BATON ROUGE AND NEW ORLEANS, LA. — Jones Lang LaSalle has arranted the sale of a seven-building, 519,137-square-foot office portfolio in Baton Rouge and New Orleans. The assets include the 101,344-square-foot Sherwood Oaks property in Baton Rouge and the 96,978-square-foot Latter Center West in New Orleans. The other properties, which are all located in the Acadian/College submarket of Baton Rouge, include the 81,923-square-foot Citiplace One, the 76,446-square-foot Corporate Atrium, the 74,086 Acadian Centre, the 56,844-square-foot Corporate Two and the 31,516-square-foot Citiplace Two. Kimco Realty Corp. sold the portfolio to Songy Highroads. Rudy Hubbard, Jimmy Board, Kevin McConn and John Ream of Jones Lang LaSalle brokered the sale and secured a CMBS loan on behalf of Songy Highroads through Deutsche Bank.
MADISON, N.J. — Jones Lang LaSalle (JLL) has secured $69.8 million in acquisition financing for the purchase and repositioning of 5 Giralda Farms, a 463,435-square-foot office building located in Madison. Dustin Stolly and Aaron Niedermayer of JLL arranged the loan on behalf of a partnership between Lincoln Equities Group LLC and Lakestar Properties. NorthStar Realty Finance provided the five-year, non-recourse loan. Pfizer’s animal healthcare and nutrition division previously owned and fully occupied the property. The property includes a 345-seat cafeteria, conference facilities and a 15,000-square-foot fitness center with a basketball court and locker rooms. Additionally, the property features a separate 13,000-square-foot daycare facility and a 9,200-square-foot carriage house intended for corporate functions and executive dining.
SAN DIEGO — An affiliate of Starwood Capital Group Global has purchased a 12-property office portfolio in San Diego for an undisclosed sum. The properties are located throughout the Sorrento Mesa and Rancho Bernardo submarkets. They contain a total of 1.1 million square feet. The portfolio was 91 percent leased. The seller, Kilroy Realty Corporation, was represented by HFF’s Nick Psyllos, Ryan Gallagher and Michael Leggett. The firm’s Tim Wright, Don Curtis and Aldon Cole also arranged a variable-rateacquisition loan for the buyer. Wells Fargo Bank and CIBC were the senior lenders, while Goldman Sachs was the mezzanine lender.
LOS ANGELES — The Pointe, a 480,400-square-foot office building in Los Angeles, has received $220 million in refinancing. The trophy office building is located in Burbank’s Media District. It is currently 69 percent leased to tenants like Warner Brothers, Outlook Amusements, FreMantle Media, Legendary Pictures, KCET and Fidelity. The financing included $35 million of mezzanine debt, which was placed at closing with Morgan Stanley Real Estate Investing. It was arranged by Jonathan Firestone and J.P. LeVeque of Eastdil Secured and provided by Ronnie Gul of Mesa West Capital. The Pointe is owned by a joint venture between affiliates of Stockbridge Capital Group, Worthe Real Estate Group and M. David Paul & Associates.
LOS ANGELES — Wilshire Robertson Plaza, a 119,421-square-foot office building in Beverly Hills, has received $18 million in refinancing. The plaza is located at 8750 Wilshire Blvd. Notable tenants include Alloy Digital, Mad Old Nut Productions and Radnet Sub, Inc. The loan features a nine-year term and a 25-year amortization schedule. Financing was arranged by Robert R. Hervey of NorthMarq Capital’s Los Angeles office through the firm’s relationship with a correspondent life company.
CHICAGO — A joint venture between Beacon Investment Properties and an investor account advised by UBS Global Asset Management has acquired 20 North Clark, a 35-story office tower in Chicago, for $63 million. The seller was a joint venture between the Multi-Employer Property Trust (MEPT) and Hamilton Partners of Chicago, which was advised by Bentall Kennedy. Located on the northeast corner of Clark and Madison streets in downtown Chicago’s Central Loop, the 393,094-square-foot, Class B+ building, was 83 percent occupied at the time of sale. Susan Hill, senior managing director at HFF, arranged the acquisition financing, a four-year loan totaling 75 percent of the purchase price. General Electric Capital Corp. provided the loan. Paul Lundstedt and Mike Vesper, vice presidents in CBRE’s investment properties institutional group, represented MEPT and Hamilton Partners. Ron Lakin and Rachel Waymire of CBRE’s brokerage services group will serve as the leasing agents for the property.
SOUTHFIELD, MICH. — Colliers International has arranged a 21,886-square-foot office lease at The First Center Southfield Building in Southfield. Brent Beshears of Colliers International represented the tenant, American Axle & Manufacturing (AAM) in this transaction. The First Center Southfield building is located at 26911 Northwestern Highway. AAM is a Detroit-based manufacturer of automobile driveline and drivetrain components and systems.
HADDONFIELD, N.J. — The Walters Group, a residential and commercial real estate developer, has completed construction on its new 8,000-square-foot, Class A office building in Haddonfield. The new facility is located at 21 E. Euclid Ave., about 10 miles east of Philadelphia. Walters Group has relocated its Marlton offices to the new two-story building, taking the entire second floor. The law firm of Del Duca Lewis has also relocated its offices from Cherry Hill to the new location occupying space on the first floor. The Walters Group is the developer of the building and will jointly own and manage the building with Del Duca Lewis. Additional tenant space is available, ranging from 1,200 square feet to 4,000 square feet.
ARLINGTON HEIGHTS, ILL . — AT&T Wireless has signed a lease renewal and expansion for 104,508 square feet of office space at 95 W. Algonquin Road in Arlington Heights, a northwest suburb of Chicago. AT&T moved into the building in the mid 1990s and currently occupies 80,000 square feet for its business solutions support group. The 138,000-square-foot property is now fully leased. Jason Wurtz, Linda Garske and Michael Flynn with NAI Hiffman’s office services group represented the building’s owner, CBRE Global Investors, in the transaction. George Kotrogiannis and Kurt Kittner of Jones Lang LaSalle represented AT&T.
BRISTOL, CONN. — HFF has closed the $42 million sale of 383 Middle Street, a 410,174-square-foot, Class A office building in Bristol. HFF marketed the property on behalf of the seller, Winstanley Enterprises LLC. Inland Real Estate Acquisitions Inc. purchased the property, which is fully leased to a sports entertainment company. Renovated in 2004, the property features a new cafeteria, new building systems and a data center. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Steve Simonelli led the HFF investment sales team representing the seller. The property is situated on 36.9 acres in the Southeast Bristol Business Park, about 14 miles southwest of downtown Hartford.