NEW HYDE PARK, N.Y. — NorthMarq Capital has arranged $10 million in refinancing for X-Cell Realty, an office property located at 3333 New Hyde Park Road in New Hyde Park. The property features 166,931 square feet of office space. The loan features a fully amortizing 20-year term. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing through NorthMarq’s relationship with a correspondent life insurance company for the undisclosed borrower.
SAN ANTONIO — Oldham Goodwin has opened a new office in San Antonio. This marks the second office expansion in the company’s history. Steve Monroe will be leading the brokerage efforts for Oldham Goodwin Group’s San Antonio office. Steve’s responsibilities include managing the brokerage division of the new office, as well as growing the San Antonio/South Texas office in terms of personnel and property listings for sales, leasing and property management. Steve boasts more than 25 years in the commercial real estate industry. Most of that time was spent with CBRE, where he served as an investment properties specialist and as a managing director responsible for company operations in New Mexico and California. Oldham Goodwin’s new office is located at 1100 N.W. Loop 410, Suite 700. The new office will offer the same services as the corporate headquarters located in Bryan. Services offered will include brokerage, development, management and investment services.
THE WOODLANDS, TEXAS — David Alexander of Newcor Commercial Real Estate has represented Gus Kaiser in the purchase of 5.8 acres at 33127 Lois Lane and FM 1488 in The Woodlands. Scott Furches of RE/Max Hometown represented the seller, DRD Limestone LLC.
CHARLOTTE, N.C. — Beacon Partners has signed two leases with restaurateur Deedee Mills for two new dining concepts at 500 East Morehead, a seven-story office building in Uptown Charlotte. The 178,000-square-foot property is currently under construction. The two new dining concepts include The Packhouse, a Southern-themed restaurant, and Joe and Nosh, a quick service breakfast and lunch destination and coffee shop. Charles Thrift of Collett & Associates represented Beacon Partners in the lease transaction.
Raleigh’s office market is the strongest it’s been in years, with employment and corporate investments continuing to climb throughout the Triangle region. A current lull in the delivery of new construction and the market’s increased popularity have created a space crunch for Class A office space, especially for tenants seeking large blocks. While a good amount of new construction started or continued in 2015, there’s still a gap in “move-in ready” space. Vacancy fell from 11.7 percent in the second quarter to 11.2 percent in the third quarter, causing rent growth for Class A space. Direct asking rent increased from $23.81 per square foot in the second quarter to $24.14 per square foot in the third quarter and is expected to continue to increase until delivery of new construction picks up, which will likely be mid-2016/early 2017. The market has definitely shifted in favor of the landlord, and concessions that were made during the recession have fallen off as owners no longer have to offer them to secure tenants. Desire for Class A space in the Triangle has pushed pre-leasing rental rates to a historic high north of $33 per square foot — and they are likely go higher before …
NORWALK, CONN. — Houlihan-Parnes Realtors has arranged a $2.7 million first mortgage for an office property located at 83 East Ave. in Norwalk. The five-year loan, provided by a local bank, features a 3.75 percent interest rate and a five-year option to extend. The 40,000-square-foot office and medical property is occupied by 25 tenants. The building is managed and leased by GHP Office Realty. Andrew Greenspan and James Houlihan of Houlihan-Parnes arranged the loan, while Ray Cohen of Chicago Title arranged the title. The borrower was represented by Christie Houlihan of Zuckerman, Gore, Brandies and Crossman as legal counsel.
HOUSTON — Lionstone Investments and Midway plan to rebrand the buildings located at 712 and 708 Main St. in downtown Houston as “The Jones on Main.” The property, once known as the Gulf Oil Building, is the current Houston banking headquarters for JPMorgan Chase & Co. The name pays tribute to Houston businessman and philanthropist Jesse Jones, who commissioned the building in 1927. The Art Deco tower dominated was the city’s tallest building until 1963. Proposed renovations to the site include ground-level connection of the two buildings, the addition of high-end interior amenities, as well as new street-level restaurant and retail spaces along Main and Rusk streets. New storefronts, the addition of sidewalk patios and a nearby bike valet are designed to enliven and activate the streetscape. Historic interior details, including original frescoes illustrating the history of Texas and Houston in the Main Street lobby, will be integrated into a new public space featuring communal tables and lounge seating called the Currency Lounge. Lionstone Investments purchased the property in 2013. The property is located at intersecting MetroRail lines and the downtown tunnel system, making it easily accessible. JPMorgan Chase remains the building’s main tenant, occupying nearly 452,000 square feet of office …
DALLAS— Cotton Holdings Inc., a Katy-based infrastructure support services company providing property restoration and recovery construction, has leased a freestanding 62,932-square-foot office/warehouse space in Dallas. The space is located at 8400-8500 John Carpenter Freeway (US-183) at Empire Central Drive, and will be the site of a new location for Cotton Holdings. Matthew Rosenfeld of The Weitzman Group handled negotiations for the landlord. Cotton Holdings was represented by Alexis Martinez of Rubicon Representation. In addition to property restoration and recovery construction, Cotton Holdings provides roofing, consulting, temporary workforce staffing and housing and culinary services to public and private entities.
MADISON, WIS. — Siegel-Gallagher has arranged the sale of a 217,814-square-foot office property in Madison for an undisclosed price. Arthur Goldner & Associates purchased High Point Office Park from Vanta Commercial Properties LLC. Patrick Gallagher and Max Schultz of Siegel-Gallagher brokered the transaction. According to Loopnet, High Point Office Park is an 83 percent occupied, Class B property that was listed for $16 million.
TAMPA, FLA. — Marcus & Millichap has arranged the $47.9 million sale of a three-property, 2,291-unit self storage portfolio in the metro Tampa area. The properties are situated in Saint Petersburg, Palm Harbor and Tampa. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the seller, a New York-based REIT, and the buyer, a Pennsylvania-based REIT. The 223,903-square-foot portfolio includes climate-controlled and non-climate-controlled units ranging in size from 12 to 600 square feet.
