CHARLOTTE, N.C. — Brynn Brooks of Medalist Capital’s Charlotte office has arranged a $20 million fixed-rate land loan for a 23-acre property in Charlotte’s historic South End district. Owners Cherokee Investment Partners and GreenHawk Partners of Raleigh, N.C. are developing the property.
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ANCHORAGE, ALASKA — Capmark Finance Inc. has originated a total of $9.97 million in fixed-rate financing for the acquisition of two single-tenant General Services Administration (GSA) office properties in Anchorage. The properties are 100 percent occupied by the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA). Each property is a two-story, Class A, built-to-suit GSA facility, with the first story being utilized as covered parking and the second story as office space. The 75,000-square-foot FBI property was constructed in 1994 and the 30,000-square-foot DEA facility was built in 2001. Marvin Hill and Greg Ciambruschini of Capmark’s Washington D.C. office secured a $6.95 million loan for the FBI building and an approximately $3 million loan for the DEA facility. Dexia Real Estate Capital Markets funded the loans, which have 10-year terms and 30-year amortizations. Together the loans covered 73 percent of the acquisition costs of the two properties.
PONTIAC, MICH. — Sperry Van Ness (SVN) has completed the sale of Ottawa Tower, a vacant, nine-story office building located at 51111 Woodward Ave. in Pontiac, for $1.35 million. The 250,000-square-foot building is situated on 1.77 acres, and features fiber optics, a fitness center, adjacent garage parking, full loading dock facilities, high-speed elevators, and individual heating and cooling zones. The building was formerly occupied by General Motors, and has been vacant for the past 5 years. Robert Pliska of the Birmingham, Mich., office of SVN, along with Michael Dudash of Troy, Mich.-based Hayman Cos. represented the seller, Grand Rapids, Mich.-based Ottawa Tower Ventures. Harry Altick of SVN’s Greenbrae, Calif., office represented the buyer, a private San Francisco-based investor. The new owner is planning minor improvements to the property to position it as a turnkey lease opportunity for a prospective tenant.
DES PLAINES, ILL. — Skokie, Ill.-based The Missner Group has been selected as design/builder for a 60,000-square-foot, build-to-suit medical office for the Illinois Bone & Joint Institute (IBJI). The three-story facility, which will be located at 900 E. Rand Rd. in Des Plaines, is scheduled for a September completion. IBJI will occupy approximately 20,000 square feet of the building, and will lease the remaining space to other tenants. Stephen Rankin Associates is serving as project architect. Larry Debb and John Kosich of GVA Williams are co-developing the project and serving as the owners’ representatives.
MORRISTOWN, N.J. — TIAA-CREF has acquired 299 Madison Ave, a three-story office building in Morristown. The 57,062-square-foot facility is in close proximity to the Convent Station train station and the Morristown business district. Jeffrey Dunne, Kevin Walsh, Jeffrey Oram, Thomas Mallaney and Daniel Casey of CB Richard Ellis represented the seller, 299 Madison Realty Partners, and procured the buyer in the transaction. The sale price was undisclosed.
RICHARDSON, TEXAS — Renner Building Partnership has finalized the sale of an office building located at 689 West Renner Rd. in Richardson to a private local investor. Development plans for the 7,122-square-foot property, as well as the sale price, were undisclosed. Greg Woodring of Henry S. Miller Commercial represented the seller in the transaction.
SANFORD, FLA. — Matthew McKeever and Mike Davis of Cushman & Wakefield represented the seller, Reflections at Hidden Lake LLC, in the sale of the Reflections at Hidden Lake, a 96,000-square-foot office complex in Sanford, for $9 million. The property includes a 60,000-square-foot, three-story building and an adjacent 36,000-square-foot single-story building. The complex is located on Lake Mary Blvd. across from the Seminole Community College, and was 98 percent leased at closing.
NEW YORK CITY — Carlton Advisory Services has arranged $92 million in senior debt and mezzanine financing for the acquisition of 511-541 W. 25th St. The 158,908-square-foot property, which is located in the Chelsea area of Manhattan, New York City, was purchased by the Cardinal Investment Group. The loan was placed by Michael Campbell, Steve Fenster and Steven Rock of Carlton.
NEW YORK CITY — SL Green has negotiated a 156,000-square-foot lease with The Segal Company at 333 W. 34th St. in Manhattan, New York City. The Segal Company will occupy floors two through five of the 10-story building. Currently located at One Park Avenue, the company is expected to move to their new location first quarter 2010.
EL SEGUNDO, CALIF. — KARL STORZ Endoscopy-America Inc. has acquired Grand Avenue Executive Center, an office complex located at 2151 E. Grand Ave. in El Segundo, for approximately $40 million. Designed by Nadel + Associates and built in 2001, the four-story, 121,000-square-foot center is leased to a variety of tenants including LA Lakers Corp., Boeing, Oracle, Mattel and Teledyne. Mike Catalano of Studley represented the buyer; Steven Solomon of Jones Lang LaSalle represented the seller, Transwestern Investment Co., in the transaction.