PHILADELPHIA — Wrightwood Capital has provided $9.83 million on behalf of the sponsor, a joint venture between 806 Capital and Seligsohn Soens Hess, to finance the acquisition of 1201 Chestnut Street in Philadelphia. The 15-story office building will undergo upgrades as part of the transaction. Totaling approximately 90,000 square feet, the building features three retail suites at street level. Office spaces occupy the remaining floors. The complex is located between three courthouses and near a variety of restaurants and retail amenities, as well as Thomas Jefferson Hospital, in the Center City/Market East submarket. The sponsor’s planned improvements include upgrading the lobby, elevator landings and restrooms and leasing the available space at market rents. Josh Zegen of Alpine Commercial Capital sourced the financing. A 36-month loan was structured by Wrightwood Capital.
Office
SAN DIEGO — Denver-based Simpson Parkview LP has broken ground for the construction of a 20,300-square-foot office building, which is located at 3540 Aero Ct. in the Kearny Mesa submarket of San Diego. Designed by Denver-based KTGY Group, the two-story, Class A property will feature steel frame construction with a stone exterior, a covered parking area and floor plates designed for medium-sized users. Warmers Corporation is serving as general contractor for the project, which is slated for completion in May 2009.
CHICAGO — Chicago-based Reed Illinois Corp. has been selected to complete a 40,000-square-foot office build-out for the U.S. Census Bureau. The office is located on the 16th floor of a building located at 500 W. Madison Ave. in Chicago, and will be used by the agency as a regional office for the upcoming 2010 Census. The build-out will include a complete remodeling and upgrade of the office space. Mekus Studios is providing architectural services for the project. Completion is scheduled for January.
PRINCETON, N.J. — Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis’ New York Institutional Group have brokered the $13 million sale of Princeton Commerce Center, a 7-unit, single-story office complex in Princeton. Oestreicher Properties purchased the 70,985-square-foot building from Commerce Center at Princeton, LLC. Located at 29 Emmons Dr., the property is situated on 8.57 acres and contains a 5.1 per 1,000-square-foot parking ratio. Dunne, Welsh and Oram represented the seller and procured the buyer in the transaction. The sale was a 1031 exchange.
BOSTON — The National Consumer Law Center (NCLC) has purchased 22,500 square feet of office space at Seven Winthrop Square for $5.5 million from Seven Winthrop Square, LLC. The five-story office building totals 27,000 square feet. NCLC purchased the second through fifth floors of Seven Winthrop Square, located at the corner of Otis and Summer streets in Boston’s financial district. Occupancy for NCLC, which is relocating from its 15,000-square-foot leased office space at 77 Summer St. in Boston, is slated for second quarter 2008. Tom Robinson and Jim Belli of The Codman Company represented the buyer in the transaction, and the seller was represented in-house.
NEW YORK CITY — The first branch of LibertyPointe Bank has opened in Brooklyn, New City. The branch, located at 1427 Coney Island Ave. in Brooklyn’s Midwood neighborhood, was developed by Boymelgreen Developers. Services for personal, retail and commercial banking customers are offered.
FORT WORTH, TEXAS — Westwood Contractors is scheduled to break ground on a 30,000-square-foot addition to Buxton’s corporate headquarters in Fort Worth. The addition will occupy part of a 3.5-acre tract of land and is being designed by Gideon Toal, a Fort Worth-based architecture firm. The existing 20,000-square-foot facility is located in the Mercantile Center off of Meacham Boulevard. The new wing will feature private conversation rooms, a media presentation room and amphitheater, and a kitchen and outdoor dining spaces. Completion is slated for summer 2008.
DECATUR, GA. — Day Capital Partners has purchased Decatur Court, a 10-story, 132,000-square-foot, 40-year-old office building in downtown Decatur. The landmark office building sits on West Ponce de Leon next to the downtown Decatur Square. A Kaufman Realty Group investor partnership sold the property. Kaufman Realty Group will continue to manage the office building.
FAIRLESS HILLS, PA. — Gerard McHugh of NAI Global has arranged the sale of an office building and two land parcels at the Keystone Industrial Port Complex in Fairless Hills. McHugh arranged the sale of an office building and 32 acres to AE Polysilicon. The buyer plans to renovate the office building for use as its world headquarters, and to construct a manufacturing facility to employ 143 people. In addition, McHugh arranged the sale of approximately 10 acres to Abington/Reldan Refining & Recycling, which plans to construct a precious metals recovery and refining facility on the property. Craig Nardi, formerly a NAI Global New York City corporate services team member, assisted in both transactions. The sale prices were undisclosed. NAI Global and its southern New Jersey affiliate, NAI Mertz, act as the property’s exclusive leasing agents.
HOUSTON — Shorenstein Properties recently acquired 2000 West Loop South, 356,700-square-foot office building located in the Galleria submarket of Houston. The 21-story property, which was built in 1970, is 98 percent occupied by tenants including United Healthcare, Live Nation and AM/FM Operating. The transaction also included a five-level, 1,299-space parking structure. Holliday Fenoglio Fowler represented the sellers, a group of tenant-in-common investors and Houston-based Means Knaus Partners.