CHELMSFORD, MASS. — New Hampshire-based investment firm Brady Sullivan Properties has sold 199 and 201 Riverneck Road, a 185,227-square-foot office complex in Chelmsford, located north of Boston. The sales price was $15 million. The two buildings are situated on a combined 15 acres and formerly served as the headquarters of defense and aerospace contractor Mercury Systems. Boston-based investment firm The Davis Cos. purchased the property for an undisclosed price.
MESA, ARIZ. — CBRE has arranged the sale of The Mesa Tower, a 16-story office building located at 1201 S. Alma School Road in Mesa. Dallas-based CAMCO Investment Group acquired the asset from Barker Pacific Group and Iron Point Partners for $39.5 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the deal. Totaling 311,949 square feet, The Mesa Tower comprises the high-rise, Class A office building; an adjacent single-tenant restaurant; and a five-level, above-grade parking structure. The property was originally built in 1986 and most recently renovated in 2018 and 2019. Renovations include enhancements to the lobby, common areas, restrooms and interior building systems, as well as the addition of several speculative suites. At the time of sale, the property was 85 percent leased to a diverse tenant mix.
SAN DIEGO — Realty Capital has closed $20.9 million in refinancing for the renovation and lease-up of 39,000-square-foot property in San Diego’s Del Mar submarket. The undisclosed borrower will use the loan to refinance an existing loan, finish outstanding capital improvement items, built-out speculative suites and lease vacant space. The non-recourse loan features interest-only payments and a floating rate, as well as a 36-month term, two extension options and flexible prepayment. The financing includes a facility to provide additional funding for capital improvements, tenant leasing costs and interest and carry shortfalls.
RICHMOND, VA. — JLL Capital Markets has arranged the sale of Riverside on the James, a 263,752-square-foot, Class A office property in Richmond’s central business district. The 14-story property is located at 1001 Haxall Ave. and features views of the James River, an attached six-level parking deck and an onsite fitness center. Chris Lingerfelt, Ryan Clutter and Stephen Conley of JLL represented the seller, Washington, D.C.-based American Real Estate Partners LLC. JLL also procured the buyer, Opal Holdings, which is based in New York City. The sales price was not disclosed. Riverside on the James was 95.3 percent leased at the time of sale. Some of the current tenants were also the original tenants of the building, which was built in 2005.
OAK BROOK, ILL. — Clear Height Properties has completed a more than $55 million recapitalization of a 15-property industrial portfolio through the formation of a joint venture partnership with Harbert U.S. Real Estate. The transaction provides capital for Clear Height to utilize in pursuing its goal of doubling in size over the next 12 months, according to a news release. The portfolio totals more than 1 million square feet throughout metro Chicago and is home to 130 tenants. Most of the properties are multi-tenant facilities that are approximately 90 percent leased. Oak Brook-based Clear Height owns more than $250 million of industrial and office assets. Kurt Sarbaugh, Christopher Carroll and Robin Stolberg of JLL arranged the recapitalization.
BLOOMFIELD HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Stoneridge II, an office building located at 40950 Woodward Ave. in Bloomfield Hills. The sales price and seller were undisclosed. The 110,000-square-foot property was recently renovated and was fully leased at the time of sale. Mason L. Capitani of the brokerage firm represented the buyer, LREH Michigan LLC.
PARSIPPANY, N.J. — The Birch Group has announced plans to renovate 99 and 199 Cherry Hill Road, a two-building, 191,249-square-foot office complex in the Northern New Jersey community of Parsippany. The $1 million capital improvement program will upgrade the lobbies, conference rooms, hallways, bathrooms and common spaces. The Birch Group acquired the complex, which currently houses tenants such as Bayada Home Healthcare, Thermo Fisher Scientific and Scholls Wellness Co., in January 2020. Cushman & Wakefield leases the property.
By Allen Rogoway, Cresa Chicago Over the past seven years, the Fulton Market office submarket has changed the landscape, and boundaries, of Chicago’s central business district (CBD) and what a “live-work” ecosystem can look like. Whereas the River North office submarket evolved over 30 years to become a low-cost alternative to the Loop for creative, boot-strapped companies requiring mostly small footprints, Fulton Market was developed for tech-centric, multinationals willing to pay “Trophy Tower” prices to attract and retain the very best talent. Employees didn’t mind adding a Chicago Transit Authority (CTA) transfer or 20 extra minutes to commute times each way in order to be in a neighborhood that was developed by big money yet felt authentic. Much of the architecture was preserved, and new construction was held to standards whereby the new mostly blended in with the area’s former produce, cold storage and century-old warehouses that had been converted for office use. Then old-guard companies and industries from accounting, consumer products and even law, started to set up shop in buildings that provided people with a very different workplace experience than what they were used to. Ownerships thoughtfully invested in tenant amenity spaces and retail pairings that matched with …
LOS ANGELES — Lee & Associates has announced that its founder, Bill Lee, has passed away at 78 years old after a long battle with cancer and cancer-related complications. Lee founded Lee & Associates Commercial Real Estate Services in 1979 in Orange County, Calif. Now, the company boasts 65 locations across North America and employs more than 1,300 people. Revolutionary for its time, Lee designed the Lee & Associates model to facilitate collaboration and investment across offices, with one key element being that Lee & Associates agents have the ability to make an investment into the growth of the company, according to the company. Additionally, Lee strategically designed Lee & Associates to operate in smaller components to allow the company capital to operate more efficiently than other existing methods at the time; also, allowing agents the opportunity to maximize their deals in terms of commission dollars. “On this difficult day, I stand in tremendous appreciation with the thousands of real estate professionals and their families that have been so positively impacted by the company Bill created and the unique structure that has served us for over 41 years,” says Jeffrey Rinkov, CEO of Lee & Associates. “Bill fostered and maintained incredibly …
THE WOODLANDS, TEXAS — CBRE has negotiated a 120,454-square-foot office lease expansion at Sierra Pines II in The Woodlands, about 30 miles north of Houston. The tenant, Linde Engineering, now requires more space following its merger with Connecticut-based Praxair. The newly formed company is now the world’s largest industrial gas supplier. Kevin Saxe and Jon Lee of CBRE represented Linde in the lease negotiations. Brad Fricks of Stream Realty Partners represented the landlord, VEREIT.