Office

NORTHMARQ ARRANGES $30M LOAN FOR OFFICE/INDUSTRIAL PORTFOLIO

by admin October 8, 2013

LANGHORNE AND TREVOSE, PA. — NorthMarq’s Boston regional office, has arranged a $30 million loan for the refinancing of a portfolio of 11 office and industrial properties in eastern Pennsylvania. High Street Equity owns the properties, which span 607,889 square feet and are located in Langhorne and Trevose. Financing was based on a five-year term and a 25-year amortization schedule with a flexible prepayment schedule. James Murphy of NorthMarq arranged the financing through a life insurance company lender.

October 8, 2013

12-STORY WILMINGTON OFFICE BUILDING SELLS FOR $1.7M

by admin October 8, 2013

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged the $1.7 million sale of a 12-story office building in downtown Wilmington. The sale was originated through Auction.com. Delaware Offices, a Wilmington-based property investment and management firm, sold the property. The buyer was 913 Market LLC, an entity of Sky Management Services LLC. Built in 1983, 72,000-square-foot office building was 60 percent occupied at the time of sale. Duncan Patterson, president, and Rich Dudek of Patterson-Woods Commercial Properties/CORFAC International arranged the sale.

October 8, 2013

Office Texas

M&M BROKERS $1.3M OFFICE BUILDING SALE IN PASADENA

by admin October 8, 2013

PASADENA, TEXAS — Marcus & Millichap has brokered the sale of a 15,908-square-foot office building in Pasadena, approximately 14 miles southeast of downtown Houston. The building, located at 2702-2706 Cherrybrook Lane and previously occupied by the State of Texas, had a list price of $1.3 million. Justin Miller and Derek Hargrove of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company, and also secured the buyer, a Rio Grande Valley-based limited liability company.

October 8, 2013

Midwest Office

CASTO PARTNERS PURCHASES COLUMBIA GAS HQ FOR $15M

by admin October 7, 2013

COLUMBUS, OHIO — The headquarters building for Columbia Gas of Ohio in downtown Columbus has sold to CC-13 LLC. The property sold for $15 million, according to Columbus Business First. The acquisition includes the 15-story, 239,532-square-foot office building and a 16,158-square-foot, 484-space parking garage, as well as the furniture, fixtures and equipment in the building and the underlying 1.9 acres. Columbia Gas of Ohio built the Class A office building in 1983 and has leased, occupied and maintained it since then. The office building includes an auditorium, fitness center, full-service cafeteria, kitchenettes, two open-air balconies and other amenities. CC-13 LLC, which is owned by Casto Partners and local attorney Robert Meyers, purchased the property from Civic Center Drive LP. Indiana, Pa.-based First Commonwealth Bank provided the financing for the acquisition. Don Roberts and George Stecz of CBRE represented both the buyer and seller in the transaction.

October 7, 2013

Northeast Office

TARTE COSMETICS SIGNS 15,439 SF LEASE IN MANHATTAN

by admin October 7, 2013

NEW YORK CITY —Tarte Cosmetics has signed a 15,439-square-foot lease, occupying a portion of the eighth floor at 1375 Broadway in Manhattan. Tarte specializes in glamour, makeup and beauty products that are eco-friendly and cruelty-free. Savanna, a New York-based real estate private equity firm, recently repositioned the property including a new lobby, entrance and upgrades to the building façade. Eric Meyer, Martin Meyer and Michael Thomas of Colliers International represented the landlord in the transaction. Robert Kaplan of Hidrock Realty represented the Tarte Cosmetics.

October 7, 2013

Office Western

HARVEST PROPERTIES, PRUDENTIAL BUY 555 CITY CENTER IN OAKLAND

by admin October 4, 2013

OAKLAND, CALIF.—Harvest Properties and Prudential Real Estate Investors have purchased the 490,000-square-foot, Class A office building located at 555 City Center in Oakland. The purchase price was $132.3 million, or $270 per square foot, according toThe Registry. The 20-story, trophy-quality asset is the flagship of the Oakland City Center development. Jeffrey Weber, Stephen Van Dusen, Mark Penrod, Darin Rodriguez and Daniel Cichocki of Eastdil Secured executed the transaction. The seller was CBRE Investors. Harvest will manage the property, while John Dolby and Dane Hooks of CTBT will oversee the building's leasing efforts.

October 4, 2013

Office Western

SDCCD LEASES SPACE AT MIXED-USE PROJECT IN SAN DIEGO

by admin October 4, 2013

SAN DIEGO — The San Diego Community College District (SDCCD) Board of Trustees has signed a 99-year ground lease at a new mixed-use project that is being developed in San Diego’s Upper East Village. The 1.3-acre project will envelop a full city block.It will contain creative office space, apartments, and street-level shops and restaurants. The project is being developed by Lowe Enterprises and I.D.E.A. Partners, LLC. It will be designed by Gensler. SDCCD will pay $56,625 per month, for a total lease value of about $67.2 million. The new project is an inaugural component of the 95-acre I.D.E.A. (Innovation Design Education Arts) District, which looks to marry design and technology with the creative fields. The new district hopes to entice educational institutions, arts and artists. It is being designed as a walkable, sustainable environment.

October 4, 2013

Office Western

TCC, PRINCIPAL REAL ESTATE BUY 1.5-ACRE SITE IN BELLEVUE

by admin October 4, 2013

BELLEVUE, WASH. – A joint venture between Trammell Crow Company and Principal Real Estate Investors has purchased a 1.5-acre land site in Bellevue’s Washington Square. The purchase price was not disclosed. The land is situated along 108th Ave. NE in the city’s Central Business District. The JV plans to develop a 462,000-square-foot, Class A office building with street-level retail on the site. The groundbreaking is scheduled for next April. The project will be built by Lease Crutcher Lewis and designed by LMN Architects. Leasing will be overseen by Tom Bohman, Pete Hollomon and Lennon Atteberry of CBRE’s Bellevue office.

October 4, 2013

Midwest Office

SUMMIT COMPLETES TWO TENANT BUILD-OUTS AT CUMBERLAND CENTRE

by admin October 4, 2013

CHICAGO — Summit Design + Build LLC has completed two tenant build outs at Cumberland Centre, a 330,000-square-foot office complex in Chicago. Glenstar Properties owns and manages the complex, which is located at 5440 N. Cumberland Ave. Summit completed a 5,000-square-foot build out for Dr. Wiener. The board-certified plastic surgeon formerly occupied a facility at Resurrection Medical Center and is relocating to Cumberland Centre to accommodate his growing practice. The Interior Design Group provided architectural services for the project. The firm also completed a 10,572-square-foot office and training center for BIR, an English-language instruction company.

October 4, 2013

Midwest Office

COLLIERS ARRANGES SALE OF 25,000 SF OFFICE BUILDING IN ANN ARBOR

by admin October 4, 2013

ANN ARBOR, MICH. — Colliers International Ann Arbor has arranged the sale of the Ashley Square Building located at 123 N. Ashley St. in downtown Ann Arbor. The Ashley Square Building includes 25,000 square feet of office space and 42 on-site parking spaces. The building is located one block from Main Street and is situated within the D1 zoning overlay district. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented both the seller, Amper, LLC, and the buyer in the transaction.

October 4, 2013

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