{"id":1004088696,"date":"2013-12-18T08:42:50","date_gmt":"2013-12-18T16:42:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004088696"},"modified":"2022-12-08T21:13:49","modified_gmt":"2022-12-09T05:13:49","slug":"january-briefssales-development-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/january-briefssales-development-2\/","title":{"rendered":"January &#8211; Briefs\/Sales &amp; Development"},"content":{"rendered":"<p><strong>Columbia Property Sells 4 MSF Office Portfolio to Griffin Capital<\/strong><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/0113_Briefs_Sales.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004088700\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/january-briefssales-development-2\/0113_briefs_sales\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/0113_Briefs_Sales.jpg\" data-orig-size=\"533,800\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"0113_Briefs_Sales\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/0113_Briefs_Sales.jpg?w=533\" class=\"alignright  wp-image-1004088700\" alt=\"0113_Briefs_Sales\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/0113_Briefs_Sales.jpg\" width=\"139\" height=\"210\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/0113_Briefs_Sales.jpg 533w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/0113_Briefs_Sales.jpg?resize=200,300 200w\" sizes=\"auto, (max-width: 139px) 100vw, 139px\" \/><\/a>For Columbia Property Trust, the $521.5 million sale of an 18-property office portfolio is part of its strategy to refocus on major markets. For Griffin Capital Essential REIT Inc., which acquired the 4 million-square-foot portfolio, it nearly doubles the REIT\u2019s holdings and gives it high-quality assets in 11 states and triple-net leased to some of the country\u2019s top Fortune 500 companies.<\/p>\n<p>With this acquisition, the El Segundo, Calif.-based REIT sponsored by Griffin Capital Corp. now owns 41 properties with a total capitalization of more than $1.3 billion. More than 80 percent of the portfolio\u2019s operating income comes from investment-grade tenants or those whose parent companies are investment grade, such as Coca-Cola Refreshments USA, JPMorgan Chase, General Electric, Wells Fargo Bank, Aetna Life Insurance, IBM and United Healthcare Services. The portfolio contains properties in 12 major markets in 11 states: Georgia, Ohio, Texas, Michigan, New Jersey, Indiana, Wisconsin, Tennessee, Pennsylvania, Washington and Missouri.<\/p>\n<p><strong>Jay Paul Breaks Ground on San Francisco\u2019s 181 Fremont Tower<\/strong><\/p>\n<p>Ground has officially broken on 181 Fremont St., a 54-story, 684,000-square-foot residential and office tower near the Transbay Transit Center in San Francisco\u2019s South of Market district. The project\u2019s developer is the\u00a0Jay Paul Co. of San Francisco, which took over the project last April from SKS Investments. The $500 million tower is the company\u2019s first urban high-rise project. At 802 feet, it will be the tallest mixed-use office\/residential condo tower in the Western United States. It\u2019s scheduled to open in early 2016.<\/p>\n<p><b> SL Green Acquires Interest in Manhattan\u2019s Embattled 650 Fifth Ave.<\/b><\/p>\n<p>A joint venture of SL Green Realty Corp. and Jeff Sutton announced that it has acquired a 49-year leasehold interest covering the retail portion of 650 Fifth Ave., an office tower with decades-long ties to the Iranian government and now in legal limbo as a result. The transaction gives the partnership control of the building\u2019s four levels of retail space (basement, ground, second and third floors). The tenants are Juicy Couture, Godiva Chocolate and Devon &amp; Blakely. The transaction was completed through former U.S. Magistrate Judge Kathleen Roberts, the court-appointed federal monitor and interim trustee of the landlord, 650 Fifth Ave. Co. Roberts is a member of JAMS, a large private alternative dispute resolution provider.<\/p>\n<p><b>Essex Acquires San Diego M-F Asset from Wood Partners<\/b><\/p>\n<p>Essex Property Trust Inc. has purchased a 379-unit luxury apartment community in San Diego for $121 million in an all-cash transaction. Institutional Property Advisors brokered the transaction on behalf of the seller, a joint venture of Wood Partners and a fund sponsored by CBRE Global Investors. Domain by Alta\u2013San Diego consists of two four-story buildings, a two-story clubhouse and two levels of gated underground parking for 750 cars. It was the first community Wood Partners built in San Diego. The purchase price comes out to $319,261 per unit. The project was built in 2012 within the Spectrum Center business park in the Kearney Mesa district, and is currently about 80 percent leased.<\/p>\n<p><b>Kilroy Set for Big Expansion in Bay Area<\/b><\/p>\n<p>Newly released plans from Kilroy Realty Corp. highlight an additional 500,000 square feet of office space that the West Coast office REIT will bring to the San Francisco Bay Area. This elevates the company\u2019s total Bay Area pipeline to more than 1.8 million square feet of premier office space, of which 1.3 million square feet is already pre-leased. The recently unveiled projects include Crossing\/900, a two-building, mid-rise office campus located in Redwood City\u2019s downtown area that will total 300,000 square feet. The LEED Gold-certified development project was designed by Korth Sunseri Hagey and will feature open floor plans catering to the tech sector. Kilroy has also seen approval for 333 Brannan St. in San Francisco. That project will rise as a 170,000-square-foot, six-level, LEED Platinum-certified office property. Both properties are expected to see completion in 2015.<\/p>\n<p><b>AvalonBay Sale Breaks Westchester County Record<\/b><\/p>\n<p>AvalonBay has completed a major disposition with the sale of Sound East to The DSF Group. The $210 million transaction was the largest recorded multi-housing sale in Westchester County. HFF brokered the sale of the 588-unit asset on behalf of AvalonBay. Sound East was completed in 2007 and sits one block from Metro-North Railroad\u2019s New Rochelle, N.Y., train station. Units average 956 square feet. Amenities include a 24-hour fitness center, outdoor heated pool, rooftop resident lounge, community room, game room, garage parking and 24-hour concierge service.<b><\/b><\/p>\n<p><b>PREI Closes $430M Property Fund V<\/b><\/p>\n<p>Prudential Real Estate Investors has acquired several properties following the recent close of its $430 million U.S. Property Fund V, which is managed on behalf of German investors. The property fund focuses on office investments in premium locations such as Manhattan, Washington, D.C, Boston and Los Angeles, as well as other \u201cnext tier\u201d markets. In the most recent acquisition, the fund purchased Rio San Diego, a six-story, 190,000-square-foot office property in the Mission Valley suburb of San Diego, from AEW Capital Management for $56 million. U.S. Property Fund V has also acquired Broadstone North Central, a 225-unit residential property in Phoenix, through a joint venture with Alliance Residential. Additionally, the fund has secured apartment developments in both Houston and Dallas.<\/p>\n<p><b>Parmenter Realty Partners Buys 1.3 MSF Trophy Office in Dallas<\/b><\/p>\n<p>Parmenter Realty Partners is the proud new owner of The Tower at Cityplace, a 42-story, 1.3 million-square-foot, Class A property located southwest of Highland Park in Dallas. The transaction represents Parmenter\u2019s 10th investment via the firm\u2019s Fund IV. Built in 1988, The Tower at Cityplace will see a capital improvement plan that will renovate common areas. The property will see further value added via Parmenter\u2019s planned 600,000-square-foot urban mixed-use development that will surround the tower. Financing for the acquisition was provided by GE Capital. The asset last sold in 2007, when Ashkenazy &amp; Argus Ventures acquired it for $125 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Columbia Property Sells 4 MSF Office Portfolio to Griffin Capital; Jay Paul Breaks Ground on San Francisco\u2019s 181 Fremont Tower; SL Green Acquires Interest in Manhattan\u2019s Embattled 650 Fifth Ave.; Essex Acquires San Diego M-F Asset from Wood Partners; Kilroy Set for Big Expansion in Bay Area; AvalonBay Sale Breaks Westchester County Record; PREI Closes $430M Property Fund V; Parmenter Realty Partners Buys 1.3 MSF Trophy Office in Dallas.<\/p>\n","protected":false},"author":1335,"featured_media":1004088700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743],"tags":[],"class_list":["post-1004088696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>January - Briefs\/Sales &amp; 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