HAMDEN, CONN. — Press/Cuzzo Commercial Services’ Stephen Press and Ted Schaffer have completed the off-market sale of Hamden Center II, an office and retail complex located at 2321 Whitney Ave. in Hamden. Hamden Realty Associates sold the asset to HC2 LLC for $10 million. The property features 80,000 square feet of office space and 20,000 square feet of retail space. Stephen Press of Press/Cuzzo represented the seller, while Ted Schaffer, also of Press/Cuzzo, represented the buyer in the transaction.
SUGAR LAND, TEXAS — Capital One has provided a $21.2 million first mortgage to a joint venture between Harrison Street Real Estate Partners and Pisula Development Co. for the acquisition of Imperial Medical Center in Sugar Land, a suburb of Houston. The property features 128,000 square feet of medical office space.
DENVER — Unum Life Insurance Company of America has provided a $13 million refinancing for the Denver Dry Goods Building, an 84,495-square-foot retail and office building located in downtown Denver. Leon McBroom and Kristian Lichtenfels of HFF worked on behalf of the borrower, Jonathan Rose Cos., to secure the 10-year, fixed-rate loan. HFF will service the loan. The property — which is a designated historic landmark — is home to tenants including T.J. Maxx, Visit Denver Center, Jason’s Deli, Starbucks Coffee, Denver Urban Renewal Authority, the Aveda Institute and Yuthok Jewelry.
ATLANTA — Atlanta-based Selig Enterprises Inc. has launched a new division known as Selig Development Corp., whose first development will be a $400 million mixed-use project located at 1105 W. Peachtree St. in Midtown Atlanta. The project will feature 645,000 square feet of Class A office space, 80 residential units and a 150-room boutique hotel, along with street-level retail space. The 32-story office tower leads the project, encompassing an entire city block. Totaling more than 3.5 acres between the 10th Street and Art Center MARTA train stations, the site is situated across from the new Northside Hospital Medical Office and a Whole Foods Market currently under construction. Selig Development expects to begin construction on the project in mid-2017. The office portion is expected to be ready for occupancy beginning in the fourth quarter of 2019. Selig Development is in discussions with several tenants for the new office tower, and plans open nearly 50 percent pre-leased. The boutique hotel will feature an outdoor pool, pool bar and event space within a 38,000-square-foot, deck-top plaza. The 80 residential units will start above the hotel rooms in the same tower and feature two- and three-bedroom units. The residential portion will have access to hotel amenities, …
UPPER PROVIDENCE, PA. — Skanska USA Building has signed a contract to renovate GlaxoSmithKline’s (GSK) laboratory and office space in Upper Providence. The project includes the demolition of four floors of existing laboratory space and a new build out of about 100,104 square feet of SMART Lab space, supporting GSK R&D’s Upper Providence facility investments. Construction is slated to begin in December with completion scheduled for October 2017. The contract is worth $45 million and will be included in the order bookings for Skanska USA Building in the fourth quarter.
DALLAS — HFF has arranged the sale of Coit Medical Center, a medical office building located at 12230 Coit Road in Dallas. Mohr Capital sold the 32,201-square-foot property to Anchor Health Properties for an undisclosed price. Baylor Scott & White Health, Greater Dallas Orthopaedics, Legacy Heart Care, Texas Orthopaedic Surgical Associates and Lester Plastic Surgery occupy the fully leased building, which was built in 2009. Evan Kovac, Todd Savage, Philip Mahler and Ben Appel of HFF represented the seller in the deal.
ATLANTA — PCCP LLC and Carter have leased more than 62,000 square feet of office space to Honeywell International Inc., a global technology company with ties to the aerospace and homebuilding industries, at the 715 Peachtree building in Midtown Atlanta. Honeywell expects to grow to more than 700 employees at the building over the next five years. The firm is investing roughly $19 million into the new office space, which will house the company’s Home and Building Technologies headquarters. The 10-story, 318,000-square-foot office building is situated adjacent to Fox Theatre. The property was originally constructed as the regional headquarters for J.C. Penney.
SAN DIEGO — Ready Capital Structured Finance has provided $7.3 million in financing for a 33,191-square-foot office building in the San Diego submarket of Bankers Hill. The loan will be used to refinance, renovate and stabilize the property, the former Daily Transcript Building. The sponsor plans to fully renovate the property by creating open floor plans to target creative office users, which will include usable rooftop access for all tenants. The non-recourse, interest-only loan features a two-year term and one-year extension option with flexible pre-payment. The pre-payment includes a facility to provide for the future funding of interest and carry, capital expenditures, tenant improvements and leasing commissions.
ROSELAND, N.J. — M&T Bank has closed a $44 million loan for affiliates of Mountain Development and Square Mile Capital Management to complete building renovations and tenant improvements for an office building located at 56 Livingston Ave. in Roseland. Improvements for the 434,000-square-foot building include interior tenant space design work, a new and larger fitness center, a redesigned cafeteria and construction of an exterior lounge. Current tenants include Lowenstein Sandler, Connell Foley and Brown & Brown.
NEWARK, N.J. — SJP Properties and Matrix Development have completed the sale of Two Riverfront Plaza, a 12-story office building located in Newark. An international entity advised by Arch Street Capital Advisors acquired the property for an undisclosed price. The 337,500-square-foot property is fully leased to Panasonic Corp. of North America on a long-term lease. The building was developed in 2013 as Panasonic’s U.S. headquarters. Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE’s East Brunswick, N.J., office, represented the sellers in the deal.