Civic

Mesirow Provides $275M Refinancing for NASA Headquarters in Washington, D.C.

by John Nelson August 16, 2022

WASHINGTON, D.C. — Mesirow, a financial services firm based in Chicago, has provided the $275 million refinancing for the National Aeronautics and Space Administration (NASA) headquarters offices in Washington, D.C. Located at 300 E St. SW, the nine-story office building spans more than 600,000 square feet and was built in 1991, according to LoopNet Inc. The borrower is a partnership between Hana Alternative Asset Management and Ocean West Capital Partners. Proceeds from the financing provided the partnership with fixed-rate debt that is interest-only for the full term. The loan has a 2028 maturity date, which is coterminous with NASA’s lease. With the funds, the Hana and Ocean West partnership is recapitalizing its equity interest at the property, which is subject to the sixth-largest lease by the General Services Administration (GSA), the federal government’s independent agency that oversees certain operations like office and research space. (The GSA is the leaseholder for NASA.) Mesirow served as placement agent and administrative agent on the financing. Cushman & Wakefield arranged the financing on behalf of the borrower and negotiated terms between the borrower and Mesirow. Mesirow was founded in 1937 and offers credit tenant lease and structured debt products to borrowers. The company’s services …

August 16, 2022

Acquisitions Civic Michigan Midwest

Dominion Negotiates Sale of Former Law School Campus in Auburn Hills, Michigan

by Kristin Harlow August 10, 2022

AUBURN HILLS, MICH. — Dominion Real Estate Advisors has negotiated the sale of the former Western Michigan University/Thomas M. Cooley Law School campus in Auburn Hills for an undisclosed price. The 132,745-square-foot property is located at 2630 Featherstone Road. Eric Banks, Jim Mitchell, Andrew Boncore and David Depodesta of Dominion brokered the transaction. The buyer, FANUC Robotics, plans to expand the campus and spend $86 million to build a new 655,000-square-foot manufacturing facility. FANUC will utilize the existing building for its administrative, engineering, and research and design departments. The university’s current law school is located at 300 S. Capitol Ave. in Lansing.

August 10, 2022

Civic Leasing Activity Northeast Pennsylvania

Cushman & Wakefield Negotiates 31,718 SF Lease at The Washington in Philadelphia

by Taylor Williams August 9, 2022

PHILADELPHIA — Cushman & Wakefield has negotiated a new lease at The Washington, a historic building located within Philadelphia’s Independence Mall. The tenant, Lighthouse Immersive & Impact Museums, will open a 31,718-square-foot exhibition gallery on the building’s ground floor next spring. Brian Young, Jack Meyers, Howard Traul and Dan Brogan of Cushman & Wakefield represented the locally based landlord, Keystone Development + Investment, in the lease negotiations.

August 9, 2022

Civic Development Mixed-Use Northeast Pennsylvania Top Stories

Philadelphia 76ers Unveil Plans for $1.3B Stadium in Center City

by Jeff Shaw July 22, 2022

PHILADELPHIA — Josh Harris and David Blitzer, managing directors of the National Basketball Association’s Philadelphia 76ers, have formed a development corporation for construction of the team’s new arena, known as 76 Place, in Center City Philadelphia. Development costs are estimated at $1.3 billion, with plans to complete construction before the 2031-2032 NBA season. The property will be part of Fashion District Philadelphia, a 900,000-square-foot mall redevelopment that opened in September 2019. The team will partner closely with Macerich, which owns Fashion District, on the project. The transit-oriented site is located at Market Street and South 11th Street, adjacent to five SEPTA public transit lines and three blocks from city hall. The Fashion District project was once a highly regarded development with top-tier retailers, but struggled due to the COVID-19 pandemic closing the doors on many retailers just six months after opening. “The decision to repurpose part of Fashion District Philadelphia to include the new 76ers arena is a natural evolution of the site and a unique and once-in-a-lifetime opportunity for our company,” says Tom O’Hern, CEO of Macerich. Team owner Harris Blitzer Sports & Entertainment tapped local real estate magnate David Adelman, CEO of Campus Apartments, co-founder of FS Investments …

July 22, 2022

Civic Development Midwest Minnesota

Contegrity Group Completes Construction of Wright County Government Center in Buffalo, Minnesota

by Kristin Harlow July 15, 2022

BUFFALO, MINN. — Contegrity Group has completed construction of the Wright County Government Center in Buffalo, about 42 miles northwest of Minneapolis. BKV Group designed the four-story, 222,538-square-foot building, which is located on the same campus as the county’s law enforcement and justice centers. Parking has been reconfigured to be closer to each building and expanded from 275 to 1,600 total spaces. BKV Group provided planning and pre-development services and led all architecture, structural, mechanical and electrical engineering, interior design and landscape architecture.

July 15, 2022

Acquisitions California Civic Development Office Western

Partnering With Parents Buys Office Park in Oceanside for $11.8M, Plans Conversion to Charter School Campus

by Amy Works July 8, 2022

OCEANSIDE, CALIF. — Sunrise Capital has completed the disposition of a vacant office campus situated on six acres at 1305-1320 Union Plaza Court in Oceanside. Partnering With Parents, doing business as The Classical Academies, acquired the asset for $11.8 million. The buyer, an organization of tuition-free California public charter schools in North San Diego County, plans to convert the four-building, 99,968-square-foot office park into a school campus. Peter Curry, Jason Kimmel and Tim Winslow of Cushman & Wakefield represented the seller, while Jon Walters and Jim Benson of Kidder Mathews represented the buyer in the deal.

July 8, 2022

Civic Development Loans New Jersey Northeast

Progress Capital Places $54.5M Construction Loan for Newark Educational Project

by Taylor Williams July 1, 2022

NEWARK, N.J. — Locally based mortgage banking and advisory firm Progress Capital has placed a $54.5 million construction loan for an educational project in Newark. The borrower, an entity doing business as 155 Jefferson LLC, plans to redevelop the site of the former St. James Hospital, which has been vacant for 15 years, into a 179,100-square-foot specialized higher learning center. Specifically, the new facility will support students studying architecture, computer-aided design and construction technology, as well as students who have opted for traditional trade programs. Completion is slated for July 2023. David May and Evan Boles of Progress Capital arranged the financing. The direct lender was not disclosed.

July 1, 2022

Civic Development Texas

Adolfson & Peterson Breaks Ground on 60,000 SF Early Education Center at Midland College

by Taylor Williams June 29, 2022

MIDLAND, TEXAS — General contractor Adolfson & Peterson has broken ground on a 60,000-square-foot early education center at Midland College in West Texas. The two-story building will be an expansion of the existing pre-K campus, allowing for an enrollment increase of more than 200 students. Parkhill is designing the project, which is expected to be complete in time for the fall 2023 semester.

June 29, 2022

Civic Development North Carolina Retail Southeast

Charlotte City Council OKs $275M Financing for Spectrum Center Renovations, New Practice Facility for Hornets

by John Nelson June 14, 2022

CHARLOTTE, N.C. — The Charlotte City Council has approved the proposed $275 million financing package for renovations to Spectrum Center, the home arena for the NBA franchise Charlotte Hornets. The city council voted 10-1 to approve the plan, which includes a $60 million budget to build a new basketball practice training facility that will be funded via new revenue generated from sponsorships and naming right agreements. Financing for the city’s role in the $215 million in renovations to Spectrum Center (approximately $173 million) will be sourced from rental car and hotel taxes. The plan also extends the team’s lease through 2045, an additional 15 years from its lease expiration in 2030. Located at 333 E. Trade St. in Uptown Charlotte, Spectrum Center opened in October 2005 and has a seating capacity exceeding 20,000. In addition to Hornets home games, the arena hosts concerts, collegiate sporting competitions, comedy shows and other events. The City of Charlotte owns the arena and Hornets Sports & Entertainment operates it. Details about specific renovations or a construction timeline have not been made public.

June 14, 2022

Civic Development Massachusetts Northeast

Shawmut Breaks Ground on 70,000 SF Academic Building in Worcester, Massachusetts

by Taylor Williams June 7, 2022

WORCESTER, MASS. — Shawmut Design & Construction has broken ground on a 70,000-square-foot academic building at Clark University in the central Massachusetts city of Worcester. The two-wing building will serve as the new center for the media arts, computing and design programs. Design features will include a multimedia gallery, virtual reality lab, video game library for researching interactive media, a makerspace, incubator space, robotics lab, data science lab, a tiered classroom and faculty offices. Completion is slated for next fall.

June 7, 2022

Newer Posts

Older Posts