PROVO, UTAH — Money360 has provided an $18 million bridge loan for the refinancing of an office property in Provo. The non-recourse loan features a 24-month term and a 75 percent loan-to-value ratio. Further details were not disclosed.
NEW YORK CITY — Savanna, a real estate owner and developer based in New York City, has purchased a 39-story office tower in Midtown Manhattan for $381 million. The nearly 500,000-square-foot building is located at 521 Fifth Ave., which is near the corner of 43rd Street and one block from Grand Central Station in New York City. The seller is a joint venture between SL Green Realty Corp., Quantum Global Real Estate and LaSalle Investment Management. Bill Shanahan, Darcy Stacom, David Fowler and Doug Middleton of CBRE represented the joint venture in the sale. Built in 1929, the office tower is LEED Gold-certified and Energy Star-rated, but Savanna plans to make significant capital improvements to the asset. More specifically, the renovation includes a complete entrance and lobby overhaul, new signage, selective systems upgrades and common corridor work. “After we make a few select cosmetic improvements, we believe this property will be well-positioned for a successful leasing campaign,” says Andrew Fichte, managing director of Savanna. Savanna has selected a CBRE team led by Peter Turchin and David Hollander as the leasing agent for the office tower. At year-end 2018, the build was more than 96 percent leased to tenants including China …
WEST PALM BEACH, FLA. — KBS Real Estate Investment has sold Emerald View at Vista Center, a two-building office property in West Palm Beach, for $40 million. A partnership including Vanderbilt Office Properties acquired the 139,471-square-foot property. Emerald View is situated near the Florida Turnpike and Okeechobee Boulevard within the 500-acre master-planned Vista Center. Vista Center is a mixed-use development that will include office, industrial, hotel and retail space. Emerald View was built to exceed hurricane requirements and provide 100 percent power for 25 days of “business as usual” operations. KBS made several upgrades and improvements to the property, including the construction of move-in ready speculative suites and enhancements to the building common areas and lobby. Christian Lee, Jose Lobon, Kevin Probel, Kevin McCarthy and Tyler Ploshnick of CBRE represented KBS in the transaction.
NEW YORK CITY — Locally based investment and development firm GFP Real Estate has acquired 675 Avenue of the Americas (AOA), a 311,000-square-foot office and retail building located in the Flatiron District of Manhattan. Originally constructed in 1901 to house the Adams Dry Goods department store, the Class A property houses the headquarters of several major companies, including Weight Watchers, Nielsen and Trader Joe’s. GFP partnered on the sale with tech firm Guidepoint, which will occupy a 50,000-square-foot headquarters space within the building and retain minority ownership in it. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Paul Talbot of Newmark Knight Frank arranged an undisclosed amount of acquisition financing through Signature Bank for the deal. The seller and sales price were not disclosed.
TIGARD, ORE. — HFF has arranged the sale of Tigard Medical Plaza, a medical office building located in Tigard, approximately 10 miles south of downtown Portland. An undisclosed seller sold the property to a private investor for $14.5 million in all-cash, 1031 exchange transaction. Completed in 2005, Tigard Medical Plaza is a 20,994-square-foot outpatient medical office building and ambulatory surgery center. Situated on 1.7 acres, the property was fully leased at the time of sale. Evan Kovac, Andrew Milne, Trent Jemmett, Maria Poyer and Logan Greer of HFF represented the seller in the deal. Casey Davidson and John Chun, also with HFF, provided debt advisory services on the transaction.
AUSTIN, TEXAS — Cushman & Wakefield has acquired the office operations of office brokerage and management firm Peloton Commercial Real Estate. The acquisition does not affect Peloton’s other offices in Dallas, Fort Worth and Houston. Under the terms of the deal, 40 Peloton employees, including partners Kevin Granger, Brian Liverman and Matt Frizzell, will join Cushman & Wakefield in the firm’s Austin office. Andrew McDonald, president of Cushman & Wakefield’s west region, cited Peloton’s intimate knowledge of a fast-growing market as an asset to C&W’s business, which will continue to serve both startup and established corporate office users and investors.
FRISCO, TEXAS — VanTrust Real Estate, a development firm with five offices across the country, has topped out The Offices Two at Frisco Station, a 210,000-square-foot project located north of Dallas in Frisco. The Class A building is located within the 242-acre Frisco Station mixed-use development that wraps around The Star, a 300-room Omni Hotel and various retail and restaurant establishments. HKS is the project architect, and Manhattan Construction is the general contractor. Kimley-Horn is the civil engineer, and Cushman & Wakefield is handling marketing and leasing. The opening is slated for October.
SUGAR LAND, TEXAS — MARCEL, a privately owned development firm based in The Woodlands, has broken ground on a 68,785-square-foot office and retail property in Sugar Land, a southwestern suburb of Houston. The property, which will be located adjacent to Johnson Development’s Riverstone master-planned community, is slated for a spring 2020 completion. Approximately 41,785 square feet will be dedicated to retail and restaurant uses, while 27,000 square feet will be earmarked for office uses.
BURNSVILLE, MINN. — KW Commercial has arranged the sale of the Nicollet Plaza Building in Burnsville for $2.6 million. The property, situated at 200 E. Travelers Trail, is a 20,653-square-foot, two-story office and retail building. Anchored by SharePoint Credit Union, the asset includes a mix of retail and office tenants. Matthew Klein, Andy Manthei and David Lund of KW Commercial represented the seller, Nicollet Plaza II LLC. The team also secured the buyer, Nicollet Office Partners LLC.
CLAYTON, MO. — KBS has sold Pierre Laclede Center I & II, a two-building, 580,368-square-foot office campus in Clayton, to Lingerfelt CommonWealth. The sales price was not disclosed. Pierre Laclede Center I & II were constructed in 1964 and 1970, respectively. KBS acquired the office campus in 2010 and implemented a $19 million renovation plan in the intervening years. Amenities include an outdoor veranda/patio area, conference rooms, fitness centers, café, deli, onsite concierge and car washing. The sale included a four-level, 1,304-stall parking garage. HFF marketed the property on behalf of KBS, a California-based private equity firm that owned the asset through its KBS Real Estate Investment Trust II portfolio. The buyer is a national real estate investment management firm based in Richmond, Virginia. Current tenants include Centene, Lathrop Gage, Morgan Stanley and Dana McKitrick P.C. Additionally, The St. Louis Club, a private dining club, occupies the top floor of the property with views of downtown and the Gateway Arch. Clayton is one of the St. Louis region’s most sought-after submarkets for office space and is considered the hub of the St. Louis metropolitan area. Clayton boasts over 1 million square feet of retail space as well, and the Pierre …