COLORADO SPRINGS, COLO. — RMR Mortgage Trust (NASDAQ: RMRM) has arranged a $34.3 million first mortgage, floating-rate bridge loan for the refinancing of an office and industrial asset in Colorado Springs. The property includes a 191,000-square-foot office building and a 97,000-square-foot industrial building located at 10125 and 10205 Federal Drive. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Essex Financial Group, which advised the sponsor, Flywheel Capital of Denver. An initial advance of $29 million was funded at closing with future advances of up to $5.3 million available for tenant improvements, leasing commissions and capital expenditures. The loan features a three-year initial term and a one-year extension option, subject to the borrower meeting certain requirements.
LOS ANGELES — Ready Capital has closed $23.8 million in refinancing for the renovation and lease-up of an office property located in the Studio/Universal Cities submarket of Los Angeles. The undisclosed borrower will use the loan to refinance an existing loan, build out speculative suites, fund capital improvements and lease the vacant space at the 75,000-square-foot, Class B property. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide additional funding for capital improvements, tenant leasing costs and interest shortfalls.
NEW YORK CITY — Locally based landlord Helmsley Spear LLC has negotiated a 43,542-square-foot office lease with Quest Workspaces at 48 Wall Street in Manhattan’s Financial District. The flexible workspace provider will occupy the entire 10th, 11th and 12th floors. Andrew Simon, James Emden and Randy Sherman represented Helmsley Spear on an internal basis. Laura Kozelouzek represented Quest Workspaces, also on an internal basis.
CHELMSFORD, MASS. — New Hampshire-based investment firm Brady Sullivan Properties has sold 199 and 201 Riverneck Road, a 185,227-square-foot office complex in Chelmsford, located north of Boston. The sales price was $15 million. The two buildings are situated on a combined 15 acres and formerly served as the headquarters of defense and aerospace contractor Mercury Systems. Boston-based investment firm The Davis Cos. purchased the property for an undisclosed price.
MESA, ARIZ. — CBRE has arranged the sale of The Mesa Tower, a 16-story office building located at 1201 S. Alma School Road in Mesa. Dallas-based CAMCO Investment Group acquired the asset from Barker Pacific Group and Iron Point Partners for $39.5 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the deal. Totaling 311,949 square feet, The Mesa Tower comprises the high-rise, Class A office building; an adjacent single-tenant restaurant; and a five-level, above-grade parking structure. The property was originally built in 1986 and most recently renovated in 2018 and 2019. Renovations include enhancements to the lobby, common areas, restrooms and interior building systems, as well as the addition of several speculative suites. At the time of sale, the property was 85 percent leased to a diverse tenant mix.
SAN DIEGO — Realty Capital has closed $20.9 million in refinancing for the renovation and lease-up of 39,000-square-foot property in San Diego’s Del Mar submarket. The undisclosed borrower will use the loan to refinance an existing loan, finish outstanding capital improvement items, built-out speculative suites and lease vacant space. The non-recourse loan features interest-only payments and a floating rate, as well as a 36-month term, two extension options and flexible prepayment. The financing includes a facility to provide additional funding for capital improvements, tenant leasing costs and interest and carry shortfalls.
RICHMOND, VA. — JLL Capital Markets has arranged the sale of Riverside on the James, a 263,752-square-foot, Class A office property in Richmond’s central business district. The 14-story property is located at 1001 Haxall Ave. and features views of the James River, an attached six-level parking deck and an onsite fitness center. Chris Lingerfelt, Ryan Clutter and Stephen Conley of JLL represented the seller, Washington, D.C.-based American Real Estate Partners LLC. JLL also procured the buyer, Opal Holdings, which is based in New York City. The sales price was not disclosed. Riverside on the James was 95.3 percent leased at the time of sale. Some of the current tenants were also the original tenants of the building, which was built in 2005.
OAK BROOK, ILL. — Clear Height Properties has completed a more than $55 million recapitalization of a 15-property industrial portfolio through the formation of a joint venture partnership with Harbert U.S. Real Estate. The transaction provides capital for Clear Height to utilize in pursuing its goal of doubling in size over the next 12 months, according to a news release. The portfolio totals more than 1 million square feet throughout metro Chicago and is home to 130 tenants. Most of the properties are multi-tenant facilities that are approximately 90 percent leased. Oak Brook-based Clear Height owns more than $250 million of industrial and office assets. Kurt Sarbaugh, Christopher Carroll and Robin Stolberg of JLL arranged the recapitalization.
BLOOMFIELD HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Stoneridge II, an office building located at 40950 Woodward Ave. in Bloomfield Hills. The sales price and seller were undisclosed. The 110,000-square-foot property was recently renovated and was fully leased at the time of sale. Mason L. Capitani of the brokerage firm represented the buyer, LREH Michigan LLC.
PARSIPPANY, N.J. — The Birch Group has announced plans to renovate 99 and 199 Cherry Hill Road, a two-building, 191,249-square-foot office complex in the Northern New Jersey community of Parsippany. The $1 million capital improvement program will upgrade the lobbies, conference rooms, hallways, bathrooms and common spaces. The Birch Group acquired the complex, which currently houses tenants such as Bayada Home Healthcare, Thermo Fisher Scientific and Scholls Wellness Co., in January 2020. Cushman & Wakefield leases the property.