Jones Lang LaSalle's New York Capital Markets group has completed the $43.2 million sale of Bank of America Plaza at 1901 Main St. on behalf of RFR Holdings of New York to a wholly owned entity of CRI Inc. of Rogers, Ark. The 302,000 sq. ft., 16-story, Class-A office building has 16 tenants, including Bank of America, which occupies 27%. The property is 88% leased.
United Trust Fund and GE Real Estate announced the purchase and leaseback of a state-of-the-art, 65,000 sq. ft. office/warehouse facility in Los Angeles. Point.360, a video technology provider, leased the property under a net lease for a primary term of 15 years. The joint venture between United Trust Fund and GE Real Estate is seeking additionalopportunities in the U.S. and Canada.
Kennedy Wilson Fund Management Group, a division of Kennedy Wilson, a real estate services andfirm, has announced a series of acquisitions for its existing Fund I and its newly created Fund II portfolios. The purchases, totaling approximately $100 million, include three office buildings in Beverly Hills, Sacramento and Oakland, Calif.
The Shidler Group has acquired the 31-story US Bank Center and supporting parking and retail space in downtown Phoenix from Bankam LLC and North First Parking LLC for $66.2 million. The US Bank Center, built in 1976, has 371,727 sq. ft. of office space and is 75% occupied.