SOUTH PLAINFIELD, N.J. — Cronheim Mortgage has secured an $11.5 million loan to refinance a four-building office portfolio within the Middlesex Business Center in South Plainfield. The fully leased portfolio totals 150,192 square feet. Cronheim secured the 10-year, fixed-rate loan on behalf of borrower National Realty and Development Corp. The lender was Farm Bureau Life Insurance Co. Middlesex Business Center is a 420,000-square-foot office and industrial complex in South Plainfield.
BETHLEHEM, PA. — Markward Group has brokered the sale of a 38,348-square-foot office building in Bethlehem. The sales price was undisclosed. Located at 90 Highland Ave., the property is currently occupied by tenants BB&T bank and Kafafian Group. Ann Kline of Markward Group represented the seller, BB&T Bank, in the transaction. BB&T will remain a tenant in the building. The buyer was 90 Highland LLC.
FORT WORTH, TEXAS — Caregiver Inc. has signed a 22,511-square-foot office lease at 4800 Overton Plaza in southwest Fort Worth that will serve as the company’s new headquarters. Pat McDowell and David Berzina of JLL represented Caregiver Inc. in the lease negotiations. Kirk Kelly of Transwestern represented the undisclosed landlord.
COLUMBUS, OHIO — Hertz Investment Group, owner of 65 East State, has planned a $2.5 million renovation of the 26-story office building in Columbus. Additions include an 80-person conference room and a café area. The lobby will receive updated lighting, new seating areas, new artwork and an electronic directory. The existing locker rooms will be remodeled and updated to support the new fitness center. The landscaping, signage and outdoor patio will be updated as well. Andy Jameson and Dan Dunsmoor of Colliers International handle leasing for the 494,488-square-foot property.
NEW YORK CITY — The Chrysler Building, one of New York City’s most iconic skyscrapers has been put up for sale by its owners, Emirati investment firm Mubadala and real estate group Tishman Speyer, according to media reports. The 77-story building opened in 1930 and stands 1,046 feet tall. It was the world’s tallest building until it was dethroned by the Empire State Building in 1931. Mubadala paid $800 million for a 90 percent stake in the building in 2008. Tishman Speyer, which had bought the building outright for a reported $210 million to $250 million in 1997, retained a 10 percent stake. The Abu Dhabi investment fund has reportedly hired CBRE group to sell the property.
READING, MASS. — JOSS Realty has acquired a 139,356-square-foot office building in Reading. The sales price was not disclosed. Located at 55 Walkers Brook Drive, the fully leased property is less than a mile from the MBTA commuter rail in downtown Reading. Reading is approximately 14 miles north of downtown Boston. Cushman & Wakefield’s Boston Capital Markets team represented JOSS in the transaction. The seller was Rubenstein Partners LP and Nordblom Co.
CLEVELAND — Berkadia has arranged a $33.2 million loan for the refinancing of US Bank Centre, a 15-story office property in Cleveland’s Theater District. Located at 1350 Euclid Ave., the building features 255,072 square feet of leasable space and a parking garage. Mark Vogel and Dan Geuther of Berkadia arranged the loan on behalf of the borrower, The Wolstein Group. Bank of America Merrill Lynch provided the 10-year, fixed-rate loan, which features a 67 percent loan-to-value ratio and two years of interest-only payments.
INDIANAPOLIS — Colliers International has brokered the sale of Commerce Park, a seven-building office portfolio in Indianapolis. The sales price was not disclosed. The portfolio totals 133,749 square feet and is located off 86th Street. The buildings are home to a variety of healthcare, construction and professional services tenants. Alex Cantu and Alex Davenport of Colliers represented the seller, Orton Development Inc. Ziff Properties Inc. purchased the portfolio.
BEND, ORE. — Compass Commercial Real Estate has brokered the sale of The Scanlon Building, an office property located at 300 SW Columbia St. in Bend. Clise Realty sold the property to Paul and Tanya Alston for $3.4 millon. The two-story property features 12,395 square feet of office space. Jay Lyons and Grant Schultz of Compass Commercial Real Estate represented the seller, while Lyons, Schultz and Peter May, also of Compass Commercial, represented the buyer in the transaction.
For those of you not familiar with Overland Park, Kansas, and its progressive office market, below are a few key points to help illustrate the relative size and economic strength of one of Kansas City’s most dynamic suburbs. • Incorporated in 1960, Overland Park is the second-most populous city in Kansas. • As of 2017, the unemployment rate was 3.1 percent. • It contains 17 percent +/- of metro Kansas City’s total office inventory. • $69,888 per capita income in 2017 • AAA bond rating status from the nation’s top three bond rating agencies, received by only a small handful of municipalities The Overland Park office market has led the metro in new office deliveries, occupancy and rent growth for much of the past two decades. It is the headquarters location of choice for a host of large corporations, such as Sprint, AMC Theaters, Black and Veatch, Waddell & Reed and YRC, to name a few. Access to a highly educated workforce, affordable housing, top-rated public schools and healthcare is a sampling of the reasons companies are attracted to the area. However, large corporations are not the only companies interested in locating here. Overland Park has a deep and …