NEWARK, N.J. — Prudential Mortgage Capital Co. (PMCC) exceeded $14.6 billion in total loan originations in 2015. The company provided financing driven by conventional agency loans and increasing originations in international loans. Some of the company’s 2015 achievements include lending more than $12.7 billion within the United States across multifamily, office, industrial and other sectors; international lending of $1.9 billion, including first time originations in Australia, France, Spain and re-entry into the Canadian market; nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA; and agricultural debt and equity investments of $1 billion. PMCC is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc.
EDISON, N.J. — Mack-Cali Realty has acquired Metroview, a 10-story office building located at 333 Thornall St. in Edison for an undisclosed price. Situated on 11.5 acres, the 196,128-square-foot office building features 21,000-square-foot floor plates and was 96 percent occupied at the time sale. Major tenants include AXA Equitable, ICAP Securities, Cohn Reznick, Lincoln National, Merrill Lynch and United Healthcare. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the undisclosed seller in the transaction.
WESTPORT, CONN. — Southport, Conn.-based Angel Commercial has arranged the sales of two properties in Westport owned by the Kowalsky family for a combined value of $10.8 million. In the first deal, a limited liability company controlled by Investment Capital Holdings LLC acquired a 42,624-square-foot multi-tenant office building at 1777 Post Road East for $6.8 million. In the second transaction, a limited liability company controlled by Coastal Construction Group purchased a 9,184-square-foot office building located at 1141 Post Road East for $4 million. Coastal Construction Group plans to develop a mixed-use development on the 5.4-acre site. Jon Angel and Brett Sherman of Angel Commercial represented the seller and buyers in the transactions, which both closed the last week of January.
The Stamford, Connecticut, office market has everything going for it: proximity to New York City, a good transportation system, a wonderful quality of life, a superior public school network, great recreational possibilities being on Long Island Sound and great professionals. The one negative: almost zero growth in the state for the past 25 years in terms of both population and office-using jobs. This lack of growth has led to a very soft economic climate as it relates to office space. The vacancy rate for class A office space has hovered at more than 20 percent for the last seven years or more and has dipped below that only a few times since 1990. Vacancy Rate Favors Tenants In Fairfield County, the point of equilibrium is an office vacancy rate of approximately 15 percent. In other words, when the vacancy rate is 15 percent, neither landlords nor tenants have the upper hand in the negotiation of a lease transaction. In Stamford, the current vacancy rate resides at just over 23 percent — and that gives significant negotiating leverage to tenants that are looking for space. Interestingly enough, landlords of some of the better Class A institutional buildings are willing, and able, …
GLASGOW, DEL. — 2600 Glasgow LLC, an affiliate of NAI Emory Hill Real Estate Services, has acquired Glasgow Medical Center, located at 2600 Glasgow Ave. in Glasgow. GMC LLC sold the property for $13.8 million. The 109,000-square-foot building offers medical office suites ranging from 1,475 to 6,800 square feet. Current tenants include Ambulatory Surgery Center and Medical Aid Unit, laboratory facilities and various specialty medical practices and administrative support functions. Emory Hill provided in-house representation for the buyer, while the seller was represented by Tactix. David Morrison of NAI Emory Hill is handling leasing activities for the property.
DALLAS — Senderra RX, a disease state management specialty pharmacy, has signed a long-term lease that will move its corporate office to Lake Highlands Tower, a Class A office building located at 9330 Lyndon B. Johnson Freeway in Dallas. Senderra RX will occupy 21,642 square feet of the 15-story office building, having outgrown its existing facility. Amenities at the property include a full-service bank, barber shop, dry cleaner, conference center and on-site security. Cushman & Wakefield’s Dan Harris and Craig Wilson represented Senderra RX in the transaction. Blake Shipley and Jay Bailey of JLL represented the landlord, Gregory & Malouf Interests.
ST. LOUIS, MO. — Revive Capital Development LLC has acquired a 270,000-square-foot office building in St. Louis for an undisclosed price. The development company plans to convert the nine-story building into loft apartments. 1706 Washington LLC sold the property that was previously occupied by CPI Corp., a portrait studio. The vacant building, constructed in 1912, is located at 1706 Washington Ave. John Warren of JLL represented the seller.
ELM GROVE, WIS. — Siegel-Gallagher has arranged a 1,301-square-foot office lease inside The Tradesman Building in Elm Grove, approximately 10 miles west of Milwaukee. Proactive Title Solutions LLC will occupy space at the building situated at 500 Elm Grove Road. The landlord of the property is Building Trades United Pensions Trust Fund. John Dulmes and Dan Walsh of Siegel-Gallagher brokered the transaction.
KENNESAW, GA. — Avison Young has arranged the $30.1 million sale of Chastain Center, a 303,000-square-foot office building located on Chastain Boulevard in Kennesaw’s Town Center submarket. Matt Tritschler, Steve Morgan and Stephanie Marion of Avison Young represented the seller, Parthenon Realty, in the transaction. The buyer was TerraCap Management LLC. Built in 1987, Chastain Center was 67 percent leased at the time of sale to tenants such as Aaron’s Inc., Applied Global Technologies, First Arkansas Bank & Trust/Card Assets and Markem-Imaje.
PRICE, UTAH – The Price Human Services Building, a 37,829-square-foot office building in Utah, has sold to an unnamed buyer. The price was not disclosed. The space is located at 475 West Price River Drive in Price. It is fully leased to tenants like the Utah Attorney General, the Utah Department of Workforce Services, the Utah Department of Family and Child Services, and the Utah Department of Rehabilitation Services. The seller, Fairbridge Properties, purchased the asset in 2013.