Office

Roseview-PMRG Fund I Acquires Cambridge Office Building for $41.5M

by Amy Works December 19, 2014

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.

December 19, 2014

Connecticut Loans Northeast Office

NorthStar Income II Originates $41M Loan for 167,000 SF Data Center

by Amy Works December 19, 2014

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.

December 19, 2014

Arizona Office Western

BH Properties Buys the Plaza at Squaw Peak in Phoenix for $25M

by Nellie Day December 19, 2014

PHOENIX — BH Properties has acquired the Plaza at Squaw Peak, a 428,000-square-foot office complex in Phoenix, for $25 million. The complex is located directly off Route 51 at North 16th Street and East Morten Avenue in the Camelback Corridor. The three-building complex is situated on 24.1 acres that also offers future redevelopment opportunities. The Plaza’s current tenant base includes law firms, financial service providers, administrative users, engineering firms, call centers, medical service providers, marketing agencies and title companies. BH Properties has been extremely active in the Southwest market over the past year. It also recently acquired the 159,000-square-foot Gilbert Town Square shopping center; the 180-unit Papago Crossing multifamily property; the 103,082-square-foot Islands Shopping Center; the 64,744-square-foot Ross Plaza retail center; and a 62,000-square-foot warehouse. The unnamed seller had purchased the Plaza as part of a portfolio. Acquisition financing was provided by Opus Bank. Rachelle Strole, Jason Hersker, Stephen Herman, Rachael Cisco and Scott Smith of Capital Asset Management represented both the buyer and seller in this transaction.

December 19, 2014

California Office Western

Acushnet Building in Carlsbad Sells for $23.3M

by Nellie Day December 19, 2014

CARLSBAD, CALIF. — Hines Interests Limited Partnership has purchased a 161,310-square-foot manufacturing/R&D building that is leased to Acushnet Company for $23.3 million. The building is located at 2819 Loker Ave. East. The golf-related company recently extended its lease at the center through the end of July 2019. It has been a tenant here for more than 15 years. Acushnet Company is composed of the Titleist, FootJoy, Pinnacle and Scotty Cameron brands. The property was built in 1998. It is situated along Palomar Airport Road. Hines represented itself in the transaction, while the seller, JP Morgan Chase, was represented by Aric Starck and Rick Reeder of Cassidy Turley.

December 19, 2014

Illinois Industrial Midwest Office

NelsonHill Arranges $2.8M Sale of 100,000 SF Building in Chicago

by Danielle Everson December 18, 2014

CHICAGO — NelsonHill has arranged the $2.8 million sale of a 100,000-square-foot building in Chicago’s Jefferson Park neighborhood. The Chicago Transit Authority (CTA) purchased the property located at 5353 W. Armstrong Ave. CTA will use the site to expand its area bus depot. The property features three interior docks, one exterior dock and one drive-in door. The building is situated on nearly four acres, is located in the Elston/Armstrong TIF Corridor, and is in close proximity to the I-90 and I-94 expressways. Mark Nelson and Michael Nelson of NelsonHill represented the seller, a New York-based cab company. Hugh Murphy of JLL represented the CTA.

December 18, 2014

New York Northeast Office

Avison Young Brokers $135M Sale of UCP of NYC’s Former Program Center

by Amy Works December 18, 2014

NEW YORK CITY — Avison Young has arranged the sale of United Cerebral Palsy of New York City’s (UCP of NYC) former program center at 122 East 23rd St in Manhattan. Toll Brothers purchased the property for $135 million, or $750 per square foot. The asset includes a land parcel and an existing four-story, 60,000-square-foot building. The property offers a total of 180,000 square feet of development rights with zoning that allows for residential, retail and community uses. Jon Epstein, Vincent Carrega, Neil Helman and Charles Kingsley of Avison Young’s New York City-based capital markets team represented UCP of NYC and identified the buyer in the transaction.

December 18, 2014

North Carolina Office Southeast

Insite Properties Brokers Sale of Office Building in Raleigh

by John Nelson December 18, 2014

RALEIGH, N.C. — Insite Properties has brokered the sale of a 37,000-square-foot office building located at 5811 Glenwood Ave. in Raleigh. Built in 2000, the three-story office building was fully occupied by three tenants at the time of sale. Ben Kilgore and Jeff Glenn of CBRE | Raleigh, along with Ashton Williamson of CBRE | Hampton Roads, represented the seller, EOR-5811 Glenwood Avenue LLC. Insite Properties represented the buyer, an unnamed investment brokerage client, in the transaction.

December 18, 2014

Office Texas

HFF Arranges Sale of Office Building in Houston

by Haisten Willis December 17, 2014

HOUSTON — HFF has arranged the sale of Sam Houston Crossing I, a Class A office building totaling 159,175 square feet in northwest Houston. HFF marketed the property on behalf of the sellers, Duke Realty Corp. and Chambers Street properties. SH Crossing I LP, a joint venture between Fuller Realty Partners LLC and Independencia was the buyer. The property is located in Houston’s West Belt Corridor off Sam Houston Parkway at 10343 Sam Houston Park Drive. The three-story building was completed in 2007. The building is fully leased to tenants including U.S. Steel, Farmers Insurance Exchange, CH Robinson Project Logistic, Brock Enterprises Inc., Axon EP Inc. and AMEC Oil & Gas Inc. Dan Miller, Martin Hogan and John Rogers of HFF represented the seller.

December 17, 2014

Florida Office Southeast

CBRE Brokers $51M Sale of Office/Industrial Park in Deerfield Beach

by John Nelson December 17, 2014

DEERFIELD BEACH, FLA. — CBRE has arranged the $51 million sale of Quorum Business Center, a 408,000-square-foot distribution and office portfolio located in Fort Lauderdale’s Deerfield Beach submarket. The park is located at the intersection of S.W. 10th Street and Military Trail near I-95. Greenwich, Conn.-based Ivy Realty purchased the office/industrial park from New York-based KTR Capital Partners. Quorum Business Center was 87 percent occupied at the time of sale. KTR Capital has executed 154 leases and invested $4.5 million in tenant improvements since 2005. Christian Lee, Jose Lobon, Charles Foschini and Chris Apone of CBRE represented the seller in the transaction. Tom O’Loughlin of CBRE assisted the CBRE team with market leasing.

December 17, 2014

Louisiana Office Southeast

IBM Tops Off $30.5M Technology Center in Downtown Baton Rouge

by John Nelson December 17, 2014

BATON ROUGE, LA. — IBM has topped off its new nine-floor technology center under construction in downtown Baton Rouge that will cost $30.5 million to develop. The technology center, which will reportedly create 800 jobs, is part of a $55 million urban development project that will also feature 525 Lafayette, a 10-story residential tower. Commercial Properties Realty Trust, a REIT, is building the urban development project and Wilbur Marvin Foundation will own it. The property is scheduled for completion in May 2015. The topping off ceremony was attended by Gov. Bobby Jindal, IBM vice president Tim McLachlan, Baton Rouge Area Foundation president and CEO John Davies and Louisiana Economic Development (LED) secretary Stephen Moret. LED offered IBM a performance-based incentive package that includes grants totaling $29.5 million over 12 years.

December 17, 2014

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