PLEASANT PRAIRIE, WIS. — Berwick Properties Inc. has acquired Prairie Ridge Market Place in Pleasant Prairie for an undisclosed price. Built in 1998, the three-building property was 40 percent occupied at the time of sale. The lead tenant is Cardinal Stritch University. Kenosha, Wis.-based Bear Commercial brokered the transaction.
NEW YORK CITY — Savanna and Monday Properties have commenced a $30 million capital improvements plan for 386 Park Avenue South, a 20-story, 260,000-square-foot office building located in Manhattan's Midtown South submarket. Construction will include a revitalized lobby, new windows, new elevator cabs, new common corridors, renovated restrooms and a new HVAC system. The owners procured a $58 million loan from PCCP LLC to finance the construction as well as a new leasing program. Monday Properties is handling leasing and marketing for the property.
AUSTIN — University Park, a 204,297-square-foot Class A office building in Austin, has sold. SA East Avenue, LLC, sold the property to San Francisco-based Spear Street Capital. Completed in 2009, the original developer defaulted on the construction loan for the property, which was later foreclosed upon by a syndicate of lenders. Spear Street Capital has a significant presence in Austin with projects including Riata Corporate Center, Las Cimas I and II and the former Freescale campus in north Austin. Holliday Fenoglio Fowler represented the SA East Avenue, LLC.
SAN ANTONIO — Koontz McCombs Construction, Ltd., and RVK Architects have entered into a design-build agreement with Kinetic Concepts, Inc., to build a three-story, 100,000-square-foot office headquarters for Kinetic on Interstate Highway 10 (IH-10) just south of Hausman Road in San Antonio. The new offices will cover more than 8 acres. Kinetic Concepts is a wound care and therapeutic systems provider.
NEW YORK CITY — British Airways has signed a lease for the entire 11th floor of 2 Park Avenue in Manhattan. The airline will relocate to the 46,198-square-foot space from the Bulova Building in Queens. The Cushman & Wakefield team of Tara Stacom, David Green, Mitchell Arkin and Whitten Morris represented the landlord, an affiliate of Morgan Stanley. Joan Meixner and Brad Needleman of CB Richard Ellis represented the tenant. 2 Park Avenue is a 29-story, 1 million-square-foot office building that is also occupied by tenants such as the United Way of New York, Coty and Herrick Feinstein.
THE WOODLANDS — Newfield Explorations is relocating its corporate headquarters to 4 Waterway Square, a 216,000-square-foot Class A office building in The Waterway Square District of The Woodlands Town Center. The firm has leased 91,456 square feet in the new building. Newfield Explorations is an independent crude oil and natural gas exploration and production company.
SAN DIEGO — NorthMarq Capital has arranged $7.8 million in first-mortgage financing for a 67,053-square-foot office building, located at 9660 Granite Ridge in San Diego. Based on a 7-year term and a 25-year amortization schedule, the loan was arranged by NorthMarq’s Steve Hollister through the Minneapolis-based firm’s relationship with Torrey Pines Bank. The single-tenant, non-credit office building with specialized improvements is occupied by Clear Channel Communications.
HOUSTON — Jones Lang LaSalle's Capital Markets team has secured a $42 million senior mortgage loan for Houston-based M-M Properties to finance 919 Milam. The debt is comprised of $35 million in initial funding and up to $7 million for tenant and capital improvements. The 24-story, 542,919-square-foot Class A office building is located in the heart of Houston's central business district. The property occupies an entire city block bounded by Travis, Walker, Milam and McKinney streets. Mike Melody, Tom Fish and Paul House led Jones Lang LaSalle's team. “At an occupancy rate of nearly 80 percent, 919 Milam provides a value add opportunity for M-M to increase tenancy as well as the ability to capitalize on in-place rents that are significantly below market rates,” said Melody.
SUNRISE, FLA. — A 15,000-square-foot office, located at 7880 W. Oakland Park Blvd. in Sunrise, sold for $1.5 million. The seller, Davni, was represented by Deborah Fink and Frank Morrison of Fort Lauderdale, Fla.-based NAI Rauch Weaver Norfleet Kurtz & Co. The buyer, S. A. Ventures, was represented by Emma Pilarte of Davie, Fla.-based RE/MAX PowerPro Realty.
FREEHOLD, N.J. — Procida Funding has acquired the first mortgage for Freehold Commons, a newly constructed, 40,000-square-foot, Class A office building located at 82 South St. in Freehold. Procida acquired the $7 million note from a local bank and will assist in repositioning the property for lease, refinance or sale.