ALEXANDRIA, VA. — Jim Kornick, Jerry Burg and Matt Clinebell of NorthMarq Capital have brokered the sale of the Landmark Professional Building to JAG Associates for $10.8 million. The 60,432-square-foot office property is located at 5249 Duke St. in Alexandria. Currently 90 percent occupied, the building will near full capacity when JAG moves into 3,500 square feet later this year.
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BEDFORD, MASS. —Tremont Realty Capital has secured a $4.74 million loan for the refinancing of 54 Middlesex Turnpike, a two-story, 42,500-square-foot office building located in Bedford. The 6.7-acre property also contains a newly constructed, 8,000-square-foot daycare center. The borrower funded the construction of the new daycare out of pocket and was looking for a permanent loan to refinance its existing loan on the office building, in order to recoup some of its investment in the new property. The new loan carries a 20-year term, a 5.75 percent interest rate and an approximately 70 percent loan-to-value ratio. The lender was a local bank. The transaction was arranged by David Ross of Tremont’s Boston office.
RICHARDSON, TEXAS — Dallas-based TIG Real Estate Services has arranged a lease for 9,624 square feet of office space at 885 E. Collins Blvd., in Richardson. Michael Grant and Ryan Wolcott of TIG represented the landlord, RREEF. Kathy Webster of Collin County Land Co. represented the tenant, Laser Works Inc. Terms of the lease were not disclosed.
HENDERSON, COLO. — Brighton Road Investments has acquired the TCI/Michelin building, which is located at 9156 Brighton Rd. in Henderson. North South Properties of Hartsville sold the facility for $3.4 million. The 27,000-square-foot property, which was built-to-suit for TCI/Michelin, features retail, office and industrial space. TCI/Michelin currently occupies the space with 5 years remaining on its lease. Russ Agnew with Pinnacle Real Estate Advisors represented the buyer; Justin Krieger and Rob Edwards, also of Pinnacle Real Estate Advisors, represented the seller in the transaction.
RALEIGH, N.C. — The North Carolina Court of Appeals has signed a lease extension with an undisclosed landlord for 34,449 square feet. The office is located at 227 Fayetteville St. in Raleigh. Jake Jones of Grubb & Ellis|Thomas Linderman Graham’s Raleigh office represented the landlord.
NORTH READING, MASS. — CB Richard Ellis/New England (CBRE) and Richards Barry Joyce & Partners (RBJ) have completed a lease for 41,2000 square feet of Class A office space in North Reading. The tenant, Crowe Paradis Services Corp., will occupy the fourth floor of 400 Riverpark Drive, a seven-story,150,000-square-foot office building located within the 1 million-square-foot Riverpark Office Park. CBRE’s David Pergola, Mark Reardon and Jason Levendusky represented the ownership, a joint venture between Taurus Investment Holdings and DivcoWest, in lease negotiations. The tenant was represented by RBJP’s Brian McKenzie and James Lipscomb.
ALPHARETTA, GA. — Coyote Logistics has signed a lease with The Alter Group for the 36,556-square-foot Brookside/800 in the Brookside Concourse office park. The 550,000-square-foot business center is located on Old Milton Parkway in Alpharetta. The property include day care facilities, restaurants, health clubs and a Georgia State University campus. Todd Yates and Gregg Metcalf served as in-house representation for the landlord.
TAMPA, FLA. — Robert Hernandez of NorthMarq Capital’s Tampa office has arranged a $21 million construction loan for Sutton Properties. The loan is being used to expand Sutton’s original 141,376-square-foot building to a total of 281,458 square feet for manufacturing and office space. The property is fully occupied by DRS Optronics Financing was based an 18-month interest-only term followed by a 42-month extension amortized on a 15-year schedule.
NEW YORK CITY — The National Basketball Association has renewed its lease for 153,405 square feet at Olympic Tower, a Class A office tower located at 645 Fifth Ave. in Manhattan, New York City. The NBA signed a lease for 10 years with a 5-year option. It will continue to occupy floors 14 through 20 of the building with an option to expand onto two additional floors. It originally took occupancy at the building more than three decades ago; the location contains its corporate offices. Harry Seherr-Thoss, Mark Jaccom, Robert Freedman, Richard Plehn Sr., and Christina Plakopita of FirstService Williams represented the landlord, Olympic Tower Associates. The tenant was represented by Barry Goson, Moshe Sukenik and Corey Borg of Newmark Knight Frank.
ARLINGTON, VA. — The board of Arlington County has signed a 144,740-square-foot lease with Foulger-Pratt Development for space in Sequoia Plaza One. The county leased 97 percent of the building, which is located at 2100 Washington Blvd. in Arlington. Included in the 10-year lease is an option to expand into the entire three-building Sequoia Plaza office park. Foulger-Pratt has also added base-building upgrades in order to qualify the space for LEED EB certification. Mark Roberts of Washington, D.C.-based Studley represented the tenant, and Cushman & Wakefield represented Fougler-Pratt.