DENVER — HFF has arranged $165 million in permanent financing for Dairy Block, a mixed-use asset in downtown Denver. The borrower is a joint venture partnership between McWHINNEY, Grand American and Sage Hospitality. Eric Tupler and Brock Yaffe of HFF secured the long-term debt with MetLife Investment Management. The borrowers will use the loan proceeds to refinance the construction loan on the property. Diary Block consists of three components: Dairy Block, a newly built, six-story, 218,660-square-foot office space with 380-space subterranean parking garage. Firehouse Block, a historic 92,803-square-foot office and retail space along Blake Street. Maven Hotel, a 172-key boutique hotel. Operated by Sage Hospitality, the eight-story property features a 175-seat Kachina Cantina along with Poka Lola Social Club.
PHOENIX — Vancouver, Canada-based Balfour Pacific Capital has purchased the Phoenix Corporate Tower, a 25-story office property located in midtown Phoenix, for $42.3 million. Situated on 17.4 acres at 3003 N. Central Ave., the landmark property features 457,893 square feet of office space. At the time of sale, the property was 66 percent occupied. Developed in 1964, the building has been upgraded and renovated multiple times, with recent improvements including conference facilities, a 180-seat auditorium, training rooms, a tenant lounge, collaborative work space and a newly renovated courtyard. Department of Child Safety occupies 130,000 square feet of the property. Chris Toci, Chad Littell, Dave Carder and Scott Boardman of Cushman & Wakefield handled the transaction.
CHANDLER AND GILBERT, ARIZ. — Bethesda, Md.-based Global Medical REIT has purchased a three-building medical office portfolio, totaling 39,305 square feet in Chandler and Gilbert, for $16.1 million, or $410 per square foot. Cushman & Wakefield represented the anchor tenant and seller, a local gastroenterology practice, in the sale. The seller will continue to operate out of the properties under a long-term sale/leaseback arrangement. The portfolio also includes two endoscopy centers, one of which is owned and operated by a joint venture between local physicians, Dignity Health and United Surgical Partners, a national surgery center operator. Devpal Gupta and Peter Menna of Cushman & Wakefield’s Phoenix office collaborated with Travis Ives of Cushman & Wakefield’s national Healthcare Capital Markets team to represent the seller in the assignment.
LONGVIEW, TEXAS — A subsidiary of Fort Worth-based Mitchell Asset Group Inc. (MAG) has closed the sale-leaseback of the M. Roberts Media corporate headquarters and production facilities, two buildings totaling 124,000 square feet in Longview, about 130 miles east of Dallas. Andy Rogers of Kelly Hart & Hallman LLP represented MAG in the transaction. Old Capital Lending arranged acquisition financing for the deal.
NASHVILLE, TENN. — WeWork will open its third Nashville location this fall. The newest site will be situated in the city’s North Gulch district, spanning 65,000 square feet and two stories at 500 11th Ave. N. within Capitol View. A joint venture between Boyle Investment Co., Northwestern Mutual and Northwood Ravin developed Capitol View, a 32-acre mixed-use development offering 378 residential units, retail space, restaurants and a 2.5-acre park. WeWork expects the space to house up to 1,000 workers. WeWork’s other two Nashville locations are in downtown (1,300 desks) and East Nashville (470 desks).
PLANO, TEXAS — Toyota Motor Credit Corp. has signed a 27,133 -square-foot office lease expansion at Legacy Town Center III in Plano. The company now occupies 54,255 square feet at the property, which was built in 2006 and is owned by California-based KBS. Alan Wood and Wade Clark of JLL represented the tenant in the lease negotiations. Jackie Marshall and Alexandra Cullins of CBRE represented the landlord.
SCOTTSDALE, ARIZ. — The Phoenix office of Irgens has broken ground on 17 Three Hundred at Perimeter Center, a two-story office/healthcare building in Scottsdale. Located at 17300 N. Perimeter Drive, the property will feature 47,322 square feet of Class A office and healthcare space. Additionally, the building will feature extensive glass lines, contemporary horizontal window shades, balconies, operable windows and mature landscaping. Slated for completion in October, the building will be the second property in the Irgens Perimeter Center project. The project team includes Irgens Partners as developer, Vertical Design Studio as architect, RSG Builders as contractor and Greg Mayer of Cushman & Wakefield as leasing agent.
SAN DIEGO — Colliers International has arranged the sale of a freestanding office building, located at 3850 Fifth Ave. in San Diego’s Hillcrest neighborhood. LuxView Properties sold the asset to the AIDS Healthcare Foundation for $4.8 million. The buyer plans to transform the two-story, 13,253-square-foot building into a mixed-use property with a retail thrift store on the ground floor and medical clinic space above. Marc Posthumus of Colliers represented the seller in the deal.
WASHINGTON, D.C. — Penzance, a real estate owner, operator and developer based in Washington, D.C., has bought a 212,780-square-foot office building located at 50 F St. NW in the District’s East End. Washington Business Journal reports Tokyo-based Unizo Holdings Co. sold the property for $85 million, $24.5 million less than when the company bought it in 2016. Developed as part of Capitol Place, 50 F features a 3,500-square-foot conference facility with a 128-person capacity, a ground-floor deli and 134 parking spaces. The asset is situated three blocks from the U.S. Capitol Building and two blocks from Union Station.
CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of an office building, located at 2888 Loker Ave. East in Carlsbad. Zoe Office Center LLC acquired the property from Global Carlsbad I LLC for $17.6 million. Aric Starck of Cushman & Wakefield, along with Ron Jacobson of SD Realty Partners, represented the seller in the transaction. The 80,659-square-foot asset consists of more than 70 professional office suites surrounding an outdoor atrium, as well as a two-story parking structure on site. At the time of sale, the property was 99 percent leased.