ARLINGTON, TEXAS — Trammell Crow Co. has been appointed by the city of Arlington to serve as the master developer of an 18-acre site located at I-30 and North Collins Street near the Dallas Cowboys’ AT&T Stadium. The site is known as Stadium View and has the ability to accommodate up to 1 million square feet of Class A office space. Trammell Crow has appointed CBRE to market the site.
Office
ATLANTA — Durham, N.C.-based The Dilweg Cos. has purchased Centennial Tower, a 652,092-square-foot office tower located at 101 Marietta St. in downtown Atlanta. Dilweg bought the 36-story, Class A office tower from Jackson Corporate Real Estate for $69 million, according to the Triangle Business Journal. Built in 1975 and renovated in 1998, the property was 75 percent leased at the time of sale to tenants such as Turner Broadcasting, Peer 1 Hosting, Oracle and the Atlanta Hawks. Dilweg plans to invest more than $7 million to upgrade the buildings’ operating systems, common areas and tenant amenities to reposition the property. Jay O’Meara of CBRE represented the seller in the transaction. Dilweg has tapped CBRE to lease and manage Centennial Tower.
MENDOTA HEIGHTS, MINN. — Cushman & Wakefield | NorthMarq has brokered the sale of a six-building office portfolio to an entity related to MSP Real Estate. The 420,000-square-foot portfolio is located on Northland Drive in Mendota Heights, approximately 10 miles southeast of Minneapolis. Terms of the transaction were not disclosed. The six Class A office buildings offer competitive lease rates and are all located with convenient access to the Minneapolis-St. Paul International Airport, I-35E, I-494 and State Highway 55. The first building in the park was constructed in 1988, with the remainder of the properties built throughout the 1990s and early 2000s. The sale is the first office acquisition by MSP Real Estate, which in recent years has primarily focused on apartment and seniors housing assets. Cushman & Wakefield | NorthMarq will continue to manage the property. Cushman & Wakefield | NorthMarq represented the seller, United Properties.
AKRON, OHIO — Brennan Investment Group LLC has acquired Landmark Plastic Corp.’s headquarters building located at 1331 Kelly Ave. in Akron. The acquisition of the Landmark Plastic facility was funded through Brennan’s $300 million joint venture with one of Arch Street Capital Advisors’ institutional clients. Full transaction terms were not disclosed. The building is 100 percent leased to Landmark Plastic, which specializes in the manufacturing of thermoformed and injection molded products for the horticultural industry.
TRENTON, N.J. — Segal LaBate Commercial Real Estate has finalized the sale of the former Trenton Times building, located at 500 Perry St. in Trenton. Murray, Utah-based HighMark School Development, in collaboration with the International Academy of Trenton Charter School, acquired the 80,000-square-foot building for an undisclosed price. Situated on six acres, the building will be transformed into a K-12 school and feature outdoor playing fields and recreational areas. Segal LaBate Commercial Real Estate represented the buyer, while Richardson Commercial Real Estate represented the seller, PerTrent LLC, in the transaction.
HOUSTON — Mercantil Commercebank has leased 18,069 square feet at the Town Centre I building located at 750 Town & Country Blvd. in Houston. Bob Cromwell and Kevin Nolan of Moody Rambin represented the building owner, Town Centre Partners Ltd. Bobbie Bozarth of Transwestern represented the tenant in negotiations.
TAMPA, FLA. — A discretionary fund formed by PM Realty Group and The Roseview Group called Roseview-PMRG Fund I LLC acquired Westshore Center in Tampa. The sales price was undisclosed, but according to industry sources, the nine-story office building sold for $40 million. The 216,410-square-foot office property is located at 1715 N. Westshore Blvd. in Tampa’s Westshore submarket. The fund purchased the asset from an unnamed institutional investor for an undisclosed price. Built in 1984, the property is located roughly 2.4 miles south of Tampa International Airport. The Class A office building is the first acquisition in Florida for Roseview-PMRG Fund I LLC, which owns properties in Atlanta, Houston, Pennsylvania and Massachusetts.
DETROIT – The Forum Group, an NAI Farbman Group partner, has arranged a 30,000-square-foot lease for Molina Healthcare of Michigan Inc., located at 615 W. Lafayette Blvd. in Detroit, the building formerly occupied by the Detroit Free Press and The Detroit News. Molina will house 125 new employees on the entire fifth floor of the six-story building. After more than 97 years at 615 W. Lafayette, the Detroit Free Press and The Detroit News last fall moved into the Federal Reserve Building at 160 W. Fort St., which is owned by Bedrock Real Estate Services. Thomas Lasky of the Forum Group represented Molina Healthcare in the transaction.
NORWOOD, MASS. — Transwestern | RBJ has brokered the sale of an office building located at 2 Edgewater Drive in Norwood. ElmTree Funds LLC acquired the 98,000-square-foot property from Norwood One LLC for an undisclosed sum. Located in the master-planned Brookside Office Park, the Class A property features a full-service cafeteria, ample parking and easy access to I-95. The property is fully leased to Siemens Corp. on a long-term basis. Chris Skeffington, John Lasher, Roy Sanderman and Rob Byrne of Transwestern | RBJ represented the seller and sourced the buyer in the deal.
Colliers International Arranges $6.3M Refinance Loan for Pearl Street Lofts, Pearl Street Commons
by Amy Works
PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.