TACOMA, WASH. — Marcus & Millichap has arranged the sale of James Center Plaza, an office property located at 1628 S. Milred St. in Tacoma. A limited liability company sold the building to an undisclosed buyer for $6.9 million. Built in 1997, the asset features 33,375 square feet of office and medical office space. At the time of sale, the building was 78.1 percent occupied, mostly by longstanding medical-dental tenants. Matthew Herman and Stren Lea of Marcus & Millichap’s Seattle office represented the seller in in the deal.
MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has arranged a $23.5 million loan for the refinancing of a six-building, 420,000-square-foot office park in Mendota Heights within the Twin Cities metro area. Tony Carlson of Grandbridge arranged the loan on behalf of the undisclosed borrower. A life insurance company provided the loan, which features a fixed rate, 10-year term and 25-year amortization schedule.
PLANO, TEXAS — CBRE has negotiated a 103,750-square-foot office lease expansion for interactive fitness company Peloton at the 85-acre Legacy Central campus in Plano. Peloton, which moved into the building in 2018, is essentially quadrupling its original footprint and now occupies 131,268 square feet at the property. Michael Conner and Baron Aldrine of CBRE represented Peloton in the lease negotiations. Nathan Durham and Duane Henley of Transwestern represented the landlord, Regent Properties. Peloton reported sales growth of 232 percent in its most recent fiscal quarter, and the company’s stock price is up more than 300 percent for the year as consumers have sought alternative ways of exercising amid COVID-19.
WORCESTER, MASS. — JLL has negotiated the $14.5 million sale of a 333,302-square-foot historic office building located at 340 Main St. in Worcester, located in the central part of the state. The property was built in 1897 and is currently leased to a roster of legal, financial services and government tenants. Adam Dunn, Mike Restivo and Chris Phaneuf of JLL represented the seller, Commerce Associates LLC, in the transaction. The buyer, Silverbrick Group, plans to convert the nine-story building into a mixed-use development with office, retail, multifamily and self-storage uses.
CAMBRIDGE, MASS. — Blackstone (NYSE: BX) has acquired a 2.3 million-square-foot life sciences portfolio in Cambridge, located across the Charles River from Boston, for approximately $3.4 billion. The seller was Brookfield Asset Management. The majority of the properties in the portfolio are located in East Cambridge, adjacent to the Massachusetts Institute of Technology (MIT) campus, and are leased to investment-grade tenants with both traditional office and lab requirements. Following the closing of the deal, which is scheduled for the first quarter of 2021, Blackstone will be the largest owner of life sciences space in Cambridge. Blackstone is acquiring the portfolio through BioMed Realty, its $20 billion subsidiary that launched in 2018 and is focused on life sciences properties. “This transaction illustrates Blackstone’s continued conviction in the life sciences space, both broadly and within real estate, and in investing in best-in-class assets located adjacent to top-tier research and education institutions,” says Nadeem Meghji, head of real estate in the Americas for Blackstone. Cambridge continues to be a hub for development and leasing of life sciences properties. In November, locally based developer King Street Properties partnered with California-based Healthpeak Properties to break ground on a $170 million life sciences facility that will …
BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club has received a $35 million refinancing loan for its Emory Sports Medicine Clinic in Brookhaven. The new National Black Bank Foundation organized the syndicate loan, with Carver State Bank serving as lead arranger. All contributing banks of the syndicate loan are Black-owned banks, which are classified as financial institutions where either 51 percent or more of the voting stock is owned by minority individuals or a majority of the board or directors and the community it serves are predominantly minority, according to Investopedia. The Hawks are the first professional sports organization to have a “significant” loan underwritten exclusively by Black-owned banks, according to the team. The Atlanta Journal-Constitution reports that the other member banks in the deal are Citizens Savings Bank, Citizens Trust Bank, Commonwealth National Bank, Industrial Bank, Liberty Bank & Trust, M&F Bank and Optus Bank. The new loan replaces the original construction loan for the center, which was delivered in fall 2017. The 90,000-square-foot property contains the official training and practice facility of the Hawks, the hub of Emory Healthcare’s Sports Medicine program and Sports Science and Research division and the Peak Performance Project (P3). Emory Sports Medicine Clinic …
MILFORD, OHIO — Coworking company COhatch has unveiled plans to open its third Cincinnati-area location in Milford, about 15 miles northeast of Cincinnati. The coworking space will be located at the site of the former Sycamore Distillery. Originally built in 1834, the downtown historical landmark is being renovated and restored. COhatch says its new space will help meet growing demand from local residents for community, collaboration and private office space. The 8,800-square-foot building is slated to open in summer 2021. This COhatch location will feature 23 private offices, three meeting rooms, a community space and a second-story deck with outdoor seating. The meeting and event spaces will be available to the community as well as COhatch members. COhatch intends to build 10 locations in Southwest Ohio. The company currently has 14 facilities open or under development in the Midwest.
MOUNT OLIVE, N.J. — New York-based investment firm The Birch Group has acquired a 73,000-square-foot office building located at 500 International Drive in Mount Olive, located east of Newark. The sale included a 7,115-square-foot adjacent commercial building. The Rockefeller Group developed the three-story building, which was fully leased to 16 tenants at the time of sale, in 1987. Jose Cruz, Kevin O’Hearn, Fred Hyatt, Stephen Simonelli, Michael Oliver and Nicholas Stefans of JLL represented the undisclosed seller in the transaction.
MIAMI BEACH, FLA. — Starwood Property Trust, an affiliate of Starwood Capital Group, has topped off construction at its two-building, 144,430-square-foot office building in Miami Beach. Starwood is developing the project in partnership with Integra Investments. Upon full completion, slated for late 2021, Starwood will occupy 55 percent of the six-story east building and part of the west building. The remaining space will be leased to third-party companies. Signed tenants were not disclosed, though the company said the property is “approaching full occupancy.” The asset will house 300 Starwood employees and feature 8,000 square feet of retail space and a 277-space parking garage with valet services. The headquarters is located at 2340 Collins Ave., one block from the beach and one mile north of downtown Miami Beach. Gensler designed the property, Clive Lonstein Inc. designed the interiors and CoastalBrodson is the general contractor. Citizens Bank provided Starwood and Integra with a $76 million construction loan.
NEW YORK CITY — A partnership between boutique investment firm JNY Capital and United Hoisting Co. will develop The Oasis, a $175 million office and life sciences project in Queens. The 11-story building will be located at 38-42 12th St. in the Long Island City neighborhood. The Oasis will consist of 343,500 square feet of traditional office and life sciences space, 34,700 square feet of street-level retail space, 30,700 square feet of event space and a 17,000-square-foot rooftop bar/restaurant. The Oasis will also feature 30,000 square feet of terrace and outdoor green space and parking for more than 650 cars. Construction is expected to begin in the second or third quarter of 2021 and to be complete in the third or fourth quarter of 2022. Lee & Associates is marketing the property for lease.