MORRIS PLAINS, N.J. — Rubenstein Mortgage Capital has arranged a $57 million acquisition loan for a 465,000-square-foot office building located at 115 Tabor Road in the Northern New Jersey community of Morris Plains. The property was originally developed as a build-to-suit in 2007 as a headquarters facility for Pfizer. Following Pfizer’s acquisition by Johnson & Johnson, the building was vacant until Honeywell purchased it in 2015 and implemented a full interior renovation. Amenities now include a cafeteria, auditorium, basketball court and a fitness center. Andrew Murray of Rubenstein Mortgage originated the loan through an undisclosed lender on behalf of the borrower, Argent Ventures.
MONTVALE, N.J. — Savills Inc. has negotiated the sale of a 127,000-square-foot office property in Montvale, located in the northernmost part of the state. Private equity firm Tryko Partners purchased the asset from Western Union, which was also the building’s former occupant, for $5.5 million. Gregg Najarian, Slava Vaynberg, Nate Brzozowski and Brendan Fisher of Savills brokered the deal on behalf of Western Union. Tryko plans to convert the building into a nursing home facility.
DURHAM, N.C. — Trinity Capital Advisors has signed cancer research firm Charles River Laboratories Inc. to a 70,639-square-foot lease for life sciences space within Park Point, an adaptive reuse research and development campus in Durham’s Research Triangle Park. The tenant’s North Carolina Oncology Center of Excellence operation will occupy the space at the park’s Edge West Building. In 2019, Trinity Capital acquired Park Point, a 100-acre office campus situated near Duke University. The ownership is investing $160 million to redevelop the property into a 655,800-square-foot life sciences campus. GRAIL Inc., an early cancer detection firm, will anchor Park Point when it moves into its 200,000-square-foot space in March. Park Point’s amenities will include athletic fields, walking trails, a fitness center, conference and training center, gathering areas and a coffee shop/café. Bill Sandridge, Brendan Callahan and Caitlyn Kinnaird of JLL represented Charles River Laboratories in the lease transaction. Doug Cook of Cushman & Wakefield and William Allen of Trinity Partners handle life sciences and creative office leasing at Park Point, respectively. Trinity Capital is part of Park Point’s ownership group with Starwood Capital Group and Vanderbilt Partners.
CHICAGO — JLL Capital Markets has arranged $30.7 million in construction financing for 601-609 W. Randolph in Chicago’s Fulton Market. The project scope includes the renovation of an existing five-story office building as well as the development of a new 15-story office building. Designed by Antunovich Associates, the new building will feature pandemic-related features such as small floorplans with flexible layouts, touchless options and fresh air exchange. Amenities will include a rooftop terrace, fitness room, bike room, business lounge, café and coworking space. A JLL team led by Christopher Knight represented the borrower, Vista Property Group. Bank OZK was the lender. Skender is the general contractor. Completion is slated for early 2022.
CARMEL, IND. — Tryperion Partners has sold 550 Congressional Boulevard in Carmel’s Meridian Corridor for an undisclosed price. The 106,814-square-foot, three-story office building was constructed in 1987 and renovated in 2016. The property is 91.8 percent occupied by tenants such as Fuzion Analytics, Corvel Risk Management and Kopka, Pinkus & Dolin law firm. Alex Cantu and Alex Davenport of Colliers International represented Tryperion in the sale. A private investor purchased the asset.
REDLANDS, CALIF. — Rancho Santa Margarita, Calif.-based Cypress West Partners has completed the disposition of Park Plaza Medical Campus, a medical office complex located in Redlands. An undisclosed buyer acquired the asset for $18.3 million. Totaling 53,325 square feet spread across three outpatient medical office buildings, Park Plaza Medical Campus is located at 1776, 1782 and 1790 W. Park Ave. Loma Linda University Health Care occupies 99 percent of the property. Loma Linda University Health Care is an academic medical center that operates 1,077 beds across six hospital. The healthcare provider utilizes the Park Plaza buildings for a variety of specialty practices, including its Behavioral Medical Center program. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. Healthcare and Life Sciences Capital Markets partnered with Anthony DeLorenzo, Gary Stache, Sammy Cemo and Doug Mack of CBRE to represent the seller in the transaction.
Peppercorn Capital Unveils Renovation Plans for 80,000 SF Office Building in Chicago’s Fulton Market
CHICAGO — Peppercorn Capital has unveiled renovation plans for 240 N. Ashland Ave. in Chicago’s Fulton Market. Plans call for lighted metal canopies and uniform signage. The west side of the office building will feature a new tenant entrance and lighting, along with a repaved parking lot and green space. Originally built in 1926, the adaptive reuse property formerly served as the headquarters for furnishings and décor company CB2. The building rises three stories and spans 80,000 square feet. Peppercorn is a commercial real estate development company strictly focused on the West Loop and Fulton Market neighborhood of Chicago.
WILTON, CONN. — CBRE has negotiated the sale of a 136,531-square-foot office complex located at 187 Danbury Road in the southern Connecticut city of Wilton. The two-building complex was 47 percent leased at the time of sale and fetched a price of $10.7 million. A CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller, an entity managed by Davis Marcus Partners, in the transaction. The team also procured the buyer, a group led by New York City-based Time Equities.
BRIDGEWATER, N.J. — G.S. Wilcox & Co. has arranged a $6.8 million loan for the refinancing of Greymark at Bridgewater, a 111,500-square-foot office building in Northern New Jersey. According to LoopNet Inc., the three-story property was built in 1985, renovated in 2017 and features a conference facility and onsite food services. David Fryer of G.S. Wilcox originated the loan through an undisclosed lender. The borrower was also undisclosed.
CHARLOTTE, N.C. — JLL has brokered the sale of BB&T Center, a 22-story, 568,646-square-foot office tower in Uptown Charlotte. The sales price was not disclosed, although the Charlotte Business Journal reported the asset sold for $115 million. The seller, Arden Group, acquired the asset in 2017 and completed a $10.5 million renovation that included adding a 5,200-square-foot amenity center, tenant lounge and a 1,800-square-foot outdoor deck. Additional improvements included a new lobby and storefront renovation at Overstreet Mall, the primary entrance to the building. Current tenants include Truist Financial Corp. (the result of a merger between BB&T and SunTrust), AIG, TEKsystems, AeroTek and RingCentral. Chris Lingerfelt and Ryan Clutter of JLL represented the undisclosed buyer in the transaction.