SAN JOSE, CALIF. – A pair of Class A office buildings in San Jose that are fully occupied by the Echelon Corporation has received $14 million in refinancing. The buildings are located at 550 Meridian Ave. and serve as the firm’s headquarters. Financing was secured by Paul Schroeder of Cohen Financial’s San Francisco office on behalf of a local commercial real estate developer. The fixed-rate, long-term, non-recourse financing was provided by Sun Life Financial.
MIDDLETOWN, OHIO — Luttner Real Estate Investment Services has arranged the sale of a Social Security Administration building for $2.2 million in Middletown, about 90 miles southwest from Columbus. The 7,760-square-foot building is located at 3860 Towne Blvd. The lease has eight-and-a-half years remaining on the initial 10-year lease term. Dan Lariccia of Luttner represented the seller in the transaction, a private developer.
LYNDHURST, N.J. — ARGO Turboserve Corp. has expanded its office at Cityview Corporate Center in Lyndhurst by 15,000 square feet to a total of 35,000 square feet. The 138,000-square-foot, three-story Cityview Corporate Center is situated on 8.4 acres at 160 Chubb Ave. in Lyndhurst. Curtis Foster of Cushman & Wakefield represented the building’s owner, a Boston-based pension fund advisor, in the deal. John Friedland of United Realty Advisors LLC represented ARGO Turboserve Corp.
HOUSTON — Stream Realty Partners has commenced renovations of Thirty One Twenty, a 93,000-square-foot boutique office building in Houston's Greenway submarket. The office building is located at 3120 S.W. Freeway. Stream acquired the property in August 2012 in a joint venture partnership with American National Insurance Co. The renovations will include the replacement of the building's arched windows, modernization of elevator systems, expansion of the lobby area, installation of modern lighting and furniture in the lobby,addition of greenery and landscaping between the parking garage and main entrance, and installation of a new HVAC system. Clif Kennedy of Stream will manage construction for the project and Ziegler Cooper Architects is providing architectural and design services. Craig McKenna and Adam Jackson of Stream Realty provide leasing services for the property, which is 82 percent leased. Renovations are expected to wrap up in the fall.
SAN JOSE, CALIF. – A pair of Class A office buildings in San Jose that are fully occupied by the Echelon Corporation has received $14 million in refinancing. The buildings are located at 550 Meridian Ave. and serve as the firm’s headquarters. Financing was secured by Paul Schroeder of Cohen Financial’s San Francisco office on behalf of a local commercial real estate developer. The fixed-rate, long-term, non-recourse financing was provided by Sun Life Financial.
FORT MYERS, FLA. — Chico's FAS recently opened a new 146,000-square-foot store support center at 11215 Metro Parkway in Fort Myers. The building is located on the 60-acre Chico's National Support Center (NSSC) campus. The support center includes human resources, real estate, e-commerce, technology and store design, and will create as many as 450 jobs. The center will help the company support the nearly 1,400 women's specialty stores it operates across the country and help manage future growth. Brands under Chico's FAS include Chico's, White House | Black Market and Soma Intimates. Gora/McGahey Architects provided the architectural design, documentation and construction administration services for the project.
RUSTON, LA. — Griffin-American Healthcare REIT II has acquired five medical office buildings in Ruston, Greeley, Colo., and Abilene, Texas, for $47 million. Currently, the REIT's portfolio totals 148 buildings valued at $1.4 billion. The portfolio is 96.8 percent leased with a weighted average remaining lease term of approximately 9.4 years. American Healthcare Investors and Griffin Capital Corp. are the REIT's co-sponsors.
CHICAGO — Prudential Mortgage Capital Co. has provided a $300 million loan for 155 North Wacker, a 1.15 million-square-foot office tower located in the Chicago West Loop submarket. The 10-year, fixed-rate loan refinances the property for the borrower, which developed the tower in 2009. Located on the northeast corner of Wacker Drive and Randolph Street, the property is 94.6 percent leased and is within walking distance of major public transportation lines. The 46-story, Class A building is LEED-Gold certified and features a glass lobby, state-of-the-art technology including high-speed “smart” elevators, floor-to-ceiling windows, and conference and fitness centers.
SAN ANTONIO — Stream Realty Partners has arranged a 10,504-square-foot office lease at One Castle Hills, a 157,521-square-foot office property located in San Antonio's North Central submarket. Following this lease, One Castle Hills is 79 percent leased. Ryan Harrison of Stream Realty represented the landlord in the lease transaction. Ben Crawford of Jones Lang LaSalle represented the tenant, Webster University. Webster is a Tier 1, private, nonprofit university with more than 100 campuses across the country. Stream Realty also provides on-site property management for the facility.
CEDAR FALLS, IOWA — GA Keen Realty Advisors, a division of Great American Group Inc., is marketing a 48,250-square-foot office building in Cedar Falls. The property and facilities are being sold as part of a Federal Receiver’s sale, with GA Keen Realty Advisors working with the court appointed receiver, Chicago-based attorney Michael Eidelman, in marketing the building and property. The bid deadline is Friday, May 24 with an auction scheduled for Friday, May 31. Built in 2008, the building design features minimal emissions, water use, waste and indoor pollutants. Located on a 22-acre site at 1 Peregrine Way, the property is designated as a Class A professional office building and includes 108 exterior parking stalls and 43 underground parking spaces. The building is the former headquarters of Peregrine Financial Group owned by Russell Wasendorf Sr., which filed for bankruptcy in July 2012.