SPRING, TEXAS — Locally based brokerage firm Newcor Commercial Real Estate has negotiated the sale of an 8,300-square-foot office building located at 26414 Oak Ridge Drive in the northern Houston suburb of Spring. According to LoopNet Inc., the property was built in 1971 and renovated in 2022. Ryan Dierker of Newcor represented the owner and former occupant, TruRealty Properties, in the transaction. Adriatico Group represented the buyer, Voss Law.
FRANKLIN, N.J. — NAI James E. Hanson has brokered the sale of a 4,232-square-foot office building in the Central New Jersey community of Franklin. The building at 195 N. Church Road houses four suites, basement storage space and onsite parking. Joseph Vindigni of NAI Hanson represented both the seller, LSC Properties LLC, and the buyer, an entity doing business as 195 N Church LLC, in the transaction.
GILBERT, ARIZ. — Indicap, Colmena Group and Langley Properties have completed the purchase of 311 acres of land at the northwest corner of Power and Warner roads in Gilbert. The property traded for $107.5 million in an all-cash transaction. The buyers plan to develop The Ranch, a billion-dollar mixed-use project on the site. With the land acquisition complete, the project will move to the site planning and design phase, with a groundbreaking slated for third-quarter 2024. The project will include: Jason Hyams of Insight Land and Investments represented the buyer. Danny Perkinson and Scott Perkinson of Perk Prop Real Estate represented the seller, The Dale C. Morrison Trust, in the deal.
NEW YORK CITY — BlueCrest Capital Management, a British-American hedge fund, has signed a 21,640-square-foot office lease at 450 Park Avenue in Midtown Manhattan. The lease term is 15 years, and the space encompasses the entire 30th and 31st floors of the 33-story building. Daniel Posy and Joe Messina of JLL represented the tenant in the lease negotiations. Paul Amrich, Neil King, Alexander D’Amario and Maxwell Tarter of CBRE represented the landlord, SL Green.
HOUSTON — Cushman & Wakefield has negotiated a 7,541-square-foot office lease at 1001 Fannin Street in downtown Houston. The 47-story, 1.3 million-square-foot building recently underwent a capital improvement program and features 25,000 square feet of retail and amenity space. Brad Beasley and Chip Colvill of Cushman & Wakefield represented the landlord, JMB Realty, in the lease negotiations. Joshua Brown and Kaitlyn Duffie of Newmark represented the tenant, law firm Hogan Thompson Schuelke.
NEW YORK CITY — Curtis + Ginsberg Architects has signed an 11-year, 12,602-square-foot office lease at One Battery Park Plaza in Lower Manhattan. The design firm is relocating its headquarters from 55 Broad St. to the 27th floor of the 35-story, 870,000-square-foot building. Ruth Colp-Haber of Wharton Property Advisors represented the tenant in the lease negotiations. Kevin Daly internally represented the landlord, Rudin, which originally developed the building in 1971.
LOS ANGELES — Hudson Pacific Properties has completed the sales of 604 Arizona and 3401 Exposition, two office buildings in Los Angeles, for aggregate gross proceeds of $72.5 million before prorations and closing costs. Combined, the two transactions will result in approximately a $22 million gain to be recognized in the third quarter. The company used the net proceeds to repay amounts outstanding on its unsecured revolving credit facility. The buyer was not disclosed. Hudson Pacific Properties is a provider of end-to-end real estate solutions for tech and media tenants.
SACRAMENTO, CALIF. — Red Oak Capital Holdings has provided $8 million in financing under its opportunistic bridge loan program to a partnership between Frank Kimball and Scott D. Greenberg for an office building located at 1300 U St. in Sacramento. The borrower will use the loan to pay off outstanding debt and complete space planning and permitting on the property. The loan was structured with a fixed rate of 11 percent and a two-year term with two six-month renewal options. The interest-only loan represents 33.47 percent of the asset’s “as-stabilized” value of $23.9 million. Situated on 1.7 acres, the single-story 47,456-square-foot building is currently in shell condition and will be built out for the California Highway Patrol, which signed a long-term lease for the space. The property provides surface parking for 77 vehicles.
CHICAGO — Through a partnership with lulafit, Sterling Bay has opened The Factory, a new fitness and wellness space at its office building located at 600 W. Chicago Ave. The Factory totals 30,000 square feet. Users pay $35 per month and have access to a variety of offerings, including a yoga studio and meditation suite; recovery room with Therabody technology; spaces designed exclusively for HIIT, cardio, heavy bag workouts and group exercises; a sauna; steam room; and large turf installation. Built in 1908, the eight-story building formerly served as the Montgomery Ward catalog building until 2000. In 2021, with the building under the ownership and management of Sterling Bay, lulafit started designing a complete overhaul of the property’s fitness center. The Factory received more than 100 membership sign-ups on its first day, and almost 200 in its first two weeks. During its initial six months of operations, The Factory added 460 members. Data shows members utilize the space three to five times per week.
WILMETTE, ILL. — SVN Chicago Commercial has brokered the sale of a 7,260-square-foot commercial building in the Chicago suburb of Wilmette for $1.5 million. The Wayfarer Foundation, a Bahai-inspired organization, purchased the facility for its future headquarters. The property is located at the corner of 4th Street and Linden Avenue in Wilmette’s Linden Square commercial district, across the street from the CTA Linden Purple Line station. Wayne Caplan of SVN Chicago Commercial represented the undisclosed seller.