BALTIMORE — Cassidy Turley has arranged approximately $48.8 million in financing for One East Pratt Street, a 355,779-square-foot, Class A office building in Baltimore’s central business district. The office building was 71 percent leased at the time of the transaction to tenants such as PNC Bank, KPMG, Verizon Wireless and Merrill Lynch. The ground-floor tenants include Sullivan’s Steakhouse, Kona Grill and Nature’s Table. John Campanella and Paul Spellman of Cassidy Turley arranged the permanent financing through a bank on behalf of the borrower, Emmes Asset Management Co. LLC.
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CHICAGO — NelsonHill, a Chicago-based full-service real estate firm, has brokered the sale of a 5,300-square-foot warehouse building in Chicago for $1.2 million. Jordan Mozer & Associates, a Chicago-based international design firm, purchased the space located at 318 N. Laflin St. The design firm plans to use the building as a high-end showroom with office space. Mark Nelson and Michael Nelson of NelsonHill represented the seller, Music Direct. Ann Anovitz Associates represented the buyer in the transaction.
BOSTON — HFF has arranged $204 million in construction financing for the development of Two Harbor Shore Drive, a 516,000-square-foot office building on Fan Pier in Boston’s Seaport District. HFF worked on behalf of the borrower, a venture between The Fallon Company and an institutional client advised by Cornerstone Real Estate Advisers LLC, to secure the construction loan through RBS Citizens. Due for completion in spring 2016, Two Harbor Shore Drive is a 17-story glass tower. The property will feature 18,000 square feet of ground-floor retail and approximately 380,000 square feet of space will be occupied by law firm Goodwin Procter LLP. John Fowler and Anthony Cutone led the HFF debt placement team representing The Fallon Co.
CUPERTINO, CALIF. — Trans-Continental Real Estate Investment Corp. has acquired two office buildings in Cupertino for an undisclosed sum. The 14,000-square-foot building at 20085 Stevens Creek Blvd. is fully leased to Apple. The 26,000-square-foot building at 20111 Stevens Creek Blvd. is leased to various tenants. Trans-Continental plans to occupy a portion of 20111 Stevens Creek when more space becomes available. Apple will remain at 20085 Stevens Creek. The seller, a local private investor, was represented by Mark Ziemendorf and Dave Austin of Cornish & Carey Commercial Newmark Knight Frank.
YORBA LINDA, CALIF. – A 22,544-square-foot office building in Yorba Linda has sold to Robert and Pamela Moreno for $3.7 million. The building is located at 22860 Savi Ranch Parkway. The buyers were represented by Gary McArdell of Lee & Associates – Newport Beach. The seller, Savi Ranch Partners LLC, was represented by Chuck Wilson and Brian Chastain of Colliers International.
NASHVILLE, TENN. — Sterling American Property Inc. has sold Service Source Tower, a 20-story, 266,000-square-foot office tower in downtown Nashville, for a reported $34 million. The property is located at the crossroads of 4th and Church streets. The buyer was Boston-based Albany Road Real Estate Partners. The seller recently completed a multi-million dollar renovation of the tower, including replacing the building’s mechanical systems. The property was 99 percent leased at the time of the sale to anchor tenant Service Source, as well as CapStar Bank, Kermit Stengel Co. and Andrew Byrd & Co. The building’s management and leasing agent is Rob Lowe of Cassidy Turley.
ROCKFORD, Ill. — Principle Construction Corp. has completed a 19,375-square-foot build-out for Schneider Electric of North America, a global specialist in energy management. The renovated space is located at 839 N. Perryville Road in Rockford. Principle made interior improvements to the two-story office building to accommodate Schneider’s laboratory operations and office space needs. The building has performance/testing labs. The lower level was reconfigured with individual electrical, mechanical and valve testing labs; the HVAC cooling system was increased by 33.5 tons; and the electrical service was increased to 1600 amps to handle the increased cooling and electrical loads required for testing operations. The project also included a complete redesign of Schneider’s specialized custom valve and actuator testing equipment chambers. Spring Creek Development Group, which owns the property, hired Principle to complete renovations.
ROCKY HILL, CONN. — O,R&L Commercial has arranged the $3.8 million sale of a 43,465-square-foot office building in Rocky Hill, a southern suburb of Hartford, Conn. Jay Morris and Robert Gaucher of the firm represented the buyer, Twenty Eighty Professional Center LLC, and the seller, 2080 Realty LLC, in the transaction. The building, located at 2080 Silas Deane Hwy, was fully leased at the time of the sale.
CHARLOTTE, N.C. — Electrolux has named Columbia, S.C.-based Red Rock Developments the developer for the expansion of its North American headquarters in Charlotte. Electrolux has entered into a 20-year lease agreement with Red Rock, which will be responsible for the development and financing of the $85 million project. Red Rock will jointly finance the project with Marc Realty, a real estate investment firm based in Chicago. The project will include the addition of a second facility adjacent to the existing property. The new property will span six stories and 375,000 square feet. The property is slated to be LEED certified and feature solar panels, a roof garden and a courtyard.
CHICAGO —Joseph Freed and Associates LLC has hired brokerage firm Avison Young to complete office leasing for the Sullivan Center complex in Chicago. The 15-story, mixed-use, historic landmark redevelopment is located in the heart of Chicago’s Loop at 33 S. State St. The 944,000-square-foot building contains 744,000 square feet of office space and 200,000 square feet of retail space. Of the 744,000 square feet of office space, 20 percent remains available for lease, including one unfinished floor at 70,000 square feet, one furnished/built-out floor at 68,000 square feet and two smaller spaces at 17,000 square feet and 10,000 square feet. Anchor office tenants for the Sullivan Center include Walgreens, the School of the Art Institute of Chicago, Gensler Architecture and the State of Illinois. Joseph Freed and Associates LLC corporate headquarters are also housed at the complex.