PALO ALTO, CALIF. — Menlo Equities has received a $38.6-million loan on a 45,319-square-foot Palo Alto office building. The building is located at 529 Bryant Street in the city’s downtown region. It had previously been converted into an internet exchange, or data center. The 10-year, non-recourse loan carries a fixed rate and a 30-year amortization schedule after a 5.5-year interest-only period. Financing was arranged by Eric Von Berg and Tom Dao of Newmark Realty Capital. It was sourced through Wells Fargo’s CMBS program. Newmark Realty Capital will serve as primary servicer on this loan, while Wells Fargo will act as the master servicer.
SAN DIEGO – An 11,390-square-foot-office building in the San Diego submarket of Mission Bay has sold to JWJ Properties One LLC for $3 million. The two-story building is located at 2437 Morena Blvd. It was recently renovated as creative office space. JWJ was represented by Craig Sanders of C. E. Sanders & Company. The seller, SDH Fund 1, LLC, dba SD Homes, was represented by Marc Posthumus of Colliers International.
SAN DIEGO – A 27,648-square-foot office building in San Diego has sold to Activity MOB LLC for $3.4 million. The building is located at 8901 Activity Road. The facility underwent improvements about 20 years ago when it was occupied by Sharp Rees Stealy’s Urgent Care, in addition to other medical office users. The seller, GTF Properties, was represented by Brandon Keith of Voit Real Estate Services’ San Diego office. Activity MOB is affiliated with Oasis Medical Center, which is operated by Dr. James and David Chao.
AUSTIN, HOUSTON AND COPPELL, TEXAS — BMC Capital has provided three loans totaling $4.4 million for a trio of Texas properties. The first is a $1.9 million refinancing loan for an apartment complex located in Austin. The 10-year, non-recourse loan features a fixed rate of 4.64 percent, a 75 percent loan-to-value ratio and a 30-year amortization schedule. The second loan is a $0.8 million refinancing loan for an apartment complex located in Houston. The five-year loan features a fixed rate of 4.38 percent, a 58 percent loan-to-value ratio and a 20-year amortization schedule. The third is a $1.7 million purchase loan for an office building located in the Dallas suburb of Coppell. The seven-year loan features a 4.46 percent fixed interest rate, a 65 percent loan-to-value ratio and a 25-year amortization schedule. Each loan was arranged through BMC Capital’s agency and correspondent banking relationships.
DALLAS AND ADDISON, TEXAS — HFF has arranged the sale and financing of a three-building office portfolio totaling 465,703 square feet in Addison. HFF marketed the property on behalf of the seller, Harbert Management Corp. DRA Advisors LLC purchased the asset for an undisclosed price. HFF assisted DRA in securing three separate three-year, floating-rate loans through OneWest Bank. The portfolio includes 5000 Quorum Drive in Dallas and Quorum Place and Quorum North in Addison. Situated on nearly five acres between the Dallas North Tollway and Inwood Road, the 165,434-square-foot 5000 Quorum has seven stories and is 77 percent leased. At nine stories and 181,737 square feet, Quorum Place is the largest of the three in the portfolio. The 78.2-percent-leased building is situated on 5.4 acres at 14901 Quorum Drive in Addison. Quorum North, located at 13201 Spectrum Drive in Addison, is situated on 2.8 acres northeast of the other two properties in the portfolio. At 118,532 square feet, the five-story, 75.7-percent-leased office building is the smallest in the portfolio. Colby Mueck, Matt Kafka, Steve Heldenfels and Sarah Baccich led HFF’s debt placement team.
MIDDLETON, WIS. — ALTUS Commercial Real Estate Inc. has arranged the lease of 3,263 square feet of retail/office space in Middleton, a northwestern suburb of Madison. The property is located at 6301 University St. Dr. Joe Cristoforo and Dr. Ken Neidhart have joined together to create The Center for Periodontics & Dental Implants Clinic, which will serve at this new location. The practice is set to open in March. Jeff Jansen represented the landlord in the transaction.
FLORHAM PARK, N.J. — HFF has secured $65.5 million in financing for Park Place, an office park located in Florham Park. The firm worked on behalf of the borrower, Normandy Real Estate Partners, to secure the loan with First Niagara Bank and Principal Real Estate Investors. The borrower plans to use loan proceeds to retire existing debt, upgrade amenities and fund leasing costs for new tenants. Situated on 30 acres at 200-230 Park Ave., the four-building park offers 351,684 square feet of Class A office space. On-site amenities include a cafeteria, fitness center, 70-seat conference center and parking for 1,045 vehicles. The park is occupied by a variety of tenants, including Fairleigh Dickinson University, M&T Bank, Sun Bank and several law firms. Jon Mikula and Mike Lachs of HFF represented the borrower in the transaction.
SAN FRANCISCO — ASB Capital Management has acquired De Haro Place, a 138,430-square-foot creative office building in San Francisco, for $92.7 million. The building is located at 488 De Haro Street in the South of Market (SoMa) neighborhood. De Haro Place was originally built in 1927. The Class A building was completely transformed and renovated in 2013 to create a work environment that targeted technology and creative users. The seller, Ares Management, was represented by DTZ’s Robert Gilley and Steve Hermann.
COLLEGE STATION, TEXAS — Satterfield & Pontikes Construction has completed a $7 million renovation of Texas A&M University’s Francis Hall. The building will house the school’s construction science department’s 900 students and 30 faculty members. Francis Hall was built in 1918 and spans 32,500 square feet. The renovated Francis Hall includes specialty labs, classrooms, a 120-room auditorium, exhibit hall, student lounge, conference room and administrative suites. Brown Reynolds Waterford Architects provided design services for the project.
ARLINGTON AND MANSFIELD, TEXAS — Capital Square Realty Advisors LLC has acquired a portfolio of two medical office buildings located in the Dallas suburbs of Arlington and Mansfield. Both properties are 100 percent leased to Arlington Orthopedic Associates. The two-story Arlington building is located at 800 Orthopedic Way and includes 37,100 square feet of space. Built in 2003, the property is adjacent to Baylor Surgicare at Arlington, one block south of Pioneer Parkway and two miles north of I-20. The facility includes general exam rooms, imaging services, physical therapy space and features a carriage porch entrance for patient delivery and departures. The Mansfield property is located at 2801 E. Broad St. and includes 12,560 square feet of medical office space. The single-story building was developed in 2012 on the campus of the 168-bed Methodist Mansfield Medical Center. The facility houses imaging and physical therapy services and is accessible via State Routes 287 and 360.