GOLDEN VALLEY, MINNETONKA AND BROOKLYN PARK, MINN. — Grandbridge Real Estate Capital has arranged a $7 million loan for the refinancing of a four-building office portfolio in Golden Valley, Minnetonka and Brooklyn Park. StanCorp Mortgage Investors provided the 10-year loan, which includes a 20-year amortization schedule and a fixed interest rate of approximately 4 percent. Tony Carlson of Grandbridge originated the loan.
WOODLAND HILLS, CALIF. — Warner Center Towers, a 1.9-million-square-foot office campus in the Los Angeles submarket of Woodland Hills, has received a new loan for $285 million. Half of the loan was provided to Douglas Emmett by Northwestern Mutual Life Insurance Company, while the other half was supplied by Prudential Mortgage Capital Company. This is a new seven-year, fixed-rate loan. Warner Center consists of five office towers, along with a gym and a restaurant that are all situated on 21.1 acres. This is the largest office complex in the San Fernando Valley.
COLUMBIA, MD. —The Howard Hughes Corporation has acquired the 169,700-square-foot 70 Corporate Center, a Class A office building located at the intersection of Broken Land Parkway and Little Patuxent Parkway in downtown Columbia. Tenants include the American Medical Director's Association, BB&T and Association Consulting Group.
AUSTIN — MFPB Ed Bluestein LLC, comprised of several real estate investors, has sold a large portion of a 935,255-square-foot, nine-building campus, located at 3501 Ed Bluestein Blvd. in southeast Austin. The seller, Freescale Semiconductor, once housed the facility. Helen Jobes of Kennedy Wilson represented the buyer in the transaction. Royce Lacey and Alan Lacey of NAI REOC Austin represented the seller. The buyer plans to spend capital to upgrade the decades-old facility.
CORAL GABLES, FLA. — Rilea Group has completed the $18 million, 51,664-square-foot International Finance Bank Building, located at 777 SW 37th Avenue and SW 8th Street in Coral Gables. General Funding Corp. of the Bahamas owns the building, which Nichols Brosh Wurst Wolfe and Associates designed. Recently, the property received LEED Gold certification. International Finance Bank, the anchor tenant, occupies 25,000 square feet of the 48,000 square feet of office space. The remaining space is retail. Donna Abood and Matthew Anderson of Collers International are the property's leasing agents.
CHESTER, N.J. — American Realty Capital Properties has closed on its purchase of the French's Mustard headquarters building in Chester for $10 million. The 32,000-square-foot building is fully leased to Reckitt Benckiser Group, the parent company of French's Mustard. The company has 5.7 years remaining on its lease.
FORT LAUDERDALE, FLA. — OneBlood has purchased a 75,000-square-foot office building, located at 3000 W. Cypress Creek Road in Fort Lauderdale, from the Florida Department of Financial Services for $9.8 million. MIchael Fay and John Crotty of Colliers International represented the buyer in the transaction, and Robert Listokin and Sal Bonsignore, also of Colliers International, represented the seller. The buyer will fully occupy the building, creating the BloodBank of Florida.
DENVER – Physician Health Partners has leased 31,863 square feet in Denver. The building is located at 1125 17th Street. CBRE’s Brian Wells represented Physician Health, while Doug Wulf and Robert Knisely of Cassidy Turley Fuller Real Estate represented the seller, 1125 Transwestern Broadreach, in this transaction.
CORAL GABLES, FLA. — The 10,701-square-foot Minorca Executive Center, an office building located at 370 Minorca Ave. in Coral Gables, has sold for $2.2 million. Kirk Olson, Benjamin Silver and Drew Kristol of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction.
NEW YORK CITY — NYC Department of Hospital Employees Local #420 has purchased a 7,766-square-foot office condominium at 70 West 36th St. in New York City for $4.1 million. The NYC Department of Hospital Employees is the largest public employee union in New York City, and the new office space will serve as the organization's headquarters. Brandon Medeiros of Time Equities represented the seller in the transaction. Jonathan Cohen of JTK Cohen and Co. represented the buyer.
