DALLAS — Mesa West Capital has provided a total of $59.7 million in first mortgage loans for two Dallas office asset acquisitions. In one transaction, CapRidge Partners received $30.9 million in financing for the purchase of Gramercy Center, a 255,000-square-foot property in the Upper Tollway submarket, from a partnership between Stockbridge Real Estate and Billingsley Co. Constructed in 1999 and renovated in 2012, the two-building complex was 79 percent occupied at the time of the sale. Andy Scott and Jim Curtin of HFF arranged the loan, which was originated by Jason Bressler of Los Angeles-based Mesa West. In a separate transaction, Brookwood Financial Partners LLC received $28.8 million in financing for the purchase of Heritage Square, a 359,758-square-foot property in the Far North Dallas submarket, from Silver Tree Partners. Built in 1978 and 1980, the two buildings of the complex were 56 percent occupied at the time of the transaction. Charles Foschini, Christian Lee and Chris Apone of CBRE arranged the loan, which was also originated by Bressler of Mesa West. The borrowers in both transactions plan to use a portion of their respective loans for capital improvements.
Office
ALEXANDRIA, VA. — Clarion Partners LLC, a real estate investment manager, has acquired a majority condominium interest in Carlyle Overlook, an office property located in the Carlyle district of Alexandria. The purchase price was approximately $65.8 million. Clarion purchased the top five floors, ground-floor retail and parking at the property, which is 91.4 percent leased. The remaining interest of the 126,462-square-foot, Class A office building is held by the American Society of Clinical Oncology, which is headquartered in the building.
SCOTTSDALE, ARIZ. – The North Scottsdale Corporate Office Complex has sold to Talia Jevan Properties for $5.2 million. The 22,080-square-foot facility is located at 6970 E. Chauncey Lane in Scottsdale. The seller was Alliance Real Estate Holdings. The transaction was brokered by Cashen Realty Advisors.
DENVER — Shorenstein Properties LLChas purchased Denver City Center, a pair of Class A office buildings totaling 1.3 million square feet in the city’s downtown region, for a reported $286 million. The center is located along17thStreet in the city’s Financial District. The acquisition includes the office portion of 707 17thStreet, which occupies floors 21 through 42 of the building. Marriott Denver City Center resides on the lower floors of the building, and was not included in this transaction. The acquisition did include the adjacent Johns Manville Plaza, a 29-story office building. Both buildings were renovated in 2013.Notable tenants include Jacobs Engineering, Forest Oil Corporation, Johns Manville, Baker Hughes and AECOM. This is Shorenstein’s first acquisition in Denver since the early 1990s. The company completed its most recent acquisition on behalf of its tenth fund, Shorenstein Realty Investors Ten, L.P. The seller, Crescent Real Estate Holdings LLC,a subsidiary of Barclays plc, was represented by HFF’s John Jugl and Mary Sullivan.
WASHINGTON, D.C. — HFF has arranged the sale of a 10-story, 105,965-square-foot office building located at 919 18 th St. in Washington, D.C.’s central business district. Epic LLC purchased the asset from Clarion Partners for approximately $52.8 milllion. The property was built in 1981, renovated in 2013 and is currently 94 percent leased. The property features a three-story, 85-space parking garage and a Devon & Blakely restaurant. Jim Meisel, Dek Potts, Andrew Weir and Stephen Conley of HFF represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Vornado Realty Trust has completed the sale of 866 United Nations Plaza, a 360,000-square-foot office building in Manhattan, for $200 million. The New York-based real estate investment trust did not disclose the buyer’s information for the 38-story building, which occupies an entire square block between 48th and 49th streets, First Avenue and F.D.R. Drive. However, Crain's New York Business previously reported the buyer was a venture between real estate investors Meadow Partners and United Realty Partners. Major tenants at the building include the consulates of Chile, Finland, the United Nations Office of Foreign Missions and law firm Fross, Zelnick, Lehrman & Zissu. Vornado says the sale of the building resulted in net proceeds of about $146 million, after repaying existing debt and closing costs.
NEW YORK CITY — The Peebles Corp. has purchased 346 Broadway in Manhattan, a building that had been serving primarily as a courthouse, for $160 million and plans to spend more to convert the property into a five-star hotel and condominiums. Peebles purchased the property, in conjunction with the Elad Group, from the city of New York. The pair is investing $100 million, roughly one quarter of the $400 million that will be spent on the restoration, according to The Real Deal. Goldman Sachs also provided an acquisition and pre-development loan of an undisclosed amount. The remainder of funds is from other debt. Located in Tribeca section of Manhattan, 346 Broadway was designed by McKim, Mead & White as the headquarters of the New York Life Insurance Co. in 1898. It currently houses the city’s Criminal Summons Court and part of its Probations Department. Howard Michaels, chairman of the Carlton Group, represented the buyers.
PHILADELPHIA — CIT Real Estate Finance has arranged a $33 million senior secured credit facility to Exeter Property Group, a private equity real estate firm that acquires, develops and manages commercial properties across the U.S. The facility was used to finance a portfolio of seven office buildings in the suburbs of Philadelphia. CIT Bank, the U.S. commercial bank subsidiary of CIT, provided the financing. Terms of the transaction were not disclosed. This is CIT’s second transaction with Exeter Property Group this year. In March, CIT Real Estate Finance arranged a $62 million senior secured credit facility for the acquisition of industrial, distribution and R&D buildings in Mt. Olive, N.J.
RICHARDSON, TEXAS — CBRE has brokered the sale of Campbell Glen II, a 205,817-square-foot office building in Richardson’s Telecom Corridor. AT&T holds the triple-net lease for the entire two-story property, which is located half a mile from U.S. Highway 75. Built in 1997, the structure recently underwent renovations including interior enhancements, mechanical upgrades and the installation of automated gates and a security fence. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE represented the undisclosed seller in the transaction. Macfarlan Capital Partners purchased the asset.
DENVER — Shorenstein Properties LLC has purchased Denver City Center, a pair of Class A office buildings totaling 1.3 million square feet in the city’s downtown region, for a reported $286 million. The center is located along17th Street in the city’s Financial District. The acquisition includes the office portion of 707 17th Street, which occupies floors 21 through 42 of the building. Marriott Denver City Center resides on the lower floors of the building, and was not included in this transaction. The acquisition did include the adjacent Johns Manville Plaza, a 29-story office building. Both buildings were renovated in 2013.Notable tenants include Jacobs Engineering, Forest Oil Corporation, Johns Manville, Baker Hughes and AECOM. This is Shorenstein’s first acquisition in Denver since the early 1990s. The company completed its most recent acquisition on behalf of its tenth fund, Shorenstein Realty Investors Ten, L.P. The seller, Crescent Real Estate Holdings LLC,a subsidiary of Barclays plc, was represented by HFF’s John Jugl and Mary Sullivan.