Trizec joint venture spends $157.5 million in D.C.

A joint venture between Trizec Properties and Principal Real Estate Investors has acquired the Victor Building, a fully occupied, 343,000-square-foot office property located at 750 Ninth St., N.W., in Washington, D.C.

The value of the transaction was $157.5 million.

Trizec and Principal have a 49.9 percent and 50.1 percent respective ownership interest in the joint venture.

Completed in 2000, the Victor Building is a nine-story, class A property located in the East End submarket of Washington's central core.  more...

$134.5 million industrial deal completed

Grubb & Ellis Co. announced that H&R REIT, a Canadian real estate investment trust, has purchased a 2.2 million-square-foot industrial portfolio for $134.5 million.

The portfolio, which is 100 percent leased to Nestle USA, Inc., was sold by a Los Angeles-based private investment partnership.

The portfolio consists of three distribution buildings on 276.6 acres located in Dekalb, Ill. (Chicago submarket); Dallas-Fort Worth, (Alliance submarket); and McDonough, Ga. (Atlanta submarket). The portfolio is leased to Nestle through Dec. 31, 2011.  more...

Wells REIT II builds Texas portfolio

Wells Real Estate Investment Trust II Inc. has completed the purchase of MacArthur Ridge I, an approximately 250,000-square-foot office building in Irving, Texas.

Neither the identity of the seller nor the value of the transaction was disclosed.

The six-floor, class A property is located at 919 Hidden Ridge on approximately 6.5 acres.

Constructed in 1998, MacArthur Ridge I was 100 percent occupied at the time of sale by Verizon Corporate Services Group Inc., a subsidiary of Verizon Communications, a provider of communications services.  more...