NEW YORK CITY — A joint venture between Los Angeles-based PCCP LLC and locally based owner-operator The Kaufman Organization has purchased the leasehold interest in 135 West 29th Street, an 81,283-square-foot office building in Midtown Manhattan. The 12-story building was originally constructed in 1911 and is currently 63 percent leased to 28 tenants. The joint venture plans to implement a capital improvement program that will upgrade the lobby, façade, elevator systems and common areas.
LOS ANGELES — JLL Capital Markets has secured $42.5 million in refinancing for Wilshire West Medical Tower, a medical office building located in the Brentwood neighborhood of West Los Angeles. Marc Schillinger and Keith Rosso of JLL’s Capital Markets team represented the borrower, a private, Los Angeles-based medical office owner-operator, to secure the long-term, fixed-rate loan. Located at 11645 Wilshire Blvd., the property features 78,702 square feet of medical office space and is leased to a diverse mix of medical office tenants, including physicians, dental practices, plastic surgeons, medical testing and rehabilitation operators and aestheticians.
Bellwether Enterprise Secures $23.5M Refinancing for Medical Office Buildings in Southern California
TORRANCE, CALIF. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has arranged $23.5 in refinancing for two medical office buildings in Torrance. The properties are a 37,143-square-foot, four-story building on 1.67 acres at 3500 Lomita Ave. and a two-story, 42,101-square-foot building on 2.7 acres at 23560 Madison St. The undisclosed borrower acquired both assets in 2008. Kevin Mulvaney of Bellwether Enterprise’s Los Angeles office arranged the loan with MetLife.
CHARLOTTE, N.C. — Welltower Inc. has completed two medical office buildings in Charlotte totaling 280,000 square feet. Atrium Health, which owns the adjacent Carolinas Medical Center, signed a 15-year triple-net lease for the two buildings. Charlotte-based Pappas Properties LLC developed the properties and will remain strategic partners with Toledo, Ohio-based Welltower for the planned nine-acre, healthcare anchored mixed-use campus, as well as future developments. The two medical office buildings include a nine-level, 1,440-space parking deck that will be shared with the entire mixed-use campus. Atrium’s Sanger Heart and Vascular Institute and Atrium Health General Clinics including neurosciences, gastroenterology, infectious disease and palliative care opened in April 2021.
HOUSTON — Colliers International has brokered the sale of World Houston Plaza, a 216,889-square-foot office building located at 15710 John F. Kennedy Blvd. on the city’s north side. The eight-story building was originally constructed on a 3.5-acre lot in 1985. David Carter of Colliers represented the undisclosed seller in the transaction. The buyer, David Z. Mafrige Interests, purchased the asset via a Ten-X auction for an undisclosed price.
FORT WORTH, TEXAS — Bighorn Construction & Reclamation has signed a 36,331-square-foot office lease extension at 777 Main in Fort Worth. The 40-story building was originally constructed in 1983. Transwestern’s Whit Kelly and Dallas Margeson represented the landlord, Brookdale Group, in the lease negotiations. The representative of the tenant was not disclosed.
CHICAGO — Cresset Partners and Diversified Real Estate Capital have formed a partnership of their real estate groups, expanding Cresset’s real estate investment platform. The partnership formalizes and builds upon the existing relationship between the two companies, which have sourced, structured, capitalized and executed $1.6 billion in real estate projects since 2019. The combined entity, which is named Cresset Real Estate Partners, will target institutional-quality investment opportunities in a variety of asset types, including multifamily, office, industrial and hospitality.
NEEDHAM, MASS. — International Data Group (IDG), a market research and data analytics firm, has opened a new, 125,000-square-foot office headquarters in the western Boston suburb of Needham. The company will consolidate its three main business units — IDC, IDG Communications and primary corporate entity IDG — under one roof. Dyer Brown, an architecture and interior design firm with offices in Boston and Atlanta, designed the facility, which can accommodate about 500 employees.
BELLEVUE, WASH. — PMF Investments has completed the disposition of BelleVista Place, a mixed-use, master-planned development site located at 100 112th Ave. NE in Bellevue. An undisclosed buyer acquired the 4.9-acre site for $152.2 million. Designed by CollinsWoerman, the project will feature residential, office and retail space, as well as subterranean parking. According to the City of Bellevue’s first-quarter 2020 Downtown Bellevue Major Projects List, the development team is seeking approval for a two-phase project with a 17-story office tower and five-story residential building in the initial phase and a 17-story office tower and 15-story office building in the second phase. In total, the proposed project would bring approximately 138 residential units, 987,140 square feet of office space and 1,051 parking spaces. With substantial work already completed on the design and city entitlements, the Class A project is slated to begin delivery in 2024. Kevin Shannon, Ken White, Tim O’Keefe, Nick Kucha and Rob Hannan of Newmark represented the seller in the transaction.
CHICAGO — Calamos Investments, a global asset manager, has signed a multi-year lease for the top floors of Fulton East, a new office building located at 215 N. Peoria St. in Chicago’s Fulton Market. The new office will be in addition to the firm’s headquarters campus in Naperville. Parkside Realty Inc. developed Fulton East, which rises 12 stories and spans 90,000 square feet. The building was designed to address employee health, wellness and safety in light of COVID-19 and includes features such as a hands-free elevator system.