HOUSTON — NAI Partners has represented Tipton Co. in the acquisition of a 10,000-square-foot office/warehouse space on 1.9 acres located at 3565 S. Loop 336 E. in Conroe. Ty Tipton is CEO and president of Tipton Co., a third-generation, family-owned plumbing supply company. His grandfather, Zeke Tipton, founded the company in 1935. Zeke Tipton was a captain in World War II serving in Germany. After returning from Germany in 1946, he and his wife, Cecile, put all their efforts toward building Tipton Co.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 62,318-square-foot office lease in Troy, approximately 25 miles north of Detroit. Midland Credit Management Inc. will occupy space in Building B of Troy Officentre. Osprey-Troy Officentre LLC owns the building located at 320 E. Big Beaver Road. Glenn DesRosiers of Friedman Integrated Real Estate Solutions represented the landlord in the transaction. Midland Credit Management is a subsidiary of Encore Capital Group, an international specialty finance company that provides debt-recovery solutions for consumers and property owners.
NEW YORK CITY — SL Green Realty Corp (NYSE: SLG) has received $296 million in financing for three of the REIT’s New York-based assets. The assets include a Class A office building at 800 Third Ave. in Manhattan; Jericho Plaza, a 662,000-square-foot, two-property complex in Jericho on Long Island; and 719 Seventh Ave. in Times Square, which will eventually serve as a prime retail flagship location. The office building received a new 10-year, $177 million refinancing of its mortgage loan. The property is situated in the Grand Central submarket. It is currently 96 percent occupied. Jericho Plaza received a two-year, floating-rate mortgage to recapitalize the property. The initial funding was about $75 million, with a total expected funding of $100 million. Proceeds will partially be used for a capital improvement plan that includes lobby and elevator cab renovations, the addition of a conference facility and landscaping upgrades. The Times Square project received a two-year, $44 million loan. The proceeds will be used for construction of 10,000 square feet of retail space, as well as extensive LED signage. SL Green expects that construction will be completed before the 2016 holiday season. “The successful completion of these transactions provides evidence that liquidity …
WHITE PLAINS, N.Y. — A joint venture between SL Green and Renaissance Office Partners has entered into an agreement to sell an office building located at 7 Renaissance Square in White Plains. The gross sales price is $20.7 million, or $316 per square foot. Located at the Ritz Carlton complex, the building feature 65,600 square feet of office space. The transaction is expected to close during the second quarter of this year, subject to customary closing conditions. The name of the buyer was not released. Jeff Dunne of CBRE represented the sellers in the deal.
INDIANAPOLIS — JLL has arranged the sale of a 16,500-square-foot office building in Indianapolis. MID by Design LLC sold the building, located at 9800 Association Court, to CKH Realty for an undisclosed price. The property consists of a 13,900-square-foot open studio with 21-foot ceilings and 2,600 square feet of mezzanine space. Kevin Gillihan of JLL represented the seller in the transaction, and Tim O’Brien of O’Brien Commercial Real Estate represented the buyer.
HOUSTON — The University of Houston (UH) is getting a second Health and Biomedical Sciences Building (HBSB2). The nine-story, 300,000-square-foot facility will be the next phase of the development of UH’s biomedical district. With a project budget of $145 million, HBSB2 will be home to specialized research and teaching labs, faculty and staff offices, an expanded health sciences library and a mix of teaching spaces, including auditoriums and smaller learning spaces for group and individual study. While construction is already underway, a ceremonial groundbreaking will take place at 10 a.m. on Feb. 29. HBSB2 will be the new home of the UH College of Pharmacy and will consolidate faculty and students currently housed in the Texas Medical Center and Science and Research 2 buildings. The consolidation will help integrate teaching, research and clinical programs. Shepley Bulfinch, the architectural firm that completed HBSB1 in 2013, is the architect of HBSB2.
ALLEN, TEXAS — Development firm JaRyCo has begun construction on Tech Center One, Phase I of an office/warehouse complex at Greenville Avenue and Bethany Drive in Allen. Completion of the 38,000-square-foot office/warehouse hybrid building is expected in August. Two additional building phases are planned for a total of 94,000 square feet. A groundbreaking ceremony for the project is set for Feb. 25. at 2 p.m. This will be the 10th project in Allen for JaRyCo in the last 15 years. George Tanghongs and Brett Lewis of Lee & Associates’ Dallas/Fort Worth office are marketing the property.
DURHAM, N.C. — Raleigh-based Q10 Professional Mortgage of North Carolina has arranged a $9.5 million acquisition loan for a Class A office building in Durham. The 104,400-square-foot property is located at 2530 Meridian Parkway within Meridian Business Park. The office building was 80 percent leased at the time of financing to tenants such as Regus Executive Suites and the RTP offices of Womble Carlyle Sandridge & Rice. Spencer Wilson of Q10 Professional Mortgage arranged the loan through RGA Reinsurance Group on behalf of the buyer, Rochester, N.Y.-based JPB Holdings. Jimmy Barnes and Whit Brown of NAI Carolantic represented the buyer in the acquisition. Ben Kilgore of CBRE represented the seller, Meridian Operating Associates LLC.
NEW YORK CITY — Hodges Ward Elliott has arranged a $69 million loan on behalf of an institutional real estate investment firm for the refinancing of an office building. The property is located at 31 W. 27th St. in Manhattan’s Midtown South neighborhood. The 12-story, loft-style building offers 144,000 square feet of office space. The funding, which was provided by TD Bank, will allow the owner to complete its strategic business plan for the property, which was recently repositioned.
DALLAS — Texas Health Surgery Center has renewed its lease of 8,285 square feet and expanded to another 5,546 square feet at Preston Plaza in Dallas. An affiliate of Caddo Holdings LLC owns Preston Plaza, a retail center. Kyle Jacobs of Rubicon Representation LLC represented the tenant. Heather Shover and Sean Dalton at Younger Partners represented the landlord.