SAN JOSE, CALIF. — Almaden Financial Plaza, a 415,000-square-foot, Class A office complex in downtown San Jose, has received $46 million in refinancing. The five-year, fixed-rate loan was used to refinance a maturing securitized loan. Some of the funds will also be used for building improvements and leasing costs. The loan includes a three-year, interest-only period and a 30-year amortization schedule. It is open to pre-payment at par after 18 months. Financing was arranged for an affiliate of Embarcadero Capital Partners LLC by HFF’s Peter Smyslowski, Gerry Rohm, Kevin Redford and James Fowler through Guardian Life Insurance Company of America.
WASHINGTON, D.C. — First Potomac Realty Trust has sold its 95 percent interest in an 85,000-square-foot office building, located at 1200 17th St. in Washington, D.C., for $43.7 million. The company acquired the interest in 2011 for $37.6 million in a joint venture with Akridge, which will continue to own its portion of the building.
ARLINGTON, VA. — The 184,216-square-foot Webb Building, an office building located at 4040 N. Fairfax Drive in Arlington, has received financing totaling $54.7 million for the repositioning and re-tenanting of the property as part of the Base Realignment and Closure initiative. FCP Fund II provided $21.2 million of equity, and Wells Fargo has provided a $33.5 million loan facility for the project, which is slated to begin in December. The building will be vacated and fully renovated with a new lobby, landscaping, facade improvements, fitness center, updated common areas, updated HVAC, fire and life safety systems and a roof deck with extensive views. Federal Capital Partners and RESI Management own the Webb Building.
ADDISION — Regions Bank has sold the 79,481-square-foot Westgrove Air Plaza, a two-story office building located on land leased to Addison Airport at 4570 Westgrove Road in Addison. The property is 50 percent occupied by 15 tenants. Dallas-based Bradford Commercial Real Estate Services represented the buyer, North Texas-based Guardian Texas Management, in the all-cash transaction.
HOUSTON — Transwestern has arranged a 64,413-square-foot lease at Two Westway, an office building located at 11025 Equity Drive in Houston. Eric Anderson and Doug Little of Transwestern represented the landlord, DeVry Park Limited Partnership, which is managed by Founders Properties of Minneapolis, in the lease transaction. Andy Iversen and Noah Kruger of Jackson Cooksey represented the tenant, Seadrill Americas. The lease transaction brings Two Westway to full occupancy.
SAN DIEGO — Bernardo Executive Center, a 173,244-square-foot, Class B office property in San Diego, has sold to Brookwood Financial Partners for $21.55 million. The center is located at 16835, 16855 and 16875 W. Bernardo Drive. It was 78.2 percent occupied at the time of sale. Brookwood plans to invest $1.4 million-worth in capital improvements at the property, which was built in 1984. Louay Alsadek, Evan August, Jeb Bakke, Scott Kincaid and Mike Corbosiero of CBRE San Diego represented both the buyer and the unnamed seller in this transaction. Scott Peterson and Mark McGovern of CBRE Debt & Equity Finance assisted Brookwood with financing services. CBRE was also retained to lease the remaining space at the property. Alsadek notes this was the first institutional office sale of more than $10 million to occur in the Rancho Bernardo submarket since 2009.
HONOLULU – The Gentry Pacific Design Center in Honolulu has sold to the Office of Hawaiian Affairs (OHA) for about $21 million. The 185,787-square-foot center is located at 560 N. Nimitz Highway. The property was built in the 1930s and had previously been the headquarters for the Gentry companies. It is managed by Colliers International Hawaii. The sale was executed by Michael “Skip” Schuman of Bishop Street Commercial (BSC). Matt Bittick, BSC’s president and CEO, notes that OHA plans to honor the leases that are currently in place with about 40 tenants at the Gentry Pacific Design Center.
OMAHA — Lockwood Development has completed the construction of the new corporate headquarters for Northstar Financial Services at 17605 Wright St. in Omaha. The 60,000-square-foot building will include space for approximately 280 employees. The site also includes space for an additional 45,000-square-foot building.
WALPOLE, MASS. — Three tenants have joined Walpole Park South Building 8, a newly constructed speculative office and warehouse building along U.S. Route 1 in Walpole, raising occupancy to 92 percent at the building. Catherine Minnerly and Ovar Osvold represented the property owner in the transactions. Certifit, a national auto parts store, signed a lease for 29,622 square feet. Minnerly and Osvold represented the tenant in the deal. PSS World Medical, a medical supplies and equipment distributor, inked a lease for 47,606 square feet. Shirley Smith of Pointline Inc. represented the tenant. Keefe Commissary Network, which provides specially packaged products for purchase by inmates at correctional facilities, will take 30,242 square feet of space. Doug Bock of CRESA Partners represented the tenant.
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.