LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has arranged a 35,020-square-foot office lease in Livonia, approximately 20 miles northwest of Detroit. Exel, a third-party logistics company, will occupy the space at Seven Mile Crossing. Universal Properties Three LLC owns the building located at 38701 Seven Mile Road. Steve Eisenshtadt and Todd Hawley of Friedman represented the landlord in the transaction.
NEW YORK CITY — Trinity Place Holdings has received approval of modifications from the Landmarks Preservation Committee for the 77 Greenwich development, which is slated for completion in 2019. Designed by FXFOWLE Architect, the 500-foot tower will feature 85 luxury residential condominiums, 7,000 square feet of retail space on Greenwich Street and a 476-seat elementary school serving District 2. The development site includes the former Syms clothing store and the 19th-century landmarked Dickey House. Recently approved design modifications include the lowering of the ground floor of Dickey House along Greenwich Street, the elimination of the school entry court signage plyon and the reduction of the tower’s south cantilever.
ALPHARETTA, GA. — NorthMarq Capital has arranged a $4.2 million acquisition loan for Windward Forest, a 67,000-square-foot office building located at 960 North Point Parkway in Alpharetta, a northern suburb of Atlanta. Johnny Rankin and Wanda Riggs Mack of NorthMarq’s Atlanta office arranged the five-year, fixed-rate loan with a 25-year amortization schedule through a local bank. The borrower used the proceeds to purchase Windward Forest in a 1031 exchange.
ALTAMONTE SPRINGS AND WINTER GARDEN, FLA. — NGKF Capital Markets has brokered the sales of two commercial properties in metro Orlando totaling $10.7 million. The transactions include the $6.2 million sale of a 100,000-square-foot, Class A office building in Altamonte Springs and a 7-Eleven store and gas station in Winter Garden. Michael Davis of NGKF represented the seller, CenturyLink, in the sale of the fully leased office building, which is located at 850 E. Altamonte Drive. Adam Greenberg and Michael Lapointe of NGKF represented the seller of the 4,798-square-foot 7-Eleven, Boca Brickell 13 LLC.
HOUSTON — NAI Partners and Logan Brown Investment Real Estate have arranged the sale of 8700 Commerce Park Drive, a 78,000-square-foot, multi-tenant office property located in southwest Houston. Doug Pack of NAI Partners and Logan Brown of Logan Brown Investment Real Estate represented the seller, Los Angeles-based Khoshbin Co., in the sale of the property to an unnamed local investor.
WAYNE, PA. — PDC-Old Eagle LLC and Long Wharf Real Estate Partners have partnered to acquire Evolve IP Corporate Center, a 12-building office park located at 983-999 Old Eagle School Road in Wayne. The partnership secured a $29.6 million five-year, fixed-rate acquisition loan for the 376,303-square-foot property. Situated on 49.9 acres, the office park is 80.2 percent occupied by 95 tenants, including Evolve IP LLC, McBee Associates, Administrative Concepts Inc., YSC Academy, Prosoft Software and North American Specialty Products. Jim Cadranell of HFF arranged the joint venture equity and debt financing for the buyers. John Schonborn of HFF represented Long Wharf Real Estate Partners and Pat McNulty, also of HFF, represented PDC-Old Eagle in the joint venture transaction.
POWAY, CALIF. — The Heritage Group has arranged the $6 million sale of Old Poway Village, a 27,453-square-foot retail and office property located in the San Diego suburb of Poway. The center features four multi-tenant retail and office buildings, home to tenants including the Poway Chamber of Commerce, Pomerado News, Countryside Barn, Lily Café, Hagan Chiropractic, San Diego Pond & Garden and Poway Pilates. Old Poway Village Center LLC acquired the property in a 1031 Exchange. Mark Hoekstra and Rocco Cortese of The Heritage Group represented the buyer in the transaction. The Heritage Group will also manage and lease the property.
SAN DIEGO — The Coseo Family Trust has purchased a 26,500-square-foot office property in San Diego for $3.7 million. The building is located at 17075 Camino San Bernardo, within the 4S Ranch Business Park. It was built in 1999. The trust plans to reposition the property before re-leasing. Richard Lebert and Matt Zimsky of Colliers International represented the buyers. JLL’s Tony Russell, Jay Alexander and Tim Olson represented the seller, Wheat Accessories.
CHICAGO — Hilco Real Estate LLC, in a joint venture with Peter Westmeyer and Kevin Purcell, both of whom are senior executives with MB Real Estate Services Inc. (MBRE), has acquired One North LaSalle, a historic office building located in Chicago’s Central Loop. No terms of the transaction were disclosed. Built in 1929, the 500,000-square-foot office building is situated on the northeast corner of LaSalle and Madison streets, and offers easy access to public transportation and highways, as well as a variety of hotels, restaurants and retail. The most recent building renovation included restoration of the Art Deco detailing and installing new elevators, HVAC, electrical and plumbing systems. The 47-story property is set to undergo an extensive redevelopment under its new ownership, which will include high-end tenant amenities, the addition of spec suites and remodeling the building’s interior. Once complete, the property will feature a renovated lobby, tenant corridors and restrooms, and first-class tenant amenities including a rooftop deck, tenant lounge, conference facility, fitness center and bike room. A multi-million dollar capital budget is being put forth by the new ownership group, and MBRE has been contracted to provide ongoing management, leasing and construction oversight for the property. MBRE’s Mark …
NEW YORK CITY — Madison Realty Capital has partnered with USAA Real Estate Co. to acquired The Buchanan, a mixed-use property located at 160 E. 48th St. in midtown Manhattan. According to the Wall Street Journal, the partnership purchased the 16-story, 300,000-square-foot property for $270 million. Comprising five interconnected mid-rise towers surrounding a garden courtyard, the property features 289 apartments and 16,000 square feet of retail and office space. Additionally, the asset offers nearly 140,000 square feet of excess air rights. The partnership plans to initiate a comprehensive capital improvement program to renovate and reconfigure the existing residential units, enhance operating efficiencies and create a high-end amenity package. The residential unit mix includes oversized studios, one-bedroom, two-bedroom and three-bedroom apartments on the second floor through the sixteenth floor, with penthouse units offering private outdoor terraces. The ground-level retail and office space is currently 100 percent occupied. The name of the seller was not released.