Office

VREP Launches Repositioning of 27-Acre Montville Office Campus

by Amy Works September 1, 2015

MONTVILLE, N.J. — Vision Real Estate Partners (VREP) has launched the repositioning of Montville Corporate Campus, an office campus located at 340-342 Changebridge Road in Montville. VREP plans to convert one of the twin 100,000-square-foot office buildings into a multi-tenant building and rezone half the campus for residential use. The company plans to replace the front of the three-story travertine marble office building with a stone and glass curtain wall system. Interior renovations will include a two-story atrium lobby featuring stone, millwork, upgraded lighting and lounge seating with a coffee bar, as well as a town hall-style conference area in extended third-floor space. Additional renovations include refinished elevators, bathrooms and other common area upgrades throughout the building. The company has partnered with Mill Creek, a high-end multifamily specialist, for the residential development.

September 1, 2015

New York Northeast Office

Cushman & Wakefield Arranges $5.3M Sale of Office Building in Brooklyn

by Amy Works September 1, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an office building located at 1713 Eighth Ave. in Brooklyn’s Greenwood Heights neighborhood. The four-story, 12,800-square-foot building sold for $5.3 million, or $418 per square foot, in an all-cash transaction. The property consists of 47 small units set up as creative artist or office spaces. Aaron Warkov and Richard Velotta of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not disclosed.

September 1, 2015

Office Texas

Triten, Convexity Purchase Office Portfolio in Dallas

by Haisten Willis August 31, 2015

DALLAS — A joint venture between Triten Real Estate Partners and Convexity Properties has purchased a two-building office portfolio totaling 270,499 square feet at 6060 and 6080 N. Central Expressway in Dallas. Jack Crews, Evan Stone and Lauren Zimmer of JLL sold the property to Triten and its Chicago-based investment partnership on behalf of the previous owner, Dallas-based Prescott Realty Group. Wells Fargo provided financing for the purchase. 6060 N. Central Expressway is an eight-story office property spanning 224,682 square feet. The property was constructed in 1972 and renovated in 2008. In addition, the portfolio includes 6080 N. Central Expressway, with 45,817 square feet on the first floor, topped by three levels of parking. The structure offers an expansion opportunity that could potentially add 290 parking spaces. At the time of sale the office property was 88 percent leased and the parking structure was 100 percent leased to Zenith Education Group

August 31, 2015

Florida Loans Office Southeast

Meridian Capital Arranges $15.2M in Acquisition Financing for Office Campus in Broward County

by John Nelson August 31, 2015

CORAL SPRINGS, FLA. — Meridian Capital Group has arranged $15.2 million in acquisition financing for Heron Bay Corporate Center I & II in Coral Springs, a city in Broward County. The 89,000-square-foot office campus houses 19 tenants, including Regus. Avi Weinstock and Josh Rhine of Meridian’s New York City office arranged the seven-year loan through a regional balance sheet lender on behalf of the borrower, The Benedict Realty Group. The loan features a fixed 4 percent interest rate and three years of interest-only payments followed by a 30-year amortization schedule.

August 31, 2015

Connecticut Northeast Office

Vidal/Wettenstein Brokers $1.4M Sale of Connecticut Office Building

by Amy Works August 31, 2015

NORWALK, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sale of an office building located at 185 East Ave. in Norwalk. Harmony LLC sold the property for $1.4 million to Emily Meehan. The two-story property offers 5,600 square feet of office space. Bruce Wettenstein of Vidal/Wettenstein represented the seller, while Susan Cooper of Berkshire Hathaway represented the buyer in the transaction. Richard Lewis of Urban Their & Federer PA provided legal counsel for the seller, while David Stergas of DePanfilis & Vallerie served as legal counsel for the buyer.

August 31, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Marcus & Millichap Arranges $1.3M Sale of Land Parcel in Brooklyn

by Amy Works August 31, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 64 Stanhope St. in Brooklyn. The 3,127-square-foot parcel sold for $1.3 million, or $200 per buildable square foot, in a 1031 exchange. Shaun Riley, Thomas Shihadeh and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Makan Mostafavi of Marcus & Millichap’s office in Encino, Calif., represented the buyer, a limited liability company, in the transaction.

August 31, 2015

Loans Midwest Minnesota Office

Grandbridge Secures $40M Acquisition Loan for Minnesota Office Park

by Amy Works August 31, 2015

MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has secured a $40 million first mortgage for the acquisition of an office park located in Mendota Heights. The six-building park offers 420,000 square feet of office space. The funding, which was provided by BB&T Real Estate Funding and Grandbridge’s exclusive stabilized loan product, features a fixed rate for the entire 10-year term and 25-year amortization. Tony Carlson of Grandbridge originated the acquisition financing for the undisclosed buyer.

August 31, 2015

Office Texas

Boxer Arranges Office Lease in Houston

by Haisten Willis August 28, 2015

HOUSTON — Boxer Property has arranged a 5,000-square-foot lease for a government entity in Northwest Houston. The property is located at 340 and 350 N. Sam Houston Parkway E., just off Beltway 8, and provides 172,969 square feet of office space for rent. Boxer Property owns and manages the building. Diana Boswell negotiated the agreement on behalf of Boxer Property, working alongside Gary Rothe, the property manager, and Christine Guerra, leasing representative. The two-story buildings include amenities such as a conference room, video surveillance and 24=hour secure key card access.

August 28, 2015

Office Texas

NAI Partners Represents Sembmarine SSP Inc. in Office Sublease in Houston

by Haisten Willis August 28, 2015

HOUSTON — NAI Partners represented Sembmarine SSP Inc. in subleasing 5,640 square feet of office space located at 10300 Town Park Drive in Houston. Sembmarine SSP Inc., a Sembcorp Marine subsidiary, specializes in the design, engineering and construction of floating production and drilling structures for the oil and gas industry. Jason Whittington and Liz Westcott-Brown of NAI Partners represented Sembmarine SSP Inc. during the sublease negotiations, while Peggy Meredith with PMCRE represented the sub-landlord, CGG Services Inc.

August 28, 2015

Michigan Midwest Office

CBRE|Martin Negotiates Sale of 18,584 SF Office Building in Michigan

by Amy Works August 28, 2015

LANSING, MICH. — CBRE|Martin has negotiated the sale of an office building located at 7050 W. Saginaw in Lansing for an undisclosed price. 7050 Building LLC sold the 18,584-square-foot property to Bergmann Associates, an architectural and engineering design firm. Bergmann is currently leasing 10,000 square feet in East Lansing and plans to move its 50 Michigan-based employees to the new location this fall. Eric Rosekrans and Thomas Jamieson of CBRE|Martin represented both parties in the transaction.

August 28, 2015

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