CLAYTON, MO. — GE Real Estate has provided $36.5 million in acquisition financing for National City Center, an 18-story office tower located at 120 South Central in Clayton. The building, which was renovated in 1999, totals 295,634 square feet and includes a four-story parking garage. The 3-year, first-mortgage loan includes a $2.5 million hold back for future capital expenditures and tenant improvements. The borrower was an affiliate of Forester Properties.
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NEW YORK CITY — Carlton Advisory Services has secured $215 million in acquisition and mezzanine financing for 1250 Broadway in Manhattan, New York City. The 39-story, 770,000 square-foot office tower is located on Broadway between W. 31st and 32nd streets. Carlton secured $175 million from a German lender and $40 million from a prominent REIT. The acquisition was closed on behalf of Norman Sturner of Murray Hill Properties and a large German opportunistic equity fund. Howard Michaels, Michael Campbell and Damien Wilson of Carlton arranged the financing.
OLD BRIDGE, N.J. — GE Real Estate has provided $30.65 million for the refinancing of Parkway 120, a five-story, Class A office building in Old Bridge. The 211,871-square-foot facility is located 10 miles south of the intersection of Interstate 287. The building is 79 percent leased to tenants such as Del Rey, Healthnet and VSNL. Vision Equities acquired Parkway 120 in 2001.
DALLAS/FORT WORTH, TEXAS — BH Properties has acquired nine office and retail properties in the Dallas/Fort Worth area from Puget of Texas for approximately $22 million. The portfolio, which totals 600,000 square feet, includes Midway Business Park and Cadiz Plaza in Dallas; the Comerica Building in Richardson, Texas; Polo Village in Grand Prairie, Texas; Walnut Plaza in Mansfield, Texas; Finley Plaza in Irving, Texas; Fairmeadows S/C in Duncanville, Texas; Metro Center in Euless, Texas; and Monterey Village in Bedford, Texas.
HOUSTON — The Shaw Group Inc. has renewed and expanded a lease for 312,564 square feet of office space at 1430 Enclave Pkwy. in Houston. The tenant expanded its lease by more than 106,516 square feet at the six-story, Class A office building, which is located within the Enclave Office Park. Eric Anderson and David Baker of Transwestern represented the landlord, Piedmont Office Realty Trust, in the negotiations. Bill Bosack and Wendi Little of GFM Real Estate represented the tenant.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has closed the sale of 675 Bering Dr., a 135,680-square-foot office building in Houston. The transaction included a six-level, 386-space parking garage. Dan Miller and Marty Hogan of HFF led the investment sales team on behalf of the seller, Goddar Investment Group. Griffin Partners 675 Bering LP acquired the property for an undisclosed amount. The eight-story office building is 70.2 percent leased to tenants such as First Investors, Foster & Associates and Café Express.
JACKSONVILLE AND CORAL GABLES, FLA. — Bacardi USA has leased 300,000 square feet at One Imerson Park Blvd. in Jacksonville and is building a 225,000-square foot headquarters building in Coral Gables. Wayne Schuchts and Ed Lyden of Staubach’s Miami office represented the lessee in the transaction. Additionally, Staubach will provide design construction consulting services for the new headquarters in Coral Gables.
WALTHAM, MASS. — Adobe Systems has entered into a purchase and sale agreement with Normandy Real Estate Partners to purchase Overlook Center in Waltham upon substantial completion. Located at 21-61 Hickory Dr., the approximately 108,500-square-foot building is slated for completion May 2009. The transaction, valued at $44.7 million, is subject to the agreement’s closing conditions.
DALLAS — Thompson National Properties has acquired Oakwood Tower and One Lee Park West in Dallas on behalf of the Bruin Fund. The two Class B, value-added office properties, which are located in the Uptown/Turtle Creek submarket, total 118,370 square feet. Cohen Financial arranged the financing with Grandbridge Real Estate Capital.
SAN MARCOS, TEXAS — Nelson Investments has sold a 33,600-square-foot Class B office property to 4115 Medical Ltd. The property is located within Centerpoint Business Park at 101 Centerpoint Rd. in San Marcos. Jason Brumm and JJ Williams with Grubb & Ellis represented the buyer in the transaction.