SOUTH BURLINGTON, VT. — Doug Nedde and Fernando Cresta of Nedde Real Estate have acquired a multi-tenant commercial building located at 1891 Williston Road in South Burlington. Lee Zachary, owner of the Zachary’s restaurant chain, sold the 49,200-square-foot property for an undisclosed sum. The property is occupied by Enterprise Rentals, Treehouse Woodworking, MAACO, United Fighting Arts Institute and MOTO VT.
PLANO, TEXAS — Marcus & Millichap has arranged the sale of Harrington Place, a five-story, 86,754-square-foot office building in Plano. Ron Hebert represented the seller in the transaction. Harrington Place is located 20 miles north of downtown Dallas at 1700 Alma Drive, near the Central Expressway and George Bush Turnpike. Built in 1983 and updated periodically, Harrington Place features 24-hour security. At the time of the sale, the property was 84 percent leased by a variety of local firms.
ATLANTA — Avison Young has advised Adventus Realty Trust in its off-market acquisition of 1000 Parkwood, a 212,500-square-foot office building located in Atlanta’s Cumberland/Galleria office submarket. The seller, Atlanta Property Group, sold the 10-story property to Adventus for $38.9 million. Built in 1985, 1000 Parkwood was 92 percent leased at the time of sale to tenants including global chemical company Kemira. Matt Tritschler of Avison Young advised Adventus in the transaction, and CBRE represented Atlanta Property Group.
NEW YORK CITY — New York REIT (NYSE: NYRT) has agreed to acquire all properties of JBG Cos. and some of its private funds, creating an $8.4 billion real estate investment trust (REIT) named JBG Realty Trust. JBG Realty Trust’s portfolio will span more than 14.5 million square feet of office, residential and retail properties across the gateway markets of New York City and Washington, D.C. The properties are concentrated in transportation-served, urban-infill submarkets. The combined company will be headquartered in Chevy Chase, Md., with a regional office in New York City. JBG has received all required approvals for the transaction from its owners and JBG Fund Advisory Committee members. The board of directors of NYRT has approved the merger agreement and recommended that its stockholders approve the issuance of common stock and operating partnership units in the transaction. JBG Cos. will receive 319.9 million shares of common stock and operating partnership units of NYRT in exchange for the contributed JBG properties. NYRT stockholders will own about 34.8 percent of the combined company’s shares and units, while JBG equity holders will own about 65.2 percent once the deal is complete. The Eastdil Secured group of Wells Fargo Securities acted as …
Overall the Rhode Island office market exited 2015 with positive momentum, which resulted in a strong first quarter 2016. While much of the activity is intrastate, it is a sign that local businesses have regained confidence in the overall economy outside of Rhode Island. In Providence, office building conversions to residential apartments continues to drive much of the urban office building demand. The largest of the recent residential conversions include the sale of 95 Chestnut Street (57,000 square feet) and 170 Westminster Street (62,000 square feet), which has resulted in contraction of the Class B Providence office market. In addition, The Rhode Island School of Design’s (RISD) recent expansion/purchase of a 12,000-square-foot office condominium at 123 Dyer Street has also spurred downtown demand. The Providence office market has also been affected by corporate consolidation. Citizens Bank, Bank of America, Textron and Blue Cross have all reduced the size of their footprints in Providence over the past 18 months. As a result, the Providence office market experienced a slight uptick in vacancy rates ending 2015, at about 16.5 percent. In the Jewelry District, three construction projects are well underway. The South Street Landing project is a $220 million dollar renovation of …
CAMBRIDGE, MASS. — An affiliate of Longfellow Real Estate Partners has received $51 million in recapitalization financing for a laboratory/biotechnology building located at 1030 Massachusetts Ave. in Cambridge. Greg LaBine of HFF placed the five-year, fixed-rate loan with Capital One Healthcare for the borrower. The 77,805-square-foot property is fully leased to seven tenants: five biotech tenants, an indoor cycling studio and a restaurant, which is slated to open in early this summer.
NEW YORK CITY — Kinsey Capital has arranged the acquisition of an office property located at 4-6 E. 34th St. in Manhattan’s NoMad neighborhood. An affiliate of Caerus Group acquired the 29,162-square-foot property from the Zionist Organization of America for $38.2 million, or $1,312 per square foot. The property also features air rights to allow for a total of 52,300 square feet. Brent Glodowski of Kinsey Capital represented the buyer, while CBRE represented the seller.
WILMINGTON, DEL. — Capital & Guarantee is developing Fenwick Medical Complex, a six-building facility in Wilmington. When complete, the property will feature 120,000 square feet of space, ample parking and a heliport. Anchored by a full-service emergency medical center, the complex will be occupied by various medical specialists and physicians, including cardiovascular, family practice, gastroenterology, gynecology, podiatry, internal medicine, psychology, spinal care and vein care offices. Physician and office space is available as build-to-suit units regardless of size or floor plans.
NORWELL, MASS. — NorthMarq Capital has arranged $2.4 million in refinancing for Longwater Circle, an office property located in Norwell. The commercial mortgage transaction features a long-term fixed rate for more than 10 years with a 30-year amortization and a flexible prepayment schedule. Michael Chase of NorthMarq secured the financing through a regional bank for the undisclosed borrower.
MILWAUKEE — Siegel-Gallagher has arranged a 6,214-square-foot office lease in Milwaukee. kW Mission Critical Engineering will occupy space at the building located at 173 N. Broadway St. Marianne Burish of Siegel-Gallagher brokered the transaction. 173 Broadway LLC is the landlord.