HARTFORD, CONN. — Walker & Dunlop Inc. has provided $37.2 million in FHA Section 221(d)(4) financing to convert an office building in Hartford to a multifamily property. The vacant 26-story office tower is located at 777 Main St. in Hartford’s central business district. Constructed in 1967 as the headquarters of Hartford National Bank, the office property was designed by architect Welton Becket, who designed the iconic Capitol Records tower in Hollywood. Todd Trehubenko led the Walker & Dunlop team that structured the financing.
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CHERRY HILL, N.J. — U.S. General Services Administration (GSA) has signed a 20,000-square-foot lease at 51 Haddonfield Road, a 100,000-square-foot office building in Cherry Hill. The new ownership group, Bergman Real Estate Group and Time Equities Inc., has completed various upgrades to the property and installed a gallery of rotating artwork by local and national artists. Anne Klein of Newmark Grubb Knight Frank serves as the leasing agent for the property.
LONG BEACH, CALIF. — Parallel Capital Partners has acquired Shoreline Square, a 383,652-square-foot office tower in Long Beach, for $101.7 million. The Class A office tower is located at 301 East Ocean Blvd. It is part of a master-planned, mixed-use development within the city’s Central Business District. Shoreline Square is currently 90 percent leased. Notable tenants include General Services Administration U.S. Customs office, Comerica bank, Tidelands Oil (Oxy), Department of Defense offices and UBS Financial Services. The tower currently holds a LEED-Silver designation. It was renovated in 2008, and is expected to achieve LEED-Gold certification later this year. Parallel Capital Partners represented itself in this transaction, while the seller, Guggenheim Real Estate, was represented by CBRE’s Kevin Shannon.
CHANDLER, ARIZ. – W. P. Carey Inc. has acquired a 183,000-square-foot office building in Chandler for $43.1 million. The Class A building is located at 2700 Frye Road. The facility is leased to QBE Holdings for 10 years. It serves as the company’s West Coast regional headquarters. Neil Glassmoyer, Tivon Moffitt and Peter Bauman of Colliers International in Greater Phoenix represented both the buyer and the seller, Regent Properties, in this transaction.
FORT LAUDERDALE, FLA. — CNL Commercial Real Estate Inc. has acquired Sawgrass Lakes Center, a 239,373-square-foot, Class A office building in Fort Lauderdale. CNL purchased the asset through a $300 million joint venture investment with Long Wharf Real Estate Partners LLC. Long Wharf made the investment on behalf of a value-added real estate fund it manages. The property is currently 78 percent leased to tenants including AT&T and JP Morgan Chase.
CHESTERTON, IND. — HSA Commercial Real Estate has arranged a 13,800-square-foot office lease for Lakeside Wealth Management, a financial services company based in Chesterton, Ind. The company will occupy space on the second level of the Village Point Professional Office Building, located at 3100 Village Point Road in Chesterton, approximately 17 miles east of Gary. Lakeside Wealth Management currently leases space at 407 W. Indiana Ave. The company plans to relocate to the Village Point Professional Office Building in September. Robert Titzer of HSA Commercial and Jay Pouzer of CBRE represented the owner in the transaction.The new lease with Lakeside Wealth Management will bring the 31,210-square-foot Village Point Professional Office Building, which was developed by HSA Commercial in 2007, to full occupancy.
TRENTON, MICH. — NAI Farbman has arranged a 6,831-square-foot lease for Lakeshore Surgical Consultants PLC in the Oakwood Southshore Medical Office Building in Southeast Michigan. The facility is located at 5400 Fort St. in Trenton, approximately 25 miles southeast of Detroit. Jeff Cavazos, Laney Cavazos and Mark Yagerlener of NAI Farbman represented the landlord, Oakwood Enterprises Inc., in the transaction. John Harwood of NAI Farbman represented Lakeshore Surgical Consultants. Oakwood Southshore is a 25,000-square-foot, Class B medical building attached to Southshore Hospital. The property, built in 1992, underwent renovations in 2008.
BOSTON — The Rockefeller Group Investment Management Corp. and Mitsubishi Estate New York have closed on the acquisition of 28 State Street in Boston from The Blackstone Group. The 40-story skyscraper features more than 570,000 square feet of office space and 7,000 square feet of retail at the northeast corner of State and Congress streets. The purchase price was not disclosed, but the Boston Business Journal reported the tower was last assessed at $177 million. Designed by Emery Roth & Sons and built in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. Blackstone acquired the property in 2007.
AUSTIN, TEXAS — Full-service real estate firm DivcoWest has acquired The Avallon, a 318,000-square-foot office complex in Austin. The five-building, Class A development was 88 percent leased to 19 different tenants, most of which were technology companies, at the time of the sale. Highbrook Investment Management sold the asset. DivcoWest, which now holds an Austin portfolio totaling more than 1 million square feet, plans to rebrand the property and upgrade the indoor common areas of the buildings.
SAN DIEGO — Fieldstone Plaza, a 44,307-square-foot office building in the San Diego submarket of Sorrento Mesa, has sold to TA Associates Realty for $9.4 million. The building is located at 5465 Morehouse Drive, near the Interstate 805/Mira Mesa Boulevard interchange. It was built in 1986. Fieldstone Plaza is currently 92 percent occupied. The unnamed seller was represented by Louay Alsadek, Evan August, Hunter Rowe and Brad Black of CBRE Institutional Investment Properties team.