NEW YORK CITY — Equicap has arranged $8.1 million in financing for the acquisition of an office condo in the Manhattan’s Chelsea neighborhood. The 10-year loan features a competitive interest rate and will be used to fund the $10.8 million acquisition price. Additionally, the undisclosed borrower will use proceeds of the loan to build out the 13,000-square-foot office space. Daniel Hilpert of Equicap negotiated the financing.
DALLAS — Uplift Education has purchased a seven-acre tract of land located at the northwest corner of I-30 and Ferguson Road in east Dallas. Horizons Hospitality was the seller. Eddie Liebman with The Weitzman Group handled negotiations for the seller in cooperation with Craig Phelps of JLL, who represented the buyer. Uplift Education, which operates a network of public charter schools serving 14,000 students in under-served areas across north Texas, will develop an elementary school at the site.
DALLAS — Law firm Palmer & Manuel LLP has leased 9,006 square feet of office space in Campbell Centre North Tower, located at 8350 N. Central Expressway in Dallas. Cribb Altman, Robbie Baty and Bill McClung with Cushman & Wakefield represented Palmer & Manuel in the transaction.
MORRISVILLE AND RALEIGH, N.C. — Cushman & Wakefield has arranged the largest industrial/office sale in the Triangle region year-to-date, according to Real Capital Analytics. The sale included EastRidge at Perimeter Park in Morrisville and Spring Forest Business Center in Raleigh. The properties span 11 single-story buildings totaling 634,617 square feet. The sales price was not disclosed. The portfolio was 83 percent leased at the time of sale to 24 tenants including IXIA, Adreima, LabCorp, Ascom North America and Allstate. David Finger and Sara Owen of Cushman & Wakefield represented the seller in the transaction. The buyer, Somerset Properties, will retain Hillman Duncan and Dennis Hurley of Cushman & Wakefield to lease the two properties.
NEW YORK CITY — Avison Young has arranged the sale of an office and retail building located at 310 Lenox Ave. in Manhattan’s Central Harlem section. A group of New York-based real estate investors acquired the property for $21 million. Built in 1940 and improved in 2006, the three-story building consists of approximately 24,659 gross square feet of above-grade space and a full basement of approximately 8,493 square feet. Additionally, the property has approximately 9,313 square feet of additional zoning floor area that is expected to be accessed by the new ownership entity. The property’s best-known tenant is Red Rooster, a restaurant led by chef Marcus Samuelsson. Neil Helman, Charles Kingsley, Jon Epstein and Vincent Carrega of Avison Young represented the seller, National Basketball Players Association, in the transaction.
NEWARK, DEL. — The Emory Hill Companies has completed the second phase of the sale of White Clay Corporate Center, an office and industrial complex in Newark. Shelbourne Global Solutions LLC purchased four of the seven buildings at the complex in 2015, and recently purchased the remaining three buildings to complete the acquisition for an undisclosed sum. The campus totals 493,581 square feet. Neil Killian of NAI Emory Hill represented the undisclosed seller in the transaction. NAI Emory Hill manages the property.
For the Dayton office market, it’s all about timing. In one of Miami Valley’s largest office leases in recent memory, CareSource early this year signed a five-year lease to occupy 50,000 square feet on two floors at the 486,000-square-foot Kettering Tower downtown. The nonprofit managed healthcare plan is the largest Medicaid plan in Ohio and the second largest in the United States. CareSource said it will assess current and future business needs and redistribute business units from corporate headquarters and offices at 40 W. Second St. to Kettering Tower. In addition, some staff hired during the first quarter of this year also will be placed at the new location. The CareSource location at Kettering Tower increases the company’s footprint to nearly 600,000 square feet in downtown Dayton. The four downtown Dayton locations — including CareSource’s corporate headquarters at 230 N. Main St., Ballpark Village at 220 E. Monument Ave., offices at 40 W. Second St. and Kettering Tower will support 2,200 staff. The $6 million build-out of the multi-tenant Kettering Tower is specifically designed to accommodate CareSource. Tower Partners LLC, an entity whose investors include New York businessman Albert Macanian, owns the building. But the deal bringing 300 new jobs …
RICHARDSON, TEXAS — KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, Calif., has signed an 8,373-square-foot lease with NeuroCare Outpatient Rehabilitation at the Greenway I office building in Richardson. Amenities at Greenway I include a renovated lobby, corridors and restrooms, on-campus security and fiber optics. The property is located two miles from The University of Texas at Dallas. NeuroCare Outpatient Rehabilitation is a division of NeuroCare Rehab Hospitals LLC. Laura Maczka and Mark Jordan of Sooner Management represented KBS Strategic Opportunity REIT in the transaction. Michael Collins of MedCore Partners represented NeuroCare Outpatient Rehabilitation.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has arranged the sale of an office property in Austin. 2512 Partners LLC purchased Summit Point, a 24,000-square-foot building located at 2512 S. I-35, for an undisclosed price. Jason Steinberg and Matt Levin with ECR represented the seller.
PHILADELPHIA — NGKF Capital Markets has arranged the sale of 2.0 University Place, a multi-tenant office building located at 30 N. 41st St. in Philadelphia. 2.0 University Place Associates sold the 100,000-square-foot property to a member company of Zurich North America for $41.2 million, or $420 per square foot. The building is the first double-platinum, multi-tenant office property in the United States, with both LEED Platinum Core & Shell v2.0 and commercial interior – LEED v2009 Platinum certifications. Dave Dolan and Brett Segal of NGKF Capital Markets represented the seller, while Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management advised the buyer in the transaction.
