ANNE ARUNDEL COUNTY, MD. — St. John Properties will commence construction on its 260,000-square-foot BWI Technology Park II this fall. Located at the interchange of MD 295 and Nursery Road in Anne Arundel County, the park will include four flex research and development buildings totaling 190,000 square feet. A 61,200-square-foot office building and 13,000 square feet of retail space round out the project. The facility is being constructed on reclaimed land that was previously littered with spent and discarded car and truck tires. St. John will pursue Silver LEED certification for the new buildings, which will join an existing 600,000-square-foot property at the interchange. Delivery of the first flex building is expected by next summer.
Office
COLUMBIA, S.C. — Michigan-based KIRCO has broken ground on Innovista Holdings’ 110,000-square-foot Horizon II office building. The property, part of downtown Columbia’s Innovista center, will cost between $20 and $25 million. A health research building and two parking decks have already been built at the site, with the five-story Horizon I office building and the five-story Discovery I slated for completion next year. Horizon II, which will also deliver next year, will serve as office space for companies that are collaborating with University of South Carolina researchers.
NAPLES, FLA. — PLL Development has sold 37,882 square feet of retail and office space to Charleston Square of Naples LLC for $10.7 million. The property is located at 1400 Gulfshore Blvd. in Naples. Investment Properties Corp.’s David J. Stevens brokered the transaction.
CHICAGO — Chicago-based developer Golub & Co., with its financial partner BlackRock, has secured more than $100 million in refinancing for its 22 West Washington property located in downtown Chicago. The new loan for the building, which is situated within Block 37, was provided by ING Real Estate Finance US. The office tower was completed in June, and is 90 percent leased. Tenants at the building include Morningstar Inc., Chicago CBS Channel 2 and SKG Private Equity. Michael Newman and Michael Goldman represented Golub & Co. in-house in the transaction.
NEW YORK CITY — Cohen Financial has secured $5 million in financing for a leased-fee interest in 557 Broadway, a 10-story, approximately 112,500-square-foot office building located near Washington Square Park in New York City. The building is currently owned by Scholastic Corp., which uses it as the company’s international headquarters. The ground lease is owned by a private family via a tenant-in-common structure. The ground floor of the property features 50 feet of frontage along Broadway and Mercer Street; the ground floor and mezzanine levels are occupied by a 6,700-square-foot Scholastic Company Store, which sells Scholastic products. The basement level contains a 299-seat auditorium, and floors three through 10 align with and expand the existing floors of the neighboring 555 Broadway building. Howard Taft and Charles Penan of Cohen Financial’s Miami office arranged the financing. The non-recourse loan carries a 6-year term with interest-only payments and an interest rate below 6.25 percent. The lender was Principal Global Investors.
ARLINGTON, TEXAS — Sperry Van Ness has brokered the sale of Arlington Towers, an 82,000-square-foot, Class B office property located at 1600 E. Pioneer Pkwy. in Arlington. Originally built in 1979, the five-story tower is currently 77 percent occupied by a tenant roster that includes JPMorgan Chase Bank, Iverson Business School, Jordan Health Services, Road Manager Financial Services and Southside Financial Group. Bruce Marshall of Dallas-based Sperry Van Ness | DataVest and Bob Johnson of Atlanta-based Sperry Van Ness | AREP represented the seller, Atlanta-based Mithani Properties. Johnny Lawrence of Charlotte, N.C.-based Carolina Capital represented the Florida-based buyer. The acquisition price was not disclosed.
HOUSTON — The New York City office of iCap Realty Advisors has arranged $30 million in acquisition financing for a 17-story, Class A office building located in Houston. The tower is located just west of Interstate 610 in the city’s Galleria/West Loop submarket, within a 30-acre master planned development that also features several other Class A office towers, a luxury high-rise residential building, and a luxury hotel. The tower secured by the financing comprises 370,000 rentable square feet and includes an approximately 1,000-space parking garage. Terms of the non-recourse, first-mortgage financing include a 5-year term with interest-only payments for the first 2 years. The lender was a major insurance company.
AURORA AND ADDISON, ILL. — Chicago-based Paine/Wetzel • ONCOR International has brokered two transactions in the Chicago suburbs totaling more than 75,000 square feet. The company has represented Import Logistics in its 69,340-square-foot headquarters expansion at 1005 North Commons in Aurora. Upon completion in December, the facility will measure 140,000 square feet. Elise Couston of Paine/Wetzel represented Import Logistics in the transaction. Additionally, Couston, in conjunction with John Stump of Paine/Wetzel, has arranged the sale of a warehouse building located at 481 S. Irmen Dr. in Addison. Investor Matthew Liberocki has purchased the facility from IRMEN LLC for an undisclosed amount. The 6,500-square-foot building is fully occupied by Tenacious Cleaning Service. Mark Levy of Sequoia Realty Group represented the buyer in the transaction.
QUINCY, ILL.; AND EDEN PRAIRIE, MINN. — HDA Architects has completed two Midwest projects totaling 135,000 square feet. On behalf of Vatterott College, the firm has completed a 33,000-square-foot facility in Quincy. The cost of completion was $3.7 million. In Eden Prairie, HDA Architects finished a 132,000-square-foot facility, which will serve as the corporate headquarters for ATK (Advanced Weapon and Space Systems Co.). The four-story building includes basement parking and a two-level parking garage. Minneapolis-based TOLD Development Co. served as the developer for the $19 million building.
TROY, MICH. — L. Mason Capitani has arranged the sale of a 2,129-square-foot office located at 95 E. Maple in Troy. Mortgage Management has sold the building to an undisclosed buyer in order to move closer to its existing client base in Madison Heights, Mich. Garrett Middlekauff and Gary Grochowski of L. Mason Capitani represented the seller in the transaction. The acquisition price was not disclosed.