EL CAJON, CALIF. — A 245,000-square-foot business park in El Cajon has received $15.4 million in interim financing. The four-year loan features a 30-year amortization schedule and was written to a 65 percent loan-to-value. It was provided by Adam Petriella of the Real Estate Finance Group in cooperation with Anita Paryani of Marcus & Millichap.
WASHINGTON, D.C. — Boston-based EVL Associates has purchased a 91,312-square-foot office building, located at 1776 Massachusetts Ave. NW in Washington, D.C., for $45.5 million. The property is 96 percent leased to tenants that include Boston University, the Brookings Institution and Johns Hopkins University. Paul Hanafin and Richard Siegel of West, Lane & Schlager Realty Advisors represented the seller, 1776 Mass Ave LLC, managed by New York-based JOSS Realty Partners, in the transaction.
ATLANTA — Timbervest has signed a 17,059-square-foot lease in Building 200 of Northcreek Park, an office building located at 3715 Northside Parkway in Atlanta. David Rubenstein and Tom Tindall of Cresa's Atlanta office represented the tenant in the lease negotiations. CBRE Global Investors, the landlord, was self-represented by Katherine Lynch.
ARLINGTON — American Fidelity Assurance Co. has purchased the 267,780-square-foot JPMorgan Chase Bank Tower, located at 500 E. Border St. in Arlington. The 12-story, Class A tower is 95 percent leased to tenants including JPMorgan Chase, JPMorgan Chase Bank, Texas Health Resources and Trend Micro. CBRE represented the seller, Brookfield Real Estate Opportunity Group, in the transaction.
RIVERSIDE, CALIF. — CIP Real Estate has secured 45,000 square feet worth of leasing space at the Summit Business Center in Riverside. This includes a 3,500-square-foot office space for the State of California; 7,500 square feet for Advanced Imaging Solutions; and 2,500 square feet for Goodwill Industries. Crescent Healthcare also expanded its space at the center by 6,300 square feet, while the County of Riverside extended its lease for 15,200 square feet of space. These lease transactions have increased the center’s occupancy from 35 percent to 50 percent. CIP also recently announced plans to invest $1.6 million in capital improvements at the center, as well as $2.2 million for interior tenant improvements. Renovations are expected to be completed in the second and third quarters of 2012. Phil Woodford and Vindar Batoosingh of CBRE’s Ontario office represented the property’s landlord in all the lease transactions.
MILWAUKEE — Ministry Health Care has renewed its lease of 22,285 square feet of office space at 11925 W. Lake Park Dr. in Milwaukee. Jack Jacobson and Time Janusz of NAI MLG Commercial represented the tenant in the transaction. Westminster Funds is the landlord.
FRAMINGHAM, MASS. — Jumbo Capital Management has acquired an office building at 125 Newbury St. in Framingham for $6.4 million. The 33,700-square-foot property is located off Route 30. Doug Jacoby, Scott Dragos, Sean Ryan and Mitchell Levey represented the seller, Colony Realty Partners, in the transaction. They also procured the buyer.
NEW YORK CITY — Penrod Ricard USA has signed a lease for 82,300 square feet of office space at 250 Park Ave. in New York City. Penrod, a producer and importer of spirits and wines, will use the space for its U.S. headquarters. The company plans to relocate all employees from its Manhattan office and some employees from its Purchase, N.Y. office to the new building. David Hoffman, Robert Billingsley and Wendy Miller of Cassidy Turley represented the building owner, AEW Capital Management, in the transaction. Snezana Anderson, Michael Geoghegan and Christopher Corrinet of CBRE represented the tenant.
HOUSTON — GE Energy will invest $10 million into the development of a 50,000-square-foot oil and gas training facility, located at GE's Drilling System Technology Center in Houston. The facility is slated to open in the fourth quarter of 2012, and will create approximately 100 new technical jobs.
TEMPE, ARIZ — Hiring solutions provider Verifications has signed a five-year lease for 20,179 square feet inside the Warner Crossing Business Park in Tempe. The lease is valued at $1.3 million. Verifications plans to utilize this space, located at 8260 South Hardy Drive, as its new Western service center. The company was represented by Mike Beall of Cushman & Wakefield. The business park’s ownership group, a West Coast special servicing company, was represented by Scott Nelson and Troy Nelson of Voit’s Phoenix office.