Late last week, Hines closed on the Laguna buildings, six office buildings on NE 31st Way totaling 465,000 sf. Two of the buildings have three stories and were built in the late 1980s while the remainders are single story buildings built in the 1960s. The $118-million purchase price is exclusive of $590,000 in acquisition fees, according to an SEC filing.

Honeywell, an industrial products company, leases 360,300 sf, or approximately 78% of the Laguna buildings' rentable area under leases expiring in various years through 2013. Microsoft leases another 22% (104,353 sf) under a lease that expires in 2011. One of Honeywell's leases, for 104,443 sf, expires in July 2009 but provides an option to renew for two additional five-year terms.

Hines closed on the Daytona buildings, built in 2002, shortly before Christmas for $99 million plus 495,000 in acquisition fees. Located at 148th Avenue and NE 31st Way, the three-building package--one four-story building and two single-story buildings, all built in 2002--totals 251,000 sf and is 100% leased. Microsoft leases 84% (211,731 sf) of the total on a lease that expires in 2012 but provides an option to renew for two additional five-year terms. The balance of the buildings' rentable area is leased to 16 office tenants and one retail tenant.