CINCINNATI — Gramercy Property Trust has closed on the sale of a three-building office portfolio in Cincinnati for $87 million, the equivalent of $161 per square foot. McAuley Place and Landings I & II were 96 percent occupied at the time of sale. The exit cap rate was 9 percent based on the existing net operating income. The buyer in the transaction was undisclosed.
CHANDLER, ARIZ. — NorthMarq Capital has arranged a $93 million refinancing for a 523,673-square-foot office park in Chandler. The Class A park is located at the intersection of highways 101 and 202. The property contains six office buildings within a master-planned business park that also features office, hospitality and restaurant properties. The office park is fully leased to tenants like Healthways, Infineon Technologies and Infusion Software. The loan features a 10-year term with three years interest-only payments, followed by a 30-year amortization schedule. Eric Flyckt of NorthMarq Capital’s San Diego office arranged the financing through the firm’s relationship with Citi Group. Douglas Allred Company owns the property.
SACRAMENTO, CALIF. — Newmark Realty Capital has arranged $65 million in permanent financing for a 284,000-square-foot office complex in Sacramento that serves as the headquarters for the California Highway Patrol. The facility is situated within the River District Redevelopment Area. The recently renovated property is leased to the State of California. George Mitsanas, Fritz Grim and Armen Hadjimanoukian of Newmark Realty Capital arranged the non-recourse, fixed-rate, term loan. It was placed with one of the firm’s correspondent life insurance company lenders.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has completed the sale of two properties with a total value of $508 million. The first sale is the leased fee interest in 885 Third Ave. in Manhattan, also known as “The Lipstick Building,” for a gross sales price of $453 million, or $713 per square foot. The deal was originally announced in October. A partnership between Ceruzzi Properties and Shanhai Municipal Investment USA is the buyer, according to the Commercial Observer, a New York-based publication covering commercial real estate transactions. SL Green acquired the leased fee interest in 885 Third Ave. in a joint venture in 2007 at a gross asset valuation of $317 million and fully consolidated its position in 2010 at a valuation of $352 million. As part of the transaction, SL Green will retain a preferred equity position. The sale, executed at a capitalization rate of 3.8 percent, will generate net proceeds to SL Green of approximately $45 million. The second sale is the company’s 90 percent stake in the residential condominium at 248-252 Bedford Ave., a 72-unit multifamily building in Williamsburg, Brooklyn, at a gross asset valuation of $55 …
SAN DIEGO — Cypress Office Properties has purchased the 114,355-square-foot Willow Creek Corporate Center in the San Diego submarket of Scripps Ranch for $19.7 million. The center is located at 10089 Willow Creek Road. Willow Creek is situated within the master-planned Scripps Ranch Business Park. It sits just east of Interstate 15, near State Routes 52, 56 and 163. The property is minutes from more than 1 million square feet of retail amenities and abundant housing options. JLL’s Bob Prendergast and Lynn LaChapelle represented the seller, LBA Realty, in this transaction.
LOS ANGELES — Stockdale Capital Partners has acquired a 140,054-square-foot medical office building in Los Angeles for an undisclosed sum. The building is located at 2100 W. 3rd St. The space was built in two phases between 1991 and 2007. It includes medical office, laboratory and general office space. Notable tenants at the property include UCLA, Children’s Hospital Los Angeles, ViraCor-IBT Laboratories and the House Ear Clinic. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, a joint venture between Watt Investment Partners and Rockpoint Group, in this transaction.
NEW YORK CITY — Jamestown LP, a national real estate investment and management company, has acquired a 49 percent joint venture stake in ownership of two office properties in Manhattan for an undisclosed sum. Under the new partnership agreement, George Comfort & Sons and Loeb Partners Realty will together retain a majority interest in the assets. The properties include 63 Madison Avenue, a 15-story, 870,000-square-foot office building that is fully occupied by notable tenants such as New York Life and CBS; and 200 Madison Avenue, a 26-story, 750,000-square-foot office building that is 99 percent leased to 20 tenants, including Philips-Van Heusen, Roche BoBois and Greater New York Mutual Insurance. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil Secured provided financial advice for the transaction.
ORLANDO, FLA. — NXT Capital has provided a $15.1 million acquisition loan for the Reserve at Maitland, a three-building, Class B office property in Orlando totaling 197,000 square feet. The property is situated on the south side of Maitland Center, just north of Orlando’s central business district, with access to I-4.
INDIANAPOLIS — Colliers International has negotiated the sale of an 82,565-square-foot historic office building in downtown Indianapolis for $4.9 million. NAYA USA Investment purchased the building, One North Pennsylvania, from One North Penn LLC. The building was constructed in 1909 and is currently 69 percent leased. Tenants at the property include Centier Bank, Pita Pit and Alpha Tau Omega. Alex Cantu, John Demaree, Matt Langfeldt and Rich Forslund of Colliers International represented the seller in the transaction. Beau Ansty of Stenz Management represented the buyer.
GRANDVIEW HEIGHTS, OHIO — The developer of Grandview Yard has signed eight new tenants who will collectively occupy over 24,000 square feet of space. Grandview Yard is a mixed-use development outside of Columbus that is situated on 125 acres and will encompass 1.2 million square feet of retail, restaurant, grocery, hospitality and residential space once completed. New tenants who have inked a deal at Grandview Yard include: Hilliard Lyons: 2,900 square feet at 800 Yard St. Unum Life Insurance Co.: 6,300 square feet at 800 Yard St. Seamless Logistics: 3,400 square feet at 775 Yard St. Columbus Hospitality Management: 3,400 square feet at 775 Yard St. United States Navy: 2,200 square feet at 845 Yard St. Northeast Family Dental Associates: 2,000 square feet at 845 Yard St. FKP Architects Inc.: 1,900 square feet at 845 Yard St. Executive Eye Care LLC: 2,000 square feet at 895 W. Third Ave. In addition to the eight new tenants, the project developer, Nationwide Realty Investors, has announced that the first 320,000-square-foot building on Nationwide’s own 500,000-square-foot office campus will open this spring. Nationwide also announced that the 166-unit Apartments at Grandview Yard will open this spring, and a 135-room Courtyard by Marriott, along …