CONCORD, N.H. — NorthMarq Capital has secured a $2.5 million loan for the refinancing of One Pillsbury Street in Concord. The property offers 27,253 square feet of office space. The commercial mortgage was structured with a seven-year term and features a 25-year amortization schedule. NorthMarq arranged the financing for the borrower through its relationship with a regional bank. Michael Chase of NorthMarq Capital’s Boston office handled the transaction.
Office
DALLAS — Henry S. Miller Brokerage’s multifamily investment team has arranged the sale of High Point Centre, a 257,099-square-foot office building in Dallas. High Point Ricchi LLC purchased the building, which is located at 12225 Greenville Ave. Lew Wood, Andrew Doster and Darden Orand of Henry S. Miller represented the buyer. Eric Mackey and Gary Carr of CBRE represented the seller, Riversource REO 1 LLC.
While the industrial recovery in the Phoenix area has been slow, market indicators show signs of steady improvement. Average rental rates for the Phoenix metro industrial market have remained consistent, hovering around $0.52 per square foot for the past year. In the Southwest Valley, however, which constitutes almost one-third of the entire valley’s industrial space, average rental rates are much lower at $0.36 per square foot. Lease rates at Sky Harbor Airport are averaging about $0.59 per square foot, and $0.66 per square foot in the Southeast Valley. The highest average rental rates are predictably seen in the Northeast Valley, which reported an average of $0.85 per square foot. More than 2.9 million square feet was leased in the second quarter, representing 593 transactions. Leases remain steady compared to the first quarter of this year, but the rate will likely fall short of 2013 when 16.7 million square feet was leased. Vacancy rates continue to fall after the spike seen last year. The second quarter of 2014 reported a 12.6 percent vacancy, down from the high of 13.2 percent in the third quarter of 2013. While a positive indicator, vacancy rates in the industrial sector swing on such a pendulum …
NEW YORK CITY — Gyro, a global business-to-business advertising agency, is expanding its office space and relocating to Lower Manhattan. The firm has signed an 11-year lease to occupy an entire floor at 115 Broadway, a landmarked 21-story property located on the corner of Broadway and Cedar Street. The company expects to relocate to the new space, which nearly doubles its current offices, during fourth quarter 2014. Keith Ellis of Savills Studley represented gyro in the long-term transaction. Founded in 1981, gyro specializes in advertising, brand strategy, digital, direct marketing and public relations for business-to-business services.
AUSTIN — CBRE has arranged the sale of Centennial Towers on behalf of Braun Enterprise, a Houston-based real estate company. Boston-based Taurus Investment Holdings LLC purchased the asset for an undisclosed price. Centennial Towers is a six-story, 156,293-square-foot office building in the North Central Austin submarket. The tower is 95 percent leased to tenants including KBR, TRC Environmental Corp., The University of Texas and Texas A&M University. Centennial Towers is located at 505 E. Huntland Drive, within walking distance of light rail transit from the Capital MetroRail Highland Station. The property was built in 1986 and has received several updates, including new lighting in 2012 and a conference room renovation in 2014.
ALBANY, N.Y. — Eastern Consolidated has arranged the off-market sale of 677 Broadway in Albany. Shelbourne Capitol LLC purchased the 180,000-square-foot office tower for $34.5 million, in a two-part transaction that included a $1.5 million land lease and the $33 million leasehold on the property. The 12-story, Class A office property features a 900-car parking garage owned by the City of Albany Parking Authority, a redundant fiber service, a Building Management System (BMS) to monitor all building and tenant HVAC equipment, an uninterrupted power source system and an emergency generator. Gabriel Saffioti and Nicole Rabinowitsch of Eastern Consolidated represented the buyer, while Ben Tapper and Michael Coghill, also of Eastern Consolidated, represented the seller, Albany-based Columbia 667 LLC, in the transaction.
NEW YORK CITY — JLL has brokered a new, direct lease for AKF Group LLC at One Liberty Plaza in Lower Manhattan. The engineering firm signed a 15-year lease for 57,018 square feet of space at the 2.3 million-square-foot commercial office building owned by Brookfield. AKF will occupy the entire 44,378-square-foot 22nd floor and a portion of the 23rd floor at the building, which is located across from the World Trade Center. The firm is consolidating its presence downtown from locations at 1501 Broadway and 330 West 42nd Street in Midtown. Paul Mas, Michael Shenot, Ruby Hwang and Roxanne Tehranian of JLL represented the tenant in the transaction. Brookfield was represented in-house by Jeremiah Larkin and Duncan McCuaig, along with David Falk, Peter Shimkin, Hal Stein and Nick Berger of Newmark Grubb Knight Frank.
LOS ANGELES – A 9,252-square-foot office building in the Los Angeles submarket of Sherman Oaks has sold to a local private investor for $3.2 million. The building is located at 14101 Valleyheart Drive. The buyer will occupy about half the property for its home nursing provider business. The property was originally built in 1985. Bogun Realty represented the investor. The seller, CG Investments, was represented by Roger L. Beck and Gelena Skya-Wasserman of Charles Dunn Company.
HOUSTON — Nelson Murphree Legacy Partners LLC has begun construction on a new office project located at 1885 St. James Place, just northwest of the Galleria in Houston. The new, 15-story Class A office development is expected to be complete in early 2016. Jackson & Ryan is the project’s architect and Tellepson Builders is the general contractor. The project will include 165,146 square feet of rentable space on the top nine floors, which will sit atop six levels of parking.
AUSTIN — HFF has arranged the sale of Stonecreek I and II and Canyon at Wild Basin, a three-building, Class A office portfolio totaling 314,399 square feet in Austin. HFF marketed the properties on behalf of the seller, Intercontinental Real Estate Group. A private real estate fund advised by Crow Holdings Capital Real Estate purchased Stonecreek I and II. CapRidge Partners LLC purchased Canyon at Wild Basin. Stonecreek I and II are located at 11920 and 11921 North Mopac Expressway just north of The Domain in northwest Austin. The buildings are 98 percent leased to tenants including CoreLogic, Time Warner, Century Link, Intellimark, TSMC and Siemens. Canyon at Wild Basin is located at 115 Wild Basin Road in southwest Austin. The building is 80 percent leased to tenants including Open Symmetry, Alliance Association Management, owns & Stanford, Dynamic Computing Services, X1 Labs, Creative Solutions and Cloud 8 Sixteen.