Office

Commercial Realty Group Acquires 446,076 SF Industrial, Office Complex in New Jersey

by Amy Works May 24, 2016

MOUNT OLIVE, N.J. — Commercial Realty Group has acquired a 446,076-square-foot industrial and office complex located at 350 Clark Drive in Mount Olive. North Jersey Development Group sold the property for an undisclosed price. Situated on 40.5 acres, the asset features a 335,122-square-foot industrial building with 29,340 square feet of mezzanine space and a three-story, 75,000-square-foot Class A office building, which was built in 1995. The industrial portion is 100 percent leased to two tenants, Performance Food Group and 350 Logistics, while the office portion is home to eight tenants, including Mars Incorporated, Lion Ribbon Co., Hundley Burns and FC Architects. Michael Nachamkin, Jose Cruz and Robert Borny of HFF represented the seller in the transaction.

May 24, 2016

Florida Office Southeast

Cisneros, Moss & Associates Lease Office Space at Two MiamiCentral

by John Nelson May 24, 2016

MIAMI — Cisneros, a media and entertainment advertising firm, and Moss & Associates, a construction firm based in Fort Lauderdale, have leased office space at Two MiamiCentral, part of the 11-acre MiamiCentral mixed-use development in downtown Miami. The two companies are joining Ernst & Young LLP, Regus and Florida East Coast Industries at the 10-story, 190,000-square-foot office building. Cisneros will occupy 30,000 square feet on the top two floors of the Class A office building, and Moss & Associates will occupy 4,000 square feet on the seventh floor. Set to open in 2017, the office building is now 60 percent pre-leased. In addition to the office component, MiamiCentral will be the future home of the Brightline train service. Designed by Skidmore, Owings & Merrill LLP, Two MiamiCentral’s office space will begin 120 feet above street level to accommodate the raised Brightline train platform and include a plaza level featuring a fitness facility, conference center and open-air terrace available for tenants and their guests. Blanca Commercial Real Estate is the leasing agent for the commercial space within MiamiCentral.

May 24, 2016

New Jersey Northeast Office

NAI Hanson Arranges Sale of 30,459 SF Office Property in New Jersey

by Amy Works May 24, 2016

PARSIPPANY, N.J. —NAI James E. Hanson has brokered the sale of an office building located at 140 Littleton Road in Parsippany. Choice Properties acquired the 30,459-square-foot building from Gisella Haidar for an undisclosed price. The three-story office building was 80 percent leased at the time of sale. Josh Levering and Andrew Kirshenbaum of NAI James E. Hanson represented the seller in the transaction.

May 24, 2016

Mixed-Use Office Retail Texas

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

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