DECATUR, GA. — Oakhurst Realty Partners has purchased the Executive Building, which is located at 125 E. Trinity Place in downtown Decatur. The three-story, 16,500-square-foot property offers two floors of office space above ground-level retail space. The buyer plans to immediately renovate the property. B. Fisher Paty and A. Barton Lester provided in-house representation for the buyer. The seller and acquisition price were not disclosed.
EDINA, MINN. — NorthMarq Capital’s Minneapolis office has arranged a $13 million first mortgage for Centennial Lakes IV in Edina. Located within a 100-acre mixed-use development, the property offers 215,790 square feet of Class A office space. Financing was based on a 10-year term with a 25-year amortization schedule. NorthMarq’s Patrick Minea originated the loan through the company’s correspondent relationship with Minnesota Life Insurance Co.
NEW YORK CITY — Foremost Properties has leased an office building located at 127 W. 25th St. in Manhattan's Chelsea neighborhood to Bowery Residents' Committee (BRC). The 12-story, 104,500-square-foot building will serve as the social service provider's headquarters and will consolidate its Manhattan operations. The 33-year lease will begin later this year following a $15 million renovation. Marty Meyer and Eric Meyer of Colliers International represented the landlord in lease negotiations. A team from Cassidy Turley led by David Lebenstein represented the tenant.
NEW YORK CITY — Local 32BJ of the Service Employees International Union (SEIU) has signed a lease for 245,000 square feet of office space at 620 Avenue of the Americas in Manhattan. The union will be relocating from its current offices at 101 Avenue of the Americas. As part of the tenant fit-out, a portion of the building's 18th Street freight area and elevators will be reconfigured into a private entrance leading to a welcome center, information kiosks, benefits centers and a 475-seat auditorium. Mark Weiss and Robert Eisenberg of Newmark Knight Frank represented the tenant in lease negotiations. Mitchell Konsker, Matthew Astrachan and Jonathan Tootell of Cushman & Wakefield represented the undisclosed landlord.
TROY, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged a $42 million loan for Columbia Office Center I and II in Troy. The two 14-story buildings offer a total of 506,000 square feet of office space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the financing for the borrowers, CC Troy Associates I and CC Troy Associates II. The lender was JP Morgan Chase Bank, N.A.
QUINCY, ILL. — First Bankers Trust Co. is developing a 30,000-square-foot banking facility in Quincy. Located at 1201 Broadway St., the new property is scheduled for completion in spring 2011. Maas Construction & Custom Building is serving as general contractor; Architechnics is providing architectural services; and Klinger and Associates is serving as engineers for the project.
WATERLOO, WIS. — Van Holten’s Inc. has completed the disposition of a 55,000-square-foot property. Debra and Gordon Yelk purchased the property, which is located at 720 W. Madison Ave. in Waterloo, for an undisclosed price. Charles Redjinksi and Michael Simonds of NAI MLG Commercial brokered the transaction.
FORT LEE, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a $10 million mortgage note secured by a 13-story office building located in Fort Lee. The Class A property contains approximately 139,000 square feet of space and is located at 2100 North Central Road. Its former tenants included Kwasha Lipton, PricewaterhouseCoopers and Mellon Financial. CBRE's Jeffrey Dunne, Kevin Welsh and Brian Schulz represented the seller, the senior lien holder, and procured the buyer, a foreign real estate investment firm.
ORLANDO, FLA. — New Boston Fund has purchased a controlling interest in the 137,000-square-foot Southpoint Executive Center. The Class A office building is located in Orlando. Stiles, which purchased Southpoint in 2007, will remain co-owner of the property. In the deal, New Boston paid the building's outstanding debt; the firm will also pay future operating costs and will fund leasing costs. The property is currently 30 percent leased.
NEW YORK CITY — Transwestern Realty Financing Partners has purchased a $4.4 million B-Note loan from Natixis Real Estate Capital. The loan is collateralized by 4 New York Plaza in Manhattan's Financial District. The office tower contains 1.05 million square feet of space and is 75 percent occupied by JPMorgan under a long-term lease. The purchase was made by Transwestern on behalf of Transwestern Mezzanine Realty Partners III, a fully discretionary investment fund.