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.
NEW YORK CITY — Mission Capital has secured $45 million in financing for the acquisition of a commercial property located at 1825 Park Ave. in Manhattan’s Harlem. Savanna acquired the 135,000-square-foot property for $48 million. At the time of sale, the 12-story building was 55 percent occupied by a mix of retail and office tenants, including JP Morgan Chase and Popeye’s. Jonathan More, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing for the acquisition. The name of the seller was not released.
HASBROUCK HEIGHTS, N.J. — Redwood Realty Advisors has brokered the sale of a mixed-use property located at 192 Boulevard in Hasbrouck Heights. An undisclosed buyer acquired the asset for $5.4 million in a 1031 exchange. The property features 32 apartments and 10 commercial spaces. Thomas McConnell, Kevin McCrann, Steven Matovski and Saul Ramirez brokered the transaction. The name of the seller was not released.
BUFFALO GROVE, ILL. — Transwestern has brokered the $2.7 million sale of a flex building in Buffalo Grove, a northwest Chicago suburb. A private investor bought the fully leased 24,620-square-foot building from FSGB LLC. The recently renovated building, located at 350-370 Lexington Drive, houses eight companies that occupy between 2,000 and 6,000 square feet. All tenants have at least two years remaining on their leases. Adam Schneiderman represented the undisclosed buyer in the transaction. Schwab Realty & Development represented the seller.
CHICAGO — Summit Design + Build LLC has completed an office space build out for The Nerdery, a custom software design and development company. The Nerdery renovated two floors of its seven-story building. The 84,000-square-foot facility is located at 1033 W. Van Buren St. in Chicago’s West Loop. The 24,000-square-foot build out included the addition of natural light, an open concept kitchen and a dining room with built-in bleachers for events. The space also features meeting space that includes over 25 conference rooms, huddle rooms and other informal areas.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 10,285-square-foot office building in Southfield, approximately 15 miles northwest of Detroit, for an undisclosed price. Camar Properties LLC sold the building, located at 23265 Northwestern Highway, to Alley Cat Holdings LLC, a law firm. Kevin George and Dan Verderbar of Friedman Integrated Real Estate Solutions represented both the buyer and seller in the transaction.