RENO, NEV. — A joint venture between ProEquity Realty Partners and CRG LLC has acquired a 76,800-square-foot-office building in Reno for $12.4 million. The building is located at 885 Trademark Drive and is fully leased by Mitel Communications. The JV plans to reposition the property. Morrissey Realty represented the seller, Dermondy Property Investments, in this transaction.
HARRISBURG, PA. — Cronheim Mortgage has secured $26.3 million in permanent financing for Market Square Plaza, a 172,629-square-foot office building and 275-space parking facility in downtown Harrisburg. The loan features a 10-year term and a 30-year amortization schedule. The property has maintained 100 percent occupancy since its development in 2005. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the financing for the borrower.
CHAPEL HILL, N.C. — CBRE | Raleigh has arranged a 90,577-square-foot office lease at Carolina Square, a mixed-use development under construction in downtown Chapel Hill. Brad Corsmeier, Lee Clyburn, Charlie Coyne and Christina Coffey of CBRE | Raleigh represented the landlords, Northwood Ravin and Cousins Properties, in the lease deal. The new tenant is UNC Chapel Hill POP Center, a consortium of population research professionals and scholars sponsored by the University of North Carolina at Chapel Hill.
The office sector in the northern suburbs of Indianapolis shows clear signs of solid growth and stability with new construction and deeper tenant demand for space, particularly in the Class A segment. A number of factors contribute to this trend, including job growth, availability of land for housing and favorable demographics. Decision-makers live in the northern suburbs along with families, empty nesters and educated workers. Nearly 90 percent of all suburban office space in greater Indianapolis is located north of 71st Street in five key submarkets: North/Carmel, Keystone, Northwest, the Fishers/I-69 Corridor and Northeast/Castleton. Five I-465 interchanges define these five northern suburban office submarkets of Indianapolis, providing workers efficient access to 17.5 million square feet of office space. Through the third quarter of this year, overall occupancy in these five suburban submarkets stood at nearly 85 percent. The occupancy rate for Class A space was considerably higher at 89 percent. There are only seven blocks of contiguous office space 100,000 square feet or greater available in the suburbs and downtown — four of which are located in the northern suburbs. These spaces include 133,000 square feet at Two Concourse, 10194 Crosspoint Blvd.; 113,000 square feet at the former Charles Schwab …
PASADENA, CALIF. — Social Vocational Services (SVS) has leased 7,847 square feet of office space in downtown Pasadena. The space is located at 595 E. Colorado Blvd. The property was built in 1928. SVS is a nonprofit that provides services to individuals with intellectual and developmental disabilities throughout California. The landlord is the Swig Company.
HOUSTON — CBRE has completed a lease extension for Houston-based Ridgewood Energy, an energy-focused private equity firm with offices in Houston and New Jersey. The company is also expanding its space at 1254 Enclave Parkway, located in Houston’s Energy Corridor, to a total of 21,945 square feet. Kevin Saxe and Nick Bockhorn of CBRE represented Ridgewood Energy in the lease transaction with landlord AG Plaza At Enclave LLC, which was represented by CBRE’s Bonnie Kelley.
HOUSTON — Colliers International has arranged the sale of 16055 Space Center Blvd. in Houston. The property is a multi-tenant, seven-story office building containing 149,144 square feet. The Class A building is situated on seven acres in the NASA/Clear Lake submarket of Houston. Colliers International represented the seller, Parfinco TX LLC.
BASKING RIDGE, N.J. — Onyx Equities and Rubenstein Partners have completed a $9 million renovation of a 300,000-square-foot office property located at 211 Mount Airy Road in Basking Ridge. The repositioning program included a new multistory lobby with a 15-foot media wall, refurbished common areas, a fitness center with locker rooms, a cafeteria and a 127-seat auditorium. Additionally, the building’s façade was removed and replaced with a glass curtain wall allowing more natural light and views of the 52-acre campus. Newmark Grubb Knight Frank is handling leasing for the property, which is owned by Onyx and Rubenstein.
NEW YORK CITY — Newmark Holdings has received $100 million in refinancing for 560 Broadway, a six-floor, 122,454-square-foot office building in Manhattan’s Soho neighborhood. The funding will be used for a major capital improvement plan that will reposition and upgrade the property. The property, which Newmark Holdings purchased in 1986, is currently 100 percent occupied with a tenant roster that includes Converse, Dean & Deluca and Lerer Hippeau Ventures. The funding was provided by TD Bank and BNY Mellon.
CLARKSBURG, MD. — Lantian Development has purchased the 204-acre COMSTAT campus in Clarksburg for $11.5 million. Lantian Development acquired the 496,000-square-foot facility from LCOR in an all-cash transaction. The building was constructed in 1969 as the research facility for COMSTAT Corp., which was created by the Communications Satellite Act of 1962. COMSTAT sold the property back in 1997 in a $46 million sale-leaseback deal. The property features 3,600 feet of frontage on I-270, a vacant main building and three special purpose buildings totaling 36,000 square feet. Avison Young represented the seller in the transaction, and John Wang of RE/Max represented Lantian Development.