OTSEGO AND GRAND RAPIDS, MICH. — Grubb & Ellis|Paramount Commerce has brokered two Michigan office transactions totaling more than 65,000 square feet. In Otsego, the company has arranged the sale of a 51,606-square-foot office property located at 313 W. Allegan. The Cardinal Newman Liberal Arts Project has purchased the building from Otsego Public Schools for an undisclosed amount. The property was acquired for a proposed liberal arts college. Jed Schildroth and Andrew Visser of Grubb & Ellis|Paramount Commerce represented the seller in the transaction. Additionally, Ray Kisor of Grubb & Ellis|Paramount Commerce has brokered the acquisition of a 14,154-square-foot office property located at 246 Ionia Ave. NW in Grand Rapids. Van Andel Institute has purchased the facility from the Diocese of Grand Rapids. Stan Wisinski of The Wisinski Group represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-story office building located in New York City for $5.75 million. The building totals 6,468 square feet; it is fully occupied by a restaurant on the ground floor and three offices on the upper floors. All of the tenants are under gross leases, with an annual rent increase of 4 percent. Ben Sgambati and Jin Lee of Marcus & Millichap’s New Jersey office represented the seller, a locally based investor. Lee represented the buyer, a New Jersey-based investor. The property traded at a price of $889 per square foot.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has completed the sale of Two Riverway, a 17-story, Class A office tower located in the Galleria submarket of Houston. Two Riverway is situated within the 27-acre Riverway master-panned community, which is located on the corner of Post Oak and Woodway Drive. The 369,479-square-foot property is currently 92 percent leased; Chicago Bridge & Iron and IBM are the tower’s two main tenants, jointly occupying 55 percent of the building’s total space. HFF’s H. Dan Miller, Robert Williamson, Marty Hogan and Trent Agnew represented the seller, Coventry Fund X, which is an affiliate of Coventry Realty Advisors. The buyer was Two Riverway Holdings LLC, which is a subsidiary of Donerail Corp. The acquisition price was not disclosed.
OCEANSIDE, CALIF. — San Diego-based LW Properties LLC has received development approval from the city of Oceanside for the construction of Pacific Coast Medical Center in Oceanside. Located within Pacific Coast Business Park, the medical office complex will feature 11 freestanding buildings totaling 80,000 square feet. The new buildings will be sold or leased by units, ranging in size from 1,200 to 27,000 square feet. Groundbreaking is slated for first quarter 2009. Ware Malcomb Architects provided architectural services for the project. Ledcor Construction is serving as general contractor.
LINCOLN, NEB. — Dallas-based KDC has begun construction of a 150,000-square-foot office building located within the University of Nebraska Technology Park in Lincoln. Plano, Texas-based Perot Systems will occupy the two-story facility, which is seeking LEED Certification. Green elements of the building include raised access flooring and under-floor air distribution. KDC will also develop a technology service delivery center at the facility. Construction is slated for completion in the third quarter of 2009. Perot Systems has leased the build-to-suit office for 10 years. KDC was presented in-house by Ab Atkins; Bob Edge, Gary Collett, Mari Jones, Meg Hardin and Matt Heidelbaugh with Cushman & Wakefield of Texas represented Perot Systems in the transaction.
PLANO, TEXAS — Newport Beach, Calif.-based Cohen Financial has arranged a $42 million bridge loan for the refinancing of a three-property office portfolio totaling approximately 500,000 square feet. One of the buildings in the portfolio is located at 2805 Dallas Pkwy. in Plano. Terms of the non-recourse loan include a 65 percent loan-to-value ratio, a floating interest rate and a 3-year term with two 1-year extension options. Bruce Krall of Cohen Financial arranged the financing on behalf of the borrower, a joint venture between Newport Beach, Calif.-based The Koll Company and Boise-based Public Employee Retirement System of Idaho. The other two office properties are located at 1873 S. Bellaire St. in Denver and 10851 N. Black Canyon Hwy. in Phoenix.
PORTLAND, ORE. — Mark McGovern and Jeff Rice of CBRE Capital Markets’ San Diego office have originated $24.7 million in financing for Laeroc Funds’ acquisition of two historical office buildings in downtown Portland. Laeroc 2007 Income Fund LLC has acquired the American Bank Building, a 14-story, 162,000-square-foot office building located at the corner of Broadway and S.W. Morrison Street in Pioneer Square. Built in 1913 and renovated in 1979, the property is 88 percent occupied with major tenants including Wells Fargo and the State of Oregon Department of Justice. Laeroc Edge Fund LLC has purchased the two-story Mohawk Building, which consists of two structures: Mohawk Building and Mohawk Galleries. Originally built in 1902, the 68,700-square-foot property is 100 percent occupied with tenants including Borders Books & Music and Interface Engineering.
BEVERLY HILLS, CALIF. — Commercial Defeasance LLC has facilitated a $29.3 million defeasance transaction for an undisclosed Beverly Hills-based company. The transaction will allow the company to refinance a 99,904-square-foot, high-rise office building with Washington Mutual Bank. Parklane Investments and George Smith Partners represented the borrowers in the transaction.
DEBARY, FLA. — Cotter-Ryan Commercial has commenced construction on a 20,000-square-foot office building at SummerHaven Professional Center. Under development by SummerHaven Professional Center LLC, the building is located on Enterprise Road in DeBary. Construction of the three-story building will cost $1.5 million. Delivery is expected next March.
BARRINGTON, ILL. — NorthPoint Capital — Chicago has arranged $5.75 million in financing for Welsh Office Center, a 91,287-square-foot office building located in Barrington. The loan is based on a 10-year term with a 25-year amortization schedule, at a rate of 5.75 percent. The loan was placed with Southern Farm Bureau Life Insurance Co., a correspondent life insurance company lender of NorthPoint. Keith Volgman of NorthPoint Capital arranged the financing.