PLANO, TEXAS — Chicago-based Wrightwood Capital has provided a $13.53 million loan for the acquisition of Pitman Atrium Tower, a 10-story office building located at 1255 W. 15th St. in Plano. The building totals more than 183,000 square feet, and features a shared conference room, a delicatessen and glass-backed elevators that open to a central atrium. The borrower, Dallas-based Holt Lunsford Commercial, plans to undertake a capital improvements program, and lease the remaining space. Terms of the loan include a 36-month term.
DURHAM, N.C. — Charlotte, N.C.-based Bayrock Investment Company has sold a 40,725-square-foot office building to New York City-based D S Durham for $13.1 million. The property, which is triple net leased to Duke University Health Care Systems for 10 years, is located at the intersection of North Duke and Frasier streets. Benjamin Tapper of New York City-based Eastern Consolidated represented the seller, and the buyer was represented by Eastern’s Martin Ezratty.
GONZALES, LA. — Construction has begun on developer MIE Properties-LA’s 32-acre, 200,000-square-foot Pelican Point Commerce Center, a business community located on Interstate 10 and Louisiana Highway 44 in Gonzales. The first 37,000-square-foot building will deliver this fall with subsequent groundbreakings to follow.
PRINCETON, N.J. — RexCorp Realty has completed construction of University Square, a 313,000-square-foot office building located at the intersection of U.S. Highway 1 and Alexander Road in Princeton. The five-story building features a two-story atrium lobby, concierge service, a health club with locker rooms and saunas, a full-service cafeteria and reserved parking for hybrid vehicles. David Simson of GVA Williams is handling leasing for the property.
SECAUCUS, N.J. — Prism Capital Partners has begun a $4.5 million repositioning of One Harmon Plaza, a 10-story office building located in Secaucus. The 187,113-square-foot property is part of a mixed-use complex that also contains a Crowne Plaza Hotel and a shopping mall. Renovations to the center will include a new grand entrance plaza and canopy, major lobby and elevator upgrades, a new café and substantial parking garage renovations. Prism has also signed Jones Lang LaSalle to lease the more than 21,000 square feet of vacant space inside the building. Tom Reilly and Dino Mattessich of the firm’s New Jersey office and James Quinn of the firm’s New York office will handle leasing efforts.
NEW YORK CITY — The Sapir Organization has arranged a lease for 98,175 square feet at 11 Madison Avenue, a 28-story office building located in Manhattan, New York City. The tenant, Enfatico, signed a lease for 10 years and 6 months, and will use the space as its world headquarters. Howard Fiddle, Brad Gerla and Stephen Siegel of CB Richard Ellis represented the landlord, The Sapir Organization. The tenant was represented by Gregory Tosko, also of CB Richard Ellis. Occupancy at 11 Madison Avenue is currently at 100 percent and rents are averaging $75 per square foot.
HOUSTON — Behringer Harvard has sold a controlling interest in Enclave on the Lake, an approximately 171,000-square-foot office building located in the Energy Corridor of Houston. The six-story building is situated on 6.7 acres at 1255 Enclave Pkwy. It is currently 100 percent leased to SBM Atlantia, a subsidiary of SBM Offshore. Behringer Harvard completed the sale on behalf of Behringer Harvard REIT I, which acquired a 36 percent interest in the property in 2004 with other tenant-in-common (TIC) investors. The disposition will provide the REIT and its TIC investors with an overall yield during the cash holding period of more than 80 percent, as well as an annualized cash-on-cash return of approximately 19 percent. The sale price and the buyer were not disclosed.
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.