TULSA, OKLA. — Harbor Group International has acquired a $31.5 million tranche of debt from JPMorgan Chase Bank. The debt is secured by One and Two Warren Place, two office towers located in the Yale Corridor of Tulsa. One Warren Place is a 20-story tower than contains 469,907 rentable square feet, and is currently 85 percent occupied. Two Warren Place is a 19-story tower that contains 485,576 square feet, and is 94 percent occupied. Harbor Group International acquired the loans through its HGI Debt Opportunity Fund.
CHESAPEAKE, VA. — Old Dominion Truck Leasing recently purchased an 8-acre, 19,500-square-foot property for new offices, truck servicing and fleet storage from Ford Motor Co., for $3 million. Patrick L. Mumey and W. Scott Wermers of Thalhimer handled sale negotiations of the property, located at 2608 Indian River Rd. in Chesapeake.
HOPKINS, MINN. — Minneapolis-based Opus Northwest has been approved to expand Excelsior Crossings to 806,000 square feet of space. Cargill — a provider of food, agricultural, and risk management products and services — will fully occupy the 28-acre office park, which is located at the northeast corner of Highway 169 and Excelsior Boulevard in Hopkins. Construction of the 268,000-square-foot third phase is expected to begin in September, with completion slated for March 2010. The first building, which was completed for Cargill in June, is a seven-story, 260,000-square-foot complex with a ground-level skyway connecting it to the phase’s second building. The 268,000-square-foot second phase is currently underway, and is slated for completion in July 2009. An approximately 10,000-square-foot building will house Cargill’s on-site daycare facility. Upon completion in mid-2010, the office park will hold approximately 3,000 Cargill employees. Excelsior Crossings, which is a brownfield redevelopment, is being designed to achieve LEED Gold certification.
BILLERICA, MASS. — Quincy, Mass.-based Dickinson Development Corp. has sold an 87,200-square-foot office building located at 159 Rangeway Rd. in Billerica for $6 million. The building serves as the headquarters of Hyster New England, which sold the building to Dickinson in 2000 in a sale/leaseback transaction. In this transaction, the building was acquired by 159 Rangeway Road – Billerica LLC. Gary Lemire of CB Richard Ellis brokered the transaction.
NEW YORK CITY — New York City-based Meridian Capital Group has arranged $35 million for two Manhattan office buildings. First, Meridian secured $25 million for the refinancing of the St. James Building, a historic 16-story office building located at 1133 Broadway. The building totals 154,660 square feet of rentable space and includes ground-floor retail space. Allan Lieberman of Meridian originated the financing on behalf of the undisclosed borrower. The loan carries a 5.75 percent fixed interest rate. Additionally, Meridian secured $10 million in financing for 58 and 60-62 E. 11th St. The property totals 48,000 square feet and consists of two adjacent office/loft buildings with ground-floor retail space. Lieberman and Seth Grossman arranged the financing on behalf of the borrower. The loan also carries a 5.75 percent fixed interest rate.
JERSEY CITY, N.J. — Mack-Cali Realty Corp. has completed a lease for 100,759 square feet at 101 Hudson St., a 1.25 million-square-foot office tower located in Jersey City. Tullett Prebon Holdings Corp. (TPHC) will lease the space, consisting of a 12-year extension of the 63,372 square feet it currently occupies in the building and a 37,387-square-foot expansion for 15 years, as its North American headquarters. The Class A office tower is currently 100 percent leased. John Cefaly, Robert Lowe and Ed Duenas of Cushman & Wakefield represented the tenant in the transaction. Mack-Cali was represented in-house by Thomas Savoca.
NEW YORK CITY — New York City-based Savanna, along with a locally based hedge fund, has originated a $45.75 million full-recourse senior loan for a 150,622-square-foot office building located at 63 W. 38th St. in Midtown Manhattan, New York City. The loan for the 12-story, Class B property carries a 65 percent loan-to-value ratio. Meridian Capital Group advised the borrower, a private New Jersey-based investment firm.
ADDISON, TEXAS — CB Richard Ellis (CBRE) Investors has acquired The Colonnade, an approximately 1 million-square-foot, three-building office property located in Addison. The three buildings, named Colonnade I, II and III, are located at 15301-15305 N. Dallas Pkwy; they range from 12 to 16 stories and are connected by a three-story, vaulted glass atrium. Occupancy is at 75 percent. CBRE Investors is pursuing LEED certification for the property, as it is for all of its other Dallas-area properties. The acquisition price was not disclosed.
TEXARKANA, TEXAS — The Cirrus Group has acquired a 31,600-square-foot medical office building located at 1902 Moores Lane in Texarkana. The building is situated on two acres near the campus of Christus St. Michael’s Health System. The property will be leased to Collom & Carney Clinic Association and Northeast Texas Surgery Center. The seller and the acquisition price were undisclosed.
THE WOODLANDS, TEXAS — Wachovia Bank N.A. has provided $23.53 million in construction financing for Sierra Pines, a 180,000-square-foot, speculative office building located in The Woodlands. Situated on 35.5 acres at 1601 Sawdust Rd., the Class A office building is scheduled for completion in January 2009. It is the first phase of a three-building, 540,000-square-foot office development. Holliday Fenoglio Fowler’s Matt Kafka and Adam Jackson originated the loan on behalf of Stream Realty Partners LP. The property is leasing at a rate of $18 per square foot triple-net.