COLUMBIA, S.C. — DTZ has brokered the sale of Crown Pointe, a Class A office building in Columbia. The property was fully leased at the time of sale to Allstate, CGI Technologies and Sharp Corp. Rob Cochran and Jared Londry of DTZ represented the seller, Charleston, S.C.-based Durlach Associates, in the transaction. The buyer, East West Capital, purchased the office building for an undisclosed amount. Crown Pointe is East West Capital’s first purchase in South Carolina.
SMITHTOWN, N.Y. — Damianos Realty Group LLC has acquired an office building located at 50 Route 111 in Smithtown. The three-story, 50,000-square-foot property sold for $10.6 million. Built in 1984, the property is 96 percent occupied by a variety of corporate and medical tenants, including Merrill Lynch, New York Commercial Bank, Devitt Spellman Barrett LLP and State Assemblyman Michael Fitzpatrick. The buyer plans to renovate and upgrade portions of the property, and has engaged Mancini Architecture PLLC to redesign the building’s exterior and lobby. John LaRuffa of NAI Long Island represented the seller, while John Finn of Damianos Realty Group provided in-house representation for the buyer.
PARSIPPANY, N.J. — CBRE Group Inc.’s Capital Markets Debt & Structured Finance team has arranged a $5 million short-term bridge loan for One Gatehall Drive, a 113,220-square-foot office property in Parsippany. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the financing with a local commercial bank for the borrower, GLB Gatehall LLC. The borrower is a partnership of Glenborough, a privately held full service real estate firm, and a large institutional real estate investor.
ARLINGTON, TEXAS — Jim Turano of Henry S. Miller Brokerage’s office division represented the buyer in the acquisition of a 30,000-square-foot site in Arlington. TNA Realty LP purchased the site, located at 2712 Matlock Road, from an undisclosed seller. The new owners plan to construct an 8,000-square-foot medical office building on the property. Bobby DeRiso of DeRiso Development represented the seller in the transaction.
BETHESDA, MD. — HFF has arranged $66.3 million in joint venture financing for the acquisition of Atrium at Rock Spring Park, a three-story, 237,000-square-foot office building in Bethesda. Located at 6555 Rock Spring Park Drive, the office asset was 86 percent leased to seven tenants at the time of sale, including The National Institute of Health and SAIC. Dek Potts, Stephen Conley, Jim Meisel, Andrew Weir and Matthew Nicholson of HFF arranged the equity venture between affiliates of Meritage Properties and an unnamed institutional equity investor.
ATLANTA — Atlanta-based Regent Partners has arranged 80,000 square feet of new leases at Concourse Corporate Center, a 64-acre, 2.2 million-square-foot office campus in Atlanta’s Central Perimeter submarket. The owner, Building and Land Technology (BLT), tapped Regent Partners to manage and lease the campus, which includes the famous “King and Queen” buildings. The center’s new tenants include 35,000 square feet for Amtrak for its North American IT headquarters. Since purchasing Concourse in April, BLT has made capital improvements to the property, including enhancements to restrooms, common areas, lobbies and public spaces, as well as additional capital for spec suites and tenant improvements.
HOUSTON — Boxer Property has concluded lease negotiations on a 67,504-square-foot lease with a financial services company. The property is located in the Northwest Commerce Building at 14405 Walters Road, which is owned and managed by Boxer Property. Brian Hines, Trey Miller and Alex Kakhnovets negotiated the agreement on behalf of Boxer Property. Brokers Rich Pancioli, Peter Livaditis and Ian Murphy represented the tenant on behalf of CBRE. In 2014, the ownership completed a capital investment campaign in the property to upgrade common areas and amenities including renovated lobbies, outdoor and indoor seating areas, Wi-Fi service, tenant conference facilities and bolstered security service
AUSTIN, TEXAS — Velocis, a private equity real estate manager, has sold two Class A Austin office buildings to Wedge Group, a Houston-based private equity firm. Totaling more than 170,000 square feet, the assets are Arboretum Atrium and Las Cimas I. They were purchased by Velocis in 2013 from Moore & Associates, an investor, owner and operator of commercial office properties. Arboretum Atrium is a 91,083-square-foot, Class A office building. Located in the Arboretum area in northwest Austin, the area serves as a hub for companies including Apple, Cisco, HP, Microsoft and Google. The building is located near restaurants, shops, hotels and other amenities and is one block from Hwy 183, MoPac and Loop 360. The asset is 100 percent leased. Las Cimas I is an 82,787-square-foot, three-story office building located in the center of the four-building Las Cimas office park. Built in 1999, the limestone building includes views of downtown Austin, on-site amenities and proximity to the Village of West Lake shopping center. The asset is 100 percent leased. Hale Umstattd and Leah Gallagher of Transwestern represented the seller in the transaction. Dallas-based Velocis has been active in real estate investment since 2011, purchasing 17 assets located in markets …
COLUMBIA, MD. — Finmarc Management Inc. has acquired a four-building flex portfolio comprising 135,000 square feet in Columbia for $15.8 million. Finmarc purchased the portfolio, which was near full occupancy at the time of sale, from First Potomac Realty Trust. Built in 1980, the all-brick, single-story flex portfolio is located at 9150 and 9180 Rumsey Road, near I-95 and Maryland Routes 100 and 29. Mark Glagola and Joe Friedman of Transwestern represented the seller in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged a $95 million mortgage for the refinancing of an office property located on lower Broadway in Manhattan’s Financial District. The 12-year loan, provided by a life insurance company, features a 3.78 percent fixed rate and six years of interest-only payments followed by a 30-year amortization schedule. Constructed in 1983, the 32-story property offers 403,800 square feet of Class A office space. Abe Hirsch and Daniel Jacob Meridian negotiated the financing for the undisclosed borrower.
