Office

HFF Arranges $7.6M Acquisition Loan for Office Building in Charlotte

by John Nelson April 1, 2015

CHARLOTTE, N.C. — HFF has arranged $7.6 million in acquisition financing for Quail Plaza, an 86,979-square-foot office building located at 7621 Little Ave. in south Charlotte. Travis Anderson, Jim Curtin, Cory Fowler and Ryan O’Dwyer of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, TriGate Capital. The five-story office building was 84 percent leased at the time of financing to tenants such as The Steritech Group, FedEx, American Realty Capital, Landworks Design Group PA, Union Security and Mutual of Omaha.

April 1, 2015

Arizona Office Western

Sonora Quest Laboratories Renews Lease in Tucson

by Nellie Day April 1, 2015

TUCSON, ARIZ. – Sonora Quest Laboratories has renewed its lease for 2,393 square feet of office space in Tucson. The space is located at 1440 W. Valencia Road. The transaction was executed by Rick Kleiner and Tom Knox of Cushman & Wakefield | PICOR.

April 1, 2015

Office Utah Western

Spring Mobile Leases Space at Gateway Tech Center in Salt Lake City

by Nellie Day March 31, 2015

SALT LAKE CITY – Spring Mobile has leased 21,538 square feet of office space at Gateway Tech Center in Salt Lake City. The space is located at 155 North 400 West. Spring Mobile was represented by Chris Falk of Newmark Grubb ACRES. The landlord, KBSIII, was represented by CBRE’s Nadia Letey.

March 31, 2015

Office Texas

CBRE Arranges $16M Acquisition Financing For Medical Office Building in Austin

by Haisten Willis March 31, 2015

AUSTIN, TEXAS — CBRE has arranged $16 million in acquisition financing for Southwest Medical Village, a fully occupied Class A medical office building in Austin. Working on behalf of an undisclosed borrower, CBRE Capital Markets secured a 10-year loan with eight years of interest-only payments and a 60 percent loan-to-value ratio. The loan was originated through CBRE Capital Markets’ relationship with PNC Bank. Built in January 2014, the fully leased asset includes 70,000 square feet of medical office space and offers a parking ratio of 5.1 per 1,000 net rentable square feet. The property, located at 5625 Eiger Road, is anchored by Premier Family Physicians, an independent, physician-owned family medicine practice, and also includes 18 other specialty practices. Kornberg, Doug Seylar, Scott Larson, Ben Bastian, Greg Greene, Scott Lewis and Taylor Pearce of CBRE arranged the loan for the borrower.

March 31, 2015

Illinois Midwest Office

Metonic Real Estate Solutions Buys 58,000 SF Office Building in Chicago

by Danielle Everson March 31, 2015

CHICAGO — Metonic Real Estate Solutions has purchased a six-story, 58,000-square-foot, brick and timber office building in Chicago for an undisclosed sales price. The property is located at 217 N. Jefferson St. in the West Loop and includes an adjacent 40-stall surface parking lot. The building was originally constructed in 1938 and redeveloped in 2008. It is fully occupied primarily by technology and creative tenants.

March 31, 2015

District of Columbia Loans Office Southeast

CBRE Arranges $63.6M Acquisition Loan for D.C. Office Building

by John Nelson March 31, 2015

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.

March 31, 2015

Loans Massachusetts Northeast Office Retail

HFF Secures $55M Financing for Office/Retail Building in Boston’s Back Bay

by Amy Works March 31, 2015

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.

March 31, 2015

New Jersey Northeast Office

Rubenstein Partners Sells 268,000 SF Office Park in New Jersey

by Amy Works March 31, 2015

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.

March 31, 2015

California Office Western

Davlyn Investments Acquires Office Property in Carlsbad, Calif., for $16.4 Million

by Haisten Willis March 30, 2015

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.

March 30, 2015

Midwest Minnesota Office

Investors Real Estate Trust Arranges Sale of Several Office Showroom Properties

by Danielle Everson March 30, 2015

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.

March 30, 2015

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