CHESTERFIELD, MO. — Transwestern has brokered the sale of Corporate Plaza, a five-story office building located at 14528 S. Outer 40 Road in Chesterfield, a suburb of St. Louis. Griffin-American Healthcare REIT III Inc. acquired the 210,409-square-foot property for $36 million from an affiliate of Westport Capital Partners LLC. Completed in 1989, the building was 98 percent leased at the time of sale. The property serves as the executive and administrative headquarters of Mercy Health, a private, nonprofit healthcare provider that operates 35 hospitals and has $4.4 billion in revenue. Gary Nussbaum, Mike Donovan and David Matheis of Transwestern represented the seller in the transaction.
PLYMOUTH, MICH. — Bernard Financial Group has arranged a $3.3 million loan for Plymouth Commerce Center in Plymouth. The property features 76,500 square feet of office space. Neil Gorosh of Bernard Financial secured the financing for the borrower, Plymouth Commerce Center LP. The lender, Advantus, is an exclusive correspondent of Bernard Financial Group, and will fully service the loan.
CHAMBLEE, GA. — Pattillo Industrial Real Estate and Parkside Partners Inc. have formed a joint venture, known as Trackside Partners LLC, to develop a Class A office project in Chamblee, a northeast suburb of Atlanta. The MARTA (Metropolitan Atlanta Rapid Transit Authority) board of directors selected the joint venture to develop the project, known as Trackside, on a 2.2-acre site located at Peachtree and Chamblee Tucker roads. MARTA owns the site, which is located across from the Chamblee MARTA station. Upon completion, the two-phase, 80,000-square-foot Trackside will be Chamblee’s first Class A office development. Trackside will serve as the new headquarters for Pattillo Industrial Real Estate, which will occupy 20,000 square feet of the four-story, 50,000-square-foot Trackside One building. Pattillo will relocate 35 employees in second-quarter 2017 from its current offices in Stone Mountain, Ga., where the firm has been headquartered since 1975. Pattillo’s office space will feature a rooftop deck and a two-level sky lobby with a walkway beneath a glass roof. Trackside Two will be a two-story, 30,000-square-foot office building that also features a single-level parking deck. Both phases will feature first-floor retail and restaurant space. Construction is scheduled to begin in second-quarter 2016 on Trackside One. Chad …
WARREN AND BRIDGEWATER, N.J., AND WESTBOROUGH AND MARLBOROUGH, MASS. — HFF has arranged $83.4 million in refinancing for a portfolio of office assets totaling 14 buildings and 946,374 square feet in New Jersey and Massachusetts. HFF secured the floating-rate loan through JP Morgan Chase & Co. and Rialto Capital for the borrower, Normandy Real Estate Partners. The properties are a two-building, 228,393-square-foot asset at 20 and 25 Independence Blvd. in Warren; a 40,565-square-foot building at 999 Frontier Road in Bridgewater; the four-building, 105,500-square-foot Flanders Business Park in Westborough; and the seven-building, 571,916-square-foot Marlborough Technology Park in Marlborough. Jon Mikula, Riaz Cassum and Porter Terry of HFF represented the borrower in the financing transaction.
PRICE, UTAH — Utah State Office of Rehabilitation has renewed its lease at the Price Human Services Building. The 38,129-square-foot building is located at 475 West Price River Drive in Price. It is fully occupied by the State of Utah and currently houses three different agencies, including the Department of Human Services, the Department of Workforce Services and the Department of Rehabilitation Services. The lease will extend the office’s lease by five years. The landlord is Fairbridge Properties.
WARRENVILLE, ILL. — CPA:18 – Global has acquired an office building in Warrenville for $34.8 million, excluding acquisition fees, from The Northwestern Mutual Life Insurance Co. Warrenville is 34 miles west of Chicago. Constructed as a build-to-suit in 2001, the five-story building offers 146,800 square feet of Class A office space. The property features flexible office space with exterior offices and interior conference rooms and cubicles, parking spaces, a conference center and a fitness center. Exelon Generation has triple-net leased the property on a long-term basis. CPA:18 – Global is one of W. P. Carey Inc.’s managed non-traded REITs.
SPRING LAKE AND GRAND RAPIDS, MICH. — NAI Wisinksi of West Michigan has brokered two leases totaling 4,552 square feet in Michigan. In the first transaction, Kevin B. Megley leased 1,452 square feet of office space at 723 E. Savidge St. in Spring Lake. Megley is relocating his law office to the space. Jason Makowski and Tim Platt of NAI Wisinski represented both the lessee and lessor in the five-year lease transaction. In the second deal, Craft Retail Inc. leased 3,100 square feet of retail space at 678 Front St. SW in Grand Rapids. The United Kingdom-based company plans to use the space to expand its operations. Mary Anne Wisinski of NAI Wisinski represented the tenant, while Makowski represented the undisclosed landlord in the five-year lease transaction.
WASHINGTON, D.C. — John Hancock Real Estate has acquired 1750 Pennsylvania Avenue NW, a 13-story, Class A office building located in Washington, D.C.’s central business district, for $182 million. The 278,916-square-foot office building was 97 percent leased at the time of sale. The LEED Gold-certified property underwent renovations in 2001 and 2014. The property is located between the White House one block to the east and the World Bank headquarters one block to the west. John Hancock is the U.S. division of Manulife Financial Corp., one of the largest life insurance companies in the world.
NEW YORK CITY — A partnership between Jeff Sutton and Aurora Capital has entered into a 99-year triple net lease for 511 Fifth Avenue, a 160,000-square-foot Class A building on the southeast corner of 43rd Street in Midtown Manhattan. The 17-story building serves as the New York headquarters for Israel Discount Bank and offers 20,000 square feet of retail space. The partnership will operate the property during the lease term, as well as undertake renovations and assume responsibility for leasing. Bruce Mosler, David Green, Louis Wolfowitz, Peyton Horn, Josh Kuriloff and Nat Rockett of Cushman & Wakefield represented the building’s owner, a group of family trusts, in the transaction. Raymond Sanseverino and Richard Nardi of Loeb & Loeb LLP provided legal representation for the owners, while Chris Smith and Lisa Brill of Shearman & Sterling represented the lessee.
CARROLLTON, TEXAS — Henry S. Miller Cos. has arranged a 5,000-square-foot industrial office lease for WaterCentric at 4720 Dozier Road in Carrollton. Fred Dumlao of Henry S. Miller Cos. worked on behalf of the landlord, Larry Osterman, in the leasing negotiations. WaterCentric provides long-term water strategies, water rights permitting and alternative source implementation for clients.