PHOENIX — Gabriel Partners has signed a long-term agreement for 19,202 square feet of office space in downtown Phoenix. The space is located at 40 North Central Ave. The technology-based, anti-money-laundering company will occupy the entire 22nd floor. Ryan Bartos and Matthew Coxhead of Savills Studley represented Gabriel Partners in the transaction. Pat Divine of Cushman and Wakefield represented the landlord.
FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has arranged a 27,596-square-foot office lease in Farmington Hills, approximately 25 miles northwest of Detroit. AGC Flat Glass North America, one of the largest manufacturers of glass and glass-related products for the automotive industry in North America, will occupy the space located at 34505 W. Twelve Mile Road. The building will serve as the new headquarters location for AGC Flat Glass. David Friedman and Amit Hingorani of Friedman represented the landlord, Arboretum II, in the transaction.
GRAPEVINE, TEXAS — Mercedes-Benz plans to open two facilities in Grapevine. The first is a regional parts distribution center (PDC) designed to support the sales and distribution of spare parts to the customers and dealer network of Mercedes. The second is a learning and performance center (LPC). The LPC is relocating from Houston to the Grapevine site and is planned to be a technical facility accommodating on-going training of Mercedes-Benz dealership technicians from around the Southwest region. Currently owned by the city of Grapevine, the site consists of around 31 acres along Lakeside Parkway at Enterprise Road. Once fully operational, both the training facility and parts distribution center will be staffed with 50 employees with the ability to train 150 technicians per week. The PDC is planned to be 254,000 square feet and the LPC is 59,000 square feet. Seefried Industrial Properties, in partnership with a long-time European capital partner, is the purchaser of the land and developer for this project. Mercedes has executed a development agreement with Seefried Properties and will purchase the project upon completion. Design of the two facilities is underway and will be submitted for permitting in February 2016. The initial site work will start this …
DALLAS — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed an $18 million loan for the recapitalization and stabilization of an office building in Dallas. The 18-story, 183,000-square-foot property is located on Ervay Street in downtown Dallas’ central business district. Known locally as Alto 211, the building originally catered to traditional office users but has undergone substantial renovations transforming it into modern, creative office space. The non-recourse, three-year loan features flexible pre-payment options and two one-year extension options, including a facility to provide future funding encompassing tenant improvements, leasing commissions and capital expenditures.
THE COLONY, TEXAS — Venture Commercial Real Estate’s investment sales team has completed the sale of a 7,400-square-foot single-tenant net-leased property located along State Highway 121 in The Colony. Methodist Urgent Care occupies the building located at 5151 SH 121, in front of Top Golf and across from Nebraska Furniture Mart’s Grandscape development. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture represented the developer, NDC Holdings. Leonard Mazzone of New York-based Hamilton Mundy Real Estate Advisors represented the buyer, an out-of-state investor.
BELLEVUE, WASH. — AAA Washington has purchased One Newport Building, an 89,850-square-foot office building in Bellevue, for $29 million. The Class A building is located at 3605 132nd Ave. SE. The insurance and full-service travel agency plans to occupy the first three floors of the building. The space was formerly occupied by T-Mobile. AAA Washington will renovate the property before moving in. Construction will commence Feb. 1, with a scheduled occupancy in the third quarter of 2016. The company’s construction and purchasing partners on this project include Swinerton Builders, JPC Architects, Pacific Project Management, Kidder Mathews, Wells Fargo and McCullough Hill Leary. Gary Guenther, Jason Rosauer, and Rob Anderson of Kidder Mathews represented AAA Washington. JLL’s J.J. Shephard and Riley Shephard represented the seller, Ivanhoe Cambridge.
ITASCA, ILL. — CBRE has arranged the sale of a 94,986-square-foot office property in Itasca, approximately 30 miles northwest of Chicago, for an undisclosed price. The undisclosed seller sold the four-story building to Hamilton Partners. Located at 1200 Arlington Heights Road, the property recently underwent upgrades including a newly renovated lobby and corridors. The facility, built in 1989, is 25 percent leased to six tenants. The building sits inside Hamilton Lakes, a 350-acre master-planned business community that includes an athletic club, Westin hotel and numerous restaurants. Bill Novelli, Derek Fohl and Robert Graham of CBRE represented the seller in the transaction. The buyer was self-represented.
LOS ANGELES — The Torres Martinez Desert Cahuilla Indian Tribe has signed a 126-month lease for a 24,408-square-foot office in the Los Angeles submarket of Monterey Park. The lease is valued at $8 million. The tribe will use the space for administrative offices. The property is located at 900 Corporate Center Drive, within the LA Corporate Center. The new lease takes the center to 94 percent occupancy. Steve Seinfeld of Cresa represented the tribe. Linda Lee, Scott Unger and Bill Boyd of Charles Dunn Company’s Glendale office represented the landlord, Los Angeles Corporate Center LLC, in this transaction.
ROCKLAND, MASS. — Quincy, Mass.-based Jumbo Capital Management has acquired an office building located at 1099 Hingham St. in Rockland. Rockland Havertraw Trust (Grossman Companies) sold the 60,000-square-foot Class A property for $8.5 million. Built in 1989, the three-story office building features a common loading dock, three-story atrium and ample parking. At the time of closing, the property was 94 percent leased to six nationally recognized tenants.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a development site at 570 Nostrand Ave. in Brooklyn. The 4,550-square-foot site sold for $4.5 million, or $246 per buildable square foot. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a developer, in the transaction.