BASKING RIDGE, N.J. — HFF, on behalf of Lincoln Property Company, has secured $10.5 million in refinancing for a two-building office property in Basking Ridge. Situated on 14.4 acres at 180-188 Mt. Airy Road, the office complex features two two-story multi-tenant buildings totaling 104,202 square feet of rentable space. 180 Mt. Airy Road was renovated in 2004, and 188 Mt. Airy Road was renovated in 2007. The properties are currently 95 percent leased to a variety of tenants, including Montgomery Academy, The Learning Experience, Integrated Device Technology and Mt. Airy Associates. The five-year, floating-rate loan was placed with OceanFirst Bank. Michael Klein and Andrew Roland of HFF represented the borrower in the transaction.
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SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $6.6 million loan for Central Business Park in Southfield. The property is an existing single-story office property consisting of four buildings in close proximity to each other, containing a total of 180,307 square feet of rentable area. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, CBP RES LLC, through a CMBS lender.
HOLLYWOOD, CALIF. — NeueHouse has leased 93,000 square feet of space at Columbia Square in Hollywood. The private membership collaborative concept signed a 15-year lease that will commence in the first quarter of 2015. This is the largest lease to be signed in Hollywood in more than five years, according to Kilroy Realty Corporation, which owns the building. NeueHouse will occupy the newly renovated Radio and Business buildings. These historic buildings anchor Columbia Square, which is a 680,000-square-foot, mixed-use project that will contain creative office, retail and residential components. The $400-million project is now underway on the site of CBS’ early 20th century broadcast facility on Sunset Boulevard. NeueHouse was represented by Steve Kolsky and Neal Golden of Newmark Knight Frank. Kilroy was represented by Carl Muhlstein of Jones Lang LaSalle.
LAS VEGAS — Century Park, a 114,402-square-foot office building in Las Vegas, has sold to Flaming Spencer Garden LLC for $4.3 million. The two-building, Class B property is located at 1771 E. Flamingo Road. It is situated near McCarran International Airport, the Las Vegas Convention Center and the Las Vegas Strip. The seller, Riversource REO 1 LLC, was represented by CBRE’s Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski.
PLEASANTON, CALIF. – A 64,760-square-foot office building in Pleasanton has sold to 5100 VJ Franklin LLC for an undisclosed sum. The two-story building is located at 5100 Franklin Drive. It was built in 2001. The space was most recently occupied by Hitachi Data Systems. It will now serve as the corporate headquarters for an unnamed tenant. The LLC was represented by Rick Keely, Greig Lagomarsino and Brian Lagomarsino of Colliers International. The seller, Ellis Partners LLC, was represented by Ted Helgans, Jason Chandler, Ned Wood and Mark Triska of the same firm.
HOUSTON — KBS Real Estate Investment Trust II has sold Two Westlake Park in Houston. The buyer and sale price were not disclosed. Two Westlake Park was built in 1982 as part of the 58-acre Westlake Park. The 67,334-square-foot property was converted from condominium space to offices in 2012. The property is 100 percent leased, with ConocoPhillips as the anchor tenant. Other tenants include Merrill Lynch and BP. Two Westlake Park is located at 580 Westlake Park Blvd in Houston.
ABERDEEN PROVING GROUND, MD. — St. John Properties Inc. has signed DRS Technologies to lease totaling 15,000 square feet within The Government and Technology Enterprise (The GATE at APG) project. This is the 50th lease at the 416-acre business park located in Aberdeen Proving Ground in Harford County. Since acquiring the rights to continue to develop The GATE at APG from the Department of Army in 2009, the Baltimore-based firm has developed 12 office and R&D buildings totaling more than 600,000 square feet at the property. St. John Properties has also leased roughly 530,000 square feet of new space. Tenants at The GATE feature some of the top defense contractors in the nation, including The Boeing Co., CACI, General Dynamics, CSC, Raytheon, Science Applications International Corp. (SAIC), Engility, DSCI and Lockheed Martin. DRS Technologies plans to move 50 employees to The GATE this fall.
BEVERLY HILLS, CALIF. – A 68,423-square-foot office building in Beverly Hills has received $25 million in financing. The Class A building is located at 315 South Beverly Drive. It is currently 95 percent occupied. The financing includes a $21-million first mortgage and a $4-million mezzanine loan. The non-recourse loan carries a 10-year term with five years interest-only and a fixed interest rate. The loans were provided by Lucent Capital.
MURRIETA, CALIF. – A pair of office buildings in Murrieta has sold to Village Walk Murrieta LP for $7.7 million. The first property, Village Walk Corporate Center,is located at 41391 Kalmia Street. The second building is located at 41381 Kalmia Street. Village Walk Corporate Center contains 11 tenants. It is 96 percent occupied. The second building is fully occupied by Pacific Western Bank. Dan Vittoneand Alan Pekarcik of Avison Young represented both the buyer and seller, Village Walk Square LLC, in this transaction.
ATLANTA — Tishman Speyer will begin construction on Three Alliance Center on Aug. 1 in Atlanta’s Buckhead submarket. The 30-story, 500,000-square-foot office tower will be adjacent to Buckhead’s gateway intersection of GA 400 and the Buckhead Loop. The design team includes architect Mack Scogin of Mack Scogin Merrill Elam and general contractor Turner Construction. The Class A tower will be built to LEED Gold certification standards, according to Tishman Speyer. The New York-based developer plans to deliver Three Alliance Center in September 2016.