BOSTON — NorthMarq Capital has arranged $4.5 million in acquisition financing for an office property located at 44-46 Plympton St. in Boston’s South End. The transaction was structured with a 10-year term and a 30-year amortization schedule. The property features 28,600 square feet of office space. Ed Riskstins of NorthMarq Capital’s Boston regional office secured the financing for the undisclosed borrower through NorthMarq’s relationship with a national bank.
DALLAS — Quadrant Investment Properties (QIP) has acquired Saint Paul Place, a 22-story, 273,217-square-foot office building located on the corner of Ross Avenue and Saint Paul Street in the Dallas Arts District. The building is 78 percent leased to tenants including D-Magazine, Crowe Horwath and Sendero Business Systems. QIP plans to implement several improvements to the office tower including lobby amenity upgrades and a new tenant conference center and lounge that features a balcony overlooking the Dallas Museum of Arts sculpture garden. The new ownership will also upgrade corridors and implement a building-wide spec suite program. Headquartered in Dallas, QIP is a commercial real estate investment company targeting value-add office and industrial opportunities in Texas and the southwest United States. Celeste Fowden, Seth Thatcher and Ben Davis of CBRE will lease the project. HFF represented the seller in the transaction, and JLL procured financing for the asset.
PLANO, TEXAS — KBS Realty Advisors has signed a 39,334-square-foot lease with Highland Homes at Parkwood Place, a Class A, LEED-certified office property in Plano. The company renewed its 34,266-square-foot lease and expanded to an additional 5,068 square feet. Built in 2006, Parkwood Place is located in Plano’s Legacy submarket. The property spans 98,750 square feet and includes a tenant lounge and conference facility. Blake Shipley and Jeff Eckert of JLL represented KBS Realty Advisors in the transaction, while Scott Hobbs of CBRE represented Highland Homes.
SEATTLE — Columbia Pacific Advisors has provided $50 million in first-mortgage financing for the 425-acre Weyerhaeuser corporate campus in the Seattle submarket of Federal Way. The campus is located at 33663 Weyerhaeuser Way S. The loan will allow the borrower, Industrial Realty Group (IRG), to purchase the campus. IRG plans to redevelop and lease or sell parts of the high-profile property to industrial and office users. Columbia Pacific Advisors manages more than $1.1 billion across a variety of alternative investment strategies, including real estate lending, private real estate equity, growth capital, private equity and distressed debt.
MIAMI — Akerman LLP, a prominent law firm, has moved into its 110,508-square-foot office space at Three Brickell City Centre in Miami. Akerman’s office space features a conference center that can accommodate up to 300 people, a café, common areas, war rooms and coffee bars. Three Brickell City Centre is the only office building in the Brickell area with a Metromover attached to its structure (Eighth Street Station), and Akerman will be the only law firm in the area with a Metromover station. Three Brickell City Centre is also pre-certified LEED Gold. With more than 600 lawyers and government affairs professionals and a network of 20 offices, Akerman is a transactions and trial law firm with a specialty in middle market M&A within the financial services and real estate industries, as well as a Latin American practice. Located at 98 S.E. 7th St. in Miami’s Brickell financial district, Three Brickell City Centre is part of Swire Properties’ $1.05 billion Brickell City Centre mixed-use development.
LOS ANGELES — Macland Investments has acquired a 10,300-square-foot office building in the Warner Center/Woodland Hills submarket of Los Angeles for $4.7 million. The building is located at 5947-5951 Variel Ave. The gas station operator will use the space for administrative offices. The seller, a private investor, acquired the property in 2012 as a two-tenant property. It renovated the space for single-tenant use with high-end, modern finishes. Scott Romick of Lee & Associates-LA North/Ventura represented the seller.
MAYNARD, MASS. — Mesa West Capital has provided Artemis Saracen Investments, a joint venture between Saracen Properties and Artemis Real Estate Partners, with $40.8 million in first mortgage financing to reposition a 1 million-square-foot office campus in Maynard. Loan proceeds will be used to implement an extensive capital improvement and leasing plan that will reposition the property to appeal to a wide variety of users. Formerly known as Clock Tower Place, the newly rebranded Mill & Main is a mixed-use development located 25 miles west of Boston. Planned improvements to the property include updated building systems, pedestrian plazas, a waterfront boardwalk, fitness facilities, boutique retail and gallery venues. Situated on 50 acres, the property includes 12 vintage brick-and-beam-style buildings overlooking a 14-acre mill pond. Constructed in 1847, the site originally served as a woolen mill until 1950 when it was converted to an office park. The property is currently 37 percent leased, including a recently signed lease with Stratus Technologies for 102,000 square feet, which is slated to open this spring. Jay Marshall of HFF arranged the financing.
HOUSTON — NAI Partners has represented Tipton Co. in the acquisition of a 10,000-square-foot office/warehouse space on 1.9 acres located at 3565 S. Loop 336 E. in Conroe. Ty Tipton is CEO and president of Tipton Co., a third-generation, family-owned plumbing supply company. His grandfather, Zeke Tipton, founded the company in 1935. Zeke Tipton was a captain in World War II serving in Germany. After returning from Germany in 1946, he and his wife, Cecile, put all their efforts toward building Tipton Co.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 62,318-square-foot office lease in Troy, approximately 25 miles north of Detroit. Midland Credit Management Inc. will occupy space in Building B of Troy Officentre. Osprey-Troy Officentre LLC owns the building located at 320 E. Big Beaver Road. Glenn DesRosiers of Friedman Integrated Real Estate Solutions represented the landlord in the transaction. Midland Credit Management is a subsidiary of Encore Capital Group, an international specialty finance company that provides debt-recovery solutions for consumers and property owners.
NEW YORK CITY — SL Green Realty Corp (NYSE: SLG) has received $296 million in financing for three of the REIT’s New York-based assets. The assets include a Class A office building at 800 Third Ave. in Manhattan; Jericho Plaza, a 662,000-square-foot, two-property complex in Jericho on Long Island; and 719 Seventh Ave. in Times Square, which will eventually serve as a prime retail flagship location. The office building received a new 10-year, $177 million refinancing of its mortgage loan. The property is situated in the Grand Central submarket. It is currently 96 percent occupied. Jericho Plaza received a two-year, floating-rate mortgage to recapitalize the property. The initial funding was about $75 million, with a total expected funding of $100 million. Proceeds will partially be used for a capital improvement plan that includes lobby and elevator cab renovations, the addition of a conference facility and landscaping upgrades. The Times Square project received a two-year, $44 million loan. The proceeds will be used for construction of 10,000 square feet of retail space, as well as extensive LED signage. SL Green expects that construction will be completed before the 2016 holiday season. “The successful completion of these transactions provides evidence that liquidity …
