EATONTOWN, N.J. — Holliday Fenoglio Fowler (HFF) has secured $10 million in refinancing for West Ridge Corporate Center in Eatontown. HFF placed the 10-year, fixed-rate loan with Principal Commercial Capital for the borrower, Bollerman Real Estate Services Inc. Located at One Industrial Way West, the five-building, 113,715-square-foot office/flex complex is currently 96 percent leased. Michael Klein led the HFF team representing Bollerman in the financing.
CHARLOTTE, N.C. — Portman Holdings has secured financing for its $122 million office building located at 615 S. College Ave. in Uptown Charlotte. The financing included equity from China Orient Summit Capital and debt from PCCP LLC. The 371,000-square-foot office building will be constructed atop an existing parking garage, and upon completion in February 2017, the office tower will have an outdoor green space and direct access to the Lynx Blue Line. John Portman & Associates is providing architectural services, and Travis Garland of Portman Holdings is managing the leasing process, in conjunction with Trinity Partners. Portman Holdings will officially break ground on the office tower on Friday, Aug. 14.
FORT MYERS, FLA. — Cushman & Wakefield has brokered the $10.2 million sale of Forum Corporate Park II, a 60,777-square-foot, Class A office building located at 9160 Forum Corporate Parkway in Fort Myers. The office building is positioned within The Forum at Fort Myers, a 706-acre master-planned development. Rick Brugge, Mike Davis and Michael Lerner of Cushman & Wakefield, along with Robert Brooks of Songy Highroads, represented the seller in the transaction. The buyer was Holden Properties. The three-story suburban office building is currently 82.3 percent leased to tenants such as Verizon, Prudential Insurance and Regus.
PERRYSBURG, OHIO — Marcus & Millichap has brokered the sale of a 22,089-square-foot medical office building in Perrysburg, approximately 10 miles south of Toledo. The Starbright Professional Center at 28555 Starbright Blvd. sold for $4.7 million. The office is part of the ProMedica St. Luke’s Hospital Health System. Ryan Moore and Christopher Mitchel of Marcus & Millichap’s Cleveland office represented the seller, a private investor. A limited liability company represented itself as the buyer.
HOUSTON — Texoz E&P I, Inc., a subsidiary of Talon Petroleum Limited, has subleased their office space at Three Chasewood in northwest Houston to Huff Energy Holdings. Ryan Dierker with Newcor Commercial Real Estate represented the sublessor, Texoz E&P I, Inc. and the subtenant, Huff Energy Holdings, in the 2,235-square-foot office sublease transaction located at 20405 State Highway 249 in Houston. Newcor is a full-service commercial real estate company headquartered in The Woodlands. With a focus on north Houston and the area around the new Exxon Mobil campus, Newcor is positioned to maximize their clients’ opportunities in and around Houston’s new energy corridor.
AUSTIN, TEXAS — Karlin Real Estate has closed out the 1 million-square-foot first phase of PARMER Technology and Office Park with the sale of Parmer 6.2, a 292,000-square-foot office/flex building, to Casa Marco. Located at 301 Howard Lane, the building is one of three similarly sized institutional quality buildings that make up PARMER’s first phase, known at Sector 6. Karlin acquired the buildings from Dell in December 2012 when the computer maker moved to consolidate its operations to a 350-acre complex in Round Rock. Since then, the Los Angeles-based investor has backfilled 100 percent of the vacant buildings with a variety of companies including GM, Allergan and Met Labs. CBRE’s Mark Emerick and John Barksdale represented both parties in the transactions. Karlin and Dallas-based Trammell Crow Co. are developing the 400-acre technology and office park.
BASKING RIDGE, N.J. — Rubenstein Partners has received $28.5 million in refinancing for 211 Mount Airy Road, a 305,000-square-foot office property in Basking Ridge. Rubenstein Partners along with its partner, Onyx Equities, recently completed a redevelopment plan to improve and modernize the property. The partnership additionally signed a 61,676 square feet lease with Avaya Inc. The property features a full cafeteria, state-of-the-art fitness facilities and a 127-seat auditorium and conference center. Wells Fargo is providing the five-year loan facility.
LOS ANGELES — Manhattan Towers, 309,734-square-foot office property in the Los Angeles submarket of Manhattan Beach, has sold for $96 million. The unnamed buyer acquired the two-building asset through an online auction at Auction.com. It was the largest single e-commerce transaction to date, according to Guinness World Records. Manhattan Towers is located at 1230 and 1240 Rosecrans Ave. It was built in 1985. The Guinness record was previously held by Mark Cuban, who purchased a Gulfstream V private jet for $40 million in 1999. The office property’s auction concluded July 22. The seller was CWCapital. Eastdil Secured brokered the deal.
It’s safe to say that the Rio Grande Valley, now also referred to as Rio South Texas, is one of the most dynamic and fastest growing regions in the state. The four-county region at the southernmost tip of Texas bordering Mexico and hugging the Gulf of Mexico consists of Hidalgo, Cameron, Starr and Willacy counties. With nine ports of entry, five international airports, a first-class deep water port, a population of over 1.2 million and three interstates, it is easy to see why the Rio Grande Valley is one of the largest trade corridors in the world. Growth in all aspects, including retail, office, medical, education, industrial and housing, brought nearly $700 million in construction permits for all of 2014. Retail Sales tax revenue being sent back to the cities continues to increase at a healthy pace. Walmart’s opening of 12 new stores in the region affirms the positive growth and the confidence in the valley. The impact a Super Walmart has is evident with a city’s sales tax revenue. Two new stores in Donna and Elsa increased local sales tax revenue 14 percent and 57 percent, respectively. Retail sales in the region continue to rise, showing the strength of …
WASHINGTON, D.C. — Akridge and Brandywine Realty Trust have partnered to develop 25M Street, a 275,000-square-foot trophy office asset in Washington, D.C.’s Capitol Riverfront district. The asset will be located at the corner of Half and M streets adjacent to Nationals Park, the ballpark for the Washington Nationals. Upon completion, the property will have a large modern lobby, 3,000-square-foot fitness center, rooftop terrace with views of the ballpark and 25,000 square feet of street-level retail, dining and entertainment space. HOK is the architect for the project, which will be located across from the Navy Yard Metro Station. Randy Harrell, Kevin Howard, Joe Coleman and Melissa Byrd of CBRE will be marketing the building on behalf of the partnership. Also underway adjacent to Nationals Park is F1RST, a multifamily and retail asset being developed by Grosvenor Americas.
