HOUSTON — CBRE has negotiated a 13,371-square-foot office lease at 3737 Buffalo Speedway in Houston on behalf of The Houston Trust Co., and independent personal trust firm. The space will serve as the company’s new headquarters. Weldon Martin of CBRE represented the tenant in the lease negotiations. Madison Marquette represented the landlord, Houston 3737 Buffalo LP.
BRIDGEWATER, N.J. — Cushman & Wakefield has brokered the sale of a 192,741-square-foot office building in Bridgewater. Located at 721 U.S. Highway 202/206, the four-story property is situated on nearly 16 acres. The property was vacant at the time of sale. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield’s New Jersey capital markets team represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was a local developer.
OAK BROOK AND WARRENVILLE, ILL. — Cronheim Mortgage has arranged a $47.7 million loan for the acquisition of Oak Brook Gateway and Cornerstone I at Cantera in suburban Chicago. Oak Brook Gateway is a multi-tenant office building in Oak Brook. Tenants include Lewis University, the U.S. Census Bureau, Thomson Reuters and Oxford Bank. Cornerstone I at Cantera is a multi-tenant office building in Warrenville with 80 percent occupancy. A national lender provided the 10-year loan, which features an interest rate of 4.84 percent and a 30-year amortization schedule. The loan represented 75 percent of the acquisition price. Fairbridge Partners was the borrower.
The Hawaii investment sale market was active in 2018 with an abundance of capital seeking investment opportunities throughout the state and across all product types. Mortgage availability from local banks and non-local financiers remained strong, and there was a steady flow of new interest from debt and equity sources looking for first opportunities in Hawaii. Last year’s transaction volume (including entity level) was up 33 percent from 2017 to $5.5 billion. Institutional and cross-border investment volumes were up from 2017 and performing well above the 10-year average. It was a slower year for private investors and REITs, though institutional capital from Singapore, Zurich, Kuwait, Germany and Japan were the foreign standouts in 2018. Entity-level activity boosted Hawaii’s transaction volume significantly in 2018. We anticipate this story to continue to spill over into Hawaii through 2019 as institutions deploy large amounts of capital to build scale. Brookfield’s acquisition of GGP was the largest entity-level transaction, which included the 2.5 million-square-foot Ala Moana Center with its two office buildings consisting of about 400,000 square feet, the Whalers Village in Maui and the Prince Kuhio Plaza in Hilo. The hospitality sector led the charge for the third year in a row with $2.45 …
OMAHA, NEB. — Investors Realty has negotiated the sale of the Financial Plaza office building in Omaha for $8.9 million. Located at 9140 W. Dodge Road, the 85,604-square-foot building is 81 percent leased. Tenants include TIAA-CREF, Travelex Insurance Services, Verizon Business Services and Hugo Enterprises. Ember Grummons of Investors Realty and Martin Panzer and Kurt Weeder of Cushman & Wakefield/The Lund Company represented the seller, an affiliate of Jasper Stone Partners. The buyer, an affiliate of Lockwood Development, plans to extensively renovate the interior and exterior portions of the building.
MISSOURI CITY, TEXAS — Davis Commercial has arranged the sale of a 3,000-square-foot office building in Missouri City, a southwestern suburb of Houston. The sale includes the two acres on which the property is situated. The buyer, Bereshith Properties LLC, plans to develop warehouses on the additional land. Ashley Casterlin of Davis Commercial represented the seller, a limited partnership, in the transaction.
COLUMBIA, S.C. — NorthMarq Capital has arranged a $14 million bridge loan for the refinancing of 1600 Williams Street Office, a 140,000-square-foot office building in Columbia. The building once served as the South Carolina headquarters for BellSouth, and will now be leased to both Aflac and AT&T. Will James of NorthMarq’s Atlanta office arranged the loan on behalf of the undisclosed borrower. The loan was structured with a two-year, interest-only term through an undisclosed bridge/mezzanine lender.
LOS ANGELES — NHN Global, a South Korean video game developer, has purchased the historic Pettebone Building, located at 501 S. Broadway in Los Angeles. RYDA sold the property for $22 million, or $595 per square foot. The video game developer plans to relocate its headquarters, which is currently in Koreatown, to the new location in downtown Los Angeles. Andrew Tashjian and Michael Gooch of Cushman & Wakefield represented the seller, while Carle Pierose of Industry Partners represented the buyer in the transaction. Originally built in 1905, Pettebone Building is designated a Historic-Cultural Monument and underwent an extensive renovation in 2015. The property features updated elevators, fiber internet, and a 3,000-square-foot rooftop deck. Retail tenants at the office building include Mezcalero and YAKIDO.
HAUPPAUGE, N.Y. — HFF has arranged the $16 million sale of a two-building, 131,223-square-foot office complex in Hauppauge, Long Island. Located at 330 and 350 Motor Parkway, the property was originally built in 1971 and renovated between 2012 and 2016. The complex is currently 94 percent leased. Amenities include a full-service cafeteria, fitness center with locker rooms, shared conference rooms and tenant storage areas. Jose Cruz, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver of HFF represented the sellers, KABR Group and Capstone Realty Group, in the transaction. The buyer was Long Island-based Valley East Management.
FINDLAY, OHIO — Marathon Petroleum Co. has signed a 37,727-square-foot office lease in Findlay, about 40 miles south of Toledo. The Findlay-based company will fully occupy the building, which is known as the Waterside Building. Lynette Reichle and Todd Dickerson of Reichle Klein Group represented the landlord, Roach Enterprises of Ohio Ltd. Marathon Petroleum signed a three-year lease.