NEW YORK CITY — Avison Young has negotiated the $10.2 million sale of the leasehold interest of a newly constructed office building in the Harlem neighborhood of Manhattan. The four-story property, which is located at 286 Lenox Ave., carries a 99-year ground lease. The property was fully leased at the time of sale to tenants including Wells Fargo, Child Mind Institute and Visiting Nurse Service. James Nelson and Brent Glodowski led an Avison Young team that represented the undisclosed building owner and seller of the leasehold interest. The buyer was also undisclosed.
BANNOCKBURN, ILL. — Colliers International has brokered the $3.8 million sale of Bannockburn Office Court in Bannockburn, about 30 miles north of Chicago. The office property, comprised of two 20,000-square-foot buildings, is located at 2201-2231 Lakeside Drive. Built in 1981, the office complex has recently undergone improvements to its landscaping, parking lot and sidewalk. The asset was 77 percent leased at the time of sale. John Homsher and Alissa Adler of Colliers represented the seller, North Shore OpCo LLC. North Park Property Management LLC purchased the property.
ROCKVILLE, MD. — Bridge Investment Group has acquired 77 Upper Rock, a 235,210-square-foot office building in Rockville. The property is situated near the interchange of Interstate 270 and Shady Grove Road, 23 miles north of downtown Washington, D.C. Originally built in 2005, 77 Upper Rock recently underwent a $6.5 million capital improvement program to update the lobby, conference center, restrooms and elevators. In addition, the property’s amenity package includes outdoor seating and a new fitness center with a yoga studio, locker rooms and Peloton bicycles. Bridge plans to invest in further capital projects that include common area refurbishment, upgrading the existing amenity space and the buildout of 16,000 square feet of spec suites. Tenants at 77 UpperRock include M&T Bank Corp., Aurinia Pharmaceuticals, Cisco Systems Inc., Nutricia North America and Potomac-Hudson Engineering. Bridge Commercial Real Estate LLC, the operating company for Bridge Investment, will oversee property management and redevelopment work at 77 Upper Rock. Renovations will begin immediately. Tommy Spinosa internally represented the buyer in the transaction. Andrew Weir of JLL represented the undisclosed seller.
HIGH POINT, N.C. — Global Medical REIT Inc. has acquired a 98,000-square-foot medical office building in High Point. The property is situated at 1814 Westchester Drive, equidistant to the Triad cities of Greensboro and Winston-Salem. At the time of sale, the building was fully leased to Wake Forest Baptist Health. Matt Bear of Bear Real Estate Advisors represented the Bethesda, Md.-based buyer in the transaction. Jennifer Stein of JDS Real Estate Services was the broker-of-record for the transaction. David Divine of Colliers International represented the seller, CHC Realty LLC. The sales price was not disclosed.
BEVERLY HILLS, CALIF. — Thorofare Capital has provided a $23.8 million loan for the acquisition of a mixed-use portfolio in Beverly Hills. Marc Schillinger and Eric Boucher of JLL advised the undisclosed borrower in the financing transaction. The acquisition includes two properties. The first is 415 North Camden Drive, a 17,936-square-foot building offering retail, medical and office space in the Beverly Hills Golden Triangle district. The second is a 10,884-square-foot medical office building located at 152-160 S. Lasky Drive.
DALLAS — JLL has arranged the sale of One Glen Lakes, a 168,953-square-foot office building in North Dallas. The 10-story, Class A building is located within walking distance of the Walnut Hill DART station and features a deli, convenience store and onsite banking services. Jack Crews of JLL represented the seller, a joint venture between Stockbridge and Cawley Partners, in the transaction. Jason Piering of JLL arranged a five-year, floating-rate acquisition loan on behalf of the buyer, ICM Asset Management.
ROYAL OAK, MICH. — Bernard Financial Group has arranged a $1 million loan for the refinancing of a 17,300-square-foot office and retail building in Royal Oak, a northern suburb of Detroit. Dan Duggan of Bernard arranged the loan on behalf of the borrower, 320-322 S. Main Holdings LLC. Ohio National Life Insurance Co. provided the loan, terms of which were undisclosed.
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JLL Arranges $991.8M in Financing for 17-Property National Portfolio
SAN FRANCISCO — JLL Capital Markets has secured $991.8 million in financing for a 17-property portfolio totaling more than 7 million square feet across seven states, including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The portfolio’s five office assets comprise the majority of the asset’s value, with the remaining properties consisting of nine industrial facilities and three multifamily communities. The commercial property portfolio is leased to a diverse mix of tenants from a variety of industries, including financial services, media, software, government, food, law, internet, e-commerce and healthcare. Further details on the assets were not disclosed. The JLL team worked on behalf of CalSTRS and its advisor, PCCP, to arrange the 10-year, fixed-rate loan with New York Life Insurance Co. Kevin MacKenzie, Bruce Ganong, Brian Torp, Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell of JLL represented the borrower in the financing.
YARDLEY, PENN. — Rubenstein Partners L.P. is planning an amenity overhaul project at Makefield Crossing, a four-building office complex in Yardley, a southwestern suburb of Trenton. Rubenstein plans to upgrade the fitness center, conference center, full-service café and tenant lounge, and will also replace a portion of the parking lot with green space. In the past 12 months, several new tenants have signed office leases at Makefield Crossing, including Biohaven Pharmaceuticals (21,082 square feet) and Cello Health (21,690 square feet). Further details of the project, including the project cost and construction schedule, were not disclosed. Rubenstein owns three of the complex’s four buildings totaling 276,533 square feet of Class A space
BOSTON — Starwood Real Estate Income Trust Inc. has acquired the leasehold interest in 60 State Street in downtown Boston. Local city records indicate a sales price of $614 million. The 38-story office and retail tower spans 911,394 square feet. The tower’s major tenants include law firm WilmerHale, asset manager Amundi Pioneer, advertising technology solutions provider Criteo, and asset manager BlackRock. A three-level Samuel Adams Tap Room, which opened earlier this year, anchors the retail portion. The building also features the State Room event space on floors 33 and 34 and a 240-space parking garage. Institutional investors advised by J.P. Morgan Asset Management and Oxford Properties Group sold the asset. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Debra Gould and Gilbert Dailey of Newmark Knight Frank (NKF) oversaw the transaction, which marks the largest sales price recorded for an office asset year-to-date in Boston’s central business district, according to NKF. Starwood Real Estate Income Trust is a nontraded REIT managed by Starwood Capital Group, a global private investment firm. — Kristin Hiller