PARSIPPANY AND GARFIELD, N.J. — Madison Realty Capital (MRC) has provided two first mortgage loans totaling $71.1 million for commercial properties in Northern New Jersey. In the first transaction, Madison Realty provided $45 million in acquisition financing for a 404,515-square-foot office property located at 2 Gateway Drive in Parsippany. The undisclosed borrower plans to re-tenant a portion of the property, modernize the property’s common areas and enhance the building’s amenity package. MRC funded $33 million at closing to facilitate the borrower’s acquisition and reserved a future funding component of $12 million for good-news leasing. In the second transaction, MRC provided a $26.1 million loan for the recapitalization of a 1.1 million-square-foot industrial property located at 141 Lanza Ave. in Garfield. Situated on 33 acres, the industrial property includes a warehouse and self-storage space. The undisclosed borrower plans to continue leasing and asset management efforts to fully stabilize the property.
HOUSTON — KDC has started construction on a 60,000-square-foot office building for KPRC Channel 2, Houston’s NBC affiliate. Located at 8181 Southwest Freeway in Houston’s Sharpstown district, KPRC’s new headquarters will house all aspects of the broadcast business and more than 180 employees. The project is being built 15 feet away from KPRC’s existing broadcast station, allowing utilities to be relocated while the station remains active. Completion is slated for February 2017. The facility will have two new studios with supporting control rooms for broadcasting live news programs. A 9,000-square-foot newsroom will be built as an open concept with 14-foot ceilings and exterior windows, giving employees a view into a courtyard that includes seating areas and an outdoor kitchen. KPRC’s new facility will have a two-story atrium and staircase in the center of the building to provide natural light and a central meeting location. Additional space will be allocated for the sales department and creative services department. Corgan is the project architect, DPR Construction is the general contractor, Bury is the civil engineer, AG&E is the structural engineer, Telios is the MEP engineer and Office of James Burnett is the landscape architect.
PLANO, TEXAS — Yeager has broken ground on a 48,300-square-foot mixed-use development in Plano known as Yeager at Rasor Pointe. The Indiana-based developer expects to complete the project, which includes 39,750 square feet of office suites and 8,550 square feet of retail and restaurant space, by early August. The property will be located on a 3.8-acre lot at the northeast corner of Rasor Boulevard and Ohio Drive.
WEST PALM BEACH, FLA. — PRP LLC, a specialized real estate opportunity fund manager and value-add investor, has sold The Forum, a 278,367-square-foot, three-building office complex located in West Palm Beach. An undisclosed buyer purchased the asset for $20.5 million. Located at 1655-1675 Palm Beach Lakes Blvd., the office property is located a quarter-mile east of I-95 and three miles north of Palm Beach International Airport. PRP completed a substantial renovation of the three 10-story buildings in 2013. The Forum was 61 percent leased at the time of sale. Ike Ojala, Herman Rodriguez and Jorge Portela of HFF represented PRP in the transaction.
AUSTIN, TEXAS — Bazaarvoice, an Austin-based tech company specializing in user-generated content marketing, will move to a new headquarters in the Quarry Oaks business park in north Austin. The new, 137,615-square-foot building will be home to Bazaarvoice’s 600 Austin employees, with room for future expansion. Austin-based Riverside Resources will develop the new headquarters. The Class A structure will feature outdoor decks, curtain wall glass, steel beams and exposed interior concrete. In addition to working with Riverside Resources, CBRE’s workplace strategy team partnered with Bazaarvoice to design the space. HKS designed the building’s shell, lauckgroup handled interior design and Harvey-Cleary served as the general contractor. CBRE represented Bazaarvoice in the site search and lease negotiations. The new office also features a Whole Foods Market Café.
DALLAS — Rebecca Harrell of Henry S. Miller represented Nguyen Family Medicine in the lease of a medical office in Dallas. Nguyen Family Medicine will be opening a new family clinic at 8420 Abrams Road in the Town Creek Shopping Center, located at the corner of Abrams Road and Royal Lane. Steve Music of The Steve Music Co. represented Town Creek Shopping Center in the lease.
ST. LOUIS, MO. — HFF has arranged $13.3 million in financing for a Class A office building in downtown St. Louis. The capital is being used to acquire and fund future capital improvements on the 20-story, St. Louis Place. The 337,088-square-foot building is located at 200 N. Broadway. Working on behalf of Mariner Real Estate Management, HFF placed the five-year, floating-rate loan with a division of NBH Bank, Bank Midwest. St. Louis Place is 63 percent leased to 12 tenants including Fleishman-Hillard, General Services Administration, Peckham Guyton and Albers & Viets. Matthew Schoenfeldt and Brock Cannon of HFF arranged the financing for the undisclosed borrower.
OAKLAND, CALIF. — Kaiser Center, a 975,000-square-foot office complex in downtown Oakland, has undergone a recapitalization. The transaction terms were not disclosed. The complex is located at 300 Lakeside Drive. It includes an 845,000-square-foot office tower, in addition to two low-rise retail/office buildings that total about 130,000 square feet. BART, the University of California and Kaiser Foundation Health Plan currently occupy the property. Affiliates of Rockpoint Group and the Swig Company plan to reposition the asset. This will include major renovations to the lobbies, common corridors, landscaping and retail amenities.
WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has completed a 65,941-square-foot office lease at 824 N. Market St. in Wilmington for the U.S. Bankruptcy Court for the district of Delaware. The new 10-year lease has a gross value of $20.4 million. The U.S. Bankruptcy Court premises comprise the third, fifth, sixth floors, as well as a portion of the second floor of the 196,969-square-foot office building. Bart Mackey of Patterson-Woods represented the landlord, NNN 824 North Market Street LLC, while the General Services Administration represented the tenant in the transaction.
LAS COLINAS, TEXAS — Skanska has signed a $94 million contract with the ARK Group of Charlotte, N.C., to build the Irving Music Factory in Las Colinas. Skanska will convert the existing 16.8-acre greenfield site into an entertainment destination. The new project will include an 8,000-seating capacity indoor/outdoor concert hall called the Pavilion operated by Live Nation. The venue includes seven buildings offering more than 250,000 square feet of entertainment, retail and restaurant space and an eight-screen Alamo Drafthouse Cinema. Additionally, there will be a four-story, 100,000-square-foot office tower sitting atop a six-level, 1,200-space parking garage. The project also features a 50,000-square-foot plaza and four outdoors stages. The venue is designed to host a variety of events, including music performances, fashion shows, farmers markets and food festivals throughout the year. Gensler is the architect for the project. Construction for the venue is expected to commence this month and is slated for completion in June 2017.