Office

Thorofare Capital Funds $23.8M Acquisition Loan for Mixed-Use Portfolio in Beverly Hills

by Amy Works March 26, 2020

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.

March 26, 2020

Acquisitions Office Texas

JLL Arranges Sale of 168,953 SF One Glen Lakes Office Building in North Dallas

by Taylor Williams March 26, 2020

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.

March 26, 2020

Loans Michigan Midwest Office

Bernard Financial Group Arranges $1M Refinancing for Office Building in Royal Oak, Michigan

by Kristin Harlow March 26, 2020

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.

March 26, 2020

Arizona California Georgia Industrial Loans Massachusetts Multifamily Northeast Office Tennessee Texas Virginia

JLL Arranges $991.8M in Financing for 17-Property National Portfolio

by Amy Works March 25, 2020

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.

March 25, 2020

Development Northeast Office Pennsylvania

Rubenstein Plans Amenity Overhaul Project at 276,533 SF Office Complex in Yardley, Pennsylvania

by Alex Patton March 25, 2020

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

March 25, 2020

Acquisitions Massachusetts Northeast Office Top Stories

Starwood REIT Acquires 60 State Street in Downtown Boston for $614M

by Kristin Harlow March 25, 2020

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

March 25, 2020

Acquisitions Loans Office Oregon Western

JLL Secures $37.3M in Acquisition Financing for Fremont Place Office Campus in Portland

by Amy Works March 24, 2020

PORTLAND, ORE. — JLL Capital Markets has secured $37.3 million in acquisition financing for Fremont Place I and II, a two-building office campus in Portland’s Pearl District. The borrower is a Rialto Capital Management fund along with one of the company’s subsidiaries, Rialto Capital. Loan proceeds will be used to acquire and transform the urban, waterfront property through series of interior and exterior renovations. Located at 1650 and 1750 Naito Parkway, Fremont I and II offer 123,600 square feet of office space spread across a two-story building and a three-story building. Originally built in 1987, the asset was recently renovated and renovations, including an outdoor amenity space, are scheduled for the near future. At the time of sale, the property was 62 percent leased to a variety of tenants in the telecommunications, engineering and healthcare industries, among others. Casey Davidson and Zachary Kersten of JLL Capital Markets arranged the five-year, floating-rate acquisition bridge loan through a debt fund.

March 24, 2020

Acquisitions Mixed-Use Multifamily Office Oregon Retail Western

Marcus & Millichap Negotiates $6.2M Sale of Broadway Town Square Mixed-Use Asset in Oregon

by Amy Works March 24, 2020

SALEM, ORE. — Marcus & Millichap has negotiated the sale of Broadway Town Square, a mixed-use property located at 1127 Broadway St. NE in Salem. A limited liability company sold the property to an undisclosed buyer for $6.2 million. The sale included two condominiumized, multi-story buildings connected by a skybridge totaling approximately 38,056 square feet of rentable space and the underlying 1.57-acre lot. Developed in 2009 by Telos Development Co., the property features 21 multifamily units, seven retail/office suites and Salem Cinema, a three-screen independent theater. Sean Houser and Will Stone of Marcus & Millichap’s Portland office represented the seller in the transaction.

March 24, 2020

Acquisitions Massachusetts Northeast Office

NKF Brokers Sale of 104,000 SF Office Building in Norwell, Massachusetts

by Alex Patton March 24, 2020

NORWELL, MASS. — Newmark Knight Frank (NKF) has brokered the sale of 42 Longwater Drive, a 104,000-square-foot office building in Norwell, located approximately 25 miles southeast of Boston. The property is situated within the 1 million-square-foot Assinippi Park office complex and is located in close proximity to several retail destinations, including Derby Street Shops, Merchant’s Row and the newly redeveloped Hanover Mall. Edward Maher, Matthew Pullen and Samantha Hallowell led an NKF team that represented the seller, The RMR Group. The buyer, waste management company Clean Harbors, has used the building as its headquarters since 2005. The sales price was undisclosed.

March 24, 2020

Acquisitions Office Texas

Belvoir Real Estate Acquires 110,529 SF Office Building in Houston

by Taylor Williams March 23, 2020

HOUSTON — Belvoir Real Estate Group LLC has acquired a 110,529-square-foot office building located at 7660 Woodway Drive in Houston. The property was built in 1982 and was 90 percent occupied at the time of sale. Danny Miller and Marty Hogan of JLL represented the undisclosed seller in the transaction. Matthew Goldsby and Bradley Smith handled the acquisition for Belvoir Real Estate on an internal basis. The new ownership plans to implement a value-add program.

March 23, 2020

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