MORRIS PLAINS, N.J. — Colliers International has arranged the sale of the 330,000-square-foot Morris Business Campus at 1000, 1100, and 1200 The American Road in Morris Plains for $6.85 million. The multi-tenant property was sold to local real estate investor and developer JMF Properties Group. The Morris Business Campus encompasses more than 28 acres of land and comprises three interconnected Class B office buildings that were renovated in 2001. The rear of the property features a walkway with direct access to the Morris Plains train station. The property is currently zoned as light industrial and is located two miles from Interstates 287 and 80, and is 45 minutes from New York City.
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MAMARONECK, N.Y. — Rich Hendey and Steve McCulloch of Houlihan Parnes Realtors have placed a $1 million loan on 123-129 Halstead Avenue, an office and retail property located across the street from the train station in Mamaroneck. The non-recourse loan was done at par and has a fixed rate of 4 percent for a period of five years with a 30-year amortization schedule. The borrower has a five-year option to renew. The loan was placed with a regional bank and the borrowers were represented by John Nickelsberg of the law firm Rabine & Nickelsberg.
NATICK, MASS. — CBRE has arranged the $8.6 million sale of an office building located at 313 Speen St. in Natick. Chris Angelone, Steve Murphy, Bruce Lusa and John Meador of CBRE represented the seller, Gerrity Family Associates, and procured the buyer, 313 Speen LLC. The 59,453-square-foot office building was 70 percent leased at the time of sale. Approximately 20 miles west of Boston, the office building is located less than a mile off Interstate 90.
PLANO, TEXAS — Bright Realty has arranged a 26,988-square-foot office lease in Plano for banking services provider HP Locate LLC. The tenant will occupy an entire floor at the Lincoln Legacy One building, which is located at 6860 N. Dallas Parkway within the larger Legacy Town Center complex. Completed in 2006, Lincoln Legacy One totals 207,834 rentable square feet. Shawn Hall of Bright Realty represented HP Locate in the negotiations.
PHOENIX – A 58,120-square-foot building in Phoenix that is fully leased to Universal Technical Institute has sold to Hyperion Fund L.P. for $6.3 million. The Class B building is located at 2844 West Deer Valley Road and 2837 West Louise Drive in the Deer Valley submarket. The new owner plans to hold the property and maintain the current tenant, which provides technical training for auto mechanics, marine technicians and NASCAR techs. Hyperion was represented by Eric Wichterman and Mike Coove of Cassidy Turley. The seller was City Park, LLC, a company formed by Cutler Commercial.
MIAMI — CBRE has arranged a $47 million bridge loan to refinance Brickell City Tower, a Class A, 33-story office tower in Miami’s Brickell neighborhood. Charles Foschini, Christopher Apone and Christian Lee of CBRE arranged the loan through Ares of Chicago on behalf of the borrower, 80 SW 8th Street LLC, a joint venture between Banyan Street Capital, Independencia, Silverpeak Real Estate Partners and Crocker Partners. The purpose of the loan was to release value back to ownership following its recent sale of a portion of the site to ZOM, which plans to built a 46-story luxury high-rise apartment tower.
BOSTON — DivcoWest has completed the purchase of One Winthrop Square, a 114,000-square-foot office building in Boston’s Downtown Crossing area. One Winthrop is a five-story building that was constructed in 1873 and most recently renovated in 2008. The building was fully leased at the time of sale. DivcoWest plans to improve the building’s common areas. The building fronts the half-acre Winthrop Square Park and is located within the city’s central business district.
BLOOMFIELD, N.J. —Bechtel and Financial Computer Inc. have joined the tenant base at Prism Capital Partners’ BroadAcres Office Park in Bloomfield. Prism, which owns and manages the four-building, 380,000-square-foot campus, was self-represented by Edwin Cohen. Bechtel, a global engineering, project management and construction company, leased 23,000 square feet on the first and second floors at 300 Broadacres Drive. Christopher Olsen from Newmark Grubb Knight Frank served as tenant broker in the transaction. Financial Computer Inc. leased 4,200 square feet on the second floor of 400 Broadacres Drive. The information technology advisor, specializing in financial services offices, will relocate its headquarters to the property from Fairfield, N.J., in an expansion move. Curtis Foster of Cushman & Wakefield represented the tenant in the long-term transaction.
SAN FRANCISCO – A 26-story high-rise tower at 140 New Montgomery in San Francisco’s South Financial district has received a $185-million recapitalization. The Class A tower was built in 1925 as the headquarters for Pacific Telephone and Telegraph. The telephone company owned the building until it was acquired by Stockbridge Capital Group in 2007. The building is undergoing a $100-million renovation that will include new building systems, a seismic upgrade and more than 1,300 new operable windows in the tenant spaces. It is currently 90 percent leased. Notable tenants include Software AG, Lumosity, Knoll Inc. and Yelp! , which anchors the building. The five-year term financing includes mezzanine debt that was sold to an institutional investor. It was provided to Stockbridge by Ronnie Gul of Mesa West Capital.
ATLANTA — Buchanan Street Partners has provided a $72 million loan secured by Campanile, a 20-story, Class A office tower in Atlanta’s Midtown neighborhood. The 445,280-square-foot tower is the former headquarters for Bell South and was 50 percent leased at the time of the closing. The office tower is located at the intersection of 14th and Peachtree streets. Buchanan Street Partners provided the loan to building owner Dewberry Capital, which has owned the property since 2010. The transaction is Buchanan’s second loan to Dewberry in the past six months.