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 additional investment opportunities in the U.S. and Canada.
Kennedy Wilson Fund Management Group, a division of Kennedy Wilson, a real estate services and investment firm, 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.