PLANO, TEXAS — JLL has arranged a $27.4 million bridge loan for the refinancing of a five-story, 237,000-square-foot office building at 500 N. Central Expressway in Plano. Massachusetts-based RMR Mortgage Trust provided the floating-rate loan, which carried a three-year initial term with two one-year extension options. The borrower, Dallas-based MoxieBridge, will use a portion of the proceeds to fund tenant improvements, leasing commissions and other capital expenditures.
PLANO, TEXAS — Miami-based ESJ Capital Partners has purchased Park Ventura, a 194,000-square-foot office building in Plano. The property was built between 1998 and 2000 and was 90 percent leased to tenants such as Chevron, Cardinal Financial and Radnet at the time of sale. Tom Strohbehn and Scot Farber of Younger Partners represented the undisclosed seller in the transaction. Greg Greene and Scott Lewis of CBRE arranged acquisition financing through Prime Finance on behalf of ESJ Capital Partners, which plans to implement a capital improvement program to upgrade Park Ventura’s utility systems and activate outdoor spaces.
MOUNTAIN VIEW, CALIF. — TMG Partners and the real estate business within Goldman Sachs Asset Management have purchased an office campus located at 350-380 Ellis St. in Mountain View. NortonLifeLock sold the asset for an undisclosed price and is leasing back one of the property buildings. Totaling 445,967 square feet, the Class A property consists of four four-story office buildings interconnected in a U-shape surrounding a main campus area and a single-story amenity building. Campus amenities include open work environments, meeting/conference rooms, kitchen/break areas, collaborative spaces, a full-service Union 82 Restaurant & Gastropub, multi-story parking structure, a bocce ball court, tennis court, sand volleyball court and outdoor patios. The recently completed headquarter lobby renovation and Client Experience Center offers hospitality suites, briefing/boardrooms, technology demonstration rooms, pre-function space, integrated technology and a multi-functional outdoor patio. The estimated $22 million project was completed in late 2018. Jon Mackey, Mike Saign and Phil Mahoney of Newmark are the leasing agents for the property.
NEW YORK CITY — Bank of America has provided a $100 million loan for the refinancing of 80 Pine Street, a 1.2 million-square-foot office tower that occupies a full city block between Pearl and Water streets in Lower Manhattan. The borrower, The Rudin Family, originally constructed the 38-story building in 1960. A portion of the proceeds will be used to fund additional phases of a renovation program that began last year. Rudin has modernized the lobby and entrances and will now construct an indoor and outdoor amenity center on the 22nd and 23rd floors. Fogarty Finger Architects is leading the redesign of the building.
MILWAUKEE — A BMO Harris Bank branch spanning 10,494 square feet in Milwaukee has sold for $3.4 million. The property is located at 8300 W. Silver Spring Drive. Andy Hess and Bob Flood of Founders 3 Real Estate Services represented the seller, BL-Branch Group One. ESDA Investments LLC was the buyer.
DORAL, FLA. — CBRE has arranged the $96 million sale of Doral Concourse, a Class A, 240,669-square-foot office property in South Florida located adjacent to the new mixed-use lifestyle center, CityPlace Doral. MG3 REIT acquired the property from a fund managed by DRA Advisors LLC. Christian Lee, Jose Lobon, Amy Julian and Andrew Chilgren of CBRE represented the seller in the transaction. The property’s leasing broker, Gordon Messinger of CBRE, also assisted with the sale. Doral Concourse was 95 percent leased at the time of sale with more than six years of weighted average lease term remaining and no lease expirations over the next two years. The property has undergone capital improvements over the past five years, including a renovated lobby and common areas, restroom upgrades, cooling tower replacement and roof replacement. The six-story building features a five to 1,000 square feet parking ratio via a five-story parking deck.
NEW YORK CITY — Locally based owner and investor RFR has completed the redesign and renovation of 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. The 24-story building was originally built in the mid-20th century and is currently leased to tenants primarily in the finance sector, including Kayne Anderson Capital Advisors LP, Rivkin Radler LLP, Atlas Merchant Capital and Atlantic Street Capital. As part of the redevelopment, RFR introduced a clubhouse amenity center, additional outdoor space and enlarged windows to allow more natural light. The new amenity space houses a fitness center with Peloton bikes and studio space for private training, as well as locker rooms, multiple conference rooms, a café, lounge and game area. In addition, 477 Madison Avenue features 15,000 square feet of outdoor terraces across multiple floors. New York City-based MdeAS Architects designed the project. Newmark has been tapped to lease the building.
CHARLOTTE, N.C — Northpond Partners has acquired Packard Place, a five-story creative office building located at 222 South Church St. in downtown Charlotte. Dunn Mileham and David Morris of Trinity Partners arranged the transaction on behalf of the seller, Packard Place Properties LLC, an entity owned by Sara and Dan Roselli. The sales price was $15.4 million. After purchasing the 95,128-square-foot property in 2010, Sara and Dan Roselli founded The Garage at Packard Place, a nonprofit focused on providing Charlotte’s start-up and entrepreneurial community with technical, educational and business support. Currently 60 percent leased, Packard Place has served as home to the Arts & Science Council, Insight Enterprises, DealCloud, Sunlight Financial, Not Just Coffee and Ink n Ivy. Northpond has selected architectural firm Gensler to lead the design for the property’s comprehensive common area renovations. Potential plans include the creation of an open lobby allowing for tenant connection and collaboration. Capital improvements are expected to begin later this year and be completed in second-quarter 2022. Northpond has retained Maddy Howey and Tim Arnold of Trinity Partners to lease the property. Additionally, Trinity Partners will manage the property. Northpond Partners is a Chicago-based real estate investment firm. This property is Northpond’s …
LAKE FOREST, ILL. — JLL Capital Markets has arranged $33 million in financing for One and Two Conway Park, two Class A office buildings in the Chicago North Shore community of Lake Forest. JLL worked on behalf of the borrower, an affiliate of Pembroke IV LLC, to secure floating-rate financing through Money360. Loan proceeds were used to refinance One Conway, which was purchased in 2016, and fund the acquisition and renovation of Two Conway. Both buildings are located on North Field Drive near I-94 and are situated within the larger Conway Park office campus. Renovated in 2018, One Conway spans 105,000 square feet and is 57 percent leased to tenants such as Schiller Ducanto & Fleck, Meridian Compensation Partners and Stifel. Two Conway spans 120,354 square feet and is currently 55 percent leased. Shared amenities include a conference facility, fitness center, café and Wi-Fi lounge. Ownership plans to add a new cafeteria, training room and outdoor amenities such as picnic tables and fire pits in the coming months. Christopher Carroll and Lucas Borges of JLL represented the borrower.
EATONTOWN, N.J. — JLL has placed a $9 million loan for the refinancing of Meridian Center II, an 80,188-square-foot office building in the coastal New Jersey city of Eatontown. Built on 4.6 acres in 1988, the property was 92 percent leased at the time of the loan closing to tenants such as Hackensack Meridian Health, Wayside Technology Group and Altair Health. Michael Klein, Max Custer and Gerard Quinn of JLL arranged the loan, specific terms of which were not disclosed, on behalf of the borrower, locally based development and management firm The Donato Group.