CINCINNATI — Ares Commercial Real Estate Corp. has arranged a $36 million first mortgage loan for the refinancing of a Class A office building in Cincinnati's central business district. The initial funding amount is $27 million with $9 million in loan proceeds available to be drawn over time to fund tenant improvements and leasing commissions.
MINNEAPOLIS — U.S. Hotel and Resort Management of Sioux Falls, S.D. has acquired an office building, located at 401 First Ave. N. in Minneapolis, for $2.7 million The Historic Warehouse District property contains 55,250 square feet. The buyer plans to develop the property into an upscale boutique hotel. Lou Suski and John Chirhart of Gaughan Cos./CORFAC International represented the seller, a local community bank, in the transaction. They also procured the buyer.
BROOKLYN CENTER, MINN. — The University of Minnesota Physicians (UMP) has signed a 10-year lease for 27,000 square feet of office space at Brookdale Corporate Center in Brooklyn Center. UMP is relocating its administrative offices from Columbia Heights. The corporate center is located at 6300 Shingle Creek Parkway. Additional tenants include National American University, the Internal Revenue Service and Kidney Specialists of Minnesota. Steve Brown of Cushman & Wakefield represented the tenant in the transaction. Stewart Capital Partners owns the property, which is managed by CBRE Group.
IRVING — Jones Lang LaSalle has brokered the sale of the 129,321-square-foot Imperial Square, a one-story office building located at 2401-2477 Gateway Drive in Irving. Bo Bond and Larry McCorkle of Jones Lang LaSalle represented the seller, Rushmore Imperial Square LP, in the transaction. The buyer was Red River Imperial Square LLC.
ITSACA, ILL. — Lemko Corp., a global software maker for the mobile wireless network, has moved its corporate headquarters to Itsaca. The company signed a long-term lease for 22,347 square feet at One Pierce Place after outgrowing its previous space at 1700 E. Golf Road in Schaumburg. The new lease also provides the company an opportunity to expand into contiguous space within the same building over the next several years. Jim Rose, Gregg Raus and Mark Kolar of Jones Lang LaSalle represented the tenant in the transaction.
OAK BROOK, ILL. — SWC Technology Partners has expanded its office lease by 3,235 square feet at 1420 Kensington Road in Oak Brook. SWC, an information technology company, occupies 22,036 square feet within The Crossings of Oak Brook, a complex made up of two Class A buildings. SWC has grown by 8,412 square feet since its first lease at The Crossings. Dan O'Neill and Garrett Schultz of NAI Hiffman represented the landlord, The Davis Cos., in the transaction. Dave Stefancic and Lexis Livingwood of UGL Equis represented the tenant.
NEW YORK CITY — Paradysz Inc., an audience development agency, has signed a lease expansion at 5 Hanover Square for the 11th floor. The company now occupies 45,000 square feet of space on the 6th, 7th and 11th floors. Paradysz assists clients with understanding, targeting and acquiring customers using business intelligence and media research tools. Todd Korren of Savanna and Frank Cento of Cushman & Wakefield represented the landlord, Savanna, in the transaction. Brian Weld of Cassidy Turley represented the tenant.
KATY — Myers Crow & Saviers has begun development of the 135,716-square-foot Mason Creek Office Center, a new two-story office building located at 21420 Merchants Way in Katy. The new office building will be part of the 110-acre Mason Creek Corporate Park. Mood Rambin has been retained as the property's leasing agent. The property is slated for a May 2013 completion.
DENVER – A pair of Denver office buildings received $59 million in financing. The buildings are cross-collateralized, and were acquired by Broadreach Capital Partners in 2007. They include One Union Square, a 188,707-square-foot office building at 143 Union Blvd. in Lakewood’s Union Corridor, and a 277,710-square-foot office building at 303 E. 17th Ave. in Downtown Denver The funds include a $49 –million, first-mortgage loan provided by Mesa West, and $10 million in mezzanine debt provided by Investcorp. The funds were used to remove the existing debt and to fund future leasing costs to stabilize the properties, according to Ronnie Gul, a Mesa West principal who originated the financing, which was arranged by Brad Zampa of Newmark Knight Frank Cornish & Carey Capital Group.
SCOTTSDALE, ARIZ. — McCormick Place, a 74,474-square-foot office building in Scottsdale, has sold to Scottsdale Healthcare Corporation for $14.95 million. An adjacent, free-standing, covered parking garage was also included in the acquisition. The vacant building is located at 8125 N. Hayden Road. The building previously served as Medicis Pharmaceutical Corporation’s corporate headquarters until 2008. Scottsdale Healthcare plans to relocate its corporate headquarters here in 2013. The company was represented by Luke Walker and David Carder of CBRE’s Phoenix office, along with Patti Gentry of Arizona Commercial Advisors. The seller, a Northern California real estate investment company, was represented by Jerry Noble, Pat Devine and Greg Mayer out of the same office.