AUBURN, MASS. — Fantini & Gorga has arranged a $1.1 million loan for the refinancing of a multi-tenant office property located at 7 Midstate Road in Auburn. Situated on 1.4 acres, the 14,944-square-foot property is located at the entrance of the six-building, 141,000-square-foot Mid State Office Park. Derek Coulombe and Chris Miller of Fantini & Gorga represented the undisclosed borrower in the transaction.
JACKSON, MISS. — BankPlus, a Mississippi-based bank with more than 60 locations and total assets exceeding $2.6 billion, will join The District at Eastover, a $125 million, 21-acre mixed-use development in Jackson. BankPlus will anchor a 67,000-square-foot office building that features traditional office space and a drive-thru banking facility on the ground floor. The ground floor of the BankPlus building will feature 17,000 square feet of retail and restaurant space with frontage on I-55 and The District Plaza. The District Land Development Co. is the master developer of the mixed-use project, which will feature loft apartments, office space, retail and restaurant tenants, a high-end movie theater and a Marriott Residence Inn. This month, Baker Donelson and Cosmich Simmons & Brown will move into their new office spaces in One Eastover Center, a 125,000-square-foot office building at The District that was completed in late 2015. The District Land Development plans to complete construction on the BankPlus project by April 2017. The new BankPlus office will house commercial lending, commercial real estate, cash management, private banking, wealth management, wealthplus and business development services.
WASHINGTON, D.C. — Akridge has purchased the former YMCA National Capital building located at 1711 Rhode Island Ave. N.W. in Washington, D.C. Akridge and its joint venture partner, Alcion Ventures LP, will transform the asset into a 100,000-square-foot boutique office building. Akridge and Alcion plan to rename the asset 1701 Rhode Island. The redevelopment includes infilling floor slabs where a gymnasium and racquetball courts reside, as well as converting a swimming pool into two levels of below-grade parking. Hickok Cole Architects will design the building with 14,000-square-foot floor plates. The trophy office building will include a two-story lobby and amenities such as a fitness facility with locker rooms; a landscaped, rooftop terrace; and an option for conference facilities on either the penthouse level or ground floor. The building’s upper floors feature views of Scott Circle, Connecticut Avenue and the Washington National Cathedral. Akridge and Alcion Ventures are targeting LEED Gold certification for 1701 Rhode Island. Akridge’s leasing team will begin leasing efforts immediately, and Akridge and Alcion have committed to begin construction by early 2017. The building is scheduled to be delivered in summer 2018.
BOCA RATON, FLA. — Cushman & Wakefield has arranged the $11.5 million sale of Grove Centre, a 52,253-square-foot office building located at 21301 Powerline Road in Boca Raton. Built in 1983, the three-story property was 86.1 percent leased at the time of sale to tenants such as C3TS/Stantec, Sequoia Insurance & Financial Inc., Freedman & Spoont PA and Weisberg & Associates. The buyer, TJAC Development, plans to build a retail strip center on the south side of the 3.5-acre parcel that is currently being used for Grove Centre’s overflow parking. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Jason Hochman of Cushman & Wakefield represented the seller, SF Partners, in the transaction. Ayal Frist of Stateland Brown represented TJAC Development.
SAN ANTONIO — Stream Realty Partners has broken ground on Phase II of the company’s One51 Office Centre in the Westover Hills area of San Antonio. The Class A project will consist of a 101,000-square-foot office building located off of Highway 151. The two-story building will be completed in December. Carolyn Hinchey Shaw of Stream Realty Partners Central Texas will lease the office property, which will offer floor plates ranging from 22,000 to 101,000 square feet. The property, owned by Stream, will feature Class A finishes, 10-foot ceilings, 24-hour access, visibility from Highway 151 and dual-pane glass windows. The property is located on 9 acres near San Antonio International Airport. Westover Hills is home to numerous corporate campuses, including Nationwide Insurance, Wells Fargo, Hartford Insurance, Kohl’s, Capital Group, Chase Bank and Microsoft.
PLANO, TEXAS — KBS Realty Advisors has signed two new leases totaling 22,578 square feet at Tollway North Office Park in Plano. SomnoMed, a treatment facility providing solutions for sleep-related breathing disorders, signed a lease for 17,254 square feet, and Eikon Consulting Group, a full-service design and consulting firm, signed a 5,324-square-foot lease. Tollway North Office Park consists of seven Class A office buildings located within Legacy Business Park. The one-story buildings range in size from 29,023 square feet to 64,137 square feet. The property covers 27 acres and has 1,400 parking spaces. Construction at the property was completed in 2001. Johnathan Hill and Carlie Wilmes of Morrow Hill represented SomnoMed and Al Paniagua of Swearingen represented Eikon. Justin Miller of Transwestern represented KBS Realty Advisors in the lease transactions.
LOS ANGELES — A joint venture between Douglas Emmett and the Qatar Investment Authority has purchased a 1.7-million-square-foot office portfolio in the Los Angeles submarket of Westwood for $1.3 billion. The portfolio contains four Class A office buildings within the Westwood Wilshire office corridor. Douglas Emmett plans to retain 20 percent to 30 percent of the joint venture equity. The remaining interest will be held by institutional partners. The JV obtained a $580 million, non-recourse, interest-only loan with a seven-year term. This acquisition will allow Douglas Emmett to control 74 percent of the Westwood Wilshire office corridor. The firm’s portfolio now contains a total of 66 office properties with 17.2 million square feet of space.
CHICAGO — J.C. Anderson will construct a 20,000-square-foot office expansion and renovation of a property in Chicago. West Monroe Partners occupies space at The Franklin, a two-building office property in Chicago’s West Loop. The business and technology consulting firm is set to move into the new space once it is completed this June. The Franklin, located at 222 W. Adams St. and 227 W. Monroe St., was designed by Skidmore, Owing & Merrill. The office building that houses West Monroe Partners, 227 W. Monroe St., was constructed in 1989 and is 60 stories. The building has 2.5 million square feet of rentable space. Amenities at The Franklin include an atrium lounge and a 10,000-square-foot fitness center. Garnett is providing architectural services for the expansion and renovation.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 123 Linden Blvd. in Brooklyn. New York Congregational Center for Community Life sold the property for $18.5 million, or $558 per square foot. The site currently consists of a four-story, 33,145-square-foot institutional building, which most recently served as office space for several community-based organizations. The site allows for approximately 248,949 residential buildable square feet or about 316,159 buildable square feet of community facility space, along with additional development rights that were transferred from 135 Linden Boulevard. James Nelson and Matt Nickerson of Cushman & Wakefield handled the transaction.
ARDSLEY, N.Y. — Colliers International has arranged the sale of a flex office building located at 466 Saw Mill River Road in Ardsley. G&G Instrument Corp. sold the 59,000-square-foot building to Avon Development Enterprises Corp. for $4.7 million. Developed in 1968, the three-story building was built slab-on-grade into the side of a hill and features dock access for all three levels. Ian Ceppos, Alex Jinishian, Al Gutierrez and Cameron Paktinat of Colliers represented the seller, while Alan Weisman of Lee & Associates represented the buyer in the transaction.
