Office

The Executive Building 607 William St. Fredericksburg

Wack Cos. Buys Office Building in Fredericksburg for $35M Redevelopment Project

by John Nelson March 12, 2015

FREDERICKSBURG, VA. — Wack Cos. has purchased The Executive Building, a 10,000-square-foot office building located at 607 William St. in downtown Fredericksburg, for $2.8 million. Wack Cos. plans to convert the site into a mixed-use development featuring single-level condos, retail space and restaurants. The company plans to break ground on the $35 million project in the fall. Heather Hagerman of Coldwell Banker Commercial represented Thomas Wack of Wack Cos. in the transaction. Mike Degen and Jamie Scully of Cushman & Wakefield | Thalhimer represented the seller, Sandton Capital, formerly known as the Free Lance-Star Cos. Hagerman, Ben Keddie and Joe Pfahler of Coldwell Banker Commercial and Coldwell Banker Elite will manage the sales and leasing of the commercial and retail portions. Hagerman, Kevin Breen Jr. and Conor Breen of Coldwell Banker will manage the sales and marketing of the residences.

March 12, 2015

5900 Lake Ellenor Drive in Orlando Central Park

Florida Office Southeast

CBRE Brokers $5.8M Sale of Office Property in Orlando

by John Nelson March 12, 2015

ORLANDO, FLA. — CBRE has brokered the sale of a 133,075-square-foot office property located at 5900 Lake Ellenor Drive in Orlando Central Park, an office park in south Orlando. Cardinal Point Management acquired the eight-story building from D Group Acquisition Three Inc. for $5.8 million. The purchase also included an adjoining outparcel at 1854 W. Oak Ridge Road. Ronald Rogg and Chip Wooten of CBRE represented the seller in the transaction.

March 12, 2015

Mixed-Use New York Northeast Office

Himmel + Meringoff, The Swig Company Select MdeAS Architects to Redevelop 1460 Broadway

by Amy Works March 12, 2015

NEW YORK CITY — Himmel + Meringoff and The Swig Company, co-owners of 1460 Broadway, have selected MdeAS Architects to redevelop and reposition the 16-story mixed-use office tower in New York City. Planned renovations and construction for the 215,000-square-foot building include an office component, renovations to the 35,000-square-foot ground- and lower-ground retail space, a new three-story glass façade, new retail storefronts and a revitalized building entry. Construction for the property’s office component is scheduled to begin in April, and renovation to the retail space is expected to end by 2015.

March 12, 2015

Massachusetts Northeast Office

Hertz Investment Group Buys 218,625 SF Office Building in Massachusetts

by Amy Works March 12, 2015

WORCESTER, MASS. — Hertz Investment Group has acquired Chestnut Place, a two-building office complex located in Worcester’s central business district. The 218,625-square-foot asset, including One Chestnut Place and Two Chestnut Place, sold for $14 million. Constructed in 1990, the 183,781-square-foot One Chestnut Place is currently 98 percent leased to tenants, including Fallon Community Health, UBS Financial Services and Sullivan Group Insurance. Two Chestnut Place, which was built in the 1800s, features 38,844 square feet of Class B office space. Two levels of underground parking and an outdoor plaza connect the two buildings.

March 12, 2015

New Jersey Northeast Office

Langan Engineering Leases 71,500 SF at 300 Kimball Drive in New Jersey

by Amy Works March 12, 2015

PARSIPPANY, N.J. — Transwestern has brokered a 71,500-square-foot lease for Langan Engineering at the newly redeveloped 300 Kimball Drive in Parsippany. Additionally, Transwestern will oversee construction management services, on behalf of the landlord, for the fit-out of Langan’s space. 300 Kimball Drive recently underwent an extensive capital improvement program that transformed the single-tenant building into a multi-tenant office facility. Designed by Gensler, the redeveloped building features stainless steel pillars, polished Italian marble flooring, Shaw carpet tiles and wood wall coverings. Additionally, the renovation included upgrading the lobby, bistro and adding a fitness center with cardio and weight machines, free weights, yoga space and flat-screen televisions. Terms of the lease were not disclosed.

March 12, 2015

Office Oregon Western

GBD Architects Renews, Expands at Brewery Blocks II in Portland

by Nellie Day March 12, 2015

PORTLAND, ORE. – GBD Architects has renewed its lease and expanded its space at the Brewery Blocks II in Portland. The five-block retail and office center is located at 1477 Northwest Everett Street in the city’s Pearl District. GBD was represented by Chris Johnson, MaryKay West and Carter Beyl of NAI Norris, Beggs & Simpson. The landlord, MEPT Brewery Block 2 LLC, was represented by Eric Haskins of Jones Lang LaSalle.

March 12, 2015

Office Texas

Newcor Commercial Arranges Sale of 13,000 SF Office Warehouse Building in Metro Houston

by Haisten Willis March 11, 2015

THE WOODLANDS, TEXAS — Newcor Commercial Real Estate has arranged the sale of a 13,000-square-foot office warehouse building in The Woodlands. The property is situated on two acres located at 33219 Forest West Drive near the intersection of FM 1488 and FM 2978. Rick Stallings of Keller Williams represented the buyer, Pilates Place. Rob Banzhaf and Krissie Vanyo of Newcor represented he seller, Zinterests LLC.

March 11, 2015

Loans Office Texas

CPR Money Provides $4.2M Acquisition Loan for Office Building in Houston

by Haisten Willis March 11, 2015

HOUSTON — CPR Money has provided a $4.2 million acquisition loan for a 16-story vacant office building in Houston’s central business district. During the loan term, the borrower will finalize pre-development plans for a conversion to a 154-room Hyatt Place Hotel, with construction expected to begin in nine to 12 months. The property is located near the George Brown Convention Center, Toyota Center, Minute Maid Park and the Houston Pavilions.

March 11, 2015

Loans New York Northeast Office

Mission Capital Advisors Arranges $29M Acquisition Loan for Mott Haven Office Property

by Amy Works March 11, 2015

NEW YORK CITY — Mission Capital Advisors has arranged $29 million in non-recourse acquisition and renovation financing for a commercial loft property located at 2415 Third Ave. in the Mott Haven section of the Bronx. The eight-story, 175,000-square-foot property will undergo a capital improvements program, including upgrades to elevators, bathrooms, windows, corridors and HVAC systems. Additionally the new ownership plans to rebrand the property as the Bruckner Building. Jonathan More, Ari Hirt, Steven Buchwald and David Behmoaras of Missions Capital secured the loan on behalf of a joint venture between Savanna and Hornig Capital Partners.

March 11, 2015

North Carolina Office Southeast

Trinity Partners Brokers $8.5M Sale of Office Building in Charlotte

by John Nelson March 11, 2015

CHARLOTTE, N.C. — Trinity Partners has brokered the $8.5 million sale of Three South Executive Park, a 54,000-square-foot office building located at 6115 Park South Drive in Charlotte’s SouthPark submarket. Chicago-based Origin Capital Partners purchased the property from an unnamed private partnership. The office building was 86 percent leased at the time of sale to tenants such as Signature Healthcare, Carolinas ACG and Wyndham Capital Mortgage. This is Origin Capital’s second acquisition in Charlotte — the company purchased Cambridge Corporate Center in August 2014. Dunn Mileham of Trinity Partners represented the seller in the transaction.

March 11, 2015

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