INDIANAPOLIS — ExactTarget has signed a lease for 22,064 square feet of office space at The Century Building, which is located at 36 S. Pennsylvania St. in Indianapolis. Terms of the lease were not released. Jenna Barnett of Halaker Real Estate represented the tenant; Matt Langfeldt and Rich Forslund of NAI Olympia Partners represented the landlord, Blue Real Estate, in the transaction.
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SOMERSET, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a 162,756-square-foot office building in Somerset. The building is situated on 8.97 acres at 580 Howard Ave. The buyer, Oticon Inc., plans to consolidate two of its facilities into the property to create its new U.S. headquarters. The CBRE's Geoffrey Schubert and Sean Morley represented the buyer. The CBRE team of Jeffrey Dunne, Kevin Welsh and Brian Schulz represented the undisclosed seller. The acquisition price was not released.
HOUSTON — The Khoshbin Company of Irvine, Calif. sold its Torrey Chase office portfolio in Houston in 2005 for $13.8 million. It has repurchased the portfolio, which consists of three office buildings making up 192,000 square feet, in 2010. Located near FM 1960 and Veterans Memorial Drive, the buildings are 56 percent occupied and were owned by CCMS 2005-CD1 Houston Offices. Khoshbin plans to renovate the property with upgrades to the lobbies and roofing.
BEAVERTON, ORE. — Grandbridge Real Estate Capital has originated and closed a more than $63.2 million fixed-rate loan secured by Murray Business Center, a 332,000-square-foot suburban office building located in Beaverton. Funding for the transaction was provided by TIAA-CREF. The loan was made at 98 percent of appraised value with an interest rate of 5.61 percent fixed for the entire 21.3-year loan term. The transaction features an initial 39-month interest-only component with negative amortization, which converts to an 18-year amortization. Rob Meister of Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corp., arranged the financing on behalf of a long-time client. The main tenant at Murray Business Center currently occupies 72 percent of the property with an unrelated, non-credit tenant occupying the remaining portion of the property until September 30, 2013, at which time the main tenant takes over the entire building.
ONTARIO, CALIF. — Lee & Associates has negotiated an investment group’s $8.75 million purchase of Ontario Gateway, a two-building, multi-tenant professional office complex totaling 125,497 square feet in Ontario. Both the 73,974-square-foot Ontario Gateway I, located at 2151 E. Convention Way, and the 51,523-square-foot Ontario Gateway II, located at 2143 E. Convention Way, are two stories with freeway orientation. Tenants include SoCal Water, California Department of Consumer Affairs and the state’s Department of Health Services and Manpower. Lee & Associates’ Edward Indvik, Matthew Sullivan, David Mudge and Julia Corona-Thompson represented both the buyer and the seller, Jefferson-Pilot Investments, in the transaction.
HARFORD COUNTY, MD. — St. John's Properties has broken ground for the development of three Class A office properties at The Government and Technology Enterprise (The GATE), a 416-acre state-of-the-art office and technology business park located within Aberdeen Proving Ground in Harford County. The project includes 6200 and 6210 Guardian Gateway Drive, two three-story, 75,000-square-foot office buildings, and 6180 Guardian Gateway Drive, a 29,400-square-foot building. Additionally, St. John Properties is currently constructing five other office buildings at The GATE. Scheduled for completion in mid-2011, the buildings are seeking LEED Silver certification by utilizing high-efficiency HVAC systems, high performance windows, water conserving lavatory fixtures, a white thermoplastic polyolefin roofing system and drought-tolerant landscaping. St. John's Properties has the capacity to develop more than 2 million square feet of Class A office, R&D and flex/office space at The GATE.
CLIFTON, N.J. — A joint venture between KABR Real Estate Investment Partners and Capstone Realty Group has acquired the $15.2 million note secured by the former headquarters of Linens 'n Things. The three-building, 155,000-square-foot office campus is located at 2-6 Brighton Road in Clifton. The all-cash purchase was made for 40 cents on the dollar. Concurrent with the closing, the joint venture sold the 55,000-square-foot building located at 6 Brighton Road to NJ Physicians LLC, which plans to convert it into medical office space. KABR and Capstone have rebranded the campus as Allwood Atrium Office Center and are launching a leasing campaign. Newmark Knight Frank negotiated the sale through the property's special servicer, LNR Partners.
NEW CANAAN, CONN. — NorthMarq has arranged the acquisition of an office building located at 65 Locust Ave. in New Canaan for $4.5 million. The property was 80 percent leased at the time of closing. Following the closing, the undisclosed buyer secured new leases for the property that will bring it to 95 percent occupancy by year-end. Deanna Polizzo and Ernest DesRochers of NorthMarq's New York Metro office arranged the deal as well as secured $3.5 million in acquisition financing with the help of NorthMarq Capital.
DORAL, FLA. — The Miami office of Holliday Fenoglio Fowler (HFF) has arranged a $19.9 million loan for a newly constructed Class A office property in Doral. Located in downtown Doral, the property offers 150,000 square feet of office space and is adjacent to the Doral Resort. Currently, the property is 29 percent leased. The borrower is a joint venture between Codina Partners and institutional investors advised by J.P. Morgan Asset Management. The 2-year, floating rate loan was financed through Bank of America Merrill Lynch. Paul Stasaitis, Manny de Zárraga and Ignacio Portuondo of HFF represented the borrower in the transaction.
LOS ANGELES — LA Realty Partners and Madison Partners have arranged Pachulski Stang Ziehl & Jones’ $18 million lease renewal for 32,000 square feet of office space at 10100 Santa Monica Blvd. in the Century City area of Los Angeles. Under the 10-year lease agreement, the law firm will relocate to the 13th and 14th floors of the property it’s called home for more than 25 years. LA Realty Partners’ Gary Weiss and Madison Partners’ Bob Safai represented the tenant in the deal; the landlord, Hines Interests, was represented in-house by Todd Later and Eric Lyon.