SEATTLE — Taylor Street Capital Partners has arranged $12 million in cash-out refinancing for a historic mixed-use office and retail property located in downtown Seattle. Nick Martinez and Chris Nuccio of Taylor Street Capital Partners negotiated the refinancing on behalf of the undisclosed ownership group and structured the loan to provide capital back for the sponsors to expand their business. The non-recourse loan includes a 10-year term with a 3.2 percent fixed rate and no prepayment penalty upon a sale.
PLANO, TEXAS — Newmark has brokered the sale of the Legacy R&D Portfolio, a collection of seven office and research and development buildings totaling 374,085 square feet in Plano. The single-story buildings were constructed on a combined 40 acres between 2006 and 2012 and were 85 percent leased at the time of sale. Gary Carr, Chris Murphy, John Alvarado, Robert Hill and Chase Tagen of Newmark represented the seller, Accesso, which will continue to manage the portfolio, in the transaction. The buyer was a fund controlled by New York-based DRA Advisors LLC.
CLIFTON, N.J. — New Jersey-based mortgage banking firm Progress Capital has arranged a $35.2 million loan for the refinancing of a 203,000-square-foot medical office building in the Northern New Jersey city of Clifton. Tenants at the property include Summit Medical Group, AECOM and SSB Realty, and building amenities include a cafeteria, fitness center and a conference room. Natixis Real Estate Capital provided the nonrecourse, interest-only loan. The borrower was ERCT Capital Group. Brad Domenico of Progress Capital placed the debt.
SOUTHFIELD, LIVONIA AND FARMINGTON HILLS, MICH. — Farbman Group has brokered the sale of a 480,000-square-foot office portfolio in Southeast Michigan for an undisclosed price. The portfolio includes Oak Hollow Gateway and Centrum Office Center in Southfield; Laurel Office Park in Livonia; and Drake Pointe Office Building in Farmington Hills. Bill Bubniak, Alis Manoogian and Mario Giglio III of Farbman represented the seller, Promanas. A New York-based real estate investment firm was the buyer.
TROY, MICH. — Technomics Inc. has leased 3,600 square feet of office space at the Twenty 75 Office Center in Troy. The consulting firm specializes in cost estimating and cost analysis for defense, civilian and energy clients. Technomics joins other area businesses such as Magna International, Siemens, Quicken Loans and Tyler Technologies. Robert Gagniuk and Marc Hames of Friedman Real Estate represented the undisclosed landlord in the lease transaction.
ALAMEDA, CALIF. — Newmark has arranged $99.2 million in financing to Invesco Advisers for the acquisition and conversion of a newly developed, six-building portfolio in Alameda. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance team arranged the financing for the buyer. PGIM Real Estate placed the loan. Located at 1410-1430 Harbor Bay Road and 1955-2115 N. Loop Road, the six buildings feature 24- to 28-foot clear heights, dock-high and at-grade doors and ample power. Invesco plans to convert the 335,000-square-foot property into a state-of-the-art life sciences complex, including lab research, development and domestic good manufacturing practice (GMP) manufacturing.
GOODYEAR AND GLENDALE, ARIZ. — Kidder Mathews has arranged the sales of three medical office buildings located in Goodyear and Glendale for a total of $32.8 million. Michael Dupuy and Rachael Thompson of Kidder Mathews represented the undisclosed sellers in the transactions. The names of the buyers were not released. The transactions are the $7.6 million sale of the 20,235-square-foot Cornerstone Medical Center in Goodyear; the $10 million sale of the 35,893-square-foot Talavi Medical Plaza in Glendale; and the $15.2 million sale of the 52,013-square-foot Thunderbird Palms in Glendale.
HOUSTON — General contractor Harvey Builders will construct a 115,000-square-foot manufacturing and office facility in Houston. Designed by Powers Brown Architecture, the facility will be situated on an 8.3-acre site within the Houston Spaceport campus on the city’s southwest side. The project will be a build-to-suit for Hamilton Sundstrand, a subsidiary of Collins Aerospace, and is expected to be complete in summer 2022. Houston-based Griffin Partners has been tapped as the development manager for the project, which is expected to add about 250 new jobs to the local economy.
NEW YORK CITY — The Legal Aid Society, a social justice law firm, has signed a 198,900-square-foot office lease at 40 Worth Street in Manhattan’s Tribeca neighborhood. The lease term is 30 years. The property, also known as the Merchants Square Building, was originally constructed in 1929 and spans approximately 800,000 square feet. Craig Reicher, Christopher Mansfield, Greg Maurer-Hollaender and Peter Gamber of CBRE represented the tenant in the lease negotiations. Brian Steinwurtzel and Roy Lapidus of GFP Real Estate represented the landlord, 40 Worth Street Associates LLC.
WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired two life sciences buildings totaling 153,000 square feet in the western Boston suburb of Waltham for $100 million in cash. The seller was an affiliate of Los Angeles-based investment firm Montana Avenue Capital Partners LLC. The buildings, located at 153 and 211 Second Ave., were fully leased to an undisclosed pharmaceutical company at the time of sale. The assets are located adjacent to Boston Properties’ 272,000-square-foot building at 200 West St., a portion of which was recently converted into lab space. That property is 100 percent leased to Translate Bio. Following this transaction, Boston Properties now owns approximately 4.9 million square feet of lab and Class A office properties in the Waltham/Lexington area. The submarket has emerged as a major hub of life sciences construction, with companies such as Greatland Realty Partners, The Davis Cos. and Boston Development Group announcing or breaking ground on new projects in the last few months. Boston Properties holds more than 3 million square feet of life sciences space throughout the greater Boston and Los Angeles areas and has about 1 million square feet of life sciences projects in its development pipeline. “The adjacency to …