CLINTON, MISS. — Hertz Investment Group (HIG) has acquired South Pointe Business Park, a 395,920-square-foot Class A office building in Clinton, a town in the Jackson MSA. HIG purchased the four-story, three-pod suburban office building from a private investment group for $20.5 million. The park is currently 93 percent leased to tenants such as the Mississippi Department of Revenue, University Physicians, Lockheed Martin and Verizon Wireless. South Pointe was originally constructed as the headquarters for WorldCom.
BOCA RATON, FLA. — Crocker Partners has purchased two office towers in Boca Raton’s Town Center Mall area from MetLife Real Estate Investors for an undisclosed price. The two properties, known as One Town Center and The Plaza, span 339,000 square feet and were 42 percent leased at the time of sale to tenants such as Wells Fargo and Kayne Anderson Real Estate Advisors. Crocker Partners purchased the two towers, which were both originally developed by Crocker entities, in a partnership with Siguler Guff. Crocker Partners will manage the properties and CBRE will handle leasing responsibilities.
HOBOKEN, N.J. — SJP Properties has leased 40,000 square feet of office space to Jet at Waterfront Corporate Center III in Hoboken. Slated to launch in 2015, Jet is the latest e-commerce venture led by Marc Lore, former CEO and co-founder of Diapers.com. The company will use the Waterfront location as its headquarters. Waterfront Corporate Center III is SJP’s third and final building within its high-performance, mixed-use business complex in Hoboken. Scott Peck and Brian Wilson of Resource Realty represented Jet in the transaction; SJP was represented in-house.
CHANDLER, ARIZ. – Dual Diagnosis Treatment Center has leased 10,654 square feet of office space in Phoenix. The center will occupy the North East building at 5520 W Chandler Blvd. The new 10-year lease will commence this December. Dual Diagnosis was represented by Mike Knapp of Voit’s Phoenix office. The landlord was not named.
OMAHA — NorthMarq Capital has arranged the $7.3 million refinancing of Oakview Medical Building, a 48,360-square-foot office property in Omaha. The building is located at 2725 S. 144th St. Gary Rifkin and Jason Kinnison of NorthMarq Capital’s Omaha office structured the 10-year loan, which includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
HOUSTON — Cousins Properties Inc. has arranged a 230,000-square-foot lease extension for Stewart Information Services Corp. at Post Oak Central in Houston. Stewart’s lease, scheduled to expire in September 2016, was extended for three years to September 2019. Stewart is a provider of title insurance and other real estate services based in Houston. Post Oak Central is an office complex located at 2000, 1980 and 1990 Post Oak Boulevard. The complex includes 1.3 million square feet of Class A office and retail along with a parking garage.
HOUSTON — HFF has arranged the sale and acquisition financing of 3000 Post Oak, a 441,523-square-foot Class A office building in Houston’s Galleria submarket. HFF marketed the property on behalf of the seller, a joint venture between an affiliate of Five Mile Capital Partners LLC and Crocker Partners. FG Asset management purchased the property. The 19-story property is 100 percent leased to Bechtel, an engineering and construction firm. Jeff Hollinden, Dan Miller and Trent Agnew led HFF’s investment sales team representing the seller.
BOSTON — HFF has placed a $150 million mortgage on 125 Summer St., a Class A office tower in Boston’s Financial District. Located along the Rose Kennedy Greenway, the 475,303-square-foot, transit-oriented property offers access to the MBTA and commuter rail lines via South State Station. Additionally, the 22-story property features below-grade parking for 273 vehicles, a Bright Horizons daycare and a Starbucks. HFF worked on behalf of the borrower, Oxford Properties Group, to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance LLC. Oxford acquired the property as part of a larger officer portfolio in September. Riaz Cassum, John Fowler and Patrick McAneny of HFF represented the borrower in the transaction.
CAMBRIDGE, MASS. — Roseview-PMRG Fund I has acquired 100 CambridgePark Drive, a Class A office building located in Cambridge, from Transatlantic Investment Management. The five-story, 135,572-square-foot property sold for $41.5 million. Constructed in 1992, the brick-clad office building features 27,100-square-foot floor plates and is leased to various tenants, including Cambridge Systematics, Cambridge Savings Bank, ICF International and Modo Labs. Roseview-PMRG plans to invest several million dollars to reposition the property, including renovating the lobby and other common areas. Roseview-PMRG Fund I is a $250 million discretionary fund formed by PM Realty Group and The Roseview Group in July 2014 to acquire and reposition office properties across the United States. The acquisition of 100 CambridgePark is the fund’s first purchase.
NORWALK, CONN. — NorthStar Real Estate Income II has originated a $41 million senior loan for a newly constructed data center in Norwalk. Constructed in 2014 as a build-to-suit, the state-of-the-art data center features more than 167,000 square feet of rentable space. Additionally, the property is 100 percent master leased, with a 21-year net lease, to an affiliate of Cervalis LLC, a provider of information technology infrastructure solutions. The loan is the third transaction completed between the borrower, a commercial real estate owner and operator, and investment vehicles sponsored by NorthStar Asset Management Group Inc., NorthStar Income II’s sponsor. The three transactions total more than $137 million.