BETTENDORF, IOWA — Dallas-based RM Crowe has acquired the Terrace Park Professional Center, a medical office building located on the hospital campus of Trinity Regional Health Systems in Bettendorf. Situated within the Quad Cities, the three-story facility houses 59,615 square feet of rentable area. The building is the first acquisition of RM Crowe’s $50 million fund that is designated to pursue healthcare real estate opportunities nationwide. The acquisition price was not disclosed.
NEWARK, N.J. — Tucker Development Corp. has released the plans for Liberty Plaza, a $150 million office project located in Newark. Plans for Phase I call for the construction of a 22-story, 430,000-square-foot office tower. Amenities will include more than 750 parking spaces, dining areas, a rooftop garden, a fitness center, a banking facility and retail space. At full build-out, the project will have the capacity for more than 1 million square feet. Liberty Plaza will be situated on 3.5 acres adjacent to the New Jersey Transit Broad Street rail station. It will offer tenants an Urban Transit Hub Tax Credit, and is also located within Newark’s Urban Enterprise Zone. The project is being designed by RMJM Hillier.
HOUSTON — Houston-based Hartman Income REIT, on behalf of Hartman Income REIT Property Holdings, has completed a $67.6 million credit facility with an affiliate of J.P. Morgan. The non-recourse loan is secured by a 12-property, approximately 3.2 million-square-foot portfolio owned by Hartman. The properties are located in Houston, Dallas and San Antonio, and comprise office, flex and retail buildings. The debt was structured by Tom Melody and Bernard Branca of CBRE Melody on behalf of Hartman. The proceeds will be used to refinance all of the properties’ existing credit facilities, fund the redemption of non-accredited investors in connection with the company’s earlier formation transactions, and provide additional working capital. Terms of the loan were not disclosed.
GRAND RAPIDS, GRAND HAVEN AND GRANDVILLE, MICH. — Grubb & Ellis|Paramount Commerce has completed the sale of an office facility located at 277 Crahen Ave. NE in Grand Rapids. Aardvark Properties LLC has acquired the property from AMS Liquidating Corp. for an undisclosed amount. Chad Koster and Scott Morgan of Grubb & Ellis|Paramount Commerce represented the seller; John Mundell of Signature Associates represented the buyer in the transaction. Additionally, Grubb & Ellis|Paramount Commerce brokered two smaller office sales in Michigan. In Grand Haven, Steve Wilson and Chad Lahey of Grubb & Ellis|Paramount Commerce arranged the sale of a 5,024-square-foot office building located at 300 N. Ferry St. Jason Beecham has acquired the building from Northway Development Co. for an undisclosed amount. In Grandville, the company has arranged the sale of a 4,068-square-foot office facility located at 4320 44th St. SW. MG Real Estate LLC has acquired the property from Canal Street Leasing for an undisclosed amount. Koster and Ray Kisor of Grubb & Ellis|Paramount Commerce represented the seller; Rusty Richter of Rietberg represented the buyer in the transaction.
NEW YORK CITY — Cushman & Wakefield has completed the sale of 12 East 52nd Street, a 7-story office building located in New York City, for $24 million. The property comprises approximately 17,500 square feet, made up of office space and ground-floor retail space. Jon Epstein, Charles Kinglsey and Yoav Oelsner of Cushman & Wakefield represented the seller, Golden Tree Asset Management, as well as the buyer, Heritage Real Estate.
WINDHAM, N.H. — The Stubbledine Company (TSC) has arranged the sale of a 25,000-square-foot office/flex building, located at 1 Industrial Dr. in Windham, for $2.67 million. The property was formerly occupied by a major McDonald’s franchisor. The building systems and roof have also been renovated in the past 5 years. David Stubbledine, James Stubbledine and Micah Stubbledine of TSC represented the seller, Rock McCoy, and procured the buyer, Financial Destinations.
SAVANNAH, GA. — AMB Property Corp. has leased 150,000 square feet in the 347,000-square-foot AMB Morgan Business Center Building 100 to Dorel Juvenile Group. Located near the Port of Savannah, Building 100, which was constructed to Silver LEED certifications, is the first building in the master-planned 3 million-square-foot AMB Morgan Business Center. David Sink of Neely Dales in Savannah and Lloyd Cooper of Cushman & Wakefield’s Montreal office represented Dorel.
COLUMBUS, OHIO — ICI Property Consultants Inc. of Farmington Hills, Mich., has arranged the acquisition of a multi-story office building located in Columbus. The 115,000-square-foot facility, which was operating at 73 percent occupancy at the time of the sale, was an REO held by a local lender. The original asking price for the building was $6.5 million. Alan Stern of ICI Property Consultants represented the buyer, 2323 Realty LLC, in the transaction.
CARMEL, IND. — NAI Olympia Partners has arranged the acquisition of a 22,037-square-foot office building, formerly the Woodland Professional Center, located at 2000 E. 116th St. in Carmel. Catherine Winslow has acquired the facility and will use the second floor for Winslow Facial Plastic Surgery. Winslow has plans to create an Aesthetic and Wellness Center at the facility, which will house multiple other practices including functional dentistry, chiropractic services, podiatry, optometry and general medicine. Woodland PC Partners LLC, which was represented by Thomas Frank of Summit Realty Co., sold the building for an undisclosed amount. Brooke Augustin of NAI Olympia Partners represented the buyer in the transaction.
NEW YORK CITY — The New York office of M Moser Associates has completed the office build-out for the new headquarters of Principal Global Investors, a subsidiary of The Principal Financial Group. The space occupies the entire 25th floor of 888 Seventh Avenue in Manhattan, New York City, totaling 19,800 square feet. The office was designed to achieve LEED certification; sustainable features include low-flow fixtures, a state-of-the-art HVAC system, and sensors that monitor the amount of natural light available and adjust the internal lighting to compensate. Principal’s headquarters is the first LEED-certified office space in the building.