NEWARK, N.J. — Meridian Capital Group has arranged an $18 million loan to refinance 570 Broad Street, a 200,000-square-foot office building in Newark. The borrower, Berger Organization, received a seven-year loan featuring a 4.25 percent fixed rate, which was provided by a regional balance sheet lender. The 15-story office building is located within minutes of the Garden State Parkway, New Jersey Turnpike, Routes 1, 9, 21 and 22, and Interstates 280 and 78. Tal Bar-Or and Kyle Kite of Meridian’s New York City office negotiated the refinancing.
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LOS ALTOS, CALIF. – A 4,320-square-foot office property in the Silicon Valley city of Los Altos has sold to an individual/personal trust for $2.1 million. The property is located at 166 Main Street in the downtown region. The buyer was represented by Bill Allen of Marcus & Millichap’s Palo Alto office. The seller was not named.
VILLAGE OF PINECREST, FLA. — Franklin Street Real Estate Services has brokered the $7.4 million sale of a single-tenant office building at 9480 S. Dixie Highway in the Village of Pinecrest, a suburb of Miami. The property is fully leased to Intermex Wire Transfer, which recently signed a seven-year lease extension. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the buyer, Miami Har LLC, in the transaction. The seller, ATS Intermex LLC, owned the property for a little less than a decade.
FORT LAUDERDALE, FLA. — Stiles Realty has arranged more than 47,000 square feet of new leases, expansions and renewals at Commercial Place I & II, a 175,432-square-foot office campus in Fort Lauderdale. Madelayne Garcia of Stiles Realty represented the landlord, Western National Life Insurance Co., in the lease transactions. New leases totaling 15,271 square feet include: HDR Engineering Inc., an architectural and engineering firm, signed leases totaling 10,540 square feet. Keith Edelman and Scott Goldstein of JLL represented HDR in the transaction. International Tourism Management Services LLC signed a new lease for 3,218 square feet. Zachary Wendelin of Cresa represented the tenant. H5 Group, a wholesale importer of watches and jewelry, signed a new lease for 1,513 square feet. Barry Brizel of Raintree Properties & Investments represented H5. Renewed leases totaling 31,808 square feet include: Progressive Casualty Insurance has renewed for 21,576 square feet and expanded for another 5,417 square feet. The national insurance provider signed a 64-month lease. Zachary Wendelin of Cresa represented Progressive. Network solutions provider Presidio Networked Solutions Inc. renewed its lease for 4,815 square feet. Mary Catherine Washo of DTZ Americas represented Presidio.
WATERTOWN, MASS. — Cassidy Turley has arranged the sale of Riverworks Innovation Center at 480 Pleasant St. in Watertown. Farley White Interests sold the three-building office complex to Spear Street Capital for $43 million. Situated along the Charles River, Riverworks is a three- and four-story brick-and-beam office complex offering 200,000 square feet of space. The property was formerly the headquarters to Boston Scientific Corp. until the medical device company vacated the site. Farley White purchased the vacant property in 2010 and renovated it. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.
DALLAS, TEXAS — Crescent has broken ground on its 530,000-square-foot McKinney & Olive project in Dallas. The development will include 480,000 square feet of office space and 50,000 square feet of retail space, including a coffee shop and three restaurants. Law firm Gardere Wynne Sewell LLP will lease 109,000 square feet and occupy four floors. Crescent will begin construction immediately, and completion is anticipated in summer 2016. The project team includes Crescent Real Estate Equities LP as developer; Pelli Clarke Pelli Architects as design architect; Kendall/Heaton Associates as executive architect; Office of James Burnett as landscape architect; and Beck Group as general contractor.
AUSTIN, TEXAS — Lucent Capital has arranged $29.25 million in permanent non-recourse financing secured by Met Center 10, a 345,600-square-foot Class A flex office building in Austin. The property was built in 2001 and is 100 percent occupied by two tenants: the State of Texas Department of Insurance and Pharmaceutical Product Development. The non-recourse loan enabled the borrower, a tenant-in-common investment group formerly sponsored by Breakwater Equity Partners, to refinance its existing debt and complete a structural upgrade program that remediated prior movement to the property’s foundation. The loan has a fixed interest rate of 4.85 percent for 10 years and includes a capital improvement holdback that will allow the borrowers to reconfigure a parking lot and create an additional 100 parking spaces for the tenants over the next several months. Challenges facing this transaction included the roll up of a tenant-in-common structure, special use build out, binary nature of the cash flow and recent structural property issues.
HOUSTON — Colvill Office Properties has closed an 11,574-square-foot office lease to Laredo Energy at CityCentre Four, a six-story, new Class A office building situated in the CityCentre mixed-use complex in west Houston. The signed deal completes lease-up of the entire 120,052-square-foot building, which is located at the corner of Interstate 10 and Sam Houston Parkway. Michael Anderson, Marilyn Guion and Connor Saxe of Colvill Office Properties represented landlord Midway in the lease transaction. André Granello and Gary Lawless of Cresa represented the tenant. Midway recently broke ground on CityCentre Five. The new 15-story building will add another 200,000 square feet of office product to the CityCentre development. Delivery is projected for summer 2015. The building will offer 18-foot ceilings on three of the floors and will include retail and restaurant space on the ground level.
PORTLAND, ORE. — Block 300, a 362,000-square-foot office building in Portland, has received a $60.8-million bridge loan. The Class A building is located at 333 South West 1st Ave. in the Downtown area. The building was 50 percent leased when the funds were committed. It is now 75 percent leased. Dan Rosenberg of Cohen Financial secured the financing for Kaufman Jacobs. It was provided by GE Capital Real Estate. “The bridge financing allows us to recapitalize the property and puts us in a strong position to execute improvements and to re-tenant the property,” says Robert Saunders, Kaufman Jacobs’ CFO.
WASHINGTON, D.C. — Rock Creek Property Group, a Washington, D.C.-based real estate investment company, has sold a three-story, 43,000-square-foot office building in Washington, D.C., for approximately $14.9 million. Lakritz Adler Real Estate Investments purchased the asset, located at 5185 MacArthur Blvd. N.W. Tenants at the property include Starbucks Coffee and UPS.