NEW YORK CITY — Progress Capital has arranged a $35 million fixed-rate loan for the 20-story office building located at 220 Fifth Avenue in New York City. The non-recourse loan has a term of 15 years based on a 30-year amortization schedule. The funds were used to refinance an existing CMBS mortgage with Berkadia Commercial Mortgage. Originally built in 1912, the building was formerly known as the Croisic Building and is a historic icon in the city. The same family has owned the office building since 1991. The owners plan to renovate the building’s lobby and common spaces in preparation for the opening of the Belgium Beer Café, which will anchor the building’s first-floor retail space.
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BANNOCKBURN, ILL. — NAI Hiffman has won the assignment to manage and lease a 210,000-square-foot, Class A office asset located at 3000 Lakeside Drive in Bannockburn, 30 miles north of Chicago. Bannockburn Corporate Center, located directly off the intersection of Half Day Road and I-94, is currently 62 percent occupied. The building includes indoor executive parking, ample natural light and adjoining blocks of available space. Linda Garske and Jason Wurtz with NAI Hiffman’s leasing team will market existing and upcoming availabilities at the property. The assignment of Bannockburn Corporate Center comes after NAI Hiffman won the assignment to manage and lease the 486,000-square-foot Naperville Woods Office Center in Naperville, Ill. With the two properties added to its portfolio, NAI Hiffman leases and manages more than 56.6 million square feet of office, industrial and retail space in the Chicagoland region.
LOS ANGELES – A 36,000-square-foot flex property in the Los Angeles submarket of Thousand Oaks has sold to Chase Partners, LTD for $4 million. The property is located at 2610 Conejo Spectrum. It is situated within a 100-acre, master-planned business park. The property contains 8,500 square feet of office space. The remaining square footage is dedicated to warehouse space. David Parker of Chase Partners represented his investment group in this transaction, while the receiver was represented by John Anthony and Chris Steck with Charles Dunn Company. Jerry Wang was the receiver on the property, which was in foreclosure by Bank of America.
RALEIGH, N.C. — Dominion Realty Partners has begun developing Wade III, a four-story office building joining the existing Offices at Wade development in the PNC Arena district in west Raleigh. Dominion is seeking LEED-Gold certification for the project, which will include card access control systems, an outdoor plaza courtyard, underground parking, Wade park amenities, on-site management staff and an on-site restaurant. Dominion is partnering with Prudential Real Estate Investors on the 105,000-square-foot project. The project team includes architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young. Regions Bank provided construction financing, and Dominion will provide on-site property management upon completion, which is slated for August 2015. The property is currently 25 percent pre-leased and building naming and signage rights are still available for the development.
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.
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.