Office

Texas Rangers, City of Arlington Could Team Up for $1B Stadium

by Haisten Willis May 23, 2016

ARLINGTON, TEXAS — The Arlington City Council will consider designating a venue project and authorizing a master agreement for a public-private partnership with the Texas Rangers at its evening meeting tomorrow. If approved, the council action will allow the city of Arlington to begin the steps required to hold an election this November asking voters to extend existing funding mechanisms to provide public financing for construction of a new $1 billion baseball stadium. The Texas Rangers’ 30-year lease on the city-owned Globe Life Park is set to end in 2024. With the new proposed master agreement, the Rangers’ partnership with Arlington would extend until Jan. 1, 2054. The design for a new ballpark would include a retractable roof for climate control and shelter for fans during the summer months. The new park is expected to have similar design concepts featured in the construction of Globe Life Park. The master agreement for the public-private partnership calls for a 50-50 split between the Texas Rangers and the city of Arlington. If the council takes action to designate the venue project, the city will ask the Texas Office of the Comptroller to review the fiscal impact to the state before calling a Nov. 8 …

May 23, 2016

Office Texas

M&M Negotiates Sale of 54,000 SF Office Building in Dallas

by Haisten Willis May 23, 2016

DALLAS — Marcus & Millichap has negotiated the sale of Walnut Hill West, a 54,000-square-foot office property located in Dallas. Ron Hebert and Zachary Ryan of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Hebert and Ryan also procured the buyer, a limited liability company based in California. The buyer acquired the asset through a 1031 tax-deferred exchange. Walnut Hill West is located at 2639 Walnut Hill Lane near Shady Trail and Harry Hines Boulevard. The two-story office asset was built in 1971 on 2.8 acres and has been periodically updated between 2001 and 2015. At the time of listing, Walnut Hill West was 75 percent leased.

May 23, 2016

Office Texas

Rick Clark Joins BMC Capital’s Houston Office

by Haisten Willis May 23, 2016

HOUSTON — Rick Clark will join BMC Capital’s Houston office as a vice president. Clark brings over 20 years of commercial real estate financing experience to the job, all of it in the Southwest. Prior to joining BMC Capital, Clark worked for Realty Mogul, Integrity Bank and Washington Mutual. Clark is a key contributor on various panels and industry events, holds a CCIM designation and is a graduate of Texas Christian University.

May 23, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Springhouse Partners Receives $37M Acquisition, Renovation Financing for NYC Mixed-Use Property

by Amy Works May 20, 2016

NEW YORK CITY — Springhouse Partners has received $37 million in acquisition and renovation financing for the purchase and renovation of a mixed-use property located at 51-55 Irving Place between New York City’s Gramercy and Union Square neighborhoods. Ronnie Levine and Jeff Berkes of Meridian Capital Group negotiated the three-year loan, provided by Mesa West Capital, for the buyer. The loan features full-term interest-only payments and two one-year extension options. The seven-story property totals 56 residential units, five retail spaces and one office space, as well as unused air rights. Springhouse Partners is an investment firm founded by Adam Verner in 2010.

May 20, 2016

New Jersey Northeast Office

Torseillo Organization Acquires 40,000 SF Office Building in New Jersey

by Amy Works May 20, 2016

MANALAPAN, N.J. — Torseillo Organization has acquired Justin Corporate Center I, a two-story office building located at 198 Route 9 N. in Manalapan. KABR Group sold the 40,000-square-foot property for an undisclosed price. Constructed in 1985, the property recently underwent a renovation to improve its lobby, public areas, parking lot and HVAC system, and add a conference room. At the time of sale, the property was 94 percent occupied by 12 professional tenants in the financial services, healthcare and publishing fields. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield represented the seller and procured the buyer.

May 20, 2016

Nevada Office Western

DaVita HealthCare Partners Leases Medical Office Facility in Nevada

by Nellie Day May 20, 2016

PAHRUMP, NEV. — DaVita HealthCare Partners has leased a new ground-up, built-to-suit medical office facility in Pahrump. The 57,000-square-foot facility is situated on a 7.2-acre site about 60 miles west of Las Vegas. The group will occupy the space once it opens next year. Details of the long-term lease were not disclosed, though the lease is valued “in the tens of millions of dollars,” according to MDL Group/CORFAC International. The firm’s Hayim Mizrachi, Jarrad Katz and Galit Kimerling executed the lease transaction between DaVita, the land owner, Thousandaire Inc., and the developer, Dakem & Associates. Aimee Burford and Bill Oakley of Bank of Nevada, a division of Western Alliance Bank, funded the development.

May 20, 2016

Civic New Hampshire Northeast Office

Eckman Construction to Build 9,000 SF Fire, Rescue Station in New Hampshire

by Amy Works May 20, 2016

MILTON, N.H. — Bedford, N.H.-based Eckman Construction Co. has begun site work and will soon commence construction on a new 9,000-square-foot fire and rescue station in Milton. Designed by Cowan-Goudreau Architects, the facility will include four apparatus bays and will be designed to accommodate a full-time staff with living quarters. Situated on a plot of land donated by the Downs family, the property will replace the 65-year-old current station.

May 20, 2016

Loans New York Northeast Office

SL Green, Vornado Complete $900M Refinancing of 280 Park Avenue

by Amy Works May 19, 2016

NEW YORK CITY — SL Green Realty Corp. and Vornado Realty Trust have closed on the $900 million refinancing of 280 Park Avenue, a 1.2 million-square-foot office building in Manhattan that is jointly held by the companies. The new three-year loan features four one-year extension options and a floating interest rate of LIBOR plus 2 percent. The loan replaces the previous $721 million indebtedness that carried an interest rate of 6.35 percent. The office building recently under went a $150 million redesign and renovation of the building’s façade and interior. Renovations included the creation of an expansion world-class lobby, an extensive program to enhance environmental sustainability, a complete redesign of the building’s adjacent plaza and building-wide infrastructure upgrades, including new elevator cabs and bathrooms, new thin line perimeter induction units, new electrical distribution and state-of-the-art security.

May 19, 2016

Industrial Office Texas

Jim Cooper to Lead Cypressbrook’s Property Management, Leasing Division

by Haisten Willis May 19, 2016

SPRING, TEXAS — Cypressbrook Co. has selected Jim Cooper to lead the firm’s third-party property management and leasing division. Cooper was previously a broker and principal for Cypressbrook. He continues to be responsible for generating and executing opportunities for office and industrial clients. In his new role, Cooper will oversee both company-owned and other third-party office and industrial buildings. Prior to joining the Cypressbrook team, Cooper worked for Big City Properties where he solicited and executed direct residential and commercial listings for Freddie Mac, Fannie Mae, HUD and several area banks. Prior to that, Jim served as a business development representative at First American Title Co. in Houston.

May 19, 2016

Illinois Midwest Office

Chicago Post Office Sells for $130M, Buyers Plan $500M Redevelopment Project

by Christina Cannon May 19, 2016

CHICAGO — International Property Developers North America (IPDNA) has sold Chicago’s Old Post Office and adjacent sites to 601W Cos. for $130 million. The new owners have unveiled plans for a five-year, $500 million redevelopment of the sprawling building. The conversion will turn the 2.7 million-square-foot building into office space and will add a three-acre rooftop park, outdoor cafes, event space, a fitness center, basketball and paddle tennis courts and a quarter-mile running track. The redevelopment, to be conducted in three phases, is slated for completion in 2018. HFF represented 601W Cos. in the transaction, and Savills represented IPDNA.

May 19, 2016

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