ATLANTA — Mission Capital Advisors LLC has arranged the sale of a $50 million loan secured by The Forum at West Paces, a nine-story trophy office tower in Atlanta’s Buckhead submarket. The 222,457-square-foot property is located within the 17-acre Piazza at Paces mixed-use development. Parkway Properties, a national REIT traded on the New York Stock Exchange, purchased the loan from an undisclosed seller. Will Sledge and Patrick Arnold of Mission Capital represented the seller in the transaction.
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DURHAM, N.C. — Medalist Capital has arranged financing for more than 600,000 square feet of Class A office space within the American Tobacco Campus in Durham. The eight office buildings are 98 percent leased. Howard Brooks and Don Williams of Medalist Capital arranged the non-recourse loan through an unnamed life insurance company on behalf of the borrower, Capitol Broadcasting Co. Inc.
JERSEY CITY, N.J. — CitiStorage, a records management company, has renewed its warehouse lease in Jersey City. The company occupies 150,000 square feet at 107-151 West Side Ave. Founded in 1990 and headquartered in Brooklyn, N.Y., CitiStorage serves the healthcare, legal, financial services, corporate and small business markets, along with various government agencies and special interest organizations in the New York metropolitan area. Stan Danzig, Jules Nissim and Stephen Elman of Cushman & Wakefield’s East Rutherford, N.J., office brokered the long-term lease.
HOFFMAN ESTATES, ILL. — J.C. Anderson has completed a 70,000-square-foot, three-floor office build-out for Omron Corp. in Hoffman Estates, Illinois. Omron, an automation company, is relocating its head office for its North and South America Group from Schaumburg to the Greenspoint Office Park in northwest suburban Hoffman Estates. Located at 2895 Greenspoint, Omron will occupy the first three floors of the office building. The new offices feature open office areas, private offices and conference rooms as well as a training center, fitness room, lunchroom and laboratory facilities. The space also includes high-end finishes, wood slat ceilings and decorative metal screens throughout. Gensler provided the architectural services for the project. JLL served as the project manager. J.C. Anderson’s team who led the project included Steven Boulukos, Seth Erlich and Marty Powers.
SCOTTSDALE, ARIZ. — Apogee Physicians has signed a lease for 27,727 at Scottsdale Quarter’s new 170,000-square-foot office building. The development is located at the southeast corner of Scottsdale Road and the Greenway-Hayden Loop in North Scottsdale. Scottsdale Quarter will eventually be a 1.2-million-square-foot lifestyle center with retail, office and luxury residential components. It is being developed by Glimcher Realty Trust. Apogee Physicians is currently headquartered in the Camelback Corridor. This new lease will allow the company to expand. The six-story tower is expected to open next summer. Glimcher was represented by CBRE’s Brad Anderson and Michael Strittmatter.
ALLEN, TEXAS — Marcus & Millichap has arranged the sale of the Allentown Office Building, a 29,979-square-foot office property in Allen, a northern suburb of Dallas. Ron Hebert of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. Hebert also procured the buyer, a private investor who purchased the property in a 1031 tax-deferred exchange. Allentown Office Building is located at 100 Allen Parkway in Allen, less than one mile from North Central Expressway. The two-story property was built in 1985 on 3.6 acres. The property was 80 occupied at the time of sale.
MARIETTA, GA. — Atlanta-based Fairlead Commercial Real Estate has acquired Parkway Center, two 12-story, Class A office towers totaling 458,861 square feet in Marietta, a northern suburb of Atlanta. The properties are located on a 16-acre parcel directly off of I-75 and South Marietta Parkway. Fairlead and its equity partners, Bridge Investments Group Partners, managers of the ROC Funds, purchased the buildings directly from the seller for an undisclosed price. Fairlead plans to invest approximately $4.5 million to upgrade the towers’ operating systems, common areas and tenant amenities. Jeff Shaw, Jim Caswell and Stewart Thrash of Fairlead will handle leasing Parkway Center, which was 54 percent occupied at the time of sale.
CHICAGO — Cohen Financial has secured a $108 million equity investment for the acquisition of Three First National Plaza, a 57-story office tower located at 70 West Madison St. in Chicago. The property is more than 90 percent leased to anchor tenants including law firms K&L Gates LLP and Ungaretti & Harris LLP, private-equity firm Madison Dearborn Partners LLC and credit-card security software provider Trustwave Holdings Inc. Kevin O’Grady of Cohen Financial’s Miami office, Mark Strauss of the San Francisco office and the company’s Chicago office secured the equity investment with GEM Realty Capital Inc., a Chicago-based commercial real estate investor, and Farallon Capital Management LLC, a global institutional asset management firm. The operating sponsor is The Hearn Co., a Chicago-based owner/operator of commercial real estate properties across the U.S.
SACRAMENTO, CALIF. – The 445,984 –square-foot Bank of the West Tower in Sacramento has received a $90-million refinance. The Class A tower is located at 500 Capitol Mall. The tower is situated next to the office of U.S. Immigration and Customs, and within walking distance of the Gold Line train. Financing was arranged by Jeff Haskellof NorthMarq Capital’s San Franciscooffice through the firm’s correspondent relationship with a life insurance company.
AUSTIN — Cousins Properties Inc. has signed five new leases totaling 157,279 square feet at Colorado Tower in downtown Austin. The 373,000-square-foot, Class A property is now 95 percent leased, up from 51 percent in June. Companies leasing space in the building include Parsley Energy Inc., Atlassian Inc., IPSoft Inc., Kelly Hart & Hallman LLP and Invesco Management Group Inc. Rachel Coulter and Kevin Kimbrough with Oxford Commercial represented Cousins in the transactions. Colorado Tower is expected to be complete this December. The building will be the first high-rise office tower developed in downtown Austin since 2003.