Office

NGKF Capital Markets Brokers $40M Sale of Advance Tower in Miami

by John Nelson January 6, 2016

MIAMI — NGKF Capital Markets has arranged the $40 million sale of Advance Tower, an eight-story, 100,798-square-foot office building in Miami. The seller, JW Advance LLC, a Boca Raton, Fla.-based company that developed and managed Advance Tower since 1986, sold the property to USAA Real Estate Co. Advance Tower will remain the office headquarters of Interval International Inc., a global lodging provider. Adam Greenberg, Michael Lapointe and Michael Lohmann of NGKF Capital Markets represented the seller in the transaction.

January 6, 2016

Office Southeast Tennessee

In-Rel Properties Purchases iBank Tower in Memphis for $19.2M

by John Nelson January 6, 2016

MEMPHIS, TENN. — In-Rel Properties has purchased iBank Tower, a 276,226-square-foot office building located at 5050 Poplar Ave. in Memphis. According to media outlets, In-Rel Properties purchased the property from an affiliate of Gemini-Rosemont Realty LLC for $19.2 million. In-Rel Properties owns the neighboring Clark Tower and plans to create an 18-acre office campus comprising the two office towers. The Lake Worth, Fla.-based investor will spend up to $1 million on capital improvements to iBank Tower, in addition to the $6 to $7 million investment for Clark Tower’s renovations. The two towers will have shared amenities, parking, security and color schemes. Phil Dagastino Jr., Bentley Pembroke and Anna Tranum of Cushman & Wakefield | Commercial Advisors will lease both towers on behalf of In-Rel Properties.

January 6, 2016

Illinois Midwest Office

Bradford Allen Arranges 7,700 SF Office Lease Renewal in Northbrook, Illinois

by Christina Cannon January 6, 2016

NORTHBROOK, ILL. — Bradford Allen Realty Services has arranged a 7,700-square-foot lease renewal in Northbrook, approximately 25 miles northwest of Chicago. Lubin-Bergman Organization Inc. will continue occupying its headquarters in a building located at 5 Revere Drive. One Northbrook Place is a Class A office building that features food service within the building and underground parking. Laurence Elbaum of Bradford Allen represented Lubin-Bergman in the transaction. Dan Fernitz of JLL represented the building’s ownership.

January 6, 2016

California Loans Office Western

BH Properties Receives $13M Refinancing for Office, Retail Portfolio

by Nellie Day January 6, 2016

LOS ANGELES — BH Properties has received a $13 million refinancing for an office and retail portfolio it owns. The portfolio contains five office and retail properties for a total of about 231,000 square feet. The assets are situated in California, Tennessee and Florida. The semi-permanent bridge financing replaces short-term financing associated with the recent acquisition of these properties. The assets have a combined occupancy rate of 60 percent.

January 6, 2016

Loans Office Texas

HFF Arranges $60.7M Acquisition Financing for Galleria Place in Houston

by Haisten Willis January 5, 2016

HOUSTON — HFF has arranged $60.7 million in post-closing acquisition financing for Galleria Place, two Class A office buildings totaling 401,000 square feet, plus a standalone retail site across from the Galleria Mall in Houston. HFF arranged the loan on behalf of the borrower, LPC Realty Advisors I, an affiliate of Lincoln Property Co. LPC Realty Advisors closed the loan on behalf of a pension fund client. HFF placed the three-year, floating-rate, interest-only loan with ACORE Capital. HFF also arranged the sale of the property earlier in 2015. Galleria Place consists of Galleria Place I, an 11-story, 217,006-square-foot office building; Galleria Place II, a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages totaling 1,361 spaces. Galleria Place is 53 percent leased to tenants including Just Energy and IHS. The properties occupy six acres bounded by Sage and Westheimer roads and West Alabama Street directly across from the Houston Galleria shopping and dining district. Susan Hill led HFF’s debt placement team representing the borrower.

January 5, 2016

Office Texas

CBRE Negotiates Office Expansion in Austin

by Haisten Willis January 5, 2016

AUSTIN, TEXAS — CBRE has negotiated a 10,534-square-foot lease expansion for GateHouse Media, one of the largest publishers of newspapers in the country. The company’s Center for News & Design will expand its existing 18,444-square-foot office at Northview Business Center, which is located at 9001 N. Interstate Highway 35 in Austin. Opened since May 2014, the center offers a range of content services to GateHouse Media newspapers and commercial clients, including centralized copy editing and page design, web development and training. Today, the print editions of more than 200 GateHouse Media newspapers are designed and edited at the center, alongside product development for their companion web and mobile sites. More than 225 people work at the center. W. Gaines Bagby with CBRE’s Austin office represented GateHouse Media in the lease transaction. Luke Wheeler with Transwestern represented the landlord.

January 5, 2016

Colorado Office Western

Pinnacle Real Estate Advisors Arranges $3M Sale of Woodlake Center

by Nellie Day January 5, 2016

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the $3 million sale of Woodlake Center, a 37,741-square-foot, five-building retail and office complex located in Lakewood. Justin Krieger of Pinnacle represented the undisclosed seller, and Josh Newell of Pinnacle represented the undisclosed buyer in the transaction.

January 5, 2016

Industrial New York Northeast Office

Heritage Equity Partners, Rubenstein Partners to Develop 480,000 SF Project in Brooklyn

by Amy Works January 5, 2016

NEW YORK CITY — Heritage Equity Partners and Rubenstein Partners are co-developing 25 Kent Avenue, a 480,000-square-foot project in Brooklyn. The ground-up property will be Brooklyn’s first speculative commercial building in 40 years. Designed by Gensler and HWKN, the building will feature office and light industrial space for creative arts, makers and technology firms. While site preparation is underway, the project has entered the official land use review process known as Uniform Land Use Review Procedure (ULURP) with construction slated to begin later this year.

January 5, 2016

Mixed-Use New York Northeast Office Retail

Joint Venture Buys 48,000 SF Loft Building in NYC’s Flatiron District

by Amy Works January 5, 2016

NEW YORK CITY — Manhattan-based George Comfort & Sons Inc. has partnered with ASB Capital Management to acquire a 48,000-square-foot mixed-use building at 7 W. 18th St. in Manhattan’s Flatiron District for an undisclosed price. The fully occupied nine-story building is tenanted by homenature, a home furnishing retailer, on the ground floor and a variety of office tenants on the upper floors. The name of the seller was not released.

January 5, 2016

174-Newbury-St-471-475-Commonwealth-Ave-Boston

Loans Massachusetts Mixed-Use Multifamily Northeast Office Retail

Fantini & Gorga Arranges Three Loans Totaling $12.3M for Three Properties in Boston

by Amy Works January 5, 2016

BOSTON — Fantini & Gorga has arranged three loans totaling $12.3 million in permanent financing for three properties in Boston. The properties include a mixed-use property at 174 Newbury St. and two multifamily assets located at 471 and 475 Commonwealth Ave. within Kenmore Square. The Newbury Street property features four stores with a lower level retail space occupied by Ben & Jerry’s and Vans, and five apartment units on the upper levels with direct access to the sidewalk. 471 Commonwealth is a four-story building with 10 apartment units and 475 Commonwealth is a seven-story property with 42 apartments and one office suite. Derek Coulombe, Tim O’Donnell and Chris Miller of Fantini & Gorga arranged the financing for the undisclosed borrower.

January 5, 2016

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