SAN DIEGO — NorthMarq Capital has arranged $7.8 million in first-mortgage financing for a 67,053-square-foot office building, located at 9660 Granite Ridge in San Diego. Based on a 7-year term and a 25-year amortization schedule, the loan was arranged by NorthMarq’s Steve Hollister through the Minneapolis-based firm’s relationship with Torrey Pines Bank. The single-tenant, non-credit office building with specialized improvements is occupied by Clear Channel Communications.
HOUSTON — Jones Lang LaSalle's Capital Markets team has secured a $42 million senior mortgage loan for Houston-based M-M Properties to finance 919 Milam. The debt is comprised of $35 million in initial funding and up to $7 million for tenant and capital improvements. The 24-story, 542,919-square-foot Class A office building is located in the heart of Houston's central business district. The property occupies an entire city block bounded by Travis, Walker, Milam and McKinney streets. Mike Melody, Tom Fish and Paul House led Jones Lang LaSalle's team. “At an occupancy rate of nearly 80 percent, 919 Milam provides a value add opportunity for M-M to increase tenancy as well as the ability to capitalize on in-place rents that are significantly below market rates,” said Melody.
SUNRISE, FLA. — A 15,000-square-foot office, located at 7880 W. Oakland Park Blvd. in Sunrise, sold for $1.5 million. The seller, Davni, was represented by Deborah Fink and Frank Morrison of Fort Lauderdale, Fla.-based NAI Rauch Weaver Norfleet Kurtz & Co. The buyer, S. A. Ventures, was represented by Emma Pilarte of Davie, Fla.-based RE/MAX PowerPro Realty.
FREEHOLD, N.J. — Procida Funding has acquired the first mortgage for Freehold Commons, a newly constructed, 40,000-square-foot, Class A office building located at 82 South St. in Freehold. Procida acquired the $7 million note from a local bank and will assist in repositioning the property for lease, refinance or sale.
AUSTIN — Austin-based T. Stacy & Associates' T. Stacy Value Fund I has purchased the Barton Ridge office complex, a four-building property located at 4544 S. Lamar Blvd. in Austin. AT&T is the property's largest tenant, occupying 108,000 square feet. This is the fund's first acquisition in Texas and it partnered with the Texas School Land Board, the state of Texas' permanent school fund, to complete the transaction. Walter Saad and Cathy Nabours of CB Richard Ellis represented the seller, while T. Stacy & Associates was represented internally.
FT. LAUDERDALE, FLA. — Marshall Smith of Coral Gables, Fla.-based Thomas D. Wood and Company secured $2.1 million in financing for Southern Center Associates I, a 24,000-square-foot multi-tenant office located at 1500 Cordova Road in Ft. Lauderdale, Fla., through Southern Farm Bureau Life. The 10-year loan, which is based on a 25-year amortization and an interest rate of 5.15 percent, was secured by the buyer to lock in a low interest rate.
NEW PROVIDENCE, N.J. — Marcus & Millichap has completed the sale of The Provident Bank Building, a 7,210-square-foot office property located in New Providence, for $1.83 million. Greg Babaian of Marcus & Millichap's New Jersey office represented the seller, a local investor. Michael Lombardo and Christopher Rizzolo, also of Marcus & Millichap, secured the buyer, a New York investor.
WOODRIDGE, ILL. — Premier Design + Build Group is serving as design/build contractor for the construction of Navistar's 65,531-square-foot office and training facility build-out in Woodridge. The tenant improvement project consists of 16,604 square feet of office space, which includes training, team, conference rooms and private open offices, and a warehouse/shop area including a photography studio, compressed air distribution system and vehicle exhaust track system with epoxy floors throughout. Bridge Development Partners owns the property. Cornerstone Architects providing architectural services for the project, which is slated for completion in April.
SPRINGFIELD, MASS. — Holyoke, Mass.-based Infinity Real Estate Group has brokered the sale of a three-story, fully leased office building located at 55 State St. in Springfield for $1.13 million. The buyer was Briarwood Thirteen LLC and the seller was Fifty Five State Street LLC. Mark Berezin of Infinity represented the seller in the deal and helped the buyer arrange acquisition financing through Holyoke Credit Union.
ROCKVILLE, MD. — An undisclosed professional services firm has signed a 97,910-square-foot, 12 month lease at Class A, LEED-Certified Redland Corporate Center II in Rockville. Redland II is owned by Bethesda, Md.-based First Potomac Realty Trust, who acquired the property in 2010. Washington, D.C.-based Perseus Realty also retained a minority ownership position. This lease brings Redland II to 52 percent leased. The tenant was represented by Greg Lubar and Jim Cahill of Jones Lang LaSalle's Bethesda office. First Potomac was represented by David Machlin, Larry Thau and James Cahill of CB Richard Ellis' Bethesda office.