DANBURY, CONN. — Cushman & Wakefield has arranged the $4 million sale of 40-42 Old Ridgebury Road, also known as Pegasus Park, in Danbury. Cushman & Wakefield represented the seller, Torchlight Investors, in the sale to KS Partners, a New York-based developer and investor with offices in Woburn, Mass., and Rocky Hill, Conn. The sale price equates to $31.75 per square foot. Situated on more than seven acres, the site includes two three-story office buildings totaling almost 126,000 square feet and a three-level parking facility. The building is home to tenants such as General Electric and Shemin Nurseries. The buildings are currently 60 percent leased with 72,340 square feet of space remaining. Tom O’Leary, David Bernhaut, and Grace Braverman of Cushman & Wakefield’s Capital Markets Group arranged the sale.
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IRVINE, CALIF. – A 225,992-square-foot, Class A office building in Irvine has received $28 million in joint venture equity. Greenlaw Partners will use the equity proceeds to acquire the ownership interests of its previous venture partners. The building is located at 18301 Von Karman. The loan was arranged by HFF’s Todd Sugimoto and Jeff Sause. The equity was secured through Cigna Investments in an off-market recapitalization. HFF also advised the new partnership on the senior loan.
RALEIGH, N.C. — Dominion Realty Partners LLC closed the $6.3 million purchase of the site for the $63 million Charter Square office building in downtown Raleigh office building. The 11-story high-rise office tower has begun vertical construction, which is slated for completion in 13 months. Dominion Realty purchased the site from the city of Raleigh. The 242,969-square-foot office building is pre-leased to HDR Engineers, CBRE, JDavis, Eschelon Hospitality and Dominion Realty Partners. The Class A office tower will also feature 9,000 square feet of ground-level retail space. A partnership between the buyer and Prudential Real Estate Investors capitalized the purchase with financing through Regions Bank. The design team for the office building, including architect JDavis Architects and general contractor Choate Construction, is hoping to achieve LEED Platinum certification. Law firms Ellis & Winters; Quarles & Brady LLP; and Lewis Roca Rothberger LLP provided legal counsel.
WOODCLIFF LAKE, N.J. — Colliers International has arranged two separate long-term leases totaling more than 25,000 square feet at 123 Tice Blvd. in Woodcliff Lake. The leases bring occupancy from 70 percent to approximately 90 percent. In the first transaction, science and engineering company Anchor QEA will relocate from Montvale and occupy 12,988 square feet at the property. In the second transaction, SeaCube Container Leasing will relocate from Park Ridge, taking 12,420 square feet. Both tenants will occupy their new offices this summer. Jason Fray of Cushman & Wakefield represented Anchor QEA in the transaction. Harlan Hollander, also of Cushman & Wakefield, represented SeaCube Container Leasing in the transaction.
PHOENIX — Creative Touch Interiors has leased 37,000 square feet in Phoenix. The space is located at 1002 E. University Drive. The interior finish solutions provider is relocating from a nearby building. The space will be utilized as a showroom and design center. The new lease has brought the property to full occupancy. Creative Touch Interiors is doing business as HD Supply. The company was represented by CBRE’s Pat Feeney in this three-year lease transaction. The landlord, EastGroup, was represented by Jackie Orcutt, John Grady and Jim Wilson of Cushman & Wakefield.
HOUSTON — HFF has brokered the sale of Gulf Plaza, a 120,651-square-foot office building in Houston’s Energy Corridor. Located at 16010 Barkers Point, in proximity to State Highway 6 and I-10, the property is fully occupied by Gulf Interstate Engineering. The six-story structure underwent nearly $1 million in renovations in 2012, when the tenant renewed its lease. Dan Miller and Martin Hogan of HFF represented the seller, Hartman Gulf Plaza Acquisitions LP. The buyer, Hartman Income REIT, was represented internally by Julian Kwok and Dave Wheeler.
SAN ANTONIO — Transwestern has brokered the sale of Cherry Ridge Office Park, a 113,548-square-foot office complex in San Antonio. Constructed in 1981, the four-building, Class B property is located at 3201 Cherry Ridge St. in the Northwest submarket of the city. At the time of the sale, the complex was 89.7 percent leased to multiple tenants. Alan Grilliette, Leah Galagher and Hale Umstattd of Transwestern represented the seller, Cherry Ridge Realty LTD, in the transaction.
SAN RAFAEL, CALIF. — BioMarin Pharmaceutical has acquired San Rafael Corporate Center, a 315,000-square-foot office campus in the city’s downtown region, for $116 million. The campus is located on Lindaro Street. The acquisition includes 5.5 acres of land for future development. The site is approved for a total of 406,000 square feet of buildings, including one new 89,000-square-foot office building and a 600-car parking structure. BioMarin currently occupies about 40 percent of the corporate center. The pharmaceutical company was represented by Colliers International. The sellers, Seagate Properties and its institutional investors, acquired the property in August 2007. They were represented by Eastdil Secured in this transaction. Seagate was also advised by advised by J.P. Morgan Asset Management.
NEW YORK CITY — Mesa West Capital has provided $119 million in first-mortgage debt to a joint venture led by New Jersey-based Normandy Real Estate Partners. The joint venture plans to use the funds to recapitalize The Exchange, a 1.4 million-square-foot office portfolio located in Westchester County. The Exchange includes 12 suburban low- and mid-rise office buildings spread across four business parks along Interstate 287 near White Plains. Normandy has invested more than $11 million in capital upgrades throughout the portfolio in an effort to stabilize the assets. A portion of the loan proceeds will go to a targeted leasing campaign, which will be implemented on an asset-by-asset basis, as well as to allow the sponsor to continue to selectively upgrade the properties. Eastdil Secured arranged the financing.
SOUTHBOROUGH, MASS. — Vantage Builders Inc. has completed an 84,000-square-foot renovation project for Olympus Surgical Technologies America at 136 Turnpike Road in Southborough. The multi-phase project included the renovation of the company’s executive areas, a new training area and carpet installation. Olympus Surgical Technologies America, a technology leader in the field of minimally invasive surgery device development and manufacturing, recently signed a lease renewal and was awarded a tenant allowance for office upgrades. Vantage Builders constructed a 2,100-square-foot training area that included new air conditioning via a 25-ton rooftop unit. Vantage Builders worked closely with the property managers, Capital Group Properties and Holm & Associates. The architects on the project were Fine Associates and the engineers were Avid Engineers and Hung & Associates.