NEW HAVEN, CONN. — Marcus & Millichap has arranged $6 million in financing for Retreat at Southern Connecticut, a rehabilitation facility in New Haven. The facility specializes in mental health services and substance abuse rehabilitation, and the loan will be used to increase treatment options and hire more than 150 new staff members. Stonehenge Capital provided the loan, terms of which were undisclosed. Robert Noeldechen of Marcus & Millichap handled the debt placement.
BALTIMORE — Zamir Equities has purchased 36 S. Charles St., a 25-story office building located in Baltimore’s Central Business District (CBD), from an undisclosed seller. The 314,000-square-foot building currently houses the Baltimore U.S. Attorney’s Office, The Law Offices of Peter T. Nicholl and the City of Baltimore Development Corp. One block away from Baltimore’s Inner Harbor, 36 S. Charles is situated less than a block from the Metro SubwayLink Charles Center station. The location also provides nearby access to Interstates 95 and 83 and the city’s Light RailLink system. The Camden Station of the Maryland Area Regional Commuter (MARC), which provides high-speed access to Washington, D.C. and other major East Coast cities, is less than one mile away. The office building currently features cafes, onsite storage and a parking garage. The previous ownership invested $6.5 million into base building improvements and updates to the lobby, conference center and elevators. Zamir Equities plans to make additional capital improvements, including further improvements to the elevators, upgrades to the common areas, enhanced building security and a new coffee shop.
AUSTIN, TEXAS — Shorenstein Properties has broken ground on the Alpha Building, a 210,500-square-foot office property located within Austin’s Mueller Business District. Mueller Business District comprises three development sites with the capacity to house four office buildings totaling roughly 800,000 square feet of space. Designed by architecture firm Page, the Alpha Building will be located across the street from an Alamo Drafthouse Cinema and the site of the future Origin Hotel and will include 26,000 square feet of ground-floor retail space. AQUILA Commercial handles leasing of the building, which is scheduled to be complete in the first quarter of 2021.
ROSEMONT, ILL. — US Foods has signed a 275,000-square-foot office lease renewal at Riverway in Rosemont. This is the largest office lease signed in suburban Chicago since 2017, according to Cushman & Wakefield. Riverway is a 1.1 million-square-foot office campus comprised of four 11-story buildings. Dan Svachula, Michael Simpson and Allyson Birchmeier of Cushman & Wakefield represented the landlord, Adventus Realty. James Otto, Abigail Zaleski and Chris Reynolds of CBRE represented US Foods, a major foodservice distributor and supplier.
CENTENNIAL, COLO. — NavPoint Real Estate Group has arranged the sale of a medical office asset located at 8100 E. Arapahoe Road in Centennial. Hilltop Partnership acquired the property from Mililani Investments Arapahoe for $3.9 million. Situated within Denver Tech Center, the value-add property features 28,700 square feet of medical office and office space. Compass Bank occupied the garden level and first floors of building since it was built in 1986. At the time of sale, the building was 57.3 percent occupied by three tenants. John Witt and Matt Call of NavPoint Real Estate Group represented the seller, while Matt Kulbe, also of NavPoint, represented the buyer in the deal.
ONTARIO, CALIF. — Buchannan Street Partners has completed the disposition of a two-building office campus located on East Guasti Road in Ontario. MGR Real Estate Inc. acquired the asset for $38.6 million. Built in 2005 and 2007, the complex features 159,092 square feet of Class A office space. The five-story, 91,357-square-foot property situated on 6.54 acres at 3110 E. Guasti Road is known as University Plaza, while the three-story, 67,735-square-foot building located at 3200 E. Guasti Road is known as Waterside Center I. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of Newmark Knight Frank’s U.S. Capital Markets team represented the seller, while the buyer was self-represented in the transaction.
HALTOM CITY, TEXAS — Phoenix-based Creation Equity has broken ground on The 820 Exchange, a commercial project located in the Fort Worth suburb of Haltom City that will consist of roughly 1 million square feet of office and warehouse space. LGE Design Build, also based in Phoenix, is the general contractor for the project. According to the Dallas Business Journal, the project is valued at $45 million and is expected to be complete by fall 2020.
DALLAS — TripActions, a Silicon Valley-based platform that manages corporate travel, has signed an 88,490-square-foot office lease at Renaissance Tower, a 56-story building located at 1201 Elm St. in downtown Dallas. Evan Hammer, David Harris and Jade Scott of Whitebox Real Estate, along with Bo McNally and David Bergeron of T3 Advisors, represented TripActions in the lease negotiations. Dennis Barnes, Clay Gilbert and Ben Davis of CBRE represented the landlord, a joint venture between SMA Equities and Moinian Group.
ST. LOUIS — NorthMarq has arranged a $3.5 million loan for the acquisition of Balmoral Plaza in St. Louis. The two-story property comprises 12,720 square feet of office space above 12,020 square feet of retail space. It is located at 443-465 N. New Ballas Road. Jeffrey Chaney of NorthMarq arranged the 10-year, fixed-rate loan on behalf of the borrower, Cape-Jackson SLB LP. A life insurance company provided the loan.
PITTSBURGH — The parent company of First National Bank (FNB) has signed a 160,000-square-foot office lease to open its corporate headquarters at the upcoming FNB Financial Center development in downtown Pittsburgh. The development will feature a 24-story tower with 387,000 square feet of Class A office space, 20,000 square feet of retail space and a two-story parking structure. The FNB headquarters will anchor the tower and its technology branch will occupy 2,000 square feet of retail space. The tower will be situated on the site of the former Civic Arena, home of the Pittsburgh Penguins hockey team, which will comprise multiple structures and over 1 million square feet of office, residential, retail and green space. Buccini/Pollin Group and the Penguins are co-developers of the mixed-use development, which is slated for completion in 2022.