FAIRFAX CITY, VA. — NAI KLNB has arranged the $4.1 million sale of a 19,000-square-foot office building, located at 4010 University Drive in Fairfax City. The property is fully leased to a variety of professional service companies including law practices and accounting firms. Josh Simon and Marc Tasker of NAI KLNB represented the buyer, 4010 University LLC. Also, Bill Prutting of CBRE represented the seller, Extra Billy Smith Partnership.
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WEST PALM BEACH, FLA. — The two-building Flagler Center has completed a $2 million renovation. The properties include a 90,000-square-foot office tower located at 501 N. Flagler Drive and a 155,000-square-foot tower located at 505 N. Flagler Drive in West Palm Beach. The interior renovation included an overhaul of the lobbies with new lighting, Italian marble floors, custom artwork and contemporary furniture. The exteriors received lush new landscaping, an updated outdoor patio area and granite bistro tables. A second $1 million renovation is planned to update the chiller plants to improve energy efficiency.
NORTHFIELD, ILL. — Summit Design + Build will construct a 16,000-square-foot office and warehouse build-out for OfficeNation Inc. at 500 N. Central Rd. in Northfield. OfficeNation is a mail order/direct deal for computer products and will be relocating from its current operations in Northbrook, Ill., to the new Northfield location. Construction plans include the build-out of a large open office area, conference rooms, employee lounge and loading dock. Stuart Cohen & Julie Hacker Architects will provide architectural services for the project. Completion is scheduled for the third quarter of this year.
MACOMB TOWNSHIP, MICH. —Century 21 has signed a lease for 5,000 square feet of office space at 15432 25 Mile Road in Macomb Township. Gabe Schuchman and Samantha Tullio of Mid-America Real Estate-Michigan represented the landlord, Macomb Park II, in the transaction.
NEW YORK CITY — Swig Equities and Silverpeak Real Estate Partners, an asset manager for Longwing Real Estate Ventures LLC, have closed on the refinancing of 110 William St., a 900,000-square-foot office building in Manhattan's Financial District. The loan totaled $161.5 million. UBS Real Estate Securities and Barclays Capital provided a $141.5 million first mortgage. In addition, Pearlmark Real Estate Partners provided a $20 million mezzanine loan as part of the transaction. Swig Equities and Longwing, the borrowers, have owned the building since 2004 and recently renovated the lobby, security and fire-safety systems and the curtain wall facade.
THE WOODLANDS — CapLease Inc. has purchased a 175,000-square-foot, Class A office building, located at 1585 Sawdust Road in The Woodlands, for $40.5 million. The building is fully leased to credit-worthy tenants including Praxair Inc. and Dover Fluid Management, a subsidiary of Dover Corp. CapLease is anticipating to close on a 10-year, $22 million non-recourse mortgage loan with a 30-year amortization schedule in the next few weeks.
SAN ANTONIO — Accion Texas has launched a $5.5 million “We Believe” capital campaign to build the new Accion Texas Lending and Learning Entrepreneurial Center, which will be located on two acres at 2015 W. Marten St. in San Antonio's Prospect Hill neighborhood. The center was designed by Lake/Flato Architects and will feature five buildings, including a 14,000-square-foot headquarters building, a 1,500-square-foot conference and training center, a 1,200-square-foot cafe and kitchen and two 2,000-square-foot “small business” buildings. The project is already 45 percent funded through public and private pledges, including a $1.3 million grant from the U.S. Department of Commerce's Economic Development Administration.
FOREST PARK AND JONESBORO, GA. — Blue Ridge Capital has acquired an 11-property portfolio, comprised of office and retail properties located in Forest Park and Jonesboro, from Capmark for $3.2 million. The portfolio is approximately 50 percent leased. The properties include Center Village Shopping Center, Parkway Village Shopping Center, the four-building Shady Oaks and the four-building Northpark in Forest Park, as well as the Jonesboro Village Shopping Center in Jonesboro. Fred Victor of Newmark Knight Frank’s Atlanta office represented the seller in the transaction.
CHICAGO — Online payment provider Braintree has signed a 5-year lease for 26,350 square feet of office space at River Center, located at 111 N. Canal St. in Chicago. The landlord, River Center LLC, was represented in-house by Fred Friedman and Ben Torchman in the transaction. Henry Lee of Jones Lang LaSalle represented the tenant.
ARLINGTON, VA. — New York-based Savanna has completed the sale of a senior interest in a $157.7 million note secured by three office buildings, located in the Rosslyn section of Arlington. The first two buildings, located at 1000-1100 Wilson Blvd., are interconnected high-rise office towers totaling 1.1 million square feet. The third building, located at 1101 Wilson Blvd., is a 326,000-square-foot high-rise office property. The senior note was sold to Apollo Global Real Estate in the transaction, with Savanna retaining the $76.7 million junior note. The three buildings are part of a 10-building portfolio owned by a joint venture between Monday Properties and Goldman Sachs.