REBusinessOnline

HFF Arranges $41M Acquisition Loan for Office Building in Fort Lauderdale

FORT LAUDERDALE, FLA. — HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale. Chris Drew, Brian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management. The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley …

Farbman Group Brokers $1.5M Sale of Office Building in Dearborn, Michigan

DEARBORN, MICH. — NAI Farbman has arranged the sale of a 35,800-square-foot office building in Dearborn for $1.5 million. The property, originally built in 1972 and formerly the United Airlines building, spans two stories on a 4.5-acre site at 17501 Michigan Ave. Ali Haidar of Farbman represented the buyer, 17501 Michigan Ave. Acquisitions LLC. UA Investment Group LLC was the seller. Farbman will handle management and leasing for the property, which will be rebranded as Dearborn Office …

Lionstone, Walnut Capital Acquire Pittsburgh Athletic Association Building in Pittsburgh

PITTSBURGH — Lionstone Investments and Walnut Capital have acquired the Pittsburgh Athletic Association clubhouse, a five-story vacant building in Pittsburgh’s Oakland neighborhood. The property was built in 1911 and had served as the clubhouse for the Pittsburgh Athletic Association since then. The building features Renaissance Venetian palazzo architecture, a bowling alley, basketball and squash courts and a third-floor swimming pool. The structure was added to the U.S. National Register …

Marcus & Millichap Negotiates $2.5M Sale of Office Building in Montclair, New Jersey

MONTCLAIR, N.J. — Marcus & Millichap has negotiated the $2.5 million sale of a 70 Park Montclair, a 12,000-square foot office property located in Montclair. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a partnership, in the transaction. 70 Park Montclair is located at 70 Park St. and currently 83 percent

How Property Valuation Differs for Corporate Headquarters

Corporate headquarters present unique challenges and opportunities in property valuation discussions with tax assessors. Managing taxes on any real estate property requires an understanding of all three traditional approaches to value, but headquarters are unusual in that good data are hard to find. This article highlights common sticking points in value discussions for this unique property set. A collaborative discussion between an advisor and property owner on these few areas can lead to a …

Q Investments Refinances 391,091 SF Office Complex in Metro Dallas

RICHARDSON, TEXAS — A subsidiary of Q Real Estate Holdings LP, an affiliate of Fort Worth-based Q Investments LP, has refinanced 2400 Glenville, a 391,091-square-foot office complex located in the northeastern Dallas suburb of Richardson. The property, which is situated on 35 acres, underwent several renovations over the past few years to upgrade its common areas and add a new fitness center. Brian Carlton of HFF arranged the three-year, floating-rate refinancing for the transaction through …

Global Net Lease Acquires 145,000 SF Office Building in Metro Dallas for $54M

ALLEN, TEXAS — New York-based REIT Global Net Lease (NYSE: GNL) has acquired a 145,000-square-foot office building located in the northern Dallas metro of Allen for $54 million. The Class A property is currently net leased for 12 years to a subsidiary of NetScout Systems Inc., a Massachusetts-based tech firm. GNL acquired the building in conjunction with a 669,000-square-foot industrial facility in Akron, Ohio, which carried a price tag of $21.4

Broadreach, Rockwood Break Ground on $250M Bay Area Mixed-Use Project

MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners and Rockwood Capital have broken ground on Ameswell Mountain View, a mixed-use development situated on one of last fully entitled development sites in Mountain View, just northwest of San Jose. Located at the convergence of U.S. 101 and State Route 85, the property is the culmination of four years of planning and land assemblage by Broadreach. Situated on 10 acres, the project will feature a 220,000-square-foot, Class A office building …

NavPoint Real Estate Negotiates $6.5M Sale of Mixed-Use Property in Boulder

BOULDER, COLO. — NavPoint Real Estate Group has arranged the sale of a multi-tenant retail/medical office property located at 3280-3300 28th St. in Boulder. REM Investment sold the property to Peterman Properties for $6.5 million. The property features 39,368 square feet of retail and medical office space. John Witt and Matt Call of NavPoint Real Estate Group represented the seller in the

KRA Management Acquires Office Tower in Downtown Cleveland

CLEVELAND — KRA Management has acquired the Galleria and Tower at Erieview in downtown Cleveland. The purchase price was not disclosed, but local media report the sales price was approximately $17 million. The property includes a 760,339-square-foot office tower and a 93,663-square-foot retail center. The 40-story property is the fourth-tallest building in Cleveland and features amenities such as a 40,000-square-foot YMCA fitness facility. The retail portion of the property includes a …