NEW YORK CITY AND RYE, N.Y., AND SHELTON, CONN. — Windsor Management Corp. has received $58 million in four separate financing transactions for office properties in New York and Connecticut. In the first loan, the company received $25 million in refinancing for a 122,630-square-foot office building located at 37 W. 26th St. in Manhattan. The 98-percent occupied property is leased to The Flatiron Room, Hog Pit BBQ and Grey Bar on the ground floor and a variety of office tenants on the upper floors. In the second deal, Windsor received $8.5 million in refinancing for a 35,916-square-foot office building located at 256 W. 36th St. in Manhattan’s Garment District. The property is fully occupied by a variety of office tenants and a clothing retailer. In the third loan, the company received $16 million in acqusition financing for a 118,658-square-foot office building located at 411 Theodore Fremd Ave. in Rye. The property is fully occupied and leased to Acadia Realty Trust, Regis and USAlliance Financial, among other tenants. In the fourth transaction, Windsor received $8.5 million in refinancing for a 163,287-square-foot office property located on 16 acres in Shelton. The property was 92 percent leased at the time of the transaction. …
IRVING, TEXAS — Rubicon Representation has arranged the acquisition of an office building located at 1125 Executive Circle in Irving’s Las Colinas district. The Patel Law Group acquired the property from 1125 Executive LLC for an undisclosed price. The buyer plans to relocate its law firm to the new office building from Colonial Plaza in Irving. Kyle Jacobs and Daniel Miller of Rubicon represented the buyer, while Bruce Hecht and Ben Goldthorpe of Swearingen Realty Group represented the seller, American College of Emergency Physicians, in the deal.
HOUSTON — Colliers International has arranged the sale of a two-story office building located at 8901 Gaylord Drive in Houston. DNA Interest sold the 25,000-square-foot property, which was developed in 2008, to 8901 Gaylord LLC for an undisclosed price. David Carter and John Parsley of Colliers International represented the seller, while Guy Brown of Poynter Commercial Properties represented the buyer in the deal.
In the office segment there has been plenty of news regarding Class A assets. Companies have been flocking towards upgraded space. Landlords have made significant capital expenditures to their buildings to attract and retain these tenants. We have seen parking decks being built, investments to achieve LEED certification and the addition of upgraded amenities, such as cafés, fitness facilities, day care centers, and shuttles to mass transit. In the midst of these discussions, the Class B building seems to be getting lost. Class B office buildings do not have all of the bells and whistles of their Class A counterparts. However, this has not stopped them from experiencing a resurgence over the last few years. Current vacancy of Class B office space in the Northern New Jersey market is 13.4 percent. The vacancy rate has seen a steady decline from 15 percent at the end of 2014. The asking rents in the market average around $21.50 based on a gross number. The absorption of space over the last two years has been the best we have seen in more than 10 years. According to CoStar, 1.1 million square feet of Class B office space was leased in Northern New Jersey …
BREA, CALIF. — JCR Capital has acquired Brea Corporate Plaza and Brea Park Centre, a four-building office portfolio in Brea, for $55.6 million. The properties contain a total of 290,657 square feet. The portfolio is located at 500 S. Kraemer Blvd., 2601 Saturn St., 2650 Imperial Highway and 3230 E. Imperial Highway. HFF arranged $39 million in acquisition financing. The loan features a three-year term and floating rate through Prime Finance. The financing has two 12-month extensions. HFF also marketed the property on behalf of the sellers, The PRES Companies and Mariner Real Estate Management.
PHOENIX — National Healthcare Realty and Development has announced plans to build McDowell Medical Commons, a 25,000-square-foot medical office building in Phoenix. The project will be located at 10650 W. McDowell Road. The Class A project will be situated at the northeast corner of 107th Avenue and McDowell Road. McDowell Medical Commons is slated for groundbreaking in 2017. Rachel Thompson and Michael Dupuy of Colliers International will serve as the project’s exclusive leasing agents.
AUSTIN, TEXAS — Westmount Realty Capital has completed the disposition of a 13-building office portfolio located on Kramer Lane and Metric Avenue within the Braker Center in Austin. The property sold for an undisclosed sum. Originally constructed as light industrial buildings, the 546,984-square-foot complex has evolved into more than 90 percent office finish-out space. Allergan Inc., Cenpatico, Integra Life Sciences and Renewal by Anderson are current tenants at the property. Eastdil Secured represented Westmount Realty Capital in the transaction. The name of the buyer was not released.
NEW YORK CITY — Cushman & Wakefield has originated a $57.5 million loan on behalf of Chris Xu of United Construction & Development Group for the acquisition of a mixed-use development site located at 39-08 Janet Place in the Flushing neighborhood of Queens. ACORE Capital provided the loan, and Morris Betesh of Cushman & Wakefield handled the transaction. The waterfront site offers 780,446 buildable square feet of residential, retail and office space.
NEW HAVEN, CONN. — O,R&L Commercial has arranged the sale of a 150,000-square-foot office and industrial complex, located at 85 Willow St. in New Haven. Willow Street Equities LLC acquired the property, known as Marlin Business Center, from 85 Willow Street NH LLC for $4.5 million. The buyer plans to continue to operate the property as an office and industrial complex with 40 tenants in 16 separate buildings. The complex was originally built for Marlin Firearms in the 1800s and converted to a multi-tenant facility in the late 1970s. Rich Lee of O,R&L Commercial brokered the transaction.
MEMPHIS, TENN. — New York-based Angelo, Gordon & Co.’s net lease group (AG Net Lease) has purchased an office tower within International Paper Co.’s global headquarters campus in Memphis for $58.3 million. AG Net Lease’s purchase from Century Park Partners LLC includes the office building and the assumption of International Paper’s existing 10.5-year lease. Situated in the East Memphis business district, Tower III spans 214,060 square feet and is one of four office buildings on International Paper’s campus.