CHICAGO — Aries Capital has secured a $5 million CMBS loan for a nine-property, multifamily portfolio on Chicago’s South Side. The 10-year loan features a 30-year amortization schedule and a 75 percent loan-to-value ratio. The sponsor of the transaction, an affiliate of McKenzie Management, has been acquiring and renovating properties on the South Side of Chicago for the past eight years. By refinancing the properties, McKenzie Management was able to free up its bank lines and personal guaranties, enabling the company to acquire additional properties and grow its portfolio. McKenzie is a full-service property management company focusing on residential and retail properties.
Office
LISLE, ILL. — Morgan/Harbour has completed an office renovation of a 10,466-square-foot building in Lisle for law firm Clingen Callow & McLean LLC (CCM). The property is located at 2300 Cabot Drive. Founded in 1995, CCM has relocated its offices to Lisle from Wheaton, Ill. The firm also operates an office in Geneva, Ill., which it will retain. The new Class A building consists of 24 private offices, open office space, three conference rooms, a copy room and break room. Morgan/Harbour’s construction team included Andy MacMillan, John Becker and Keith Zagroba. ConopCo provided project management services and Whitney Architects provided the architectural services.
BURBANK, CALIF. — Granite Properties has acquired a 150,000-square-foot office building in Burbank for $49 million. The 10-story tower is located at 2600 West Olive in the city’s Media District. The building is currently 87 percent leased to a variety of media-related companies. It was built in 1986. The seller, Legacy Partners Realty Fund I LLC, had previously made improvements to the building’s main lobby, restrooms, upper lobbies and parking areas. Legacy was represented by CBRE’s Kevin Shannon, Tom Bolinger, Ken White and Mike Longo.
BREA, CALIF. — The PRES Companies has acquired a two-project office portfolio in Orange County for $42 million. The four-property portfolio totals 290,657 square feet. The transaction includes the 171,411-square-foot Brea Park Center. The three-building property is located at 2601 Saturn Street, 500 S. Kraemer Blvd. and 2650 E. Imperial Highway. Notable tenants include Citizens Business Bank, General Services Administration (GSA), FIT Electronics and theCalifornia Department of Public Health. The transaction also includes the 119,246-square-foot Brea Corporate Plaza, which is located at 3230 E. Imperial Highway. Notable tenants include Nestle Waters andYellow Box Corp. Both properties are located in Brea near the 57 and 91 freeways in north Orange County. PRES will also assume leasing and management responsibilities for the portfolio. The firm was represented by Dan Vittone and Alan Pekarcik of Avison Young’s Irvine office.
DENVER – The Waner Building, an 11,971-square-foot office property in Highlands Ranch, has sold to Winkes Sound LLC & Lorenz Sound LLC for $2.4 million. The building is located at 8950 Barrons Blvd. in the Littleton suburb. It is fully occupied by two triple-met tenants, Waner Construction and Great West. Winkes Sound was represented by Brandon Gouker of Pinnacle Real Estate Advisors. The seller, Hubba Hubba LLC, was represented by Rob Edwards, Eric Shaw and Tom Ethington of the same firm.
CHARLOTTE, N.C. — Adler Kawa Real Estate Advisors has purchased four office buildings totaling 249,000 square feet in Charlotte. The properties are located at Oak Hill Business Park within Charlotte’s I-77 Corridor. The office properties were 68 percent leased at the time of the sale to tenants such as Wal-Mart Stores Inc., Paychex and Canon. Adler Kawa purchased the properties through the Adler Kawa Real Estate Fund II from a private equity firm. Patrick Gildea and Ralph Oldham of CBRE represented the seller in the transaction, and Charles Foschini and Christopher Apone of CBRE’s Miami office secured acquisition financing on behalf of Adler Kawa. Adler Kawa has selected Trinity Partners to lease the properties and affiliate Adler Realty Services to manage the assets on-site.
NEW YORK CITY — Meridian Capital Group has negotiated $165 million in first mortgage and mezzanine financing for the purchase of 1412 Broadway in New York. Renovated in 2012, the 24-story property offers 378,000 square feet of office space and 22,500 square feet of retail space. Current tenants include Jones New York, Escada, Outerstuff LTD and Provident Bank. David Hayum and Tal Savariego of Meridian Capital Group arranged the five-year balance sheet financing, which features a competitive floating rate.
WALTHAM, MASS. — Boston Properties has inked a lease with Wolverine Worldwide for 150,000 square feet at its 10 CityPoint project in Waltham. The company plans to use the office space as headquarters for its Sperry Top-Sider, Saucony, Keds and Stride Rite brands. This lease will kick off construction for the 10 CityPoint project, which is the newest addition to Waltham’s CityPoint district. Located on Route 128 at the exit 27 interchange, 10 CityPoint will include street-level retail and restaurant space, as well as 230,000 square feet of high-performance workspace. John Boyle, Michael O’Leary and Kevin McNamara of Cassidy Turley, along with Randy Tarnow of Mohr Partners represented the tenant, while David Provost, Richard Monopoli and Matthew Murray provided in-house representation for Boston Properties in the transaction. In addition to the Wolverine lease, Boston Properties has signed leases with Posto and Bonefish Grill.
WESTPORT, CONN. — Vidal Wettenstein LLC has brokered the sale of an office building located at 37 Franklin St. in Westport. Dinmar Realty sold the 6,000-square-foot property to Chris Anderson for $1.2 million. The buyer plans to renovate the property and utilize it for his company. Robert Lewis of Vidal Wettenstein represented the seller, while Kevin Foley of Cushman & Wakefield represented the buyer in the transaction.
OXNARD, CALIF. – A 20,740-square-foot office building in Oxnard has sold to Brinkmanent LLC for $3.2 million. The building is located at 1555 West 5th Street. The space was 97 percent leased at the time of sale. The California Department of Probation occupies about 55 percent of the space. Brinkmanent was represented by Larry Margo of Berkshire Hathaway. The seller, PAC II Venture LP, was represented by John Battle and John Ochoa of Lee & Associates-LA North/Ventura.