DALLAS — Morning Calm Management, an investment and management firm based in South Florida, has purchased Towers at Park Central, an 875,000-square-foot office complex located at the corner of LBJ Freeway and U.S. Highway 75 in North Dallas. Towers at Park Central features a conference facility with training rooms, fitness center, tenant lounge and onsite food options, and the undisclosed seller previously invested more than $7 million in capital improvements during its hold period. Tenants include SCP Health, foodmaker Daisy Brand and insurance company Arthur J. Gallagher. Morning Calm Management has tapped Newmark to lease the complex.
MELVILLE, N.Y. — Northmarq has arranged a $32 million loan for the refinancing of a 273,103-square-foot office building located on the Long Island community of Melville. The four-story building at 445 Broadhollow Road was constructed in 1981 and renovated in 2021. Ernest DesRochers, Charles Cotsalas and Robert Delitsky of Northmarq arranged the 10-year, nonrecourse loan, which carried a fixed interest rate and a 25-year amortization schedule, on behalf of the undisclosed borrower. The direct lender was also not disclosed.
WAYNE, N.J. — Cushman & Wakefield has negotiated the $22.2 million sale of Oak Hill Park, a 122,600-square-foot medical and office complex in Wayne, about 25 miles west of New York City. The two-building complex was recently renovated and was 95 percent leased at the time of sale. Frank DiTommaso, David Bernhaut, Andy Merin, Gary Gabriel and Seth Zuidema of Cushman & Wakefield represented the seller, Chopp Holdings, in the transaction. Brad Domenico of Progress Capital arranged acquisition financing on behalf of the undisclosed buyer.
DENVER — Broe Real Estate Group has unveiled plans for the second phase of its $200 million Cherry Creek North redevelopment project in Denver. 250 Clayton, an eight-story, 175,000-square-foot mixed-use building, will complement 200 Clayton, the company’s eight-story, 76,000-square-foot first phase. Fully preleased, 200 Clayton is on track for delivery in spring 2023. The Beck Group designed 250 Clayton, which will feature retail space and institutional-quality commercial office space with floor plates as large as 27,000 square feet. Construction of the second phase is scheduled to begin in fourth-quarter 2023.
CHICAGO — Transwestern Real Estate Services has negotiated two office leases totaling 36,000 square feet at 191 N. Wacker Drive, a 37-story, 733,759-square-foot building in Chicago’s West Loop. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Manulife Investment Management. Quinn Emanuel Urquhart & Sullivan, an international business litigation law firm, expanded its lease from 18,864 square feet to 26,300 square feet. Kyle Kamin of CBRE represented the tenant. Maron Marvel Bradley Anderson & Tardy LLC, a national litigation defense law firm, inked a new lease for 10,121 square feet within a spec suite. Jeff Liljeberg of JLL represented the tenant.
DALLAS — California-based investment firm Vertical Ventures has acquired the DFW Financial Services Office Portfolio, a duo of buildings totaling 233,110 square feet in Dallas. The buildings are located at 4950 Amon Carter Blvd. and 14800 Trinity Blvd. in the CentrePort submarket. Mike Hardage, Brooks Creech and Angela Heidman of Transwestern brokered the deal. The seller was not disclosed.
SEATTLE — Seattle-based Evolution Projects has received $109 million in construction financing for the development of 35 Stone, a pre-leased office building in Seattle’s Fremont neighborhood. Canyon Partners Real Estate provided a mezzanine loan to finance the development, concurrent with the closing of a senior construction loan from The Union Labor Life Insurance Co. Slated for delivery in third-quarter 2024, the five-story building will offer 112,700 square feet of office space and 7,500 square feet of retail space. Onsite amenities will include a roof deck, bike parking, locker and shower suites, a central lobby with retail space and 135 parking stalls. Designed to meet Living Building Pilot Program standards, the property will reduce energy usage by at least 25 percent compared to other office buildings and is anticipated to be one of the most energy efficient and sustainable office buildings in Seattle. Brooks Running will occupy the office space in 35 Stone, which is situated within the master-planned Campus Seattle development. Brian Kelly and Eric Lonergan of Savills represented Brooks Running in the lease transaction. Kaden Eichmeier and Bruce Ganong of JLL represented the borrower in the financing.
SAN DIEGO — Cushman & Wakefield has facilitated the sale of Loma Starr, a two-building office and medical office property at 3051-3055 Rosecrans St. and 3065 Rosecrans Place in San Diego’s Midway District. Loma Starr LLC, a private investor group, sold the asset to Crown Point Systems for $7.4 million. Totaling 28,630 square feet, the recently renovated property was 91.7 percent leased at the time of sale. The buyer plans to occupy space at the property for its own offices. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield’s Private Capital Group in San Diego represented the seller, while Bret Morriss of Cast Capital represented the buyer in the transaction.
NEW YORK CITY — Newmark has arranged a $150 million loan for the refinancing of 295 Fifth Avenue, a 19-story, 710,000-square-foot office building in Midtown Manhattan. Dustin Stolly, Jordan Roeschlaub, Christopher Kramer, Nick Scribani, Ben Kroll and Holden Witkoff of Newmark arranged the financing on behalf of the borrower, a partnership between Tribeca Investment Group, Meadow Partners and PGIM Real Estate. Deutsche Bank provided the loan. The sponsor will use a portion of the proceeds to fund capital improvements such as a remodel of the lobby and an overhaul of the building’s windows, elevators and HVAC systems.
ST. LOUIS PARK, MINN. — Bridge Investment Group’s subsidiary Bridge Office Fund has acquired 10 West End in the western Minneapolis suburb of St. Louis Park. The sales price was undisclosed. The Class A office building rises 11 stories and spans 343,000 square feet. Ryan Cos. US Inc. sold the property in conjunction with The Excelsior Group and Sotarra LLC. The building opened in January 2021. Amenities include a bike room, onsite parking, electric vehicle charging, a fitness center and sky deck. The property is the first Class A office building constructed in the submarket in the last 18 years, according to Ryan. Tom O’Brien, Avery Ticer, Dan Phoel and Jeff Altenau of Cushman & Wakefield represented Ryan in the sale. Bridge now owns more than 1.4 million square feet of commercial real estate space in the Minneapolis market.