address. In September, Memorex consolidates several Santa Fe Springs offices for 21,480 sf of class A space at Cerritos Towne Center.
HOUSTON-A Colorado investor sells the 92%-occupied Chimney Rock Court in West Houston sells to another Colorado investor. The 30-year, fully amortized loan, with a 5.2% interest rate, represents 80% of the loan to value.
CLEVELAND-Due diligence is done, and so will the deal this week on the 767,180-sf Downtown Cleveland asset to main tenant National City Corp. After paying off first-mortgage holder Corus Bank, the rest of the money goes to pay loans with Fleet National Bank and Security Capital Preferred Growth.
ROCKVILLE, MD-The JBG Cos. takes hold of the properties at 3 and 5 Cherry Rd. in a deal with seller TA/Western LLC. The 10-acre properties--valued at a combined $11 million--include a multi-tenanted 68,000-sf office building and a vacant 40,000-sf structure.
VIRGINIA BEACH, VA-Local managed healthcare company Amerigroup Corp. looks around in Texas but decides to develop its latest expansion effort in the Commonwealth of Virginia. The nine-year-old firm will spend $56 million to build two 106,000-sf buildings to house its team of information technology employees.
SAN DIEGO-The Centre City Development Corp.'s board of directors gives a vote of confidence to the Carnation Block Condominiums Project, having recommended design review approval of the proposed mixed-use development.
NEW YORK CITY-Law firm Cadwalader, Wickersham & Taft LLP is selling its 325,000 sf 100 Maiden Lane office. Jones Lang LaSalle has been retained to market the property.