FORT WORTH, TEXAS — Southside Magnolia Partners has acquired a mixed-use building located at 701 W. Magnolia Ave. in Fort Worth. Situated on the southwest corner of Magnolia Avenue and Hemphill Street, the building is the former headquarters of Fort Worth National Bank. The building features residential living, casual dining, retail and office space. Anchor tenants include Southside Bank and Shinjuku Station. There is a 4,000-square-foot site available for restaurant or retail, as well as five lofts on the second floor. Will Martin and Southside Magnolia Partners have a light restoration in plan for the property, but parts of the building still have original architectural features including exposed brick, hardwood floors and views of downtown Fort Worth. W. Martin and Co. represented the buyers and Grant Huff with Transwestern represented the seller.
CHICAGO — Mesa West Capital has provided a $210 million short-term first mortgage for the refinancing of the office and parking components of the John Hancock Center in Chicago. A partnership led by Chicago-based real estate investment firm Hearn Company received the financing that included $35 million of mezzanine debt placed with an institutional investor at closing. Hearn acquired the 894,000-square-foot office building and 710-car parking garage, located at 875 N. Michigan Ave., in 2013. Since acquiring the building, Hearn has invested in improvements such as a complete replacement of the mechanical systems, a full renovation of the entries and lobbies on Chestnut and Delaware streets, a new 13th floor lounge, fitness center and conference facility. The common areas and bathrooms on each floor were also upgraded. Mesa West’s five-year, non-recourse loan will be used to refinance the existing debt and for ongoing leasing and capital costs to stabilize the asset. The office component is currently 85 percent leased and anchored by Interpublic Group, a leading global marketing firm. John Parrett and Bill Howe of CBRE arranged the financing.
PLANO, TEXAS — Transwestern has brokered the sale of Plano Parkway Business Center in Plano to a buyer represented by SVN/Trinity Advisors. The property, located at 2701 W. Plano Parkway, was built in 1998 and consists of 113,299 square feet of office space. Transwestern’s Steve Simon, Steve Rowland, Henry Knapek and Justin Miller represented the seller, Transwestern Investment Management/State Farm. Steve Fithian of SVN/Trinity Advisors represented the buyer.
WAYLAND, MICH. — NAI Wisinski of West Michigan has arranged a 2,500-square-foot office lease in Wayland, approximately 20 miles south of Grand Rapids. Salingue Agency Inc. will rent the space from Puhalski Family Farmers Insurance LLC. The formerly vacant space, located at 201 Clark St., will be renovated prior to Salingue Agency taking occupancy. Salingue Agency will relocate its insurance office from Hastings to the building in Wayland. Jason Makowski and Rod Alderink of NAI Wisinski of West Michigan represented the landlord in the transaction. Makowski also represented the tenant.
BOCA RATON AND FORT LAUDERDALE, FLA. — Ivy Realty has closed on the purchase of four Class A office buildings in Boca Raton and Fort Lauderdale. The properties include a 21-story office tower and attached six-story office building (Tower 101) in Fort Lauderdale and two office buildings in Boca Raton totaling 132,000 square feet. Ivy Realty purchased Tower 101 from Miami-based Banyan Street Capital for $56.3 million, according to the South Florida Business Journal. Tower 101 was 94 percent leased at the time of sale to tenants such as Uniform Advantage, Quest Workspaces, KEMET, Puma and Thornton Tomasetti. The two Boca Raton properties are located within Meridian Office Center at 6551 and 6601 Park of Commerce Blvd. The two two-story properties are fully leased to LexisNexis (6601) and Cross Country Healthcare (6551). Ivy Realty purchased the assets from Blackrock for $27 million, according to the South Florida Business Journal.
AURORA, COLO. — A private investor has purchased Iliff Office Park, an 89,384-square-foot office campus in Aurora, for $2.4 million. The park is located at 2323 South Troy St., about 10 miles southwest of downtown Denver. The Class B property contains six buildings connected through a second-story, concourse-style floor. It also contains a common-area courtyard, as well as a newly completed tenant monument sign. Clayton Primm of Marcus & Millichap represented the buyer. Brian C. Smith of the same firm represented the seller, another private investor, in this transaction.
BETHLEHEM AND WHITEHALL, PA. — Sands Investment Group has brokered the sales of two medical office buildings in Pennsylvania. An East Coast institutional investment firm has acquired a 22,742-square-foot medical office building located at 2014 County Line Road in Bethlehem for $4.4 million and a 10,170-square-foot medical office building at 1320 Mickley Road in Whitehall for $3.1 million. The Bethlehem property is occupied by Fresenius, RMS, a DaVita subsidiary, and Valley Kidney Specialists; and the Whitehall property is occupied by Fresenius Medical Care. Bryant Hoover of Sands Investment Group’s Santa Monica, Calif., office represented the seller, a doctor/owner, in both transactions.
ATLANTA — Hillwood, a Dallas-based Perot company and real estate developer and investor, has opened a new office in Atlanta. The company has hired Todd Parker as senior vice president and market leader to oversee the firm’s industrial business in the Southeast region. Parker, who will be based in Atlanta, brings more than 14 years of experience in the office and industrial real estate sectors. Before joining Hillwood, Parker served as vice president and regional director at The Rockefeller Group. “We are excited to welcome Todd Parker to the Hillwood team. His experience will enable us to develop, acquire and joint venture significantly more properties in the region,” said Tal Hicks, president of Hillwood Investment Properties. “We see significant opportunities for growth in the Southeast region. Todd will be a great asset as we continue to increase our presence in this market.”
STRONGSVILLE, OHIO — The Cooper Commercial Investment Group has arranged the sale of a 41,184-square-foot office and warehouse building for $3.6 million. A private investor from Ohio sold the property located in the Strongsville Business & Technology Park along Foltz Parkway in Strongsville, approximately 20 miles southwest of Cleveland. The building can accommodate four tenants and is 98 percent occupied. Tyco SimplexGrinnell, a provider of emergency communication systems and services, is the most recent tenant to sign a lease at the property. The building sold for 92 percent of the list price and featured an 8.67 percent cap rate. Dan Cooper of Cooper Commercial Investment Group represented the seller in the transaction.
LOS ANGELES — Bolour Associates has purchased a 113,606-square-foot creative office building in the Los Angeles submarket of El Segundo for $49 million. The property is located at 2101 El Segundo Blvd. The space underwent a comprehensive redesign that commenced in 2013. The seller, a joint venture between Bixby Land Company and Cornerstone Real Estate Advisers, invested about $25 million in acquisition, development and leasing costs to reposition the building. The space is now fully occupied to notable tenants like Sanrio, Exponential Interactive, Cove Street Capital, AMA Consulting Engineers, Specialty’s Café & Bakery and Peet’s Coffee. Bolour was represented by Bob Safai of Madison Partners. Bixby represented itself in the transaction, while CBRE’s (at the time of sale) Kevin Shannon and Ken White represented Cornerstone.