SAN FRANCISCO — An 11-story, 140,657-square-foot office building in Downtown San Francisco has received a $14-million mezzanine loan. The building is located at 1155 Market Street. The loan was structured as subordinate financing because of a pre-existing CMBS loan that was in the first lien position when Laurus Corporation acquired the property in 2011. The new loan will be used for leasing costs, tenant improvements and property upgrades. The building was previously occupied by the City of San Francisco Public Utilities Commission. It is now 82 percent leased to the City and County of San Francisco. The loan was funded by Buchanan Street Partners.
LYNNWOOD, WASH. — Colony Park Business Center, a six-building, flex office portfolio in Lynnwood, has sold to a local investor for $7.8 million. The portfolio contains a total of 82,467 square feet in the Northend submarket that sits north of Seattle. The center is located at 19011-19029 36thAve. West. It was 86 percent leased to 20 tenants at the time of sale.The buyer was represented by Ken Butler of Butler Commercial Investments, LLC. The seller, Colony Park I & II LLC, was represented by Daniel Seger, Ann Chamberlin,Mark Flippoand Brent Jacksonof Jones Lang LaSalle’s Capital Markets group.
BOCA RATON, FLA. — Bob Dockerty of Dockerty Romer & Co. has arranged $16.4 million in permanent mortgage financing for a 60,000-square-foot office building, along with a 105,000-square-foot warehouse space and a 17,000-square-foot Office Depot store in Boca Raton. Florida Community Bank provided the 10-year, fixed-rate loan for the borrower, Reel State Adventures and Southern State Properties Inc. The property is located on the north side of Glades Road at 123 N.W. 13th St.
CAMBRIDGE, MASS. — Skanska USA and EF Education First (EF) hosted a topping out ceremony for EF’s new $66.5 million, 300,000-square-foot North American headquarters in Cambridge on Friday. The 10-story building will include office and academic space for EF. Upon completion, the building’s entrance will feature a glass curtainwall resembling a waterfall running down the south and east facades of the building. The ground floor will include mezzanine space to be used for dining, building services and other purposes. Along with constructing the building, Skanska will also build three levels of above-ground parking with approximately 125 parking spaces for employees and visitors. Skanska is building the headquarters to LEED Silver standards. The project broke ground in September 2012 and 33 percent of the building’s core and shell is complete. Construction is slated for completion by fall 2014.
SAN DIEGO — Copley Business Center, a 102,000-square-foot office campus in San Diego, has sold to Highbrook Investment Management, LP for $22.5 million. The three-building campus resides in the northwest portion of Kearny Mesa. It was 87 percent leased at the time of sale. Notable tenants include XO Communications and Reva Medical, which houses its corporate headquarters at the campus. HFF’s CJ Osbrink and Nick Psyllos represented both the buyer and the seller, a private tenant-in-common entity sponsored by Thompson National Properties. The off-market transaction includes the assumption of an existing CMBS loan.
SAN FRANCISCO — An 11-story, 140,657-square-foot office building in Downtown San Francisco has received a $14-million mezzanine loan. The building is located at 1155 Market Street. The loan was structured as subordinate financing because of a pre-existing CMBS loan that was in the first lien position when Laurus Corporation acquired the property in 2011. The new loan will be used for leasing costs, tenant improvements and property upgrades. The building was previously occupied by the City of San Francisco Public Utilities Commission. It is now 82 percent leased to the City and County of San Francisco. The loan was funded by Buchanan Street Partners.
LYNNWOOD, WASH. — Colony Park Business Center, a six-building, flex office portfolio in Lynnwood, has sold to a local investor for $7.8 million. The portfolio contains a total of 82,467 square feet in the Northend submarket that sits north of Seattle. The center is located at 19011-19029 36th Ave. West. It was 86 percent leased to 20 tenants at the time of sale. The buyer was represented by Ken Butler of Butler Commercial Investments, LLC. The seller, Colony Park I & II LLC, was represented by Daniel Seger, Ann Chamberlin, Mark Flippo and Brent Jackson of Jones Lang LaSalle’s Capital Markets group.
ATLANTA — Atlanta Property Group has closed on its acquisition of Northcreek Office Park, an eight-building property totaling 536,000 square feet in the Buckhead submarket of Atlanta. The park is located at 3715 Northside Parkway near I-75 and I-285. Court Thomas, a partner at Atlanta Property Group, said the park was an attractive investment due to its campus environment, which is rare among Buckhead buildings. A majority of the tenants are local companies. Stewart Calhoun and David Meline of Cushman & Wakefield represented the seller in the transaction. Austin Chase and Josh Baine of Atlanta Property Group will handle the leasing for Northcreek.
CHARLOTTE, N.C. — New Boston Fund has secured four new leases and renewed two existing tenant leases, totaling 74,180 square feet, at Harris Corners Corporate Park in Charlotte. The leases bring the occupancy rate at Harris Corners to 90 percent. Monumental Life, North American Transmission Forum, Wood Forest National Bank and THR Property Management will each be moving to Harris Corners this spring. In addition, Bank of America renewed its lease for three years. Polymer Group also renewed its lease and expanded by an additional 10,065 square feet. New Boston acquired Harris Corners in 2011, and the park consists of two five-story buildings and one four-story building. Charlie Swanson of Beacon Partners represented New Boston in each of the transactions. Amy Fleming Powell of Lincoln Harris LLC represented Bank of America; Chase Monroe and Bryan White of Jones Lang LaSalle represented Polymer Group; Allan Schwender of SA Commercial represented Monumental Life; and Christy Nine of Cresa represented THR.
MIAMI BEACH, FLA. — Cabi 301 Commercial has acquired 301 Arthur Godfrey Road, a six-story office building anchored by HSBC Bank in Miami Beach, for $15.1 million. The property is located along Miami Beach's “Banker's Row” and is fully occupied by a mix of diverse tenants. The one-acre site also includes a parking lot. Hermen Rodriguez, Ike Ojala, Manuel de Zarraga and Jorge Portela led the HFF team that represented the seller in the transaction. The buyer was a private investment firm.