Office

Seguin Main Street Program Buys Historic Hotel in Downtown Seguin

by Haisten Willis May 9, 2016

SEGUIN, TEXAS — The Seguin Main Street Program has purchased the historic Aumont Hotel located at 301 N. Austin St. in Seguin. The hotel, which was built in 1916, is vacant but is designed with retail space and an event venue on the first floor, apartments on the second and third floors and office suites on the fourth floor. The almost 20,000-square foot building is celebrating its centennial this year. Suzanne Puente of Berkshire Hathaway Home Services – Don Johnson Realtors represented the buyers, Gregg Woodall and Amy Woodall of New Braunfels, in the sale. Kelley Rose of Heritage Texas Properties represented the seller, Thomas Giles, who purchased the building in 2003 and rehabbed it into its current form. The buyers plan to renovate the apartments and offer premier residential rental space, as well as maintain the retail and office space with minor upgrades.

May 9, 2016

New Jersey Northeast Office Retail

Stonegate Realty Acquires 27,000 SF Office, Retail Building in New Jersey

by Amy Works May 9, 2016

TEANECK, N.J. — Stonegate Realty has acquired an office and retail building located at 545 Cedar Lane in Teaneck. 545 Cedar Lane Associates LLC sold the 27,000-square-foot property for an undisclosed price. The property features dedicated loading dock and freight facilities, as well as 8,300 square feet of retail space. James Postell, Rick Rizzuto and Dan Ligoner of Transwestern Realty represented the seller in the transaction.

May 9, 2016

Office Texas

Fairfield Advisors Arranges $5.2M Sale of Medical Office Building in Houston

by Haisten Willis May 9, 2016

HOUSTON — Fairfield Advisors has arranged the $5.2 million sale of the University of Texas Physicians medical office building located at 11476 Space Center Blvd. in Houston. University of Texas Physicians is the anchor tenant in the medical building on a long-term, triple net lease. The other tenant in the building is the Memorial Hermann Health System, which is the largest nonprofit hospital system in Texas. The seller is a local developer in Houston. The buyer is a private equity group from California.

May 9, 2016

California Office Western

Blueprint Post Production Buys Toluca Lake Office Complex for $13M

by Nellie Day May 9, 2016

LOS ANGELES — Blueprint Post Production has purchased a 60,087-square-foot office complex in the North Hollywood submarket of Toluca Lake for $13 million. The complex is located at 4142, 4144 and 4146 Lankershim Blvd. The three buildings were constructed in 1977, 1964, and 1987, respectively. They are adjacent to Universal City, near NBC Universal and CBS Paramount, as well as the 101 and 170 freeways. Stacy Vierheilig-Fraser of Charles Dunn Co. represented the post-production services company. Vierheilig-Fraser also represented the seller, Lankershim Media Center Associates, an entity of LS Capital.

May 9, 2016

Midwest Missouri Office

CBRE Arranges Three Office Leases Totaling 39,692 SF in St. Louis Suburb

by Christina Cannon May 9, 2016

CREVE COEUR, MO. — CBRE Group Inc. has arranged three new office leases at the former SSM building in Creve Coeur, a western suburb of St. Louis. The 42,000-square-foot building had been vacant for the previous two years, but is now 95 percent leased. All but 2,100 square feet is occupied. Midwest Geriatric Management leased 15,064 square feet, Argos Family Office LLC inked a deal for 14,854 square feet and Koven Technology will occupy 9,774 square feet. Argos Family Office will be the first tenant to move into its space in May, followed by Koven Technology in June and Midwest Geriatric Management in July. DCM Management Company LLC manages the property, located at 477 N. Lindbergh Blvd. The undisclosed owner plans to upgrade the common areas, lobby and restrooms, as well as, add a fitness center and coffee bar. The building was initially constructed as the headquarters for SSM Healthcare in 1991. SSM occupied the entire building until 2013. Artie Kerckhoff of CBRE represented the landlord in the transaction.

May 9, 2016

Industrial Maryland Office Southeast

Cambridge Property Group Sells Flex Facility in Metro D.C. for $12.9M

by John Nelson May 9, 2016

LANHAM, MD. — Cambridge Property Group LLC has sold a 142,810-square-foot flex building located at 10201 Good Luck Road in Lanham, a city roughly 13 miles outside of Washington, D.C. The Washington Metropolitan Area Transit Authority purchased the property for approximately $12.9 million. Cambridge Property Group developed the office and distribution building in 2005 as a build-to-suit for the General Services Administration on behalf of a tenant client, which occupied the property continuously until December 2015. William Czekaj, Ingo Mayr and Benjamin Eldridge Jr. of Cambridge Property Group negotiated the transaction on behalf of developer client CA/Development Associates LLC.

May 9, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $165M Sale of Mixed-Use Portfolio in Manhattan

by Amy Works May 6, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a portfolio of nine mixed-use, elevator-serviced buildings in Manhattan’s Washington Heights neighborhood. WHP LLC acquired the portfolio, which totals 487,700 square feet, from Intervest Development Corp. for $165 million. Located on major corridors between W. 164th and W. 192nd streets, the portfolio consists of 413 apartments, of which 70 percent contain two or more bedrooms; 48 street-level retail stores; two professional offices; and one rooftop antenna. Marcia Rose Yawitz, Ron Solarz and Wade Hazelton of Eastern Consolidated represented the seller and procured the buyer in the deal.

May 6, 2016

Massachusetts Northeast Office

Deka Immobilien Acquires 220,000 SF Office Building in Boston for $139M

by Amy Works May 6, 2016

BOSTON — Deka Immobilien GmbH has acquired an office building located at 175 Federal St. in Boston from Blackstone for $139 million. Built in 1979, the 220,000-square-foot building is leased to 34 tenants, with the major tenant being Fiduciary Trust Co., an independent asset manager. Additionally, the Class A property features 25 parking spaces. The buyer plans to place the property in the Deka-ImmobilienGlobal portfolio, an open-ended real estate mutual fund.

May 6, 2016

New Jersey Northeast Office

Bergman Real Estate Group Sells 90,339 SF Office Building in New Jersey

by Amy Works May 6, 2016

EAST HANOVER, N.J. — Bergman Real Estate Group has completed the disposition of an office building located at 100 Eagle Rock Ave. in East Hanover. Zeinvest Real Estate Group acquired the 90,339-square-foot property for an undisclosed sum. Situated on 8.6 acres, the three-story building was 79 percent occupied at the time of sale and features a two-story atrium lobby, on-site café service with Wi-Fi and an outdoor seating area. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew Schwartz of Cushman & Wakefield brokered the transaction.

May 6, 2016

Loans Office Texas

Versant Completes $32.5M Bridge Recapitalization of Met Center 15 in Austin

by Haisten Willis May 6, 2016

AUSTIN, TEXAS — Versant Commercial Brokerage Inc. has recapitalized the 256,000-square-foot Met Center 15 office building located in Austin. Versant assisted the tenant-in-common (TIC) investors by originating new senior debt and preferred equity, overseeing structural remediation and utilizing Internal Revenue Code Section 721 to roll up the TIC structure into a limited liability company on a tax-deferred basis. In 2010, the TIC owners discovered that there was a construction defect at the property. Expansive soils underneath the slab were causing the building to shift. At the same time, their loan was maturing and lenders were unwilling to refinance the property due to the construction defects. In addition, the owners did not have the financial resources to pay for the $4 million remediation cost. Versant designed a financing package to maximize returns for the TIC investors. With the assistance of Ethan Schelin of Landmark Capital Advisors, Versant originated new debt of $28 million and $4.5 million of preferred equity through Versant’s network of investors. The new sponsor is Virtua Partners, which also provided the loan guarantees.

May 6, 2016

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