PEARLAND, TEXAS — John Burke of NorthMarq Capital’s Houston office has arranged an $8 million fixed-rate loan for a mixed-use office and retail property located on Broadway in Pearland. The interest-only loan was structured with a fixed term featuring flexible pre-payment options. NorthMarq arranged financing for the borrower through its relationship with a correspondent life insurance company lender.
Atlanta’s office market offers key factors that are harder to come by in other top markets: stability and top universities. Because the city is so diverse, it is not reliant on any one type of business for survival. It’s less volatile, which is one factor that has allowed us to come back from the Great Recession, although slowly, in a more firm and healthy fashion. In line with the majority of the country, Atlanta is currently a landlord’s market. With continued occupancy gains and a shortage of new product, rents are increasing and will continue to do so until additional Class A product delivers and the price gap between existing buildings and new construction gets smaller. Overall office vacancy in Atlanta is as its lowest point in 14 years, with strong growth in rental rates. However, Atlanta still offers the best deal overall, as tenants, developers, owners and investors are able to take advantage of its low cost of living and operating costs, excellent quality of life and a rich local talent pool. Driving the Atlanta office market, we see the technology, advertising, media and information (TAMI) sector. CBRE recently released two tech-related reports that rank the top tech talent …
CHICAGO – South Street Capital has sold a 30,000-square-foot office loft building in Chicago’s West Loop neighborhood for $7.1 million. The three-story asset is located at 1130 W. Monroe St. and was originally acquired by South Street Capital in 2013. Following the original acquisition, South Street Capital made updates and improvements to the common areas and mechanical systems. The buyer in the transaction was undisclosed.
NEW YORK CITY — Stellar Management has completed the disposition of a loft office building located at 123 Lafayette St. in New York City. An undisclosed buyer purchased the 21,916-square-foot property for $33.5 million, or $1,525 per rentable square foot. The newly renovated property is a 100 percent occupied turn-key office building with ground-floor retail space. The retail space is occupied by Dunkin’ Donuts and Love Hate Social Club. Bob Knakal, Robert Burton and Jonathan Hageman of Cushman & Wakefield handled the transaction.
HAMILTON TOWNSHIP, N.J. — NAI Mertz has arranged the sale of the multi-building, 1 million-square-foot former Congoleum Corp. complex, located at 861 Sloan Ave. in Hamilton Township. Commercial Development Corp. (CDC) acquired the property from Congoleum Corp. for an undisclosed price. CDC plans to develop a mixed-use development on the 65-acre site. The developer plans to raze the majority of the buildings on site with the exception of Building 55, an existing 150,000-square-foot warehouse building. Jeffrey Licht and Fred Meyer of NAI Mertz represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged a $27 million bridge loan on behalf of XIN Development International for the acquisition of a development site in Manhattan’s Midtown West. XIN Development plans to build a mixed-use project on the 105,000-square-foot development site, which is located at 615 Tenth Ave. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the financing, which was provided by Bank of the Ozarks, for the borrower.
NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 148 E. 98th St. in Manhattan’s Upper East Side. The asset sold for $6.6 million. The six-story, elevator-serviced property features 11 apartment units and a first-floor office space. Glenn Raff of Alpha Realty represented the seller and buyer in the transaction. The names of the buyer and seller were not released.
LOS ANGELES — Social lifestyle networking app Grindr has leased 18,000 square feet of office space at the RedBuilding inside Los Angeles’ Pacific Design Center. The building is located at 8687 Melrose Ave. in West Hollywood. Other notable tenants at the property include Clique Media, Viceroy Hotel Group and Abrams Artists Agency. Ryan Harding of Newmark Knight Grubb Frank represented Grindr in the transaction. Marc Horowitz of Cohen Brothers Realty and JLL’s Josh Wroble represented the landlord, Charles S. Cohen.
ALPHARETTA, GA. — Accesso Partners LLC has purchased North Point Center East, a four-building, Class A office park in Alpharetta, from Cousins Properties for $92.2 million. Located on 33 acres adjacent to North Point Mall, the 540,137-square-foot suburban office development was 88 percent leased at the time of sale. The park’s tenant roster includes Surgical Information Systems, Merrill Lynch, Wells Fargo Bank, Wells Fargo Wealth Management, Regus Business Centers, Amplify Education, IPSWITCH, Robert Baird & Co. and Nokia. Jay O’Meara, Will Yowell, John Shlesinger and Justin Parsonnet of CBRE’s Atlanta office represented Cousins Properties in the transaction.
WILMINGTON, DEL. — FM Capital has acquired a non-performing loan secured by the North Market Office Building in downtown Wilmington. The property has a current unpaid principal balance of approximately $26.9 million. Built in 1982, the 203,000-square-foot property features 10 floors of office space and a 42-car underground parking garage for tenant use. The debt was originated in 2007.
