FAIRFIELD, N.J. — A joint venture between Time Equities and Bergman Real Estate Group has acquired 155 Passaic Ave., a four-story office building in in Fairfield, for $5.6 million. Originally acquired by Bergman Real Estate in 2001, the 88,000-square-foot building will be refinanced as part of a strategic plan to reposition the property with the financial backing of Time Equities. Prior to closing, 155 Passaic Ave. was 57 percent occupied, but due to pre-leasing efforts during negotiations, occupancy has risen to 82 percent. New tenants in the building include Daniella Koren, a healthcare marketing firm and Mortgage Master, a mortgage company.
MARCO ISLAND, FLA. — A 12,000-square-foot office building, located at 900 N. Collier Blvd. in Marco Island, has sold for $2.75 million. David Stevens of Investment Properties Corp. of Naples represented the buyer, 900 North Collier Blvd. LLC, in the transaction. The seller was David Nassif as trustee under the land trust.
CHICAGO — Prime Group Realty Trust has secured a $200 million loan for the refinancing of 330 Wabash Ave. in Chicago. Prime Group owns the 52-story office tower in a joint venture with Five Mile Capital Partners. The loan includes a $111.9 million advance that will repay an existing mortgage on the property and $88.1 million that will fund tenant and capital improvements at the building. Landesbank Hessen-Thuringen Girozentrale and New York Life Insurance Co. provided the loan. 330 Wabash Ave. is 88 percent leased and recent leases at the property include American Medical Association and Latham & Watkins LLP.
GLEN ELLYN, ILL. — Summit Design + Build has completed a 7,500-square-foot office renovation for Career Vision at 526 N. Main St. in Glen Ellyn. The career consulting company is using the space for its new corporate office and career counseling center. Upgrades include new flooring, windows and millwork. Ware Malcomb provided architectural services for the project.
HOUSTON — Transwestern has brokered the sale of 3355 West Alabama, a 236,932-square-foot office tower located between Greenway Plaza and River Oaks in Houston. Ken Page and Scott Myers of Transwestern represented the seller, KBS Realty Advisors, in the transaction. The buyer, Granite Properties, was self-represented by Will Hendrickson and Paul Bennett.
MILFORD, OHIO — FLF Milford, a Cleveland developer, has purchased a 60,000-square-foot office building at 1700 Edison Drive in Milford for $4.8 million. The property is fully leased to American Nursing Care, which recently signed a 10-year lease renewal for the space. The sale also includes 18.7 acres of land for future development. Nancy Ryan and Jim Ryan of Equity represented the buyer in the transaction. Neyer Holdings II Inc. was the seller.
CINCINNATI AND COLUMBUS OHIO — Pembrook Capital Management has arranged a $5.5 million mezzanine loan for the refinancing of an office and flex building portfolio in Cincinnati and Columbus. The portfolio consists of six buildings totaling 600,000 square feet.
WOODBRIDGE, N.J. — Hatch Mott McDonald has inked an 81,351-square-foot office lease at MetroTop Plaza I and II in Woodridge. The engineering and design firm plans to use the space for its new headquarters. The company will occupy 71,351 square feet on the third and fifth floors, as well as part of the fourth floor of the 255,000-square-foot MetroTop Plaza II. The company will also occupy 10,000 square feet on the first floor of MetroTop Plaza I. Paul Giannone, Kevin Carton and Eric Sobel of Cushman & Wakefield represented the owner, Atlantic Realty & Development Corp. Jim Schroeder of Studley represented the tenant.
NEW YORK CITY — Perry Ellis International has signed a new 96,000-square-foot lease at 1120 Avenue of Americas, also known as the Hippodrome Building, in New York City. The lease includes a sublease with Huron Consulting Group. Perry Ellis is consolidating its New York menswear operations into the new space from its previous offices at 1114 Avenue of Americas and 42 West 39th St. Robert Martin, Matthew Astrachan, Alexander Chudnoff and Brad Lane of Jones Lang LaSalle represented the tenant in the transaction. Lisa Kiell and Douglas Neye of Jones Lang LaSalle represented the sublessor, Huron Consulting. Michael Burgio, John Cefaly and Gus Field of Cushman & Wakefield represented the building owner, Edison Properties.
DALLAS — NorthMarq Capital has arranged the refinancing of the 301,378-square-foot Graystone Centre, an office building located at 3010 LBJ Freeway in Dallas. Paul Brighton of NorthMarq Capital arranged the five-year loan with a 25-year amortization schedule on behalf of the borrower, Younan Properties.