HOUSTON — Behringer Harvard has refinanced the 502,410-square-foot One BriarLake Plaza in Houston’s Westchase district. The proceeds from the financing and cash on hand were used to repay the balance under Behringer Harvard REIT I, Inc.’s credit facility. NorthMarq arranged new financing for the property through senior lender Bank of America and mezzanine lender SBAF Mortgage Fund I/Lender. The property is 98 percent leased.
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BETHESDA, MD. — Carr Properties has acquired the contract and development rights for a 223,000-square-foot trophy office project located at 4500 East West Hwy. in Bethesda. Construction will begin during the first quarter of 2012 with completion slated for the first quarter of 2014. The development, which is the first trophy quality, ground-up office development in Bethesda in more than 10 years, will be designed to achieve LEED Gold certification.
MEDLEY, FLA. — Conchita Foods has secured a 60,000-square-foot, 10-year lease for its new South Florida headquarters at 10505 N.W. 112th Ave. in Medley at Flagler Station Business Park. The company will relocate its warehouse, office and distribution operations in early 2012. Brian Smith of Cushman & Wakefield's Miami office represented the tenant in the lease transaction and the landlord was self-represented by Stuart Gordon of Flagler Development.
NEW YORK CITY — U.S. Republic Core Fund, an affiliate of USAA Real Estate Co., has joined RXR Realty and Broadway Partners in a joint venture to recapitalize 340 Madison Avenue, an approximately 750,000-square-foot Class A office building in Manhattan’s Grand Central submarket. Part of the recapitalization includes 12-year first mortgage financing from Cornerstone Real Estate Advisers. The property is 92 percent leased to tenants including SunGard, National Financial Partners and PNC Financial Services Group, as well as ground-level retailers Verizon Wireless, Starbucks, Coach and Van Laack.
DENISON — NOVO 1 has announced it will open a 30,000-square-foot customer contact facility in Eisenhower Business Center at 2415 S. Austin in Denison. The site is expected to be operational in September and will employ up to 300 people over the next 3 years. More than $1 million is expected to be invested in the equipment and facility updates. The Denison Development Foundation owns the 30,000-square-foot space.
PLANO — Plano-based Optimal Blue has signed a renewal and expansion lease for 9,419 square feet of office space in the Parkwood Place building in Plano’s Legacy Park. Optimal Blue signed the lease with Newport Beach, Calif.-based KBS Realty Advisors, which owns the Parkwood Place building. Chris Morrow of Dallas-based Finely Morrow negotiated the lease on Optimal Blue’s behalf and Steve Everbach, Conor McCarthy and James Esquivel of Jones Lang LaSalle’s Dallas office represented KBS. The three-story Parkwood Place building is located at 5601 Democracy Dr. and is now 88 percent occupied.
ANAHEIM, CALIF. – Cypress Office Properties has purchased the two-building, 103,000-square-foot Anaheim Crossroads office plaza for $5.1 million in a loan-to-own transaction. It was purchased from a special servicer. Cypress has taken possession of the property through a deed in lieu with the previous ownership. Anaheim Crossroads is a Class B, atrium-style property that is 15 percent leased. CBRE’s Paul Jones and Louay Alsadek represented the buyer in the note purchase.
SUNNYVALE, CALIF. – Adesto Technologies has leased 20,000 square feet at 1250 Borregas Ave. in Sunnyvale. The technology company was previously located at 1221 Innsbruck Drive, also in Sunnyvale, but moved to the Class A office building to maximize its space and support its R&D needs. Adesto will relocate this September. CresaPartners' Sushma Malhotra represented the tenant, while the landlord, Dollinger Properties, represented itself in this transaction.
HOUSTON — Atlanta-based Lucas Associates has renewed its 8,424-square-foot office space lease at 5120 Woodway Dr. in Houston. Clay Peeples of Boyd Commercial Real Estate Services/CORFAC International and Don Granot of Joel & Granot Real Estate/CORFAC International represented Lucas Associates in the negotiations. The Class A office building is owned by Decorative Center of Houston.
MONTGOMERY, ALA. — Marcus & Millichap has brokered the $11.55 million sale of the 57,815-square-foot U.S. Attorney's office in Montgomery. The property is 100 percent leased to the federal government. John Wise of the firm's Atlanta office and Henry Schuldinger of its Washington, D.C., office represented the seller, a national bank. Tim Feagans and Geoffrey Ficke of the firm's Dallas office with Eddie Greenhalgh of the firm's Birmingham, Ala., office represented the buyer, an institutional investor.