NEW YORK CITY — Capital One served as joint lead arranger, joint bookrunner and administrative agent for a 10-year, $150 million syndicated loan to refinance an office building at 40 Worth St. in Tribeca. Owned by Newmark Holdings, the 16-story property features 761,000 net rentable square feet, including 106,000 square feet of retail space. The property is currently occupied by a variety of retail and commercial tenants, including several New York City agencies and a number of nonprofits. TD Bank also served as a lead arranger and bookrunner on the loan. Paul Verdi of Capital One represented the bank, while Paul Talbot of NGKF Capital Markets represented the borrower in the financing transaction.
LITTLETON, MASS. — Rockland Trust has provided $27 million in financing to Boston-based Sam Park & Co. for the completion of the first phase of The Point, a 540,000-square-foot mixed-use project currently under construction in Littleton. Located at the intersection of Interstate 495 and Route 119, the project will feature 400,000 square feet of retail space, an entertainment complex, office space, a health club and a 115-room Courtyard by Marriott. Retail tenants will include Market Basket, Starbucks, AT&T, O’neil Cinemas, The Paper Source, Tavern in the Square and Pet Source, among others.
NEW YORK CITY — The City of New York has acquired a two-story building located at 850 E. 138th St. in the Bronx’s Port Morris section from Aramark for $10.2 million. The city will use the 75,080-square-foot property to consolidate and house the operations of The Department of Parks & Recreation Five-Borough shops. Built in 1988 as a commercial laundry operation, the facility features open floor plates, attractive ceiling heights and a gated parking lot. Jim Panczykowski of Binswanger’s New Haven, Conn., office handled the transaction.
As the 16th largest city in the United States and one of the fastest growing metro markets, Fort Worth is consistently a hot market in Texas and hasn’t slowed down post-recession. The current retail market is showing a low vacancy rate of 6.5 percent along with increasing rental rates. Surprisingly, these rates have not slowed leasing activity. Instead, the combination of increasing rates and dwindling vacancies have spurred new development. In years past, Fort Worth has been seen as a secondary market to Dallas, but with its strong economy and high returns, the city is now able to stand on its own. Fort Worth is seeing a lot of capital being tossed around the market. With a strong economy and low operations costs, money is pouring in from all angles, including from out-of-state and international investors. California, New York and overseas investors are beginning to recognize the stability of the city and the potential for stronger returns, and are aggressively starting to pursue opportunities here. For example, Iowa-based Lockard Development is in the process of expanding its Walmart anchored Renaissance Square power center at Berry Street and Hwy 287 in East Fort Worth to include more national credit tenants. Lockard …
MALVERN, PA. — IMC Construction has completed a 45,000-square-foot headquarters building for ifm efector North America. Located at 1100 Atwater Drive with the Atwater Corporate Center in Malvern, the two-story facility features space for more than 175 employees, a fitness center, large cafeteria, training center, multiple conference rooms, an executive board room, 10-foot ceilings, large windows and an open floor plan. Essen, Germany-based ifm efector produces sensor and control products.
NEW YORK CITY — Blesso Properties has acquired the Broad and Boerum Building, located at 525 Broadway in Brooklyn’s Williamsburg neighborhood. The asset sold for $32.8 million, or $173 per buildable square foot. Formerly a branch of Lincoln Savings Bank, the property consists of a 60,300-square-foot office building and a 13,000-square-foot parking area. The site offers 189,150 buildable square feet. Michael Amirkhanian and Brendan Maddigan of Cushman & Wakefield represented the seller, Broad and Boerum LLC, while Benjamin Shafran of Citicore represented the buyer in the transaction.
DEDHAM, MASS. — Savills Studley has brokered the sale of a 20,000-square-foot flex building located at 60 Stergis Way in Dedham. Needham, Mass.-based Fulcrum Real Estate Partners purchased the property for $2.2 million from Boston Irrigation Supply Co. The property is currently leased to John Deere Landscapes. Steve Woodworth of Savills Studley’s Boston office represented the seller in the transaction. The buyer was not represented.
WINCHESTER, MASS. — SVN | Parsons Commercial Group | BOSTON has brokered the sale of an office/flex property located at 29 East St. in Winchester. Little Flippers Swim School Inc. purchased the 18,000-square-foot property for $1.9 million from Devereaux Trust. The buyer plans to renovate the building to accommodate a year-round, indoor swim school for children. Marci Alvarado and Jake Parsons of SVN | Parsons Commercial Group | BOSTON represented the buyer, while Glenn Rhudda and John Webster of Mohr Partners represented the seller in the transaction.
PLANO AND CONROE, TEXAS — The Global Healthcare Services division of Newmark Grubb Knight Frank (NGKF) has completed the $56 million sale of a two-property medical office building (MOB) portfolio comprising the 94,359-square-foot Legacy Medical Village in Plano and the 68,832-square-foot Conroe Medical Arts and Surgical Center in Conroe. Garth Hogan, Todd Perman and Chris Gordon of NGKF represented the seller in the transaction. The buyer, American Realty Capital, was self-represented. Legacy Medical Village was built in 2007 and is located at 5425 W. Spring Creek Parkway within the Legacy Business Park. The MOB is located between the Children’s Medical Center Plano and the Texas Health Presbyterian Hospital. Conroe Medical Arts and Surgical Center was built in 2003 and is located at 1501 River Pointe Drive adjacent to the Conroe Regional Medical Center hospital campus. The two medical office buildings are 93 percent leased to healthcare providers, including specialists and primary care physicians. The Conroe facility includes an ambulatory surgical center owned by Tenet Healthcare.
CHICAGO — Colliers International’s Chicago office has arranged the $11.2 million sale of a 58,000-square-foot office property located at 1900 W. Walnut in Chicago’s Fulton Market neighborhood. Mark IV Realty was the buyer. The one-story structure was originally designed as a multi-tenant building. The building features a fully air-conditioned office, ESFR sprinklers, one interior loading dock and two drive-in doors. 1900 West Walnut is the only 24-foot clear height, modern precast building in the fast growing West Loop and Fulton Market submarkets of Chicago, according to Colliers. The 1900 West Walnut building is located one mile west of Chicago’s central business district and a half-mile from Google’s new headquarters. Since its completion, the property has been 100 percent leased to Matthews International, a digital imaging studio. Michael Senner and Vern Schulz of Colliers International’s Chicago office represented the seller, Martin Capital Group.