Office

NAI Mertz Negotiates Sale of 65-Acre Industrial Site in New Jersey

by Amy Works January 15, 2016

HAMILTON TOWNSHIP, N.J. — NAI Mertz has arranged the sale of the multi-building, 1 million-square-foot former Congoleum Corp. complex, located at 861 Sloan Ave. in Hamilton Township. Commercial Development Corp. (CDC) acquired the property from Congoleum Corp. for an undisclosed price. CDC plans to develop a mixed-use development on the 65-acre site. The developer plans to raze the majority of the buildings on site with the exception of Building 55, an existing 150,000-square-foot warehouse building. Jeffrey Licht and Fred Meyer of NAI Mertz represented the seller in the transaction.

January 15, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $27M Acquisition Loan for 105,000 SF Development Site in Manhattan

by Amy Works January 15, 2016

NEW YORK CITY — Eastern Consolidated has arranged a $27 million bridge loan on behalf of XIN Development International for the acquisition of a development site in Manhattan’s Midtown West. XIN Development plans to build a mixed-use project on the 105,000-square-foot development site, which is located at 615 Tenth Ave. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the financing, which was provided by Bank of the Ozarks, for the borrower.

January 15, 2016

Mixed-Use Multifamily New York Northeast Office

Alpha Realty Brokers $6.6M Sale of Mixed-Use Property in Manhattan

by Amy Works January 15, 2016

NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 148 E. 98th St. in Manhattan’s Upper East Side. The asset sold for $6.6 million. The six-story, elevator-serviced property features 11 apartment units and a first-floor office space. Glenn Raff of Alpha Realty represented the seller and buyer in the transaction. The names of the buyer and seller were not released.

January 15, 2016

California Office Western

Grindr Leases Space at Pacific Design Center in Los Angeles

by Nellie Day January 15, 2016

LOS ANGELES — Social lifestyle networking app Grindr has leased 18,000 square feet of office space at the RedBuilding inside Los Angeles’ Pacific Design Center. The building is located at 8687 Melrose Ave. in West Hollywood. Other notable tenants at the property include Clique Media, Viceroy Hotel Group and Abrams Artists Agency. Ryan Harding of Newmark Knight Grubb Frank represented Grindr in the transaction. Marc Horowitz of Cohen Brothers Realty and JLL’s Josh Wroble represented the landlord, Charles S. Cohen.

January 15, 2016

Georgia Office Southeast

Accesso Partners Buys Office Park in Alpharetta from Cousins for $92.2M

by John Nelson January 15, 2016

ALPHARETTA, GA. — Accesso Partners LLC has purchased North Point Center East, a four-building, Class A office park in Alpharetta, from Cousins Properties for $92.2 million. Located on 33 acres adjacent to North Point Mall, the 540,137-square-foot suburban office development was 88 percent leased at the time of sale. The park’s tenant roster includes Surgical Information Systems, Merrill Lynch, Wells Fargo Bank, Wells Fargo Wealth Management, Regus Business Centers, Amplify Education, IPSWITCH, Robert Baird & Co. and Nokia. Jay O’Meara, Will Yowell, John Shlesinger and Justin Parsonnet of CBRE’s Atlanta office represented Cousins Properties in the transaction.

January 15, 2016

Delaware Loans Northeast Office

FM Capital Acquires $26.9M Loan Secured by Office Building in Delaware

by Amy Works January 14, 2016

WILMINGTON, DEL. — FM Capital has acquired a non-performing loan secured by the North Market Office Building in downtown Wilmington. The property has a current unpaid principal balance of approximately $26.9 million. Built in 1982, the 203,000-square-foot property features 10 floors of office space and a 42-car underground parking garage for tenant use. The debt was originated in 2007.

January 14, 2016

archway-properties-millsap-texas-geodynamics

Loans Office Texas

Q10 KDH Arranges $2.8M Financing for Office Building in North Texas

by Haisten Willis January 14, 2016

MILLSAP, TEXAS — Q10 KDH’s Matt Franke has arranged $2.8 million in financing for an affiliated entity of Archway Properties, which developed GEODynamics’ new corporate office building in Millsap. The Class A office building spans 15,866 square feet and is 100 percent occupied. The single-story property features an exterior of stone and brick and drought-resistant landscaping. Interior skylights and windows provide natural light. Included on the grounds is a standalone guard house. The property will consolidate several GEODynamics offices.

January 14, 2016

Office Texas

Quintana Minerals Corp. Leases Office Space in Houston

by Haisten Willis January 14, 2016

HOUSTON — Quintana Minerals Corp. has leased 17,465 square feet of office space at 1415 Louisiana St., a 43-story office tower located in Houston’s central business district. Quintana is relocating from 601 Jefferson St. to the 520,000-square-foot, Class A office building, which is connected through tunnels to many downtown amenities including dining, shopping, services and more. Connor Saxe of Colvill Office Properties and Richard Barbles of Stream Realty represented the property’s ownership, Wedge Commercial Properties, in the lease transaction. Philip Price, formerly of Cushman & Wakefield and now of Newmark Grubb Knight Frank, along with Trey Strake of Cushman & Wakefield, represented the tenant. A capital improvement campaign is underway, and once complete, the building will feature a new main entry, a main lobby accented with Italian stone, a tunnel makeover including new lighting, floor and wall treatments, and a new back-painted glass elevator lobby. The expected completion date of the renovations is March 2016.

January 14, 2016

Midwest Office Ohio

NewcrestImage Buys 375,000 SF Office Complex in Cincinnati

by Christina Cannon January 14, 2016

CINCINNATI — NewcrestImage has purchased a three-building office complex in Cincinnati for an undisclosed price. Fourth & Walnut Centre is comprised of a 19-story tower built in 1903, a four-story building built in 1937 and a six-story building that was constructed in 1961. Amenities at the property include two restaurants, a business center and a parking garage. The three assets total 375,000 square feet and are currently 56 percent occupied. NewcrestImage plans to enhance and re-configure the office space in an effort to appeal to the millennial mindset. The seller is undisclosed.

January 14, 2016

California Loans Office Western

NorthMarq Arranges $11M Refinancing for Office Project in San Diego

by Nellie Day January 14, 2016

SAN DIEGO — NorthMarq Capital has arranged an $11 million bridge loan for the refinancing of an office project in San Diego. The non-recourse loan includes a future funding provision that provides the borrower with capital to complete renovations to the property, according to Steve Hollister of NorthMarq Capital’s San Diego office. Hollister arranged the three-year, interest-only financing, along with Aaron Beck.

January 14, 2016

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