ARLINGTON, VA. — Washington Real Estate Investment Trust (WRIT) has purchased the 147,000-square-foot Fairgate at Ballston, an office building located at 1005 N. Glebe Road in Arlington, for $52.25 million in an all-cash transaction. The eight-story building is 82 percent leased. WRIT funded the acquisition with available capacity on its line of credit.
COLUMBUS, GA. — Gladstone Commercial Corp. has acquired a 32,000-square-foot office and classroom building, located in Columbus, for $7.3 million. The building is fully leased to the University of Phoenix and fully guaranteed by Apollo Group, its publicly traded parent company.
COLUMBUS — Morris, Smith & Feyh Inc. has arranged a $16 million first mortgage loan for a newly built office building in Columbus. The 140,000-square-foot building is fully leased to NetJets Inc., the private jet company owned by Berkshire Hathaway. It serves as the company's world headquarters. Jeffrey Morris of Morris, Smith & Feyh's Columbus office originated the 20-year loan for the borrower, The Daimler Group, through a life insurance company. The loan includes a 25-year amortization schedule.
PLANO — KDC has leased an additional 123,716 square feet of office space to Denbury Resources at The Campus at Legacy, located at 5360 Legacy Drive in Plano, which brings Denbury's footprint in The Campus at Legacy to 500,000 square feet. The newly expanded office space is now Denbury's corporate headquarters. The Campus at Legacy features other tenants such as PepsiCo., Dr. Pepper Snapple Group, Rent-a-Center and St. Jude Medical. John Brownlee represented KDC in-house in the lease transaction, as well as KDC's partner Spear Street Capital.
SANTA MONICA, CALIF. — A 52,676-square-foot medical office building in Santa Monica has received a $10-million refinance. The loan was secured for the borrower, 2825 Santa Monica LLC, by Timothy Wright and Zack Holderman of HFF through California Bank & Trust. The three-year loan features an adjustable rate. The managing member of 2825 Santa Monica LLC is an institutional investment fund sub-advised by Long Wharf Real Estate Partners LLC.
PALO ALTO, CALIF. – An office building located at 3600 West Bayshore Road in Palo Alto has received a $4.66-million bridge loan. The 36,000-square-foot office building is being repositioned by Tarlton Properties, one of the building’s lead owners and its property manager. The three-year loan was arranged by Eric Von Berg and Tom Dao of Newmark’s San Francisco office.
SOUTHPARK, N.C. — A 15,344-square-foot office building, located in Morrocroft Professional Center in Southpark, has sold for $2.06 million. Charles G. Monnett III & Associates will occupy the first floor and Dr. Samuel Randall and Dr. Eric VanHuss currently occupy the second floor. NAI Southern Real Estate represented Queens Barrister II, the buyer, in the transaction. Jonathan Nance of Grubb Properties represented the seller, Colony at Morrocroft LLC.
BURLINGTON, MASS. — Green Mountain Coffee Roasters is consolidating its single-cup Keurig brewing business into a new campus in Burlington. The company signed a lease for 424,000 square feet at the Burlington Research Center. The build-to-suit deal gives the company room to expand, while consolidating operations at facilities in Reading, Wakefield and Woburn. Michael Frisoli, J.R. McDonald and Robert Griffin of Cushman & Wakefield represented the tenant in the transaction. Jon Varholak and Ron Friedman of Richards Barry Joyce & Partners represented the landlord, the Gutierrez Co.
PARSIPPANY, N.J. — Hollister Construction Services has completed a 55,000-square-foot, interior fit-out for Pinnacle Food Group at 399 Jefferson Road in Parsippany. The project included the construction of new office areas, a lobby and a food service area. Gensler served as the architect for the project. Pinnacle Foods is a producer, marketer and distributor of branded food products.
HOUSTON — ICO Commercial has brokered the sale of 6,300 square feet of office/warehouse space, located at 14814 Park Almeda Drive in Houston. Nick Peterson and Payton Indermuehle of ICO Commercial represented the buyer, K&K Depeuter Investments, in the transaction. Clay Pritcett of NAI Houston represented the seller.