WASHINGTON, D.C. — CBRE Capital Markets’ debt and structured finance team has arranged $63.6 million in acquisition financing for a 195,624-square-foot office building located at 2025 M St. in Washington, D.C.’s central business district. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office arranged the 10-year loan through Philadelphia-based RAIT Financial Trust on behalf of the borrower, a private family interest in Brazil. The loan features three years of interest-only payments.
BOSTON — HFF has arranged $55 million in first mortgage financing for a boutique office and retail property located at 185 Dartmouth St. in Boston’s Back Bay neighborhood. HFF placed the long-term, fixed-rate loan with HSBC Bank for the borrower, Synergy Investments. The loan proceeds were used to pay off existing debt, provide the necessary capital to complete the property’s rehabilitation plan and return equity upon stabilization. Completed in 1937, the 11-story building features 164,559 square feet of Class A office and retail space and 45 on-site parking spaces. Current tenants include Denham Capital, First American Title, Boston Athletic Association, Starbucks, Freshii and FedEx Kinkos. Greg LaBine and Patrick McAneny of HFF secured the financing for the borrower.
EWING TOWNSHIP, N.J. — Affiliates of Rubenstein Partners have completed the disposition of Princeton South Corporate Center, a two-building office park in Ewing Township. Located at 100 and 200 Princeton South, the asset offers 268,000 square feet of Class A office space. Rubenstein Partners originally acquired the property in July 2011. Tom Walsh and Joe Garibaldi of Jones Lang LaSalle represented Rubenstein Partners in the transaction. Terms of the deal were not released.
SAN DIEGO — Davlyn Investments has acquired Paseo Summit, a 74,807-square foot, two-building office park located in Carlsbad, Calif., for $16.4 million. The property is 83 percent occupied. Michael Roberts and Brunson Howard of Cushman & Wakefield represented LNR, the special servicer acting on behalf of the lender/seller, in the transaction. Davlyn Investments was self-represented. City National Bank provided the acquisition financing. Davlyn Investments is a San Diego-based owner and operator of apartment communities and commercial property throughout California. To date, the firm has acquired more than $920 million in real estate assets.
MINNEAPOLIS — Investors Real Estate Trust (IRET) has sold four office showroom properties in metro Minneapolis for $26.6 million. The properties include the 205,494-square-foot Plymouth Tech I-V in Plymouth; the 61,138-square-foot Whitewater Plaza in Minnetonka; the 58,300-square-foot Southeast Tech Center in Eagan; and the 45,019-square-foot Burnsville Bluffs II office property in Burnsville. CBRE arranged the sale on behalf of IRET. The sales advance IRET’s portfolio transformation plan to narrow its focus to multifamily, healthcare and bulk industrial properties. IRET continues to sell off substantially its commercial office and retail property portfolios.
NEW YORK CITY — American Realty Capital New York City REIT Inc., a public non-traded REIT, has acquired an office property located at 123 William St. in downtown Manhattan, for $253 million, or $470 per square foot. The 27-story building features 545,000 square feet of rentable space. The acquisition was funded with a combination of cash and mortgage financing.
PEABODY, MASS. — Barton Associates has signed a lease for 50,500 square feet of medical office space at 300 Jubilee Dr. in Peabody. The firm plans to relocate its headquarters to the new space in April. With the relocation, the medical practice is doubling its existing office space at 10 Dearborn Road. Demetri Koutrouvelis and Nicole Miller of Savills Studley represented Barton Associates in the transaction.
CHICAGO — The Boulder Group has arranged the $4 million sale of a single-tenant, First Midwest Bank ground-lease in Chicago. The property is located at 3220 W. 26th St. The building was originally built in 1984 and was renovated in 2007. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Chicago-based investor who purchased the property in a 1031 exchange. A West Coast-based real estate fund sold the property. There are more than 13 years remaining on the First Midwest Bank ground lease, which expires July 1, 2028. First Midwest Bancorp is a publicly traded company with a market capitalization in excess of $1.3 billion.
WALTHAM, MASS. — Transwestern | RBJ has brokered the sale of two office buildings, located at 1432 and 1440 Main St. in Waltham. Charles River Realty Investors and Crosspoint Associates Inc. sold the properties to Ferris Development for $22.3 million. The two-building portfolio totals 134,839 square feet of office space and is 90 percent occupied. Ferris Development plans to upgrade the base infrastructure of the buildings and make cosmetic improvements to the lobbies, common areas and restrooms. Chris Skeffington, Ron Friedman and Roy Sandeman of Transwestern | RBJ represented the seller and procured the buyer in the transaction.
CAMBRIDGE, MASS. — Akamai Technologies, a provider of cloud services, has signed a 10-year lease for 67,000 square feet at 50 Hampshire in Cambridge. The company will occupy the entire sixth and seventh floors of the building and use the space to expand its Cambridge office, which serves as its U.S. headquarters. BioMed Realty owns the property, which will be 50 percent leased once Akamai takes occupancy. Terms of the transaction were not released.