PALO ALTO AND REDWOOD CITY, CALIF. — Natixis has provided a $75 million loan to Pollock Realty Corp. to refinance three office buildings in Silicon Valley. The refinance included an 81,031-square-foot property in the Stanford Research Park in Palo Alto; a separate, 56,279-square-foot building in Stanford Research Park in Palo Alto; and a 34,796-square-foot building in the Redwood Shores region of Redwood City. Gregory Gray of Barry Slatt Mortgage arranged the financing, which was originated out of Natixis’ Los Angeles office.
CHERRY HILL, N.J. — Cronheim Mortgage has arranged $8.2 million in refinancing for two office properties located in Cherry Hill. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage secured the 42-month loan, which features a 30-year amortization and prepayment flexibility, for the undisclosed borrower. The two buildings offer a total of 112,965 square feet of office space.
PLANO, TEXAS — Marcus & Millichap has brokered the sale of an office building located at 2000 N. Central Expressway in Plano. A limited liability company sold the 29,216-square-foot building for an undisclosed price. The property was fully leased at the time of sale. Ron Hebert of Marcus & Millichap represented the seller, while Hebert and Zachary Ryan, also of Marcus & Millichap, procured the buyer, a California-based individual/personal trust.
HOUSTON — HFF has arranged financing for The Plaza at Enclave, an office building located at 1254 Enclave Parkway in Houston. Wally Reid, Matt Kafka and Dustin Selzer of HFF secured the 15-year, fixed-rate loan through Allianz Real Estate of America for the borrower, a foreign investor. The six-story, 344,296-square-foot property features a health club and fitness center, café with indoor and outdoor seating, courtyard and an entrance plaza with a multi-level fountain system. Anchored by DOW Chemical, the property was 98 percent leased at the close of financing.
MCKINNEY, TEXAS — EDGE Realty Capital Markets has arranged the sale of a mixed-use property located at 7508 Eldorado Parkway in McKinney. Iselworth Management Inc. sold the 8,815-square-foot property to Guidepost A LLC, a Delaware-based limited liability company, for an undisclosed price. Wilson Stafford and Brandon Crow of EDGE Realty Capital Markets represented the seller, while Stephen Coffey of Greyhawk Associates represented the buyer in the deal.
CHICAGO — Nitel has relocated to a 32,115-square-foot office space in Chicago’s River North neighborhood. The building is located at 350 N. Orleans St. The space at River North Point is fully built-out and Nitel will make modest tenant improvements to its new space to accommodate density. The provider of telecommunications network services previously occupied 20,000 square feet at 1101 W. Lake St. in Fulton Market. Kyle Kamin, Jon Milonas and Dan Persa of CBRE represented Nitel in the transaction.
HOUSTON — Parkway Properties (NYSE: PKY), a Houston-based REIT, has agreed to sell 49 percent interest in Greenway Plaza and Phoenix Tower, two Class A office properties in the Greenway submarket of Houston, for $512.1 million. Ownership of the two properties will now be a joint venture between Parkway, TH Real Estate, Silverpeak Real Estate Partners and Canada Pension Plan Investment Board. Parkway will retain a 51 percent majority interest in the portfolio, with TH Real Estate and Silverpeak sharing a 24.5 percent interest, and Canada Pension Plan Investment Board owning the remaining 24.5 percent. Greenway Plaza is a 52-acre, master-planned, mixed-use development featuring 11 buildings totaling approximately 4.9 million square feet of office space as its focal point. On-site amenities include a full-service restaurant, an underground food court with 16 restaurants, multiple fitness facilities, three full-service banking centers and conference facilities. Although Phoenix Tower is technically a separate property, it’s located immediately adjacent to Greenway Plaza. The 34-story building totals 665,332 square feet and was built in 1984. Amenities include an on-site deli and a Jack Nicklaus-designed, nine-hole putting green. “This transaction helps to mitigate risk in a single office campus that represents 57 percent of our company’s overall …
CULVER CITY, CALIF. — Quantum Capital Partners has arranged $47 million in refinancing for Platform, a 75,000-square-foot office and retail property located in the Hayden Tract district of Culver City. The borrower, Runyon Group, will use the proceeds to retire construction debt and equity on the property, which was completed in late 2016. Mike Yim and Jonathan Hakakha of Quantum arranged the 10-year, non-recourse loan through Wells Fargo for the borrower. The 75,000-square-foot project features approximately 40,000 square feet of office space and 35,000 square feet of retail and restaurant space. The retail portion is currently 98 percent leased to a variety of tenants including Reformation, Magasin, SoulCycle, The Shop, Loqui, Blue Bottle Coffee, Van Leeuwen, Sweetgreen and The Cannibal.
HOUSTON — Davis Holdings has acquired a fully occupied office building located at 1500 McGowen St. in Houston. Skyland Lodge Tract sold the 33,000-square-foot property for an undisclosed price. Originally built in 1972 and renovated in 2002, the two-story, Class B office building features loft-style office space with modern building systems. Louis Rosenthal of JLL represented Davis Holdings, while David Husid and Brandi McDonald of Newmark Grubb Knight Frank represented the seller in the deal.
TROY, MICH. — Bernard Financial Group has arranged a $21.1 million loan for the refinancing of an office property in Troy, a northern suburb of Detroit. The multi-tenant complex consists of 149,976 square feet. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Liberty Investments LLC. A CMBS firm provided the loan.