LINCOLN, NEB. — Dallas-based KDC has begun construction of a 150,000-square-foot office building located within the University of Nebraska Technology Park in Lincoln. Plano, Texas-based Perot Systems will occupy the two-story facility, which is seeking LEED Certification. Green elements of the building include raised access flooring and under-floor air distribution. KDC will also develop a technology service delivery center at the facility. Construction is slated for completion in the third quarter of 2009. Perot Systems has leased the build-to-suit office for 10 years. KDC was presented in-house by Ab Atkins; Bob Edge, Gary Collett, Mari Jones, Meg Hardin and Matt Heidelbaugh with Cushman & Wakefield of Texas represented Perot Systems in the transaction.
PLANO, TEXAS — Newport Beach, Calif.-based Cohen Financial has arranged a $42 million bridge loan for the refinancing of a three-property office portfolio totaling approximately 500,000 square feet. One of the buildings in the portfolio is located at 2805 Dallas Pkwy. in Plano. Terms of the non-recourse loan include a 65 percent loan-to-value ratio, a floating interest rate and a 3-year term with two 1-year extension options. Bruce Krall of Cohen Financial arranged the financing on behalf of the borrower, a joint venture between Newport Beach, Calif.-based The Koll Company and Boise-based Public Employee Retirement System of Idaho. The other two office properties are located at 1873 S. Bellaire St. in Denver and 10851 N. Black Canyon Hwy. in Phoenix.
PORTLAND, ORE. — Mark McGovern and Jeff Rice of CBRE Capital Markets’ San Diego office have originated $24.7 million in financing for Laeroc Funds’ acquisition of two historical office buildings in downtown Portland. Laeroc 2007 Income Fund LLC has acquired the American Bank Building, a 14-story, 162,000-square-foot office building located at the corner of Broadway and S.W. Morrison Street in Pioneer Square. Built in 1913 and renovated in 1979, the property is 88 percent occupied with major tenants including Wells Fargo and the State of Oregon Department of Justice. Laeroc Edge Fund LLC has purchased the two-story Mohawk Building, which consists of two structures: Mohawk Building and Mohawk Galleries. Originally built in 1902, the 68,700-square-foot property is 100 percent occupied with tenants including Borders Books & Music and Interface Engineering.
BEVERLY HILLS, CALIF. — Commercial Defeasance LLC has facilitated a $29.3 million defeasance transaction for an undisclosed Beverly Hills-based company. The transaction will allow the company to refinance a 99,904-square-foot, high-rise office building with Washington Mutual Bank. Parklane Investments and George Smith Partners represented the borrowers in the transaction.
DEBARY, FLA. — Cotter-Ryan Commercial has commenced construction on a 20,000-square-foot office building at SummerHaven Professional Center. Under development by SummerHaven Professional Center LLC, the building is located on Enterprise Road in DeBary. Construction of the three-story building will cost $1.5 million. Delivery is expected next March.
BARRINGTON, ILL. — NorthPoint Capital — Chicago has arranged $5.75 million in financing for Welsh Office Center, a 91,287-square-foot office building located in Barrington. The loan is based on a 10-year term with a 25-year amortization schedule, at a rate of 5.75 percent. The loan was placed with Southern Farm Bureau Life Insurance Co., a correspondent life insurance company lender of NorthPoint. Keith Volgman of NorthPoint Capital arranged the financing.
GARDEN CITY, N.Y. — The Long Island office of CB Richard Ellis (CBRE) has negotiated the purchase of The Atria, a six-story, Class A office tower located at 900 Stewart Ave. in Garden City, for $38 million. The 235,000-square-foot building is fully occupied by JPMorgan Chase, which has the option to return 80,000 square feet of the building within the next 18 months. CBRE’s Philip Heilpern, Richard Karson, Martin Lomazow and Paul Leone represented the buyer, CAF Realty; Cushman & Wakefield represented the seller, BREOF BNK2 Atria LLC, which is an affiliate of Brookfield Asset Management.
PHILADELPHIA — NorthMarq Capital has arranged a $21.5 million loan for the refinancing of a 180,000-square-foot office condo unit within The Packard Building, a 26-story mixed-use tower located at the corner of 15th and Chestnut streets in the Center City neighborhood of Philadelphia. The condo unit consisted of the first 12 floors of the building, which contains office space on floors two through 12, and retail space on the basement, ground floor and mezzanine levels. Major tenants include The Defender’s Association of Philadelphia, Philadelphia Municipal Authority and a new Del Frisco’s Double Eagle Steakhouse that is presently under construction. Tom Graf and Bruce Whipple of NorthMarq’s New York City office arranged the financing on behalf of the borrower, Chest-Pac Associates, through the lender, CWCapital. Terms of the loan include a 5-year term with a 30-year amortization schedule. The Packard Building contains ground-level retail space, 11 floors of office space, and residential condominiums on floors 13 through 26.
TULSA, OKLA. — The Houston office of Cushman & Wakefield of Texas has negotiated the lease of a 7,972-square-foot office building, located at 1327 N. 105th Ave. in Tulsa. The building will be occupied by Houston-based Total Safety US, which was represented by James Foreman and Louis Kaleel of Cushman & Wakefield in the transaction. The landlord is locally based Pine Street Investment Group. Terms of the lease were not disclosed.
CARLSBAD, CALIF. — Danielson DSS LLC is developing building seven for ViaSat Inc. The 40,000-square-foot office and lab facility is located within Bressi Ranch Corporate at 2530 Campbell Pl. in Carlsbad. Smith Consulting Architects is providing full architectural services for the project, which is seeking LEED Commercial Interiors certification. Ledcor Construction is serving as general contractor. Completion is slated for March 2009.