AKRON, OHIO — Brennan Investment Group LLC has acquired Landmark Plastic Corp.’s headquarters building located at 1331 Kelly Ave. in Akron. The acquisition of the Landmark Plastic facility was funded through Brennan’s $300 million joint venture with one of Arch Street Capital Advisors’ institutional clients. Full transaction terms were not disclosed. The building is 100 percent leased to Landmark Plastic, which specializes in the manufacturing of thermoformed and injection molded products for the horticultural industry.
TRENTON, N.J. — Segal LaBate Commercial Real Estate has finalized the sale of the former Trenton Times building, located at 500 Perry St. in Trenton. Murray, Utah-based HighMark School Development, in collaboration with the International Academy of Trenton Charter School, acquired the 80,000-square-foot building for an undisclosed price. Situated on six acres, the building will be transformed into a K-12 school and feature outdoor playing fields and recreational areas. Segal LaBate Commercial Real Estate represented the buyer, while Richardson Commercial Real Estate represented the seller, PerTrent LLC, in the transaction.
HOUSTON — Mercantil Commercebank has leased 18,069 square feet at the Town Centre I building located at 750 Town & Country Blvd. in Houston. Bob Cromwell and Kevin Nolan of Moody Rambin represented the building owner, Town Centre Partners Ltd. Bobbie Bozarth of Transwestern represented the tenant in negotiations.
TAMPA, FLA. — A discretionary fund formed by PM Realty Group and The Roseview Group called Roseview-PMRG Fund I LLC acquired Westshore Center in Tampa. The sales price was undisclosed, but according to industry sources, the nine-story office building sold for $40 million. The 216,410-square-foot office property is located at 1715 N. Westshore Blvd. in Tampa’s Westshore submarket. The fund purchased the asset from an unnamed institutional investor for an undisclosed price. Built in 1984, the property is located roughly 2.4 miles south of Tampa International Airport. The Class A office building is the first acquisition in Florida for Roseview-PMRG Fund I LLC, which owns properties in Atlanta, Houston, Pennsylvania and Massachusetts.
DETROIT – The Forum Group, an NAI Farbman Group partner, has arranged a 30,000-square-foot lease for Molina Healthcare of Michigan Inc., located at 615 W. Lafayette Blvd. in Detroit, the building formerly occupied by the Detroit Free Press and The Detroit News. Molina will house 125 new employees on the entire fifth floor of the six-story building. After more than 97 years at 615 W. Lafayette, the Detroit Free Press and The Detroit News last fall moved into the Federal Reserve Building at 160 W. Fort St., which is owned by Bedrock Real Estate Services. Thomas Lasky of the Forum Group represented Molina Healthcare in the transaction.
NORWOOD, MASS. — Transwestern | RBJ has brokered the sale of an office building located at 2 Edgewater Drive in Norwood. ElmTree Funds LLC acquired the 98,000-square-foot property from Norwood One LLC for an undisclosed sum. Located in the master-planned Brookside Office Park, the Class A property features a full-service cafeteria, ample parking and easy access to I-95. The property is fully leased to Siemens Corp. on a long-term basis. Chris Skeffington, John Lasher, Roy Sanderman and Rob Byrne of Transwestern | RBJ represented the seller and sourced the buyer in the deal.
PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.
PHILADELPHIA — Cigna Health and Life Insurance Co. has signed a 12-year renewal lease for 322,000 square feet at Two Liberty Place in Philadelphia. The renewal stabilizes approximately 34 percent of the building through Oct. 31, 2027. Cigna is expected to vacate the space it did not renew at the end of May 2016. As of July 1, Two Liberty Place was 99.2 percent occupied, or 89.4 percent occupied pro forma for Cigna’s contraction. Parkway Properties Inc. has a 19 percent ownership interest in Two Liberty Place, which is owned in part by Parkway Properties Office Fund II LP.
TAMPA, FLA. — PCCP has formed a joint venture with Banyan Street Capital to purchase Rivergate Tower, a 515,965-square-foot office complex located at 400 N. Ashley Drive in downtown Tampa. PCCP and Banyan Street Capital purchased the property for $70 million, according to Tampa Business Journal. CBRE brokered the sale and arranged acquisition financing for the joint venture. The property comprises a 31-story office tower and an adjacent five-story pavilion office building that houses the Florida Museum of Photographic Arts. Other tenants include Malio’s Prime Steakhouse, an upscale café, full-service bank branch, dry cleaner, two-story parking garage and a fitness center. The office complex was built in 1988 for $150 million.
EMERYVILLE, CALIF. — HFF has arranged $38.5 million in financing for EmeryStation Greenway, a 100,000-square-foot medical office building in Emeryville. The building is located at 5800 Hollis St. in the East Bay biotechnology research and innovation corridor. The newly built space is situated near interstates 580, 880 and 980. HFF’s Bruce Ganong and Jordan Angel secured the fixed-rate loan on behalf of the borrower, Wareham Development. Thrivent Financial for Lutherans provided the capital.