LOS ANGELES — PSRS has closed $28.5 million in portfolio financing for three medical office buildings in Southern California and Southern Florida. David Hamilton arranged the financing on behalf of a large medical office landlord. One of PSRS’ debt fund lenders provided the capital. Los Angeles-based PSRS achieved a cash-out refinance on the borrower’s existing portfolio, reducing the equity need for the new acquisitions. The firm also provided the sponsor maximum leverage, three years of interest-only payments and a non-recourse structure.
RIVERHEAD, N.Y. — The Suffolk County Department of Social Services has signed a 38,555-square-foot office lease at East End Commons, a 187,528-square-foot shopping center located in the Long Island community of Riverhead. The tenant will occupy a portion of a 108,720-square-foot building previously occupied by Kmart. Nick Dries and Randall Briskin of The Feil Organization negotiated the 20-year lease. BJ’s Wholesale Club anchors the center.
KINGSTOWNE, VA. — Avison Young’s Capital Markets Group has brokered the sale of two office buildings located in Kingstowne, a live-work-play community situated about 16.3 miles south of Washington, D.C. Melrose Solomon Enterprises purchased the two office buildings, 5695 Kings Centre Drive and 5901 Kingstowne Village Parkway, for $12.9 million. Chip Ryan and Matt Weber of Avison Young represented the seller, The Halle Cos., in the transaction. Jon Goldstein, Wes Boatwright and Mike Yavinsky of Avison Young arranged the undisclosed amount of acquisition financing on behalf of Tenafly, N.J.-based Melrose Solomon. 5695 Kings Centre Drive is a three-story, 44,262-square-foot office building constructed in 2002, and 5901 Kingstowne Village Parkway features 8,000-square-foot floorplans and has 22,117 square feet of net rentable space. The properties were a combined 93 percent leased to a variety of medical office, government contractors and traditional office tenants at the time of sale. Developed by The Halle Cos. in the mid-1980s, Kingstowne spans 1,200 acres and is Northern Virginia’s second largest master-planned community. Kingstowne has more than one million square feet of retailers and office buildings.
HOUSTON — NAI Partners has arranged the sale-leaseback of a 34,000-square-foot office and industrial property in Houston. The property is located at 1515 Witte Road on the city’s west side. Cary Latham and Wyatt Huff of NAI Partners represented the seller/tenant, Allpoints Group, a provider of surveying and other advisory services for the homebuilding industry, in the transaction. The duo also secured the buyer, locally based investment firm Triten Real Estate Partners.
ANDOVER, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $14.6 million in debt and joint venture equity financing for 6 Riverside Drive, a 77,000-square-foot flex building in the northern Boston suburb of Andover. The property sits on 8.6 acres and houses both office and research and development space. Ted Sidel of EagleBridge Capital arranged the financing on behalf of the undisclosed borrower. The breakdown of debt and equity components was also not disclosed.
MEDFORD, MASS. — Locally based private equity firm Brookwood Financial Partners has purchased Ten Cabot, a 107,026-square-foot office building in the northwestern Boston suburb of Medford. The Class A, transit-oriented property was 97 percent leased at the time of sale. The seller and sales price were not disclosed.
AUSTIN, TEXAS — Regent Properties, an investment and management firm headquartered in Dallas and Los Angeles, has acquired 816 Congress, a 435,000-square-foot office building in downtown Austin. The 20-story building offers amenities such as a fitness center, conference facilities and a sky lounge with a terrace. Regent plans to implement a capital improvement program that includes repositioning the lobby and courtyards, as well as the activation of roughly 12,000 square feet of retail space. The seller and sales price were not disclosed.
DALLAS — Locally based developer Billingsley Co. is underway on construction of a new, 260,000-square-foot headquarters campus in Dallas for home improvement retailer At Home. The property will be located within Billingsley’s Cypress Waters development and will consist of 182,000 square feet of office space and a 78,000-square-foot design center. Amenities will include training rooms, wellness facilities, coworking spaces and a barista bar. Architecture firms GFF and Corgan designed the project. Completion is slated for December. At Home, which is currently headquartered in Plano, employs a corporate staff of about 400 in Dallas and plans to expand to over 1,000 over the next 10 years. The retailer operates about 230 stores across 40 states.
NEWTON, MASS. — Boston-based Taurus Investment Holdings has acquired Wells Park, a 377,696-square-foot office complex located in the western Boston suburb of Newton, for $92 million. The three-building complex was 93 percent leased at the time of sale to tenants such as Sally Mae Corp., Newton-Wellesley Hospital, Karyopharm Therapeutics, Ascensus and Adviser Investments. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, New York-based Angelo Gordon, in the transaction. The new ownership plans to upgrade the buildings’ energy systems through its subsidiary, RENU Communities.
HARRISBURG, PA. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has negotiated the $16 million sale of Olde Liberty Square, a 95,000-square-foot office building in Harrisburg. The property sits on 4.6 acres and features 310 parking spaces. Matt Wolf and Robert Holland of Kislak represented the seller, Room One Corp., in the transaction. Bo Mangam of Landmark Commercial represented the buyer, an entity doing business as Empire Liberty Square LLC.