SAN ANTONIO — Tryperion Partners and Goodstone LLC have acquired Network Tech Center, an 84,505-square-foot, three-building office park located in the University Business Park of San Antonio’s Northwest office market. Located along I-10 near Loop 1604, Network Tech Center offers freeway access and close proximity to restaurant and retail amenities. CBRE’s Todd Mills represented the seller in the transaction.
GRAPEVINE, TEXAS — Realty Capital Management has sold a pad site located off Texan Trail to Norman Construction. The construction firm will be relocating its corporate offices from Coppell to a new location just north of Dallas Road on Texan Trail in Grapevine. Norman Construction has been in business since 1997 and is a full-service commercial contracting company specializing in multifamily rehab and construction. In addition, Norman offers capital improvements, fire remediation services and deferred maintenance needs. Mark Boone of Realty Capital Management represented the landlord and tenant in the lease transaction.
LOS ANGELES — The Abbey Co. has received a $310 million bridge loan to recapitalize a 34-property Southern California portfolio. The assets securing the loan total about 3 million square feet of office, industrial and retail properties. The properties are situated throughout the Inland Empire, San Diego, Los Angeles and Orange counties. The proceeds were used to refinance two maturing CMBS loans and increase cash flow across the portfolio. David Blitz of Nebo Capital arranged the interest-only loan. Sklar Kirsh acted as the firm’s legal advisors.
PHOENIX — Physicians Realty Trust has acquired the Integrated Medical Services portfolio, which contains four Class A medical office buildings in Phoenix, for $141 million. The acquisition set a new record as the highest price paid for an on-campus, multi-tenant medical office portfolio in Metro Phoenix, according to Newmark Grubb Knight Frank’s (NGKF) Phoenix office, which brokered the sale. The portfolio includes a total of 406,894 square feet, which equated to a price tag of $347 per square foot. The sale includes Paradise Valley IMS, North Mountain IMS Medical Building, Palm Valley Medical Office Building and Avondale IMS. The portfolio is currently 96 percent leased on average. It is anchored by physician practice groups. The properties were built between 2004 and 2009. Physicians Realty Trust represented itself in this transaction. NGKF’s Garth Hogan, Todd Perman, Trisha Talbot and Kathleen Morgan, in collaboration with Global Healthcare Services, represented the unnamed sellers.
SUGAR LAND, TEXAS — Berkadia has arranged $21.9 million in financing for One Sugar Creek Center/Comerica Bank Building, an office property located in Sugar Land. Corby Chaffin and Steve Comly of Berkadia’s Houston and Philadelphia offices, respectively, secured the fixed-rate loan through an unnamed life insurance company. Chaffin and Comly originated the financing on behalf of the borrower, Equus Investment Partnership IX, a discretionary fund managed by Equus Capital Partners Ltd. Equus’ business plans call for capital improvements and amenity upgrades to the property. The 11-story property spans 193,998 square feet and is situated on 4.5 acres. Amenities include a deli, banking facility, surface parking and an attached four-level parking garage. Built in 1983, the property is 89 percent occupied. One Sugar Creek Center/Comerica Bank Building is located at 1 Sugar Creek Center Blvd. and is 20 miles southwest of downtown Houston. The property offers access to US Highway 59, US Highway 90A and State Highway 6.
CERRITOS, CALIF. — Carmenita Corporate Plaza, a 68,779-square-foot office building in Cerritos, has sold to a private exchange buyer for an undisclosed sum. The plaza is located at 13340 183rd St. It is fully leased to Infinity Property & Casualty Corporation. CBRE’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an affiliate of Cohen Asset Management.
UPSTATE NEW YORK; HARTFORD, CONN.; AND PHILADELPHIA — Equity Commonwealth (NYSE: EQC), a real estate investment trust (REIT) based in Chicago, has sold 13 properties in three separate transactions totaling $261 million. In the first transaction, the company sold an 11-property portfolio of small office assets totaling 2 million square feet in upstate New York for $104.6 million. The company also sold City Place, an 868,000-square-foot office property at 185 Asylum St. in Hartford, Conn., for $113.3 million. The office is the tallest building in Hartford. As of June 30, the property was 98.7 percent leased. In the third transaction, Equity Commonwealth sold an undisclosed property at the corner of North 16th and Race streets in Philadelphia for $43 million. The 609,000-square-foot vacant property is currently vacant. The buyers in all three sales were not disclosed. Concurrent with the dispositions, Equity Commonwealth has doubled its share buyback program from $100 million to $200 million. The company has repurchased 3.4 million shares of its common stock at an average price of $25.76 per share for a total investment of $87.8 million. The company currently has $112.2 million available for share repurchases over the next 12 months. Equity Commonwealth’s stock price closed …
WALL TOWNSHIP, N.J. — Holliday Fenoglio Fowler (HFF) has arranged $23.7 million in refinancing for a four-building office complex in Wall Township. Located at 1800 Route 34, the 189,836-square-foot complex is occupied by French & Parrello, First Credit Union, The Earle Companies, KMB Design Group, Secova Securities and Eckman Recycling. Constructed between 2001 and 2007, the property is 95 percent leased. Michael Klein led the HFF debt placement team that arranged the 10-year, fixed-rate loan through CIBC World Markets for the borrower, The Donato Group.
INDIANAPOLIS — Cushman & Wakefield | Summit Realty Group has arranged the sale of 130 E Washington St., a 203,250-square-foot office building in downtown Indianapolis for $9.2 million. Cushman & Wakefield (C&W)|Summit marketed the property on behalf of the seller, Perennial Washington St. LLC. Onward Investors LLC purchased the asset. The building was formerly known as the Meyer-Kiser Bank Building. Tenants of the property include Arcadis and the national governing bodies of USA Track and Field, Diving, Gymnastics, and Synchronized Swimming. Summit Realty Group has also been retained by new ownership to oversee property management and leasing of the project.
DEDHAM, MASS. — Holliday Fenoglio Fowler (HFF) has brokered the $7 million sale and arranged $4.7 million in acquisition financing for a 39,391-square-foot office building located at 20 Carematrix Drive in Dedham. Coleman Benedict and Ben Sayles of HFF represented the seller, an affiliate of The Bulfinch Companies Inc. Lauren O’Neil, also of HFF, led the debt placement team that arranged the acquisition financing for the buyer, an affiliate of NorthBridge CRE Advisors. The financing was arranged through Country Bank.
