KUTZTOWN, PA. — Good Shepherd Medical Center at Weis Plaza has opened in Kutztown. Weis Plaza is a retail center anchored by Weis Supermarket, with other tenants including Dollar General and National Auto Stores. The center is located one mile from the University of Kutztown. Good Shepherd is an Allentown, Pa.-based rehabilitation center offering care for people with medical needs, physical disabilities, cognitive disabilities and injuries. Nassimi Realty, a privately held development and investment company specializing in the redevelopment of existing properties, is the owner of Weis Plaza.
SCOTTSDALE, ARIZ. — Healthcare Trust of America has purchased an 11-property medical office building portfolio based in Southern California and Arizona for $150 million. The portfolio contains a total of 592,000 square feet. The assets are 83 percent leased. They are primarily situated on the Dignity Health campuses. The acquisition includes McAuley Medical Center on the St. Joseph’s Hospital and Medical Center campus in downtown Phoenix.
WASHINGTON, D.C. — Newmark Grubb Knight Frank (NGKF) has arranged three lease deals totaling 26,332 square feet at a 10-story office building located at 1100 New Jersey Ave. S.E. in Washington, D.C.’s Capitol Riverfront district. The new tenants include The African Wildlife Foundation (AWF), law firm Watkinson & Miller and defense and government contractor Assett Inc. AWF has leased 15,024 square feet on the ninth floor, relocating from 1400 16th Street N.W.; Watkinson & Miller leased the remaining 8,630 square feet on the ninth floor, relocating from One Massachusetts Avenue N.W.; and Assett Inc. leased the remaining 2,678 square feet on the seventh floor. Owned by WC Smith, the newly renovated office building overlooks the Potomac River, U.S. Capitol, Canal Park and Nationals Park. WC Smith’s recent renovations at the Class A building include a new fitness center, bicycle storage and a new conference center. Brendan Owen, Rafael Notario and Morgan Monroe of NGKF represented WC Smith in the lease negotiations. Bill Zonghetti and David Hardcastle of NGKF represented AWF, Terry Amling of Lincoln Property Co. represented Watkinson & Miller and Neil Narcisenfeld and Sarah Frick of Ezra Co. represented Assett Inc.
BALTIMORE — Marcus & Millichap has arranged the $4.2 million sale of The American Building, an 81,750-square-foot office building located at 231 E. Baltimore St. in downtown Baltimore. Built in 1905, the property served as the The Baltimore American newspaper’s headquarters until 1986. The office building was 51 percent leased at the time of sale to nonprofit organizations, government agencies, law firms and retailers. Robert Filley and Christian Beck of Marcus & Millichap represented the seller in the transaction.
SCHAUMBURG, ILL. — Cohen Financial, a division of SunTrust Bank, has arranged an $8 million loan for the acquisition of 1933 N. Meacham Road in Schaumburg. The 142,164-square-foot office property is located at the intersection of Meacham and Algonquin roads. Cohen Financial arranged the five-year loan with Chicago-based First Midwest Bank. The borrower was St. Louis-based Integris Ventures.
NEWTON, MASS. — Boston Realty Advisors has arranged the $20.9 million sale of Paragon Towers in Newton. The 60,826-square-foot property at 233 Needham St. sold to Massachusetts Credit Union Share Insurance Corp. (MSIC), which purchased it from KS Partners. Boston Realty Advisors’ Jeremy Freid and Adam Meixner represented KS Partners in the transaction. Jason Weisman, Nick Herz, and Michael D’Hemecourt of Boston Realty Advisors were also involved in the sale process.
WAYNE, PA. — A joint venture between Keystone Property Group and Argosy Real Estate Partners has sold Devon Square in Wayne. The two-building, 140,000-square-foot office complex is located at 724-744 W. Lancaster Ave. and sold for $33.5 million. Doug Rodio and Ben Appel of HFF represented the sellers in the transaction. After acquiring the property in 2005, Keystone conducted a capital improvement campaign updating the interiors and exteriors and remodeling common areas. The office buildings are 95 percent occupied with tenants including Merrill Lynch, Penn Liberty Bank, Keller Williams and Main Line Surgery Center. Situated on Route 30, the property is located near I-76, I-476, Route 202 and SEPTA train lines. Across Lancaster Avenue from Devon Square is Devon Village, a Whole Foods-anchored shopping center.
DENVER — Union Investment has purchased the Triangle Building, a 21,000-square-foot office building in Denver, for $154 million. The building is situated directly opposite Union Station in the Lower Downtown district. The Triangle Building is 98 percent leased to tenants like media firm Liberty Global, WeWork and software company AutoDesk. The seller was a joint venture between an affiliate of Starwood Capital Group and East West Partners.
SANTA CLARA, CALIF. — Buchanan Street Partners has purchased the Bayland Building, a 116,000-square-foot office building in Santa Clara, for $32 million. The property is located at 2953 Bunker Hill Lane, near Levi’s Stadium. The Bayland Building is fully leased to four tenants, including Inphi Corp. Buchanan plans to modernize the building systems, update common areas and increase on-site amenities to attract and retain Silicon Valley’s innovative workforce. The firm represented itself, while Eastdil Secured represented the seller, Sleepy Hollow Investment Co., in the transaction.
LOS ANGELES — Ready Capital Structured Finance has closed a $3.6 million non-recourse loan for an 8,500-square-foot office asset in Los Angeles. The property is located at 2818 La Cienega Ave. in Culver City. The borrower plans to renovate the property, which features open floor plans and an outdoor courtyard on the second floor. The interest-only loan features a 24-month term with one extension option and flexible pre-payment options. It includes a facility to provide for capital expenditures, tenant improvements, leasing commissions, and interest and carry reserves.