Office

NYC LPC Approves Repositioning Plans for 281 Park Avenue South in NYC

by Amy Works March 19, 2015

NEW YORK CITY — The New York City Landmarks Preservation Commission (LPC) has approved RFR’s plans to reposition and redevelop 281 Park Avenue South in New York City. Formerly known as Church Mission House, the six-story, 45,000-square-foot building will undergo a renovation to modify the storefronts and create retail space on the second floor and a dedicated entry for a single office tenant. Redesigned by MdeAS Architects, the building will feature 6,700 rentable-square-foot office floor plates, marble mosaic flooring, stained glass windows, wood wainscoting, plaster ornamentation and a copper and terracotta roof. RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany.

March 19, 2015

California Office Western

Wasserman Grossman & Sloan Renews at One Westwood

by Nellie Day March 19, 2015

LOS ANGELES – Business management and accounting firm Wasserman Grossman & Sloan LLP has renewed at One Westwood in the Los Angeles submarket of Westwood. The building is located at 10990 Wilshire Blvd. The firm initially subleased the building’s entire eighth floor in 2010. Its new five-year lease will take Wasserman through 2020. The lease is valued at $2.8 million. The firm was represented by Mitchell Stokes of Madison Partners. The landlord, Douglas Emmett, was represented in-house by Rob Zaas.

March 19, 2015

Office Texas

Mr. Handyman to Open New Office in Metro Houston

by Haisten Willis March 18, 2015

MAGNOLIA, TEXAS — Mr. Handyman, a home repair and maintenance company, has opened a new office in Magnolia. The new, 1,540-square-foot space is located at 32914 Tamina Road. John Wenckens and Ryan Dierker with Newcor Commercial Real Estate represented the tenant, Mr. Handyman, in the transaction. Chuck Mack represented the landlord, Monarch Property Management.

March 18, 2015

Georgia Loans Office Southeast

Meridian Capital Arranges $13.7M Acquisition Loan for Office Complex in Roswell

by John Nelson March 18, 2015

ROSWELL, GA. — Meridian Capital Group has arranged $13.7 million in acquisition financing for Holcomb Woods Business Park, a four-building, 244,700-square-foot office park located at 1000 Holcomb Woods Parkway in Roswell. The office park was 75 percent leased at the time of financing to tenants such as Lennar of Georgia, Docufree, Arclin, Enveniam Inc. and Farmers Insurance. Michael Brown of Meridian’s Boca Raton, Fla., office arranged the three-year, non-recourse loan through an undisclosed bridge lender on behalf of the borrowers, RexHall Realty and Rugby Realty. The loan features a floating rate of 475 basis points over 30-day LIBOR, two one-year extension options and amortization beginning upon completion of renovations to the property.

March 18, 2015

Northeast Office Pennsylvania

Patriot Equities Purchases 600,000 SF Office Campus in Lehigh Valley

by Amy Works March 18, 2015

ALLENTOWN, PA. — Patriot Equities has purchased a 600,000-square-foot office campus located at 1110 American Parkway in Allenton for an undisclosed price. Situated on approximately 145 acres, the property include two Class A office buildings connected by a glass atrium. Additionally, the properties have two parking garages and surface parking. There are also approvals in place to construct an additional 400,000 square feet of office space. Patriot Equities purchased the property from LSI Corp., which has retained 110,000 square feet of space on a long-term lease. Additional tenants include Intel Corp. and United Way. Patriot Equities has retained CBRE to provide property management services at the location.

March 18, 2015

New York Northeast Office

Ariel Property Advisors Arranges Two Sales Totaling $5.85M in New York

by Amy Works March 18, 2015

NEW YORK CITY AND MOUNT VERNON, N.Y. — Ariel Property Advisors has brokered the sales of two properties located in New York. In the first transaction, Post Graduate Center for Mental Health, a non-profit developer, acquired a development site at 130-134 East 177th St. in the Bronx’s Mount Hope section. The site, which offers 56,438 buildable square feet, sold for $2.5 million, or $45 per buildable square foot. Scot Hirschfield, Jason Gold, Victor Sozio and Marko Agbaba of Ariel Property Advisors represented the seller, a private investor, and the procured the buyer in the deal. In the second transaction, a two-story commercial building located at 6 N. Third Ave. in Mount Vernon sold for $3.35 million. The 20,000-square-foot elevator building features seven commercial units, six street-level units and a catering hall on the second floor. Hirschfield, Gold, Sozio and Agbaba represented the seller and procured the buyer, both private investors, in the transaction.

March 18, 2015

Colorado Office Western

Invesco Buys Office Building in Denver’s LoDo Neighborhood

by Nellie Day March 18, 2015

DENVER — Invesco Real Estate has acquired a 306,791-square-foot office building in Denver’s Lower Downtown (LoDo) neighborhood for a reported $170 million. The building is located at 1515 Wynkoop Street. The Class AA asset is fully leased to notable tenants like Maximus, Black Hills Corporation and Polsinelli. It sits adjacent to Union Station, which recently underwent a redevelopment. The building has received LEED-Gold certification. It also received the Most Efficient Building in Denver award in 2013. The seller was American Realty Advisors.

March 18, 2015

Arizona Office Western

Kyrene Corporate Center in Tempe Sells for $3.3M

by Nellie Day March 17, 2015

TEMPE, ARIZ. – Kyrene Corporate Center has sold to RMK Holdings for $3.3 million. The 30,000-square-foot office building is located at 9280 South Kyrene Road. It was about 50 percent occupied at the time of sale. Notable tenants include enChoice, Triton Medical Solutions and Great American Title Agency. RMK Holdings is a joint venture between Kent Nielson, Ryan Sandell and Michael Jones, the local principals of Primary Residential Mortgage (PRMI). Holdings will lease 15,000 square feet at the center to PRMI. The seller, Kyrene 919280 LLC, was represented by DTZ’s Eric Wichterman and Mike Coover.

March 17, 2015

Arizona Office Western

ITT Technical Institute Renews Space in Phoenix

by Nellie Day March 17, 2015

PHOENIX – ITT Technical Institute has renewed its lease for 18,000 square feet of office space in Phoenix. The space is located at West 101 Business Center. The center contains three Class A office buildings totaling 118,853 square feet. The center is about 88 percent leased. ITT Technical Institute has more than 130 locations in 38 states across the U.S. ITT Tech currently has four campuses throughout Arizona, serving thousands of students annually. The five-year lease renewal was executed by ViaWest Group and Lee & Associates.

March 17, 2015

Office Texas

CBRE Brokers Medical/Oncology Building Sale In El Paso

by Haisten Willis March 17, 2015

EL PASO, TEXAS — CBRE Capital Markets has arranged the sale of a 42,750-square-foot, three-story medical/oncology facility in El Paso. El Paso-based Verchel Medical Properties purchased the facility from PlainsCapital Bank for an undisclosed price. The facility is located at 4532 N. Mesa St. on the western side of El Paso, and is within six miles of 14 hospitals and ambulatory surgery centers. The vacant property comes furnished with fixtures and equipment. The asset was built in 2009 on three acres, and includes a covered patient drop-off area, a retail-style pylon sign and available building signage. It was also designed to accommodate high patient volumes. Scott Herbold of CBRE Investment Properties | Healthcare, and William Caparis, SIOR, of CBRE’s El Paso office, represented the seller.

March 17, 2015

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