NEW YORK CITY — New York City-based Philips International has acquired 110 E. 40th St., a nine-story building located at 40th Street and Park Avenue in New York City. The company plans to convert the building into Grand Park, a 99,368-square-foot office condominium project. Multi-million renovations will include a new lobby, elevator upgrades and energy-efficient windows. Condos will range in size from 2,364 square feet to 11,093-square-foot, full-floor units. Marketing efforts are being undertaken by Newmark Knight Frank.
WALLKILL, N.Y. — Pittsford, N.Y.-based U.S. Realty Capital has arranged $2.88 million in permanent financing for a 17,000-square-foot office building located in Wallkill. The property was fully occupied at the time of closing. The loan carries a 10-year term with a 6.36 percent fixed interest rate, an 80 percent loan-to-value ratio and a 25-year amortization schedule. Rob Pisanelli of U.S. Realty Capital originated the funding.
AUSTIN AND LUBBOCK, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the refinancing of two Texas properties for a total of $60.3 million. In the first transaction, HFF secured a $44 million loan for a downtown Austin office property located at the corner of 6th Street and Congress Avenue. The property comprises the 26-story, 261,609-square-foot Bank of America Building; a vacant parking garage situated on a 0.34-acre parcel; a 90,000-square-foot vacant commercial building; and a 0.81-acre covered parcel that is scheduled for development into a 1,150-space parking garage. HFF’s Andy Scott and Brandon Chavoya originated the loan between the borrower, a joint venture between locally based T. Stacey & Associates and Chicago-based Walton Street Capital, and the lender, CapitalSource Finance. Terms of the loan include an adjustable interest rate and a 30-month term. Loan proceeds will be used to complete capital improvements and future leasing of the property. In Lubbock, HFF secured $16.2 million in Freddie Mac financing for Ashton Pointe, a 366-unit multifamily community located at 308 Frankford. Completed in three phases from 1996 to 2003, the property was 92 percent occupied at the time of closing. The loan carries a 5.64 percent fixed interest …
ENGLEWOOD, COLO. — B&J Properties Limited LLC has acquired Arapahoe Center Building, an office property located at 13111 E. Briarwood Ave. within Centennial Airport Business Park in Englewood. Built in 1982, the 58,750-square-foot building sold for $4.5 million or $76 per square foot. Ron Allum of Fuller Real Estate represented the buyer; Riki Hashimoto and Dan Grooters of Grubb & Ellis represented the seller, Thirteen One Eleven Corp., in the transaction.
CAMARILLO, CALIF. — David Wise of American Corporate Real Estate Services represented the undisclosed buyer in the acquisition of Plaza 5051 at Mission Oaks, a Class A office building located at 5051 Verdugo Way within Mission Oaks Business Park in Camarillo. The three-story, 51,500-square-foot building, which was completed in 2007, was listed at $17.88 million. Bill Kiefer, Steve Economos and Geoff DeWolf of NAI Capital represented the seller, The Foundation Group, in the transaction. The purchase price was not disclosed.
BOCA RATON, FLA. — Office Depot will open its 625,000-square-foot corporate headquarters, located at 6600 N. Military Trail in Boca Raton, on Jan. 16. The property sits on 28 acres, encompassing three office buildings that are linked by glass-enclosed atriums. Coral Gables, Fla.-based Flagler Development Group oversaw all aspects of construction, which began in early 2007.
HUNTSVILLE, ALA. — HPC Properties has purchased a 99,197-square-foot office building triple-net leased to Science Applications International Corp. for $15.85 million. The property, which is located at 6725 Odessey Dr. in Huntsville, was built in 2007. Chad O’Connor of Irvine, Calif.-based Mark One Capital provided $8.9 million in financing for the purchase. Joshua Volen and Andrew Slade of Marcus & Millichap’s San Diego office and Edwin Greenhalgh of the firm’s Birmingham, Ala., office represented the buyer.
SAN DIEGO — Breshears & Ghianni Builders Corp. has selected Johnson & Jennings General Contracting to complete tenant improvement (T.I.) construction for the offices of the San Diego Health and Human Agency, which is located at 5055 Ruffin Rd. in the Kearny Mesa area of San Diego. The improvements include the build out of health examination rooms, interview rooms, cubicles and clerical support facilities. Ware Malcomb is providing architectural services for the project, which is slated for completion in January.
SAN DIEGO — Wrapfiber LLC, composed of principals of The Fyfe Company, has acquired a 17,612-square-foot flex building, which is located at 8380 Miralani Dr. in the Mira Mesa area of San Diego. Roanoke, Va.-based ITT Night Vision sold the property for $2.2 million. The buyer plans to use the property for its headquarters; the remaining 7,000 square feet will be available for lease. Bill Haines and Kendra van Note of Grubb & Ellis|BRE Commercial represented the buyer; Sean Williams and Mike Macie of Cushman & Wakefield represented the seller in the transaction.
SANDY SPRINGS, GA. — With an eye toward opening a new corporate headquarters, JAS Forwarding Worldwide of Atlanta has purchased three office buildings on a 6.34-acre site from The Griffin Company. Located on Barfield Road in Sandy Springs, the three buildings will be completely renovated as part of a 90,000-square-foot office development. Griffin will serve as the general contractor for the project, which will break ground during the first quarter.