BOSTON — Senior Housing Properties Trust (NASDAQ: SNH) has formed a joint venture with a sovereign institutional investor to own 11 Fan Pier and 50 Northern Ave. in Boston. The investor will contribute $261 million for a 45 percent equity interest in the new venture, and SNH will own the remaining 55 percent. The investment amount is based on a property valuation of $1.2 billion, less $620 million of existing secured debt on the property. Senior Housing Properties Trust acquired the property included in the joint venture in May 2014 for $1.1 billion. It consists of two 15-story, LEED Gold-certified life science buildings with structured parking located in Boston’s Seaport District. The two buildings are 95 percent leased to Vertex Pharmaceuticals through 2028 and include 1.1 million square feet of lab, office and retail space. Senior Housing Properties Trust expects to use the cash proceeds from the transaction to repay a portion of the amounts outstanding under its revolving credit facility. Eastdil Secured acted as Senior Housing Properties Trust’s advisor and Sullivan & Worcester LLP provided legal counsel to the company in the transaction. SNH is a publicly traded REIT that invests in seniors housing, medical office buildings, wellness centers and …
NEW YORK CITY — Stellar Management and Imperium Capital have acquired a leasehold interest in 220 Fifth Ave. from a subsidiary of Dino & Sons Realty Corp. The Manhattan property is set to undergo several capital improvements, including a renovated lobby and modernized building systems. The partnership is also completing custom pre-builds for turn-key office space. There are currently six full floors available for lease of 9,000 square feet each. Kathy Anderson of Progress Capital represented both Stellar Management and Dino & Sons in the transaction. Built in 1912, 220 Fifth Avenue is located in Manhattan’s Flatiron District.
PASADENA, CALIF. — Anda Realty Capital has purchased a 54,961-square-foot office building in Pasadena for an undisclosed sum. The seven-story building is located at 225 E. Colorado Blvd. It is situated across the street from the Paseo Colorado mixed-use development and less than two blocks from Old Town Pasadena. The property was originally built in 1912 for Citizens Savings Bank. The building’s original marble walls, wood paneling and brass finishes have been completely restored in recent years. JLL’s Tom Bohlinger and Jon Lange represented both the buyer and seller, Barker Pacific Group, in this transaction. The firm’s Brian Halpern and Alex Kane secured a bridge loan for the buyer.
IRVING, TEXAS — Younger Partners has negotiated a 5,960-square-foot lease renewal at 122 West, a six-story, Class A office property in the Dallas-Fort Worth metro of Irving. Daniel Rudd and Billy Vahrenkamp of Colliers represented the tenant, SEI Incentives Ltd., a Texas-based firm that provides customized business meetings and employee rewards programs. Sean Dalton and Kathy Permenter of Younger Partners represented the landlord in the transaction.
BOSTON — LaSalle Investment Management has acquired an interest in 10 Post Office Square in Boston’s CBD. The purchase price was $188 million, according to the Boston Business Journal. LaSalle acquired the 450,000-square-foot office building in a joint venture with Synergy Investments and on behalf of its U.S. value-add fund, LaSalle Income & Growth Fund VII. Synergy will continue to act as the operating partner. Known as 10 PO, the 14-story building is located at the corner of Milk and Pearl streets in Boston’s Financial District. The property features two interconnected towers. The office building is home to 36 tenants, with an average remaining lease term of six years. LaSalle plans to reposition the asset through strategic capital investment, including upgraded building systems, new tenant amenities, renovated common areas and the addition of a ground-level restaurant. Newmark Grubb Knight Frank provided brokerage services on behalf of LaSalle, Synergy and the undisclosed seller. Chicago-based LaSalle maintains approximately $60 billion of private and public equity and private debt investments under management across all of its operating subsidiaries. Fund VII seeks to acquire under managed, undercapitalized or mispriced assets to be repositioned as core assets. —Kristin Hiller
SAN FRANCISCO — TH Real Estate has purchased a 59,868-square-foot creative office building in the South of Market (SoMa) neighborhood of San Francisco for an undisclosed price. The building is located at 539 Bryant St. The property was originally built in 1912 as a warehouse facility. It was converted to creative office space in 1983. The building is fully occupied by tenants like HoneyBook, Life360, Sauce Labs, HKS Architects and Gigwalk. TH Real Estate is an affiliate of Nuveen, the investment management arm of TIAA.
PLANO, TEXAS — Citadel Partners LLC, a Dallas-based real estate consulting firm, has negotiated an 82,800-square-foot lease renewal at a flex facility located at 3501 E. Plano Parkway. Scott Jessen, Andy Goldston and Mac Morse of Citadel Partners represented the tenant, UNICOM Engineering, in the transaction. Brett Lewis and George Tanghongs of Lee & Associates represented the unspecified landlord.
NEW YORK CITY — LargaVista Cos. has purchased 30-10 41st Ave. in Long Island City for an undisclosed price. The property is a 65,000-square-foot office building adjacent to Sunnyside Yards at the intersection of Northern Boulevard and 41st Avenue. LargaVista also owns the adjacent building at 29-42 Northern Blvd. and is considering a creative office conversion and expansion, though exact plans are not yet complete. TriState Capital Bank provided financing for the transaction.
BROOKLYN CENTER, MINN. — CBRE has arranged the sale of the Brookdale Corporate Center I and II, a pair of office buildings located in Brooklyn Center near Minneapolis, for $14.3 million. New York-based Sovereign Capital purchased the 230,000-square-foot portfolio. The six-story buildings were constructed in 1982 and 1985 and renovated in 2004. The buildings were 77 percent occupied at the time of sale to tenants such as the University of Minnesota Physicians, Brooklyn Center Independent School District headquarters, Qualcomm, National American University and Aerotek. Sonja Dusil, Ryan Watts, Judd Welliver and Tom Holtz of CBRE represented the undisclosed owner in the transaction.
SAN DIEGO — MetroGroup Realty Finance has secured $34.3 million in acquisition financing for a 132,695 square-foot office/flex campus in the Kearney Mesa submarket of San Diego. The complex is located at 9404 Chesapeake Drive and 5775, 5785 & 5788 Roscoe Court. The borrower was Klein Investment Family Limited Partnership, which was involved in a 1031 exchange. The financing included permanent financing for a seven-year term and 25-year amortization schedule and an interest-only bridge loan floating over LIBOR for a one-year term. The campus is fully leased to Cobham Advanced Electronic Solutions, a subsidiary of UK-based Cobham PLC, a technology company for the aerospace and defense industries.