Office

Houlihan-Parnes Arranges $30M Loan for 220,000 SF Office Condo in the Bronx

by Amy Works May 4, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has placed a $30 million first mortgage on a 220,000-square-foot office condominium at 1775 Grand Concourse in the Bronx. The seven-year, non-recourse loan features a fixed rate with interest-only payments for two years and an option to extend. The mortgage covers a commercial condominium interest in the 300,000-square-foot building that shares ownership with Verizon, which owns the first two floors of the building. Current tenants of the property include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc., Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House. Bryan Houlihan and James J. Houlihan of Houlihan-Parnes represented the undisclosed borrower in the transaction.

May 4, 2016

Healthcare Midwest Office Ohio

NGKF Brokers $10M Sale of Medical Office Property in Cleveland Suburb

by Christina Cannon May 4, 2016

INDEPENDENCE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the $10 million sale of a 54,611-square-foot medical office building in Independence, approximately 10 miles south of Cleveland. Dennison Development Group sold the property, located at 6701 Rockside Road, to a healthcare real estate company based in Tennessee. Dennison Development Group built the three-story Rockside Medical Center in 1980. The building features a surgical center, new HVAC system, new roof and recent renovations to common areas. The multi-tenant building is 65 percent leased to St. Vincent Charity Medical Center and The Cleveland Clinic. Bob Nosal and Susan Licciardi of NGKF represented the seller in the transaction.

May 4, 2016

Northeast Office Pennsylvania

Bennett Williams Commercial Brokers $13.1M Sale of Office Park in Pennsylvania

by Amy Works May 4, 2016

LANCASTER CITY, PA. — Bennett Williams Commercial has arranged the sale of an office park located at 1300 Marshall Ave. in Lancaster City. Brook Farms Development acquired the 60,000-square-foot property from Stockyards Development for $13.1 million. Jeff Herr of Bennett Williams Commercial represented the buyer and seller.

May 4, 2016

Loans Office Southeast Virginia

NXT Capital Provides $22.3M Loan for 184,000 SF Office Building in Metro D.C.

by John Nelson May 4, 2016

HERNDON, VA. — NXT Capital has provided a $22.3 million loan to finance the recapitalization of Parkway Atrium, a 184,000-square-foot, Class B office building located in Herndon, about 25 miles west of Washington, D.C. The building has historically been leased to GSA tenants. The undisclosed borrower plans to use the loan proceeds to renovate the asset. Cary Abod and Robert Carey of HFF’s Washington, D.C., office arranged the loan through NXT Capital.

May 4, 2016

Office Texas

Quadrant Investment Properties Plans Major Renovations at Saint Paul Place in Dallas

by Haisten Willis May 3, 2016

DALLAS — On behalf of Quadrant Investment Properties, CBRE has announced a number of capital improvements for Saint Paul Place. The Class A office building is a 22-story, 273,217-square-foot tower in the Dallas Arts District. Located at the intersection of North Saint Paul Street and Ross Avenue, Saint Paul Place overlooks the Dallas Museum of Art and Klyde Warren Park. Renovation plans include a new tenant lounge on the second floor complete with a conference center and outdoor patio deck with fire pit. The deck will extend to Ross Avenue and overlook the Dallas Museum of Art. Additionally, the espresso bar inside the building will be renovated to include areas for dining and working. The lobby will also receive an upgraded seating area and new Wi-Fi accessibility. Celeste Fowden, Seth Thatcher and Ben Davis of CBRE’s Dallas office are leasing the property on behalf of Quadrant Investment Properties. The tower was built in 1983 and is 80 percent leased to tenants including D Magazine, accounting firm Crowe Horwath and Sendero Business Systems.

May 3, 2016

Office Texas

SkyWalker Property Partners Buys Office Property in Arlington

by Haisten Willis May 3, 2016

ARLINGTON, TEXAS — In an all-cash transaction, SkyWalker Property Partners has acquired a 72,518-square-foot, Class A office building in Arlington. The property is the first for the company’s Opportunity Knocks Fund in preparation for the launch of a major capital campaign in June. The 40 percent leased office building at 701 Highlander Blvd. is located on the city’s south side, close to Arlington Highlands and Parks Mall. The 4.6-acre property includes a T-Mobile cell tower. At least $400,000 will be invested into addressing deferred maintenance and upgrading the 30-year-old structure. Roughly $150,000 is earmarked to remediate waterproofing issues with the roof, windows and granite-clad skin panels. The lobby will be getting new lighting, finishes and furniture. Upgrades are also planned for elevator cabs and common areas. The exterior plan calls for a new monument sign and landscaping improvements. Work is expected to get underway within 30 days. Twenty-six tenants-in-common investors, known as TIC-Highlander Building LLC, sold the five-story office building. The buyer, This Land is Highland, was represented by Gary Walker of Coldwell Banker Commercial Alliance DFW, along with Colt Power and Grant Irvin of NAI Robert Lynn. Paul Getty of Sperry Van Ness/First Guardian Group of San Jose, Calif., …

May 3, 2016

Midwest Office Wisconsin

Siegel-Gallagher Negotiates 3,335 SF Office Lease in Milwaukee Suburb

by Christina Cannon May 3, 2016

BROOKFIELD, WIS. — Siegel-Gallagher has negotiated a 3,335-square-foot office lease in Brookfield, approximately 13 miles west of Milwaukee. Atlas Chiropractic will occupy space at Arbor Terrace I. AH Holding LLC and Wabash Acceptance LLC own the property located at 333 Bishops Way. Shaun Dempsey of Siegel-Gallagher brokered the transaction.

May 3, 2016

New Jersey Northeast Office

Mack-Cali to Acquire Two Office Buildings in New Jersey Totaling $317M

by Amy Works May 3, 2016

HOBOKEN AND EDISON, N.J. — Mack-Cali is under contract to acquire two office buildings in New Jersey for a total purchase price of $317 million in separate transactions. In the first deal, Mack-Cali will acquire a 566,215-square-foot office building located at 111 River St. in Hoboken from Equity Commonwealth. The asset is being sold for $235 million and the transaction is slated to close in June. In the second deal, the company is purchasing a 10-story office building located at 101 Wood Ave. South in Metropark in Edison. Expected to close in May, the asset will be acquired for $82.3 million.

May 3, 2016

Northeast Office Pennsylvania

Broadstone Net Lease Acquires Two Office Properties in Pennsylvania for $54.6M

by Amy Works May 3, 2016

HARRISBURG AND HARLEYSVILLE, PA. — Broadstone Net Lease (BNL) has acquired two office buildings tenanted by Nationwide Mutual Insurance Co. via a sale-leaseback transaction for a combined purchase price of $54.6 million. Located in Harrisburg and Harleysville and totaling 385,000 square feet, the mission-critical properties are tenanted under one master lease for an initial term of 12 years. Steve Marzullo, Justin Marlowe, Adam Silverman, Doug Jackson, Jeremy Shyk and Michael Curran of CBRE represented the seller, Nationwide, while Tones Vaisey PLLC represented BNL.

May 3, 2016

Industrial Office Texas

JQ Provides Structural Engineering for Stadium in Houston

by Haisten Willis May 2, 2016

HOUSTON — The Houston office of JQ has provided structural engineering services for Caress Stadium at Helfman Field, located on The Emery/Weiner School’s 15-acre campus in southwest Houston at 9825 Stella Link Road. Construction was completed in March. The completion of Caress Stadium is part of the school’s Champions Campaign, a capital campaign with the goal of raising $20 million by 2020 to enrich academic programs, extend tuition assistance and to expand facilities to accommodate growth in its athletics and arts programs. The Caress Stadium fieldhouse project includes locker rooms, a weight room, ticket booth, concessions and support functions on the first level, along with a film deck, press box and mechanical mezzanine on the second level. There is also an on-site storage building adjacent to the field along with two wing wall structures on each end of the bleachers that will seat more than 500 spectators.

May 2, 2016

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