DALLAS — KDC and Invesco Real Estate have begun construction on a 12-story, 150,000-square-foot office building in Uptown Dallas. The planned Class A office building will be located at 1920 McKinney Ave. and will feature six stories of office space on top of a six-story parking structure. The ground floor will have 8,500 square feet of retail and restaurant space. The building is scheduled for completion in early 2016.
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KATY, TEXAS — Q10 | Kinghorn, Driver, Hough & Co. has arranged a $4.5 million loan for the refinancing of the Entrust Office Building in Katy, a suburb of Houston. The 32,382-square-foot building, located near the Grand Parkway and Westpark Tollway, is the result of a collaboration between The Mission Cos. and Entrust Inc. Thrivent Financial provided the 10-year loan, which includes a 25-year amortization schedule. Ray Driver III and Dave Holland of Kinghorn worked to arrange the transaction.
HOUSTON — HFF has arranged both the sale and financing for 8 West Centre, a new Class A office building on the Houston Tollway in Houston. HFF marketed the property on behalf of the seller, Core Real Estate. Azrieli Group, a real estate investment company based in Tel Aviv, purchased the asset for an undisclosed price. HFF assisted Azrieli in securing a five-year, fixed-rate acquisition loan through Aegon USA Realty Advisors LLC. Completed in 2013, 8 West Centre is a 227,045-square-foot, four-story property with a 938-space parking garage. The LEED Silver designated building is fully leased to two tenants, Cameron International Corp. and Helix Energy Solutions. The property sits on nine acres at 3505 W. Sam Houston Parkway North inside the Beltway 8 loop road. The HFF team representing the seller included Dan Miller, Rusty Tamlyn, Mark West and Trent Agnew. HFF’s debt placement team included Matt Kafka and Wally Reid.
DALLAS — Marcus & Millichap has arranged the sale of 18170 Hillcrest Road, a 12,654-square-foot office property in Dallas. Ron Hebert of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. An outside broker represented the buyer, an owner-user. The property was built in 2001 on 1.2 acres at the northeast corner of Hillcrest Road and Frankford Road. The building includes a loading dock and a separate 1.6-acre parcel of undeveloped land.
FORT LAUDERDALE, FLA. — Steelbridge Capital has purchased Cypress Financial Center, an 11-story, Class A office tower in Fort Lauderdale, for $32.6 million. The 198,528-square-foot property is situated on I-95 at Cypress Creek Road. Steelbridge Capital’s principals were part of the prior ownership from 1998-2006 and were able to now buy the asset back from the owner it had sold the property to in 2006. Steelbridge is planning a multi-million dollar capital improvement program for the property and has tapped Kravit Architectural Associates to design the upgrades to the lobby, common area, exterior, landscaping and elevator systems. The property is currently 76 percent leased to tenants such as MetLife, TD Bank, BDO, Altadis and Marcus & Millichap. Steelbridge Real Estate Services will provide property management services for Cypress Financial Center. Hermen Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Tricony CFC LLC, in the transaction.
ATLANTA — Coral Gables, Fla.-based America’s Capital Partners (ACP) has acquired the Towers at Wildwood Plaza, a 700,000-square-foot office development in Atlanta’s Cumberland/Galleria submarket. The asset is leased to tenants such as General Electric, Allstate Insurance, Vonage Communications, Alere, Tenet Healthcare and IBM Credit Union. The property, designed by I.M. Pei, is considered the top-quality office building in the Cumberland/Galleria area, according to ACP.
KING OF PRUSSIA, PA. — Cronheim Mortgage has arranged a $12 million loan for an office building located in King of Prussia. The 102,204-square-foot building was converted into a multi-tenant office building in 2007. The property features high ceilings, large open floor plates, low loss factor and easy access from an oversized parking field. At the time of closing, the property was 85 percent leased to four tenants. David Turley and Janet Proscia of Cronheim Mortgage arranged the three-year, fixed-rate loan. The debt was sourced from a regional bank, which funded a 65 percent LTV loan on a non-recourse basis.
BRAINTREE, MASS. — New Boston Fund Inc., a private equity real estate investment, development and management firm, has secured two lease extensions at Granite Woods Corporate Center in Braintree. Law firm Smith & Brink has leased 15,861 square feet and VHA Inc. signed for 7,500 square feet. New Boston Fund acquired the office center, which comprises two office buildings totaling 168,000 square feet, in June 2008. Since the acquisition, New Boston Fund has spent $3.2 million in building upgrades. David Goodhue and Caleb Hudak of Colliers International represented New Boston Fund in both transactions. Stephen Woelfel, also of Colliers, and J.R. McDonald of Cushman & Wakefield represented Smith & Brink in the transaction.
ROSEVILLE, MINN. — Grandbridge Real Estate Capital has provided a $3 million first mortgage refinance loan for a 77,000-square-foot office/warehouse property in Roseville. Tony Carlson of Grandbridge’s Minneapolis office originated the acquisition financing for the undisclosed borrower through a life insurance company. The 15-year loan includes a 15-year amortization schedule, and closed with a competitive fixed interest rate. The loan required no personal guaranty and allowed the borrower to refinance its existing debt.
SALT LAKE CITY – MasteryConnect has leased 17,353 square feet at a Class A office building in Salt Lake City. The building is located at 222 Main in the city’s Central Business District. The property was built in 2009. It was Utah’s first LEED-Gold certified building, according to the landlord, KBS Real Estate Investment Trust III. MasteryConnect was represented by JLL’s Jim Balderson and Jesse Mangum. KBS REIT was represented by CBRE’s Scott Wilmarth and Nadia Letey.