WILMINGTON, DEL. — FM Capital has acquired a non-performing loan secured by the North Market Office Building in downtown Wilmington. The property has a current unpaid principal balance of approximately $26.9 million. Built in 1982, the 203,000-square-foot property features 10 floors of office space and a 42-car underground parking garage for tenant use. The debt was originated in 2007.
MILLSAP, TEXAS — Q10 KDH’s Matt Franke has arranged $2.8 million in financing for an affiliated entity of Archway Properties, which developed GEODynamics’ new corporate office building in Millsap. The Class A office building spans 15,866 square feet and is 100 percent occupied. The single-story property features an exterior of stone and brick and drought-resistant landscaping. Interior skylights and windows provide natural light. Included on the grounds is a standalone guard house. The property will consolidate several GEODynamics offices.
HOUSTON — Quintana Minerals Corp. has leased 17,465 square feet of office space at 1415 Louisiana St., a 43-story office tower located in Houston’s central business district. Quintana is relocating from 601 Jefferson St. to the 520,000-square-foot, Class A office building, which is connected through tunnels to many downtown amenities including dining, shopping, services and more. Connor Saxe of Colvill Office Properties and Richard Barbles of Stream Realty represented the property’s ownership, Wedge Commercial Properties, in the lease transaction. Philip Price, formerly of Cushman & Wakefield and now of Newmark Grubb Knight Frank, along with Trey Strake of Cushman & Wakefield, represented the tenant. A capital improvement campaign is underway, and once complete, the building will feature a new main entry, a main lobby accented with Italian stone, a tunnel makeover including new lighting, floor and wall treatments, and a new back-painted glass elevator lobby. The expected completion date of the renovations is March 2016.
CINCINNATI — NewcrestImage has purchased a three-building office complex in Cincinnati for an undisclosed price. Fourth & Walnut Centre is comprised of a 19-story tower built in 1903, a four-story building built in 1937 and a six-story building that was constructed in 1961. Amenities at the property include two restaurants, a business center and a parking garage. The three assets total 375,000 square feet and are currently 56 percent occupied. NewcrestImage plans to enhance and re-configure the office space in an effort to appeal to the millennial mindset. The seller is undisclosed.
SAN DIEGO — NorthMarq Capital has arranged an $11 million bridge loan for the refinancing of an office project in San Diego. The non-recourse loan includes a future funding provision that provides the borrower with capital to complete renovations to the property, according to Steve Hollister of NorthMarq Capital’s San Diego office. Hollister arranged the three-year, interest-only financing, along with Aaron Beck.
OAKLAND, CALIF. — An unnamed buyer has purchased a 521,177-square-foot office tower in Oakland’s City Center mixed-use development for an undisclosed sum. The 24-story tower is located at 1221 City Center, at the intersection of 12th Street and Broadway. The tower’s lobby and common areas have recently undergone a $21.5 million renovation. The property also enjoys immediate access to the Bay Area Rapid Transit (BART). The space is now 98 percent occupied. The seller was a joint venture between American Realty Advisors and Westcore Properties. Eastdil Secured represented the joint venture in the sale.
CEDAR PARK, TEXAS – Riverside Resources has begun construction on the first phase of a 100-acre mixed use campus on Parmer Lane in Cedar Park. The first phase of the campus, called Presidio, will feature 74,000 square feet of office space, a 100-room hotel, 320 urban lofts and 21,000 square feet of retail/restaurant space. The initial phase spans 26 acres off the southeast corner of Parmer Lane and Ranch Trails Court. The remaining 74 acres is on the other side of Ranch Trails Court. Presidio will be able to accommodate an office campus with upwards of 500,000 square feet, along with additional lofts, retail and restaurant space. The design’s intent is to bring a more urban, walkable mixed-use campus to Parmer Lane and Cedar Park, with a trail system, local restaurants, a park and a food trailer court. The Phase I office building has been 50 percent pre-leased to American Constructors and will be ready for occupancy in the fall of 2016. In early 2016, Riverside Resources will also move ahead with the other components of the first phase, including a 21,000-square-foot restaurant and retail component it’s developing in partnership with Chris Whitworth and Mauricio Gonzalez Kane of Cordova Real …
DALLAS — Jerry Averyt of Henry S. Miller Brokerage’s office division has represented Pace Communications in the lease of its new office space in Dallas. Pace Communications leased 3,400 square feet at 2811 McKinney Ave. from 2811 McKinney TT. Blake Shipley and Ashley Curry of JLL represented the landlord in the transaction.
SANTA ANA, CALIF. — Nova Academy Children’s Foundation has purchased a 38,000-square-foot office building in Santa Ana for $8 million. The building is located at 500 W. Santa Ana Blvd. The foundation will use this property as a flagship charter high school. Brian Corrigan of Voit Real Estate Services’ Anaheim executed the sale.
RICHARDSON, TEXAS — Spear Street Capital, Cushman & Wakefield and Peloton Commercial Real Estate will redevelop Galatyn Commons, a Class A office campus in Richardson. Located at 1011 Galatyn Parkway, the campus includes 600,000 square feet available for lease. Chris Taylor of Cushman & Wakefield, along with Peloton’s Russ Johnson, handle property leasing on behalf of the owner, Spear Street Capital. The multi-million dollar investment to redevelop Galatyn Commons is underway and will provide current and future tenants a full array of amenities. Renovations include the expansion of the parking garages to a ratio of 5 spaces per 1,000 square feet, as well as a complete renovation of the full-service cafeteria and outdoor amenity complex. Other new indoor amenities will include a coffee shop, conference center and new lobbies supported by 24-hour security. New outdoor enhancements include the addition of a food truck pavilion, an amphitheater, outdoor kitchen, fire pits and bocce courts. The campus will also feature a regular shuttle, as well as bike checkout stations providing access to CityLine, a 186-acre mixed-use development in Richardson. The Galatyn Commons campus is also adjacent to the Renaissance Hotel and Conference Facility and the Eisemann Center for Performing Arts. The full …
