HILLSBORO, ORE. — CIT, a division of First Citizens Bank, has provided a $50.8 million loan to Seavest Healthcare Properties for the refinancing of Providence Family Wellness Center and Medical Office Building in Hillsboro. CIT’s healthcare finance unit provided the financing. Providence Family Wellness Center is a newly delivered, 118,000-square-foot medical office building and wellness center. Providence Health & Services – Oregon, a subsidiary of Providence St. Joseph, leases the building. The property offers clinical space for services, including primary care, pediatrics, behavioral health, sports medicine, women’s health, dermatology, cardiology, urgent care, diagnostics imaging, lab, rehabilitation and sports therapy. Additionally, the building features a comprehensive active wellness center complete with indoor warm water and outdoor lap pools.
BOSTON — Colliers has brokered the $7.6 million sale of an 8,350-square-foot civic building located at 136 Newbury St. in Boston’s Back Bay neighborhood. Kendin Carr, Caleb Hudak and John Real of Colliers represented the seller, Modern School of Fashion, in the transaction. The undisclosed buyer plans to convert the building into a contemporary office space.
NASHVILLE, TENN. — Bradley Arant Boult Cummings LLP has signed a long-term lease to move its Nashville office to One22One, a new high-rise office building located at 1221 Broadway in the city’s Gulch district. The locally based law firm plans to occupy 100,000 square feet of office space across the top four floors by late 2023. The tenant retained Savills for its search for new office space. The developer and landlord, Brentwood, Tenn.-based GBT Realty, delivered the $140 million, 24-story tower last month. Featured amenities at One22One include outdoor space for business and social gatherings, a fitness center and retail space. FirstBank occupies 52,000 square feet of office space on floors 13 and 14 that will include the headquarters of FB Financial Corp. (NYSE: FBK), the parent company of FirstBank.
ALEXANDRIA, VA. — American Real Estate Partners (AREP) has acquired 1101 King Street, a 200,000-square-foot office building in Old Town Alexandria, a historic neighborhood in metro Washington, D.C. The McLean, Va.-based investor purchased the office condominiums within the building simultaneously from seven individual owners for an undisclosed price. AREP plans to convert the property to 200 apartments, with 17,500 square feet of commercial space on the ground floor, as well as amenities including a club room, fitness center and a rooftop terrace. The firm restructured the office leases to allow for the conversion program and is keeping existing retail tenants Orangetheory Fitness and Paris Baguette throughout the redevelopment process. AREP has selected Cooper Carry to lead the project redevelopment design and RD Jones for the interior work. Construction is set to begin in July 2023.
CHANTILLY, VA. — JLL has arranged the sale of Independence Center II, a 115,563-square-foot office building located at 15040 Conference Center Drive in Chantilly. Jim Meisel, Matt Nicholson, Andrew Weir, Dave Baker and Kevin Byrd of JLL marketed the property on behalf of the seller, Tritower Financial Group. The buyer and sales price were not disclosed. Independence Center II is situated in Northern Virginia’s cyber-intelligence hub of Westfields. Completed in 2006, the property is fully leased to tenants that have invested in high-value infrastructure upgrades, including SCIF (Sensitive Compartmented Information Facility) rooms, data centers and backup generators. The property is proximate to Route 28, I-66, Route 50, Dulles Toll Road and Dulles International Airport.
HUNTSVILLE, ALA. — RCP Cos. has announced plans for Anthem House, a $110 million mixed-use development in Huntsville’s new MidCity district. The property will feature 330 apartment units, 35,000 square feet of creative office space and 32,000 square feet of street-level retail space. Named for MidCity’s music theme, Anthem House will offer a “residential-meets-hospitality housing solution” with furnished units, shorter lease contracts and hotel-like surroundings and amenities. Most of the major aerospace companies have a presence in Huntsville, which is home to regional employers including U.S. Army post Redstone Arsenal and Cummings Research Park. Additionally, the city offers twice the amount of government jobs per capita than any other city in the country. Huntsville’s workforce demographics feature many remote and contract workers who greatly prefer the multifamily-hospitality niche for their housing. “Currently, Huntsville has a housing deficit that is accentuated by the continued job growth in the market,” says RCP co-founder Max Grelier. “The shift in consumer preferences, particularly among millennials, is driving demand for more hospitality features within real estate projects, including more amenities, hosting events and activities which bring residents together.” U.S. News & World Report named Huntsville as the best place to live in the United States …
NEW YORK CITY — AEW Capital Management has sold 830 Third Avenue, a 147,068-square-foot office building in Midtown Manhattan, for $72 million. The property was constructed in 1958 and renovated in 1994. AEW Capital Management originally acquired the 13-story building in 2001 and implemented a series of capital improvements. Andrew Scandalios, David Giancola, Vickram Jambu and Jennifer Zelko of JLL represented the seller in the deal. Aaron Niedermayer, Max Herzog, Marko Kazanjian, Robert Tonnessen, Jackie Ferrer and Joy Dracos, also with JLL, arranged $53.2 million in acquisition financing through Truist on behalf of the buyer, a joint venture between Empire Capital Holdings and Namdar Realty Group.
NEW YORK CITY — Private equity firm Corsair Capital has signed a 23,919-square-foot office lease at 550 Madison Avenue in Midtown Manhattan. Since opening in 1984, the 41-story building has housed the operations of two tenants: AT&T and Sony. Silvio Petriello and Chris Corrinet of CBRE represented the tenant in the lease negotiations. Mary Anne Tighe, Howard Fiddle and Scott Gottlieb, also with CBRE, represented the landlord, The Olayan Group, which acquired the asset in 2016 and implemented a value-add program.
EL MONTE, CALIF. — Rising Realty Partners and Brasa Capital Management have completed the disposition of Telstar Building, an industrial and office building at 9320 Telstar Ave. in El Monte. Majestic Asset Management acquired the property for $73 million. Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. The County of Los Angeles leases the entire 248,961-square-foot building and recently renewed its lease for the property. The renewal also included an 86,961-square-foot expansion of industrial space. The tenant houses its public health, public social services and children and family services departments at the facility. Situated on 7.9 acres, the building features 67 percent office space, 33 percent industrial space and 627 parking spaces.
DENVER — A joint venture led by Corum Real Estate Group and Koch Real Estate Investments has purchased 210 University, an office and retail property located in Denver’s Cherry Creek North district. The price was not disclosed Totaling 140,832 square feet, 210 University was 89.4 percent occupied at the time of sale. Current tenants include Baird, US Bank, Cherry Creek Imaging and Western Veterinary Partners. The building includes two ground-floor retail spaces occupied by Little Ollie’s and Paradise Cleaners. Additionally, the asset includes one of the largest parking garages in Cherry Creek North. Peter Merrion, Mark Katz and Hilary Barnett of JLL Capital Markets’ investment sales and advisory team represented the undisclosed seller in the transaction. Kristian Lichtenfels, William Haass and Leon McBroom of JLL Capital Markets’ debt advisory team secured a five-year, interest-only, fixed-rate loan with a national balance-sheet lender for the buyer.