OMAHA — NorthMarq Capital has arranged a $1.6 million loan to refinance the Alliance Group Office Building, a 24,304-square-foot office facility located at 2566 Leavenworth St. in Omaha. Gary Rifkin of NorthMarq Capital’s Omaha-based regional office structured the loan with a 15-year term and 15-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Assurity Life Insurance Co.
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CHARLOTTE, N.C. — Trinity Capital Advisors has purchased two office buildings in Toringdon Office Park (Toringdon 3 and 5), a six-building office park in south Charlotte. Trinity Capital now owns the entire office park, including 12 acres of land and a three-level parking garage. Trinity Capital purchased Toringdon 3 and 5 in a joint venture with Stockbridge Capital. The 527,392-square-foot park is leased to 16 tenants, including Nationwide Insurance, Ally Bank and Verizon Wireless. Trinity Capital also plans to develop a 175,000-square-foot, Class A office building at the park. Trinity Partners is responsible for the leasing and property management of Toringdon Office Park.
FRIDLEY, MINN. — Marcus & Millichap has brokered the $19.8 million sale of Fridley Medical Center, a 60,476-square-foot on-campus medical office property in Fridley, approximately nine miles north of Minneapolis. Fridley Medical Center, located at 480 Osborne Road NE, is connected via a walkway to the Allina Health-owned Unity Hospital. The building is anchored by Multicare Associates, a provider owned and operated clinic with multiple locations in the Minneapolis market. Additional tenants occupying the facility include Fridley Medical Pharmacy, Virginia Piper Cancer Institute, Minnesota Oncology, MAPS Medical Pain Clinic and NovaCare Physical Therapy. Scott Niedergang and Gino Lollio of Marcus & Millichap’s Healthcare Real Estate Group in Chicago represented the seller, a partnership between a local physician group and developer, and the buyer, a healthcare real estate investment trust.
PHOENIX — Anixter International has leased 63,000 square feet of space at Airport I-10 Business Park in Phoenix. The global distributor of enterprise cabling and security solutions will occupy almost half of the park’s “Building E.” The business park is located at the northwest corner of 24th Street and Rio Salado. Airport I-10 Business Park is the last large, developable parcel remaining in the Sky Harbor International Airport submarket. It is one of the largest speculative industrial developments in Phoenix’s Sky Harbor Airport-area. Building E’s shell is expected to be complete in the next few months. Anixter was represented by CBRE’s John Werstler, Jerry McCormick and Cooper Fratt. The landlord, Wentworth Property Company/Clarion Partners, was represented by JLL’s Pat Harlan, Steve Sayre and Kyle Westfall.
AUSTIN — Transwestern has brokered the sale of 811 Barton Springs to a fund managed by Cornerstone Real Estate Advisers. The 143,183-square-foot, Class A office building is located on Barton Springs Road between Austin’s central business district and the Southwest submarket. The nine-story building was 99 percent leased at the time of sale. The property, which underwent more than $1 million in renovations during the past several years, earned an Energy Star rating in 2009 and LEED-Gold certification in 2013. Hale Umstattd and Leah Gallagher of Transwestern represented the seller.
NEW YORK CITY — San Francisco-based The Swig Company and New York City-based Himmel + Meringoff Properties have created a partnership to acquire the remaining 49.9 percent interest in 1460 Broadway, a 16-story commercial office tower located in Manhattan’s Times Square. The partnership plans to redevelop and reposition the 215,000-square-foot office and retail property located on the corner of 41st Street and Broadway. Once the interest of The Blackstone Group is acquired, The Swig Company will be the majority owner of the property and Himmel + Meringoff will act as operating partners to oversee the redevelopment process. The repositioning of the building is made possible by the vacating of all the office space by next March and the ability to deliver the entire 35,000-square-foot flagship retail space by the end of 2015.
BROOKLYN, OHIO — American Greetings has sold its world headquarters, a 1.6 million-square-foot facility in Brooklyn, a suburb of Cleveland, for $15.5 million. Industrial Realty Group, an Ohio-based commercial and industrial property owner, purchased the property, which is situated on more than 150 acres north of Tiedeman Road. Allegro Realty Advisors, a commercial real estate brokerage and consulting firm, facilitated the transaction. The sale involved a complex set of lease agreements, a diverse set of land uses, including office, industrial and vacant land, as well as third-party tenants. American Greetings initially retained Allegro in the fall of 2011 to provide strategic corporate real estate advisory services to determine the most appropriate reuse of the property and the best approach to its disposition strategy, according to Michael Cantor, a managing director and principal at Allegro. Industrial Realty Group will reposition and re-tenant the property. American Greetings will remain as a tenant at the property until it is ready to relocate to its new world headquarters. According to Crain’s Cleveland Business, American Greetings will begin construction on a new $350 million headquarters at Crocker Park in Westlake in September.
LEE’S SUMMIT, MO. — American Healthcare Investors and Griffin Capital Corp., co-sponsors of Griffin-American Healthcare REIT III Inc., have entered into a purchase agreement to acquire Lee’s Summit Medical Office Building, a 39,000-square-foot property in Lee’s Summit, an affluent suburb of Kansas City. The purchase price was $6.75 million, plus closing costs, according to an SEC filing. Grand Street Co. LLC was the seller. Located at 301 Northeast Mulberry St., Lee’s Summit Medical Office Building is 89 percent leased to multiple tenants, including Diagnostic Imaging Centers, Saint Luke’s East Hospital and Ostetrix Medical Group. Built in 2007, the Class A building is a few miles from the 141-bed Saint Luke’s East Hospital and within 10 miles of three other area hospitals.
SAN FRANCISCO – A 305,260-square-foot office building in San Francisco has received $120 million in financing. The waterfront building is located at 500 Terry A. Francois Blvd. in Mission Bay. It is situated near the 3rd Street Light Rail, and sits adjacent to the site of the future arena for the NBA’s Golden State Warriors. Major tenants at the building include Cisco, Wix and Cengage. An affiliate of the Sobrato Organization acquired the building in May 2011. The loan features a 15-year term and 30-year amortization schedule. It was arranged by Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office through the firm’s correspondent relationship with Allianz Real Estate of America LLC.
LOS ANGELES – A local private investor has acquired a 186,000-square-foot creative office building in Downtown Los Angeles for $19 million. The 12-story building is located at 155 W. Washington Blvd. The structure was originally built in 1927. It was renovated in 2010. The building currently boasts a 97 percent occupancy rate. It enjoys high visibility from the 110 and 10 freeways. The buyer was represented by Emil Golub of Fortune Investments. The seller, West Washington Properties LLC, was represented by John Anthony and Christopher Steck of Charles Dunn Company.