ATLANTA — Utilizing two loans totaling $50 million from its capital advisor Patterson Real Estate Advisory Group, Pope & Land Enterprises Inc. has refinanced Cumberland Center I and Barrett Office Park in metro Atlanta. Patterson arranged the financing through BBVA Compass for Cumberland Center I and BB&T for Barrett Office Park. Cumberland Center I is a seven-story office building totaling 188,697 square feet in Atlanta’s Cumberland/Galleria office submarket. Sprint Communications fully occupies the asset. Pope & Land developed Cumberland Center I in 1985. Barrett Office Park consists of seven office buildings totaling 502,752 square feet that are more than 80 percent occupied on an aggregate basis. The office park is located off of Barrett Parkway between I-75 and Highway 41 in the Town Center submarket of Kennesaw, a northern suburb of Atlanta.
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JOHNS CREEK, GA. — Ebix Inc., a software and e-commerce services provider to the insurance and healthcare industries, has purchased a 100,000-square-foot, Class A office building in Johns Creek Technology Park. The LEED Gold-certified property will serve as Ebix Inc.’s global headquarters after the company begins operations at the facility in 2015. Along with the property, Ebix purchased 11.6 acres of land. CBRE represented the seller, Atlanta-based TPA Group, the developer of Johns Creek Technology Park, in the transaction. Cresa represented Ebix.
WESTCHESTER COUNTY, N.Y., AND STAMFORD, CONN. — A joint venture led by Keystone Property Group has completed the acquisition of six office properties located in Westchester County and Stamford. The joint venture purchased the properties for $91.5 million from Mack-Cali Realty Corp. This closing completes a portfolio transaction that Keystone and Mack-Cali entered into earlier this year to form various joint ventures to acquire a portfolio of office properties that Mack-Cali owns throughout Northern New Jersey, New York and Connecticut. The properties include 555 and 565 Taxter Road in Taxter Corporate Park and 570 Taxter Road, totaling 422,422 square feet, in Elmsford, N.Y.; the 178,749-square-foot Talleyrand Office Park located at 200 and 220 White Plains Road in Tarrytown, N.Y.; and the 179,610-square-foot Soundview Plaza in Stamford. Keystone plans to reinvest in the properties through redevelopment, capital improvements and upgrades to each site. Mack-Cali, through its partnership with Keystone, will participate in management fees for the portfolio and a percentage of value creation above certain hurdle rates, as well as retain a senior pari-passu equity position at 555, 565 and 570 Taxter Road. Mack-Cali and Keystone will jointly provide leasing representation for the portfolio.
CAMBRIDGE, MASS. — Accion, an international nonprofit dedicated to microfinance, has selected Vantage Builders to renovate its new headquarters at 10 Fawcett St. in Cambridge. The 19,000-square-foot project includes the complete gut and renovation of portions of the second and third floors of the property, as well as the installation of new mechanical, plumbing and electrical systems and a connecting stairwell. The completed office space will feature custom millwork, new paint and carpeting, upgraded flooring and modern finishes. The renovation project is slated for completion by the end of November. The project team includes Diversified Project Management and Jacobs Engineering Group. The building is owned by Griffith Properties.
TWINSBURG, OHIO — The Cooper Commercial Investment Group has brokered the $4.1 million sale of an office building in Twinsburg, 25 miles southeast of Cleveland. The office building, located at 2500 E. Enterprise Parkway, is fully occupied by Experient, a Maritz Travel Co. The office building includes four acres of additional land that can be used for future expansion. The parent company and lease guarantor, Maritz, signed an early extension with a seven-year, absolute triple-net lease. Dan Cooper of the Cooper Commercial Investment Group represented the seller, a Cleveland-based private investor. A New York-based private investment group purchased the property. The asset traded at an 8.66 percent capitalization rate at more than $159 per square foot. Experient has eight other offices in the country. The Twinsburg office will serve as the company’s headquarters. The company employs 1,350 people with approximately 100 employees in Twinsburg.
PORTLAND, ORE. — Swift Realty Partners has acquired the Executive Building, a 104,630-square-foot office building in Downtown Portland, for $21.1 million. The Class A building is located at 811 SW 6th Ave. The Executive Building is situated at the intersection of Portland’s main MAX light rail lines, near Interstates 5 and 84 and Highway 26. The property is also near amenities like the Pioneer Place Shopping Center and The Nines Hotel. The building is 91.4 percent leased to three tenants, including J.P. Morgan Chase and the State of Oregon Department of Environmental Quality (DEQ). The seller, The Matteson Companies, was represented by HFF’s Nick Kucha and Michael Leggett.
WEST DUNDEE, ILL. — The Opus Group has entered into a contract with King Shan LLC to build 45,000 square feet of new industrial and office space next door to King Shan’s existing facility in West Dundee, approximately 40 miles northwest of Chicago. The property is located at the intersection of Weseman Drive and Higgins Road.Opus constructed King Shan’s existing 35,000-square-foot facility in 2010. The new space will allow King Shan, a manufacturer of steel wire and metal fabrication products, to expand its production and distribution operations. The facility, which will be built directly adjacent to King Shan’s current facility, will feature approximately 41,000 square feet of warehouse space with 24-foot clear height ceilings, as well as 4,000 square feet of office space. The two facilities will be linked via a graded driveway, ensuring optimal integration and functionality. Construction will begin this fall, with completion slated for January 2015. Opus Design Build LLC is the project’s design-builder. Opus AE Group LLC is the architect and engineer of record. Noel Liston of Darwin Realty and Development represented King Shan and Opus in the transaction.
BLOOMINGTON, MINN. — Doran Cos. has purchased a 34,649-square-foot, three-story office building in Bloomington for $2.2 million. Paramount IV LLC sold the property to the Bloomington, Minn.-based general contracting, development and management company. Various Doran entities currently occupy 10,970 square feet in the office located at 7803 Glenroy Road. Other tenants include United Sugars Corp. and several small businesses, including S.S.C. Technologies Inc., Consultis of MN Inc., Selective Site Consultants Inc., and Pennant Co. The building is 80 percent leased. Doran Co. will add a building monument sign along West 78th Street that will identify building tenants. It will also complete extensive interior and exterior renovations to the property. Some of the renovations include new HVAC systems, parking garage improvements including heat and ventilation, upgrades to the elevators, improved restrooms, a new building conference room and more.
PORTLAND, ORE. – A 49,946-square-foot office building has sold to Swift Real Estate Partners for $8.5 million. The building is located at 811 SW Naito Parkway. It sits on the waterfront of the Portland Central Business District. The property was built in 1982 and renovated in 2013. The seller, ATC Partners LLC, was represented by HFF’s Nicholas Kucha and Michael Leggett.
CHANDLER, ARIZ. — Crown Castle International has leased 70,000 square feet of Class A office space in Chandler. The property is located off Loop 202. The shared wireless infrastructure provider will occupy the space next July. The landlord, LGE Design Build, represented itself in this transaction. Crown Castle was represented by Keith Lambeth, Todd Noel and Ryan Timpani of Colliers International.