NEW YORK CITY — Marcus & Millichap has brokered the sale of the Newel Building, a property located at 425-429 East 53rd St. in Midtown Manhattan. Rakema Holdings LLC, an affiliate of Ruder Finn, acquired the property for $30.7 million, or $900 per square foot. Built in 1926, the five-story building features 34,125 square feet of commercial space, including a car-sized freight elevator, passenger elevators, sub-basement storage space, a loading dock and a ground-floor retail showroom. Anthony Finno of Marcus & Millichap represented the seller, Newel LLC, in the transaction.
RALEIGH, N.C. — A10 Capital has funded two bridge loans totaling $9.1 million for the refinancing of two suburban office properties in Raleigh. Chuck Taylor of A10 Capital structured and closed both loans. Todd Crouse of NorthMarq Capital arranged both loans on behalf of the borrower, a local experienced investor and operator of office properties.
BOSTON AND NORWOOD, MASS. — EagleBridge Capital has arranged $8.9 million in permanent mortgage financing for two properties in Massachusetts. The first property, located at 33 Broad St. in Boston, features 40,500 square feet of office space and is 100 percent leased to a variety of tenants, including State Street Eye Health, Expresso Love, law firms, accountants and consultants, among others. The second property, located at 340-346 Vanderbilt Ave. in Norwood, offers 65,240 square feet of multi-tenant industrial space and is fully leased to eight tenants. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing, which was provided by a financial institution.
NORTHERN OHIO — Cooper Commercial Investment Group has brokered the sale of a two-tenant office building in Northern Ohio. A Midwest-based private investment group acquired the property for $4.5 million, or 94 percent of the list price, from a Midwest-based private ownership group. The property is occupied by two well-known national/regional tenants. Dan Cooper of Cooper Commercial represented both parties in the transaction.
LISLE, ILL. — Adelphia Properties has brokered the sale of a single-story office building located at 4933 Lincoln Ave. in Lisle, a southwest suburb of Chicago. A private investor acquired the 8,163-square-foot property for $1 million. George Spirrison of Adelphia Properties represented the seller, Conner & Gallagher Insurance Services Inc.
DALLAS — BT Global Services, a subsidiary of BT Group, is moving the headquarters for its Americas operations to Cypress Waters in Dallas. Noel Hutcheson and Fernando Araiza of Colliers International were the tenant’s representatives while Kathy Permenter, Moody Younger and Sean Dalton of Younger Partners represented the landlord, Billingsley Co. BT is moving into 28,000 square feet at Cypress Waters with approximately 250 employees. Cypress Waters features restaurants and retail, as well as multifamily housing options. BT decided on the location for its Americas headquarters because of the proximity to DFW International Airport and access to a quality talent pool. BT joins tenants including Cheddars, Nationstar Mortgage, Meritage Homes and 7-Eleven.
HERNDON, VA. — DTZ has secured $83 million in financing for Woodland Park, a three-building office portfolio located in Herndon, a Virginia suburb of Washington, D.C. The 480,324-square-foot portfolio — comprising Plaza Ridge II and South Point I and II — is currently 96 percent leased. John Campanella arranged the 10-year, fixed-rate loan through an unnamed bank on behalf of the borrower, a joint venture between AEW Capital Management and American Real Estate Partners.
TEMPE, ARIZ. – ViaWest Group has sold Crossroads of Tempe, a 96,691-square-foot office complex, to Held Properties for $17.2 million. The property is located at 303 & 309 W. Elliot Road in Tempe. It is 96 percent occupied. Notable employers in the area include Go Daddy, AVNET, Qualcomm, Iridium Satellite, Intel, Motorola, Honeywell, Xerox, Microsoft, Bank of America, Wells Fargo, eBay/PayPal and AT&T. Held Properties was represented by Chris Toci and Chad Littell of Cushman & Wakefield of Arizona, and by Mark Gustin, Karsten Petersen and Dave Seeger of Jones Lang LaSalle. ViaWest will continue to manage the property. The Jones Lang LaSalle team will serve as the leasing agents.
LOS ANGELES — A joint venture between the Swig Company and Intercontinental Real Estate Corporation has acquired a 408,000-square-foot office tower in Los Angeles for an undisclosed sum. The 22-story tower is known by its address, 6300 Wilshire Blvd. The Class A property also contains a six-level parking garage and surface lot. The JV plans to make a significant investment in the property. The building is situated between the Miracle Mile and Fairfax Commercial districts. Notable development activity within the neighborhood includes several new residential projects, the multi-million dollar renovation of the Peterson Automotive Museum, the new Academy of Motion Pictures Museum and the Purple Line extension of the Los Angeles Metro System. Intercontinental made the investment with the Swig Company on behalf of its latest managed fund, which has invested in more than 80 commercial assets nationwide. This is the JV’s second transaction. The two firms acquired Bristol 61, a creative office campus in Culver City, late last year. The seller, Legacy Partners, was represented by Stephen Somer of Eastdil Secured. The JV’s legal advisors on the transaction were Tony Ratner of Farella Braun + Martel, and Kendall Brook and Mark Warcup of Bradley & Associates P.C. Leasing at …
NEW YORK CITY — Colliers International has brokered the sale of Edgewater Plaza, a seven-story office building located at One Edgewater Plaza in Staten Island. Edgewater Plaza Loft LLC acquired the 268,938-square-foot property for $21.5 million. At the time of sale, 181,172 square feet of the property was occupied by The City of New York Board of Elections, The New York Police Department and Staten Island University Hospital, among others. Jacklene Chesler, Richard Madison and Jeffrey Oram of Colliers represented the undisclosed seller in the transaction.