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.
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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.
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.
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.