MCCOOK, ILL. — Dermody Properties and AEW Capital Management have acquired 34 acres in the McCook II Business Park in suburban Chicago. The partnership plans to develop LogistiCenter McCook, which will include two industrial properties totaling 662,7000 square feet, on the site. The project is slated to break ground later this year, with a completion date set for the third quarter of 2014. The site is located at 1st Avenue at 47th Street in McCook, about 11 miles from downtown Chicago.
DANBURY, CONN. — Meridian Capital Group has arranged an $85 million loan for the refinancing of Matrix Corporate Center, a 1.1 million-square-foot office property in Danbury. Tal Bar-Or and Michael Ottomanelli of Meridian Capital Group arranged the CMBS loan on behalf of Matrix Realty Group. The five-year loan features a fixed interest rate of 4.6 percent. The Matrix Corporate Center is the largest office building in Danbury, accounting for 30 percent of total Class A office space in that market, according to New York City-based Meridian. Constructed in 1981, the property underwent a more than $10 million renovation in 2012 resulting in upgraded common areas and new façade. Tenants at the building, which is located at 39 Old Ridgebury Road, include General Motors, Boehringer Ingelheim and Praxair Inc.
NEW YORK CITY — River Drive Construction has completed two tenant fit-outs, totaling 63,594 square feet, at 125 Broad St., a Class A office tower in downtown Manhattan. New Jersey-based River Drive completed the projects on behalf of Mack-Cali Realty Corp., which owns nearly half of the 1.3-million-square-foot building. The fit-out of 41,594-square-foot space on the second and third floors will be occupied by the Institute for Community Living Inc., a nonprofit corporation that assists individuals with disabilities. Designed by Gener Kronick + Valcarel, Architects and engineered by Syska Hennessy Group, the fit-out included the construction of drywall, ceilings, lighting, HVAC, millwork, sprinklers, plumbing, ceramic tile and flooring. River Drive also completed the fit-out of a 22,000-square-foot space, which will be occupied by security brokerage firm Loeb Holding Corp. Designed by Spector Group and engineered by MGE Engineering, the fit-out included the demolition of existing offices and the construction of new offices with features including glass office fronts, wood flooring in the reception, gallery areas and new window treatments. Gary Suber, project manager, led the River Drive team that served as general contractor for both projects.
IRVING, TEXAS — Churchill Capital has arranged $41 million in refinancing for a 510,173-square-foot office asset in the Las Colinas Urban District of Irving, approximately 10 miles northwest of downtown Dallas. Located at 600 E. Las Colinas Blvd., the property includes a 22-story tower and a five-story parking garage overlooking Lake Carylon. Among the major tenants of the building are Fleet Pride, Horizon Lines, Berkley Specialty Underwriting, Young President’s Organization and JP Energy Partners. Duke Stone and Katie Newman of Churchill arranged the non-recourse, fixed-rate loan through J.P. Morgan Chase Bank NA on behalf of the borrower and property owner, TCI.
FARMERS BRANCH, TEXAS — Boxer Property has acquired the 153,387-square-foot office property located at 4100 Spring Valley Rd. in Farmers Branch, a northern suburb of Dallas. The 10-story tower is anchored by Panda Energy, Comerica Bank and Joint Venture Business Center and features a recent common area renovation. The Energy Star-rated facility is also in close proximity to both Interstate 635 (Lyndon B. Johnson Freeway) and the Dallas North Tollway. Jack Crews and Evan Stone of Jones Lang LaSalle represented the undisclosed seller in the transaction, while Boxer Property represented itself.
IRVINE, CALIF. – The Praedium Group has purchased a 355,360-square-foot office tower in Irvine for $114 million. The building is located at 2030 Main Street in the Irvine Concourse Corporate Center. The 16-story, Class A tower is one of the tallest office buildings in Irvine’s Greater Airport Area. It is 92 percent leased. This transaction is the largest office sale so far this year in Orange County, according to CBRE, which represented the seller. The unnamed institutional advisor was represented by the firm’s Kevin Shannon, Ken White, Bob Smith, Paul Jones and Sean Sullivan.
ALPHARETTA AND DULUTH, GA. — Meridian Capital Group LLC has arranged $19 million in acquisition financing for the purchase of Brookside Concourse in Alpharetta and Chattahoochee Corners in Duluth. Brookside Concourse spans four buildings totaling 153,500 square feet and is 70 percent leased. Chattahoochee Corners spans five buildings totaling 250,000 square feet and is 60 percent occupied. Michael Brown and Noam Kaminetzky of Meridian Capital Group’s Boca Raton, Fla., office arranged the three-year, non-recourse loan through a balance sheet lender.
MIDDLEBORO, MASS. — Colliers International has arranged the sale of 151 Campanelli Drive, a 58,510-square-foot, single-story office building in Middleboro, for $6.1 million. Eastern Bank fully occupies the building, which is located about 40 miles south of Boston. Lisa Campoli, Gail McDonough, Anthony Hayes, David Goodhue and Timothy Mulhall of Colliers represented the seller, New Boston Fund, in the transaction. Originally home to Plymouth Savings Bank, 151 Campanelli is triple-net leased to Eastern Bank through 2019. The office property is located near the intersection of I-495 and Route 44 in the 220-acre, master-planned Campanelli Business Park.
NORWALK, CONN. — GHP Office Realty has completed a $500,000 renovation of 83 East Ave., a 40,000-square-foot, multi-tenant medical office building in Norwalk. The project included repainting the façade, providing new landscaping, awnings and elevators, as well as redesigning both building entrances and renovating common areas. The three-story property includes on-site parking and is within close proximity to Norwalk Hospital and Metro North Railroad.
ATLANTA — Cushman & Wakefield has closed a 61,000-square-foot, 15-year office lease with marketing firm Career Sports & Entertainment Inc. The company will lease office space at 150 Interstate North, located in the Interstate North Office Park in Atlanta’s Northwest submarket. Caroline Nolen and Porter Henritze of Cushman & Wakefield’s Atlanta office represented the landlord, Interstate North Office Park LP, in the lease deal. Jimmy Sanders and Mitch Kahlert of ICON Commercial Interests represented the tenant.