AUSTIN — Karlin Real Estate and developer Trammell Crow Co. have broken ground on Parmer 3.2, a new Class A office building offering 192,000 square feet of prime office space. Parmer 3.2 is the first phase of new construction at PARMER, Karlin’s 400-acre, master-planned technology and office park in Austin. Parmer 3.2 is a three-story office building featuring 64,000-square-foot floor plates designed for either single or multi-tenant occupancy. Construction is expected to be complete in the second quarter of 2015. Parmer is zoned for up to 9 million square feet of office, industrial, hotel and retail use. The development is bordered by McCallen Pass on the west, East Howard Lane on the north, Harris Ridge Boulevard on the east and Parmer Lane on the south, with close access to I-35 and U.S. 183.
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DURHAM, N.C. — CBRE has arranged the sale of Research Commons, a five-building office development totaling 422,483 square feet in Research Triangle Park. The asset is located at 79 T.W. Alexander Drive in Durham. Highwoods Realty LP sold the office park to an affiliate of Greenfield Partners LLC for $58.7 million. Ben Kilgore, Jay O’Meara and Will Yowell of CBRE represented Highwoods Realty LP in the transaction.
FAIR LAWN, N.J. — A joint venture between Keystone Property Group and Mack-Cali Realty Corp. has closed on the acquisition of 17-17 Route 208 North in Fair Lawn. The venture purchased the three-story, 150,477-square-foot office property building for $12.5 million from Mack-Cali Realty Corp. The building features underground executive parking for 114 cars, generous surface parking and access to NJ Transit trains and bus service. The buyer plans to enhance the building’s common area hallways, bathrooms and amenities, including an on-site cafeteria. This closing is part of a portfolio acquisition pursuant to agreements entered into earlier this year between Keystone and Mack-Cali to form various joint ventures to acquire the portfolio of several properties that Mack-Cali owns throughout New Jersey, New York and Connecticut.
PORTLAND, ORE. — Federal Public Defenders has leased 25,483 square feet at One Main Place in Portland. The building is located at the intersection of SW Main Street and SW 1st Avenue in the city’s Central Business District. It will soon undergo improvement efforts. The landlord is KBS Real Estate Investment Trust II. Both parties were represented by CBRE’s Kevin Kaufman and Charles Safley.
THE WOODLANDS, TEXAS — ZC+O has completed construction of Research Forest Lakeside Building 4 in The Woodlands. The 12-story, 297,827-square-foot office building is the second of eight new buildings to be built in the 77-acre, mixed-use development located on Lake Woodlands. The building is pre-certified LEED Gold. ZC+O is an association between Ziegler Cooper and Odell.
TAMPA, FLA. — Fairlead Commercial Real Estate has purchased Fifth Third Center, a 19-story, 281,072-square-foot office tower located at 201 E. Kennedy Blvd. in Tampa’s central business district. Fairlead purchased the asset with its equity partner Bridge Investment Group Partners. The tower’s tenant roster includes Fifth Third Bank, the United States Government, Deloitte, Saxon Gilmore, Skoda Minotti, Marshall Dennehey, Conroy Simberg and Walter Moore. Dale Peterson, Anne-Marie Ayers and Courtney Decker of CBRE represented the seller, Terrace Tower Tampa LLC. Fairlead has tapped Ayers of CBRE as the third-party leasing agent for Fifth Third Center.
BOSTON — Roseview Evergreen Group, on behalf of the Roseview Evergreen Fund, and PM Realty Group have formed Roseview-PMRG Fund I LLC, a $250 million discretionary fund to acquire and reposition properties across the United States. The fund seeks to acquire and reposition existing office assets, which can we acquired below replacement cost, by investing capital to upgrade building common areas and mechanical systems and to fund tenant improvements and leasing commissions. The fund plans to target mid-teens returns with total investment per asset of $15 million to $65 million in primary and secondary markets. The partnership has closed on its first acquisition, a 137,000-square-foot office building in the Greenway Plaza submarket of Houston, Texas.
PLEASANTON, CALIF. — California Center, a 1-million-square-foot office campus in Pleasanton, has received $152 million in debt financing. The six-building campus is located at 4400 Rosewood Drive. The center features a state-of-the-art conference center, a 600-seat cafeteria and a fitness center. The property also contains an 8.4-acre site that is fully entitled for 305 residential units. California Center was acquired by Swift Real Estate Partners this past June. Swift was represented by JLL’s Michael Seifer, Rob Hielscher and Aaron Herter in that sales transaction. The debt was secured by John Manning and Alex Witt of JLL’s Capital Markets. It was provided by Starwood Property Trust. The debt consisted of a five-year, floating-rate loan where $106.5 million was funded at closing and an additional $45.5 million was provided for future capital improvements.
FORT LAUDERDALE, FLA. — CBRE has arranged the $66.4 million sale of a 225,650-square-foot office tower located at 200 E. Broward Blvd. in Fort Lauderdale’s central business district. Boston-based TA Associates Realty purchased the asset for roughly $294 per square foot. The 21-story asset was 88 percent leased at the time of the sale. Christian Lee, Jose Lobon, Charles Foschini and Chris Apone of CBRE represented the seller in the transaction. Sandra Andersen of JLL assisted the CBRE team with market leasing.
PRINCETON TOWNSHIP, BRIDGEWATER AND CLIFTON, N.J. — Cronheim Mortgage has arranged $13.8 million in financing for six office properties in New Jersey. The firm secured a $3 million loan for two medical/professional buildings totaling 27,919 square feet in Princeton Township. The 15-year loan was financed by a New Jersey bank. In Bridgewater, the firm arranged $5.2 million for two sister office buildings totaling 79,688 square feet on Route 22. Cronheim secured the 20-year, self-liquidating mortgage with Southern Farm Bureau Life Insurance Company. The firm also secured a $5.6 million loan for a 64,511-square-foot medical office building in Clifton. The 10-year, non-recourse loan was funded by Members Capital Advisors. Janet Proscia and David Turley of Cronheim Mortgage arranged the financing for all three transactions.