COLUMBIA, MD. — NorthMarq Capital has arranged a $72 million loan for the refinancing of Columbia Corporate Park, a 495,000-square-foot office park located at 8825, 8830, 8840 and 8850 Stanford Blvd. and 8890 McGaw Road in Columbia. Joseph Burke of NorthMarq Capital’s Baltimore office arranged the 12-year loan through an unnamed life insurance company on behalf of the borrower. The loan features four years of interest-only payments followed by a 30-year amortization schedule.
IRVINE and SILICON VALLEY, CALIF. — Commercial real estate valuations increased by 1.1 percent in July, marking the strongest monthly increase this year and a 5.2 gain over last year, according to the latest Ten-X Nowcast. Ten-X, an online real estate transaction marketplace, uses Google Trends data, its own proprietary transaction data and investor surveys to forecast commercial real estate pricing trends. “The recent string of monthly increases confirms that overall pricing of commercial real estate remains on the upswing following the weakness seen earlier this year,” says Ten-X chief economist Peter Muoio. “That said, we are noticing distinct differences across the five major property sectors, with each telling its own story.” The office, apartment and retail sectors all saw monthly increases in July. The office sector posted the strongest gain for the second consecutive month, rising 4.8 percent from June and 7.6 percent above its level from one year ago. This was the best year-over-year gain for any of the commercial sectors since January. The multifamily sector, which has posted steady gains this year, increased 1.1 percent in July from the previous month and is 6.8 percent above last year’s level. “The apartment sector is unencumbered by technology-driven shifts …
SAN ANTONIO — Stream Realty Partners has secured the sale of a 9,708-square-foot office and warehouse building for Dausin Management Trust located at 8007 NE Loop 410 in San Antonio. Kevin Cosgrove and Payton Rion of Stream Realty Partners – Central Texas LP represented the seller in the transaction. The office and warehouse space is located in northeast San Antonio on Loop 410 near its intersection with Springfield Road. The property offers tenants five grade-level doors, covered parking and a one-acre fenced yard.
FRISCO, TEXAS — Jim Turano and Jim Breitenfeld of Henry S. Miller’s office and industrial division have represented JC Professional Properties in the lease of a space in Frisco. Texas Facial Aesthetics leased 4,230 square feet of first floor space at the property, located at 6371 Preston Road. The company will use the space as its plastic surgery clinic headquarters. Sean Sundby of CBRE represented the tenant in the transaction.
LOWELL, MASS. — Anchor Line Partners and Farallon Capital Management have renewed the lease of its long-term tenant, ARRIS, at CrossPoint in Lowell. The provider of entertainment and communications solutions has signed a 10-year lease renewal for 143,594 square feet of space in Tower 3 at CrossPoint. The new term will expire in 2026. Farrallon Capital Management and Anchor Line Partners have invested more than $11 million to create a modern workspace at CrossPoint with flexible work environments, easy access and a rich amenity campus.
SAN RAFAEL, CALIF. — Marin County officials have broken ground on MGH 2.0, the $535 million replacement for Marin General Hospital in the Greenbrae submarket of San Rafael, just across the Golden Gate Bridge from San Francisco. The original hospital opened in 1952. It will continue to operate throughout the construction process. Phase I of MGH 2.0 will include two new towers that house 114 private rooms, an expanded emergency department and six new operating/procedural suites. The buildings will feature rooftop gardens, balconies and natural light in every patient room to support a healing environment for patients and families. The new facilities are scheduled to open to patients in mid-2020. Once Phase I is complete, work will commence on a five-story, 100,000-square-foot ambulatory services building and a second parking structure. The project team has already completed MGH 2.0’s first parking facility, a five-level structure with rooftop solar panels that will be functional for both the current and future hospitals. McCarthy Building Cos. is building the hospital, which Perkins Eastman designed. The hospital is represented by Vertran Associates, which specializes in healthcare capital projects and provides project management. — Nellie Day
FARMERS BRANCH, TEXAS — NAI Partners and NAI Robert Lynn represented Geico in the sale of its former regional headquarters, a 240,000-square-foot office building located at 4201 Spring Valley Road in the Dallas suburb of Farmers Branch. Griff Bandy of NAI Partners, along with Tom Lynn and Nick Lee of NAI Robert Lynn, represented Geico during the negotiations. Kent Smith of NAI Robert Lynn represented the buyer, JP Partners. The same NAI team represented Geico in the relocation and leasing of the company’s regional office in August 2015.
NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.
HACKENSACK, N.J. — The Hampshire Companies has completed the sale of an industrial and office complex located at 86-110 Orchard St. in Hackensack. A private buyer acquired the property for an undisclosed sum. Situated on 5.2 acres, the 125,000-square-foot property features 110,000 square feet of warehouse space and 15,000 square feet of office space. The warehouse space is broken into 11 independent and fully demised industrial units with ceiling heights ranging from 14 feet to 25 feet. Additionally, the complex features 12 external docks, 10 drive-ins and 109 on-site parking spaces. Renovated in 2013, the property was 96 percent leased at the time of sale. Jeffrey DeMagistris, Thomas Vetter and Gregory James of NAI James E. Hanson represented The Hampshire Companies in the deal.
MORRISTOWN, N.J. — NorthMarq Capital has arranged $7.2 million in refinancing for The Governor Morris Center, an office and medical complex located at 25 Lindsley Drive in Morristown. Malvern Federal Bank provided the five-year fixed-rate loan for the 76,308-square-foot complex. The current owner, Lindsley Drive Associates, acquired the property in 2005. Gregory Nalbandian and Robert Delitsky of NorthMarq Capital secured the financing for the borrowers.
