TUMWATER, WASH. — Town Center East III, a 157,625-square-foot office campus in Tumwater, has received $26.7 million in financing. The tower is located at 243 Israel Road, about five miles from Olympia. The property was built in 2006. The permanent financing was arranged by NBS Financial, which represented both the lender and the borrower in this transaction. Jeff Henderson and Zack Goodwin executed this transaction.
Office
OAKLAND, CALIF. – Avison Young has opened a new office in Oakland. The outpost will be located at 300 Lakeside Drive within the Kaiser Center in downtown Oakland. Charlie Allen will head up the office as managing principal. This is the Canadian firm’s 42nd office in the U.S. and its 10th in California.
DALLAS — Henry S. Miller Brokerage executive vice president Dan Spika has arranged the sale of an 11,857-square-foot office/showroom building in southwest Dallas. The building is located at 327 Cole St. on nearly one acre in the Dallas Design District. Chirnsley LLC purchased the property and intends to use it as office and showroom space. Jeff Swaney of JAS Realty represented the seller, 327 Cole Street Partners LLC.
WEST PALM BEACH, FLA. — KBS Real Estate Investment Trust II has sold City Place Tower, a 295,933-square-foot office building in West Palm Beach, for $150 million. KBS REIT II purchased the 18-story asset for $126.5 million in April 2011. City Place Tower is located in West Palm Beach’s central business district approximately 2.5 miles from Palm Beach Airport.
BOSTON — DivcoWest and Boston-based Synergy Investments has acquired 38 Chauncy Street, an office building located in downtown Boston, from New York City-based Brickman. The 132,000-square-foot building is the fourth office building that DivcoWest and Synergy have purchased in downtown Boston in recent months. In June, the partners acquired 71, 77 and 78 Summer Street, a three-building office portfolio totaling 90,000 square feet. The partnership now owns seven assets in Boston, including three buildings in the Seaport district that were purchased last year.
CHERRY HILL, N.J. — CBRE Group represented Quality Management Associates Inc. (QMA) in its lease of 7,129 square feet and 5,475 square feet of office space at Colwick Business Center in Cherry Hill. Founded in 1992, QMA is a provider of services and support for adults with intellectual and/or developmental disabilities and acquired brain injuries. QMA will join Colwick Business Center’s tenant roster, which includes The Philadelphia Inquirer, The Internal Revenue Service and Urban Engineers. Dan McGovern of CBRE represented QMA, while Wolf Commercial Real Estate represented the landlord, Endurance Real Estate Group, in the transaction.
SAN DIEGO — Tri-City Corporate Towers, a 64,190-square-foot office building in Oceanside, has received a $7.1-million loan. The building is located at 3142 & 3156 East Vista Way. Notable tenants at the property include U-T San Diego, Sleep Data Holdings and several professional firms. The owner, Fenway Properties, plans to update the exterior and rebrand the property. It will be renamed to Pacific Gateway. The bridge loan was secured by CBRE’s Mark McGovern and Scott Peterson. It was secured through a national debt fund. The loan will provide the capital needed to substantially upgrading both the exterior and interior of the building, among other things.
PHOENIX — USI Inc. has leased 15,988 square feet of space at Granite Commerce Center in Phoenix. The space is located at 405 N. 75th Ave. The company markets roll and pouch laminating machines and films, in addition to binding equipment, supplies and many other office accessories. USI was represented by Keri Scott, Jackie Orcutt and John Grady of Cushman & Wakefield. The landlord, Crow Holdings, was represented by JLL’s Kyle Westfall.
DALLAS — Gaedeke Group LLC will soon begin $3.8 million in renovations on its 128,795-square-foot Oak Lawn Plaza office building. Mark Dilworth of Dallas-based Morrison, Dilworth + Walls is the architect for the project. Construction is slated to begin in October and will take an estimated eight months to complete. The 1.5-acre property was built in the early 1980s and is located at 2501 Oak Lawn Plaza just off the Dallas North Tollway. The redesign calls for a 3,000-square-foot expansion of the lobby, with the ceiling height raised to 25 feet. Exterior walls will be redressed with a 25-foot glass curtain wall and 5-by-13-foot vertical panels. The interior redesign will feature white marble walls and basalt stone on the floors, replacing dark marble and granite. Other planned features include commissioned artwork, a high-tech security desk, WiFi furniture and an updated parking garage.
HOUSTON — NorthMarq Capital has negotiated the refinancing of The Green Oaks at San Felipe and The Campanile Buildings in Houston. Properties, located at 4295 San Felipe and 4110 and 4203 Montrose, boast a combined 176,116 square feet. The transaction was structured with a 10-year term and 25-year amortization schedule. Tenants of the properties include Prosperity Bank, Stratos Legal, NCS Pearson and Penn Mutual Life Insurance Co.