NEW YORK CITY — Meridian Capital Group has arranged an $18 million mortgage for the refinancing of an office building in New York. The 12-story, 95,500-square-foot office property is located at 114 West 26th Street at the intersection of the NoMad, Flatiron and Chelsea neighborhoods. The property offers 88,000 square feet of office space and 7,500 square feet of retail space. The 7-year loan, which was provided by a regional balance sheet lender, features a 4.25 percent fixed rate and a flexible prepayment penalty. David Zlotnick of Meridian Capital Group negotiated the transaction.
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FAIRFAX, VA. — Coretrust Capital Partners and Normandy Real Estate Partners have formed a joint venture, which has closed on its first acquisition: Fair Oaks Plaza in Fairfax. Fair Oaks Plaza is an eight-story, 179,282-square-foot office building located at the interchange of I-66 and Lee-Jackson Highway, about 20 miles west of Washington, D.C. The Coretrust-Normandy team worked with the special servicer to purchase an existing mortgage note from a CMBS trust. The property was 86 percent leased at the time of the sale to tenants such as HQ Global, NY Life Insurance, Computer Science Corp., Syska Hennessy Group, McCandlish & Lillard and Harrity & Harrity. The joint venture will manage the Class A office property, and Jeff Roman, Mike Pepper and John DiCamillo of CBRE will handle the leasing responsibilities. Eastdil Secured’s Washington, D.C., office arranged mortgage financing through Citizens Bank, N.A. on behalf of the joint venture.
OAKLAND PARK, FLA. — Avison Young has brokered the $4.1 million sale of Chase Bank Office Building, a 27,312-square-foot, three-story property located at 3201 N. Federal Highway in Oakland Park. David Duckworth of Avison Young represented the buyer, MCTUCHAUS LLC, in the transaction.
LINCOLNWOOD, ILL. — The Missner Group has been selected to renovate a 15,500-square-foot existing building into a new medical office facility for the Illinois Bone & Joint Institute. The property is located at 6540 N. Lincoln Ave. in Lincolnwood, a northern suburb of Chicago. The building was formerly a small auto dealership and showroom. The Missner Group will demolish components of the property, leaving the exterior shell intact. Renovations will include the addition of a new roof, the incorporation of windows along both sides of the building and the construction of an entrance canopy. New mechanical, electrical and plumbing systems will also be added throughout the space. Upon completion, the new building will feature private offices, meeting and conference rooms, medical exam rooms, physical and occupational therapy facilities, X-ray suites and medical storage space. Construction is scheduled for completion in fall 2014. Debb Kosich LLC is the developer and Stephen Rankin & Associates is providing the architectural services for the project. Chicago-based Illinois Bone & Joint Institute specializes in the diagnosis, treatment and management of injuries and diseases of the musculoskeletal system. The orthopedic care center has more than 20 locations. This is The Missner Group’s fourth project for the …
ROSEMONT, ILL. — Morgan / Harbour has completed an office build-out for the Chicago offices of Hanley Wood, a national design and construction media firm. The new offices are within Columbia Centre I at 5600 N. River Road in Rosemont. The media firm is relocating from another location within the O’Hare submarket. The construction featured 8,200 square feet of improvements including new private offices with sidelights, conference rooms and a 3,600-square-foot open work area. The new space also features new energy code-compliant lighting controls. The project was completed in eight weeks. Morgan / Harbour provided construction services for the project. Newman Architects provided architectural services and Cushman & Wakefield represented Hanley Wood in the relocation.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has placed a $13.12 million first mortgage on a property located at 4 West Red Oak Lane in White Plains. The property features a 135,000-square-foot office building, which is occupied by 21 tenants. GHP Office Realty, the office building division of Houlihan-Parnes Realtors, manages and leases the building. Provided by a local bank, the loan has a 4 percent interest rate for a 5-year term on a 30-year amortization schedule. Additionally, the loan features a renewal option and flexible pre-pay schedule. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower in the transaction.
BALA CYNWYD, PA. — Philadelphia-based Binswanger has brokered a 20,479-square-foot lease at 401 City Ave. in Bala Cynwyd. LF Driscoll Co LLC will occupy the space at the 400,000-square-foot Class A office building. Nick Sannelli and Josh Haber of Binswanger represented the tenant in the long-term lease.
AUSTIN, TEXAS — Clarion Partners LLC has acquired a two-building, 171,872-square-foot office portfolio, as well as a 59,546-square-foot retail building, in Austin. The office portfolio, which includes the Mira Vista and The Overlook properties in southwest Austin, was 98.2 percent leased at the time of the sale to a variety of professional service providers. The retail property, located within The Domain mixed-use project, was fully leased by Whole Foods. HFF represented the seller in both transactions.
ZIONSVILLE, IND. — Lee & Associates has arranged the $470,000 sale of a 4,432-square-foot medical office building in Zionsville, approximately 18 miles northwest of Indianapolis. Indiana Medical Weight Loss LLC purchased the building located at 12050 M. Michigan Road. Keith Claghorn of Sycamore Group represented the buyer. Bob Lindgren of Lee & Associates represented the seller, Forty One Corp. The freestanding medical office building is situated on slightly less than one acre.
PHILADELPHIA — SSH Real Estate represented Pond Lehocky Stern Giordano LLP in the law firm’s lease of office space at One Commerce Square. Located at 2005 Market St., the law firm will occupy 52,000 square feet of space or three floors starting in December. Additionally, the lease includes an outdoor terrace on the 18th floor for client dining and entertainment. The law firm is currently located at United Plaza at 30 S. 17th St. Peter Soens and Michael Kennedy of SSH Real Estate represented the tenant, while Brian Orr, Dan Galbally, Matt Croce and Steve Rush represented the landlord, Brandywide Realty Trust, in-house.