SUMMIT, N.J. — MRY Associates and Normandy Real Estate Partners have broken ground for the development of 466 Springfield Avenue, a four-story boutique office and retail building in downtown Summit. The 32,500-square-foot building will offer 28,000 square feet of office space and 4,500 square feet of ground-floor retail space. The property is slated for completion in spring 2015.
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NATICK, MASS. — R.W. Holmes has brokered the sale of 679 Worcester Road in Natick. Boston India Realty LLC purchased the 13,000-square-foot office building for $2.7 million from 679 Worcester Road Trust. TalentBurst, an affiliate of the buyer, will occupy the first floor of the building. Craig Johnston and Garry Holmes of R.W. Holmes Realty represented both parties in the transaction.
AUSTIN, TEXAS — Developer Riverside Resources has broken ground on Capital Ridge, a 215,000-square-foot office building in Austin. Located near the intersection of Loop 360 and Bee Cave Road, the project shares a campus with the 194-room Hotel Granduca Austin and is in proximity to the Barton Creek, Westlake Hills and Lake Travis neighborhoods. The seven-story, Class A property will feature a three-story lobby and is designed for LEED certification. HFF arranged construction financing for the development.
HOUSTON — Marcus & Millichap has brokered the sale of Arbor Square, a three-building, 55,521-square-foot business park in Houston. Located on a 3.6-acre parcel at 17000 El Camino Real, the complex is in proximity to an H-E-B grocery store. The property was 91 percent leased at the time of the sale to a mix of medical, retail and professional tenants. Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, a locally based partnership. Derek Hargrove, also of Marcus & Millichap, secured the buyer, a private investor completing a 1031 tax-deferred exchange.
NEW YORK CITY — SL Green Realty Corp. has purchased Ivanhoe Cambridge’s stake in 388-390 Greenwich Street, a two-building, 2.6 million-square-foot office property in Manhattan, in conjunction with a $1.45 billion refinancing of the property. A lending group comprising Citigroup, Bank of China, Wells Fargo and Barclays provided the new 7-year mortgage. The loan, which has an interest at LIBOR plus 1.75 percent, features an initial 4-year term and three 1-year as-of-right extension options. The loan is replacing the former $1.14 billion financing. The refinancing follows the triple-net lease renewal by an affiliate of Citigroup Inc. for the entire 2.6 million-square-foot complex through year-end 2035, and SL Green’s agreement to purchase Ivanhoe Cambridge’s stake. Eastdil Secured arranged the financing of behalf of SL Green. Callahan Capital Properties and Eastdil Secured advised Ivanhoe Cambridge in the transaction. Ivanhoe Cambridge expects to reinvest proceeds, building a national U.S. office platform alongside our strategic partner Callahan Capital Properties.
HOUSTON — Hicks Ventures has acquired 16900 Park Row, a 76,054-square-foot office building in Houston. Constructed in 1980, the two-story structure was fully occupied at the time of the sale by Wood Group Mustang Inc., a provider of engineering, project management and construction services for the oil and gas, energy and manufacturing industries. Hicks Ventures plans more than $1 million in renovations to the property, including improvements to exteriors, interiors, restrooms, elevators and common areas. Wood Group Mustang will be vacating the building in the third quarter. Trent Agnew of HFF represented the seller in the transaction, West Coast-based Romel Mustang LP.
EL SEGUNDO, CALIF. — The Los Angeles Lakers have agreed to purchase an undeveloped five-acre parcel within the Elevon at Campus El Segundo development. The purchase price was not disclosed. The site is located at the northwest corner of Mariposa Avenue and Douglas Street in the Los Angeles submarket of El Segundo. The site will be the future training center for the Lakers and its Development League team, the Los Angeles D-Fenders. The facility will also house the teams’ business operations. Elevon will be a 15-building office campus with about 210,000 square feet of for-sale creative office buildings. It will also feature 13,500 square feet of leasable dining and retail space. Elevon is located within Campus El Segundo, a 46.5-acre, mixed-use property. It is situated less than a block from the 405 and 105 freeways. The new project began construction this past November. It is slated for completion in the fourth quarter of this year. The project will reportedly cost $97 million. Elevon is being developed by Continental Development Corporation and its partner, Mar Ventures Inc. CBRE’s Bill Bloodgood and Bob Healey will handle the office sales, while JLL’s Steve Solomon and Carl Muhlstein will oversee build-to-suit opportunities.
GREENWOOD VILLAGE, COLO. — Harlequin Plaza, a 324,833-square-foot suburban office building in Greenwood Village, has received a $28-million refinancing. The building is located at 7600 E. Orchard Road, near the Interstate 225 and 25 interchange, just southeast of Downtown Denver. The two-building plaza was renovated in 2013. It is 90 percent leased. Harlequin’s notable tenants include Dex Media, Cherry Creek Mortgage and BELLCO Credit Union, as well as a mix of other finance, banking, media, engineering and medical firms. The loan was arranged for Unico by HFF’s Tom Wilson, Eric Tupler, Erica Christensen and Kristian Lichtenfels.
RALEIGH, N.C. — Dominion Realty Partners LLC will partner with Prudential Real Estate Investors to develop Wade III, a 105,000-square-foot, Class A office building in Raleigh’s PNC Arena district. Dominion is set to break ground on the four-story office building in mid-summer, with completion slated for summer 2015. The office building is designed to achieve LEED Gold certification. Features of Wade III include card access control systems, an outdoor plaza courtyard, underground parking, park amenities, green building efficiencies and an on-site restaurant. The project team includes architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young.
CANTON, MASS. — Colliers International has brokered a 25,000-square-foot office lease at 150 Royall Street in Canton for Gray, Gray & Gray LLP. The accounting firm will relocate from its previous headquarters at Southwest Park in Westwood, Mass., in August. The 262,800-square-foot office building was fully renovated in 2007. Thomas Hynes and James Elcock of Colliers International represented the tenant. The landlord, OneBeacon Insurance Group, was represented in-house by John Ferrari, along with Richard Bradbury of Babson Real Estate Advisors.