NEWTON, MASS. — Newton-based The RMR Group Inc. has acquired Tremont Realty Capital, a firm that specializes in commercial real estate finance. Boston-based Tremont principally raises debt and equity capital for owners and commercial real estate and serves as a manager of funds invested in commercial real estate loans. The RMR Group purchased the assets of Tremont for an upfront price of $2.2 million, excluding transaction costs. Since its founding in 2000, Tremont has completed more than $4.6 billion worth of commercial real estate transactions and currently has over $200 million of real estate loans under management. The CenterCap Group served as advisor to Tremont in the transaction.
DALLAS — CBRE Capital Markets’ Institutional Properties has arranged the sale of Dominion Plaza, a Class A office asset in north Dallas, to an undisclosed buyer. The property includes a 14-story office tower and a three-story office building spanning 318,695 square feet. The property also includes a four-level parking garage and surface parking. CBRE’s John Alvarado, Gary Carr, Eric Mackey and Robert Hill arranged the transaction on behalf of the seller, Dalfen America Corp. Dominion Plaza is 83.5 percent leased to tenants including Regus, Tenet Healthcare, Old American County Mutual, RoundPoint Mortgage and healthcare staffing firm ESS. On-site amenities at the property include a renovated fitness center, full-service deli, conference facility and outdoor courtyard.
TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 278,000-square-foot office building in Toledo. The 16-story Edison Plaza is located at 300 Madison Ave. Toledo Edison Co. sold the building to 300 Madison LLC. Peter Shawaker of Reichle Klein Group represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sales of three properties in Queens totaling $12 million. In the first transaction, a real estate investment group acquired a 16,470-square-foot multifamily property located at 45-50 48th St. in the Sunnyside area of Queens. A private investor sold the property for $6.8 million. Jacob Tzfanya and Ted Volynets of Eastern Consolidation represented the seller and procured the buyer. In the second deal, Christos Savvinidis of Eastern Consolidated represented a private investor in the sale of a development site consisting of two residential properties at 2577-2579 31st St. in the Astoria neighborhood of Queens. A real estate investment firm acquired the properties, which offer 50 feet of frontage and 21,538 buildable square feet. In the final transaction, Chad Sinsheimer and Ali Rossland of Eastern Consolidated represented the seller, a private investor, and the buyer, a private investor, in the sale of a vacant 1,728-square-foot building located at 12-07 40th Ave. in Long Island City for $1.1 million. The property offers 6,075 buildable square feet.
ATLANTA — Franklin Street Properties Corp., a Wakefield, Mass.-based office REIT, has purchased Pershing Park Plaza in Midtown Atlanta for $45.5 million. The nine-story, 160,000-square-foot, Class A office building is located at 1420 Peachtree St. N.E. Franklin Street Properties plans to invest $1.8 million in capital improvements for Pershing Park Plaza, which is currently 97 percent leased to three tenants. International law firm Jones Day occupies roughly 88 percent of the office building’s rentable square footage. The acquisition brings Franklin Street Properties’ Midtown Atlanta office portfolio to more than 780,000 square feet.
GREENSBORO, N.C. — Charlotte-based Grubb Properties has purchased a 380,000-square-foot, Class A office campus located on 46.7 acres at 4161 Piedmont Parkway in Greensboro. Grubb Properties purchased the asset from Cornerstone Real Estate Advisers, which was acting on behalf of an institutional investor, for $6.1 million, according to the Triad Business Journal. Originally built in 1994 as a build-to-suit for NationsBank, Bank of America leases roughly 75 percent of the three-story building. On-site amenities include a cafeteria, high-tech infrastructure, conference and training rooms and a card-reader security system at all entrances. Jonathan Smith of CBRE|Triad and Ben Kilgore of CBRE|Raleigh represented Cornerstone Real Estate Advisers in the transaction.
PLAINSBORO, N.J. — Hana Asset Management Co., a Korean investor, has purchased a 762,000-square-foot office campus in New Jersey for $305 million. The Class A campus is located in Plainsboro, approximately midway between Philadelphia and New York City and nearby to Princeton University. The 58-acre property was originally built for Merrill Lynch in 1985. Novo Nordisk currently occupies 563,000 square feet of the campus, with expansion rights through April 2031, no termination rights and a 10-year renewal option. The pharmaceutical company has occupied the campus since 2013, when the property underwent a full redevelopment. The acquisition marks the largest single-asset sale in New Jersey so far in 2016, according to Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which represented the seller. The firm’s Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer executed the transaction on behalf of a partnership between Ivy Equities, LCOR Inc. and Intercontinental Real Estate Corp. Ken Lorman of Lee & Associates represented the buyer. John Alascio, Alexander Hernandez and Alex Lapidus of Cushman & Wakefield Equity, Debt & Structured Finance’s team arranged acquisition financing and future funding for Novo Nordisk’s planned expansion at the campus. The campus is situated in the Princeton Forrestal Center …
HOUSTON — The Wedge Group has completed the $10 million capital improvement campaign at 1415 Louisiana, a 43-story, Class A office tower located in Houston’s central business district. Updates to the property include a new main lobby with Italian stone, new building entry and canopy and updated monument signage. The renovated lobby features a custom glass wall designed by architectural glass artist Paul Housberg. Elevator cabs in the tunnel-connected Clay Street parking garage were also refinished. Built in 1983 and last renovated in 1993, the tower spans 520,000 square feet. On-site amenities include a deli, 200-person conference facility and executive dining with The 43rd Restaurant. The Wedge Group, a private equity investment firm specializing in acquisition investments, owns 1415 Louisiana, which has 170,000 square feet of office space available. Chip Colvill, Connor Saxe and Vince Strake of Colvill Office Properties lead the leasing effort on behalf of WEDGE Group, while Hines manages the facility.
HOUSTON — Triten Real Estate Partners has topped out Lockton Place, an eight-story, 186,000-square-foot office building with a six-story garage in Houston’s Westchase district. The project, which broke ground in March, is 80 percent pre-leased and on track for an early 2017 delivery. Lockton Place features energy-efficient design with a “living wall” of landscaping that helps define an outdoor garage connection and gathering space. The building will house amenities including a café/bar, fitness center, conference room, an eighth-floor penthouse with 10-foot ceilings and an outdoor terrace. The project team includes Ziegler Cooper Architects, Harvey Builders and Kudela Weinhiemer Landscape Architects. Lockton Place is located at 3657 Briarpark Drive.
LAMPASAS, TEXAS — Marcus & Millichap has negotiated the sale of the Fresenius Medical Care facility in Lampasas. The 7,000-square-foot, net-leased property is located at 1202 Central Texas Expressway. Scott Ryan of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Ryan also secured the buyer, a private REIT.