WEST LAFAYETTE, IND. — Money360 has provided a $7 million bridge loan for the refinancing of a 446,222-square-foot office property in West Lafayette. The three-year, nonrecourse loan features a loan-to-value ratio of 66.8 percent and a floating rate. The borrower was not disclosed.
SAN MATEO, CALIF. — HFF has arranged a $21 million refinancing for Baywood, an office and retail asset property in downtown San Mateo. The borrower is developURBAN, a private developer. Chris Gandy and Taylor Gimian of HFF secured the 10-year, fixed-rate loan with full-term interest-only payments. Citigroup provided the capital. Loan proceeds will be used to refinance the existing debt that HFF arranged in 2017. The 27,897-square-foot property is fully leased and recently underwent renovations and capital improvements. The property is home to a technology arm of a publicly listed company, with the ground-floor office space leased to a data analytics firm and the retail space leased to a yoga chain.
GOLDEN, COLO. — Los Angeles-based Karlin Golden has completed the disposition of Clear Creek Square, a mixed-use building located at 600-650 12th St. in downtown Golden. Colorado State Land Board acquired the asset for $15.9 million in an off-market transaction. Built in 2002, the building features 78,647 square feet of office space, with approximately 11 percent of the square footage dedicated to ground-floor retail space, free covered parking, on-site showers and lockers. The multi-tenant building is home to five office users. Tenants include Equian, The Regis Co., Institutional Cash Distributor, Big Ring Cycles, Anthony’s Pizza & Pasta and Barrels & Bottles. At the time of sale, the property was 95 percent occupied. Campbell Davis, James Brody and Blake Harris of CBRE represented the seller in the deal.
LAS VEGAS — Colliers International has arranged the acquisition of a retail and office property, located within Scottsdale Plaza at 8716 S. Maryland Parkway in Las Vegas. SREF Scottsdale Plaza LLLP sold the 85,134-square-foot property to Highland and Sterling LLC for $11.5 million. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyer in the deal.
NEW YORK CITY — Alliant Insurance Services Inc. has signed a lease to occupy 48,500 square feet at 101 Park Avenue, a 49-story office asset owned by H.J. Kalikow & Co. LLC in Midtown Manhattan. The office lease is for a period of 11 years. Alliant will occupy two floors at the property. Situated at the corner of Park Avenue and 40th Street, the property offers proximity to Grand Central Station, the Chrysler Building and the New York Public Library. Amenities at 101 Park Avenue include a parking garage, bank, dining options and concierge services. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord in the lease negotiations. Joseph Cabrera and David Glassman of Colliers International represented Alliant.
NASHVILLE— CapRidge Partners has acquired Nashville City Center, a 27-story office tower. Multiple media outlets reported the sales price as $105.3 million. Located at 511 Union St. in downtown Nashville, the 477,261-square-foot building features a fitness center, freestanding restaurant and an onsite music studio available for tenant use. The building is near the Tennessee Performing Arts Center and Bridgestone Arena as well as number of dining and entertainment options. Andy Scott and Jim Curtin of HFF worked on behalf of CapRidge Partners to secure a four-year, floating-rate acquisition loan through lender CIT Group. “We were pleased to arrange financing for the acquisition of this notable office property in Nashville, which is a vibrant market for commercial properties,” says Chris Niederpruem, managing director for CIT’s Real Estate Finance division. Will Yowell, Jay O’Meara, Morgan Hillenmeyer and Douglass Johnson of CBRE represented the seller, Alliance Partners HSP LLC, in the transaction. Since 2011, the property’s average occupancy is 95 percent. “This offering was a very rare opportunity to acquire one of Nashville’s most prominent office assets at an attractive basis and we received significant investor interest because of it,” says Yowell, vice chairman at CBRE. “Nashville City Center benefits from its location in the …
While other U.S. cities have demonstrated volatile economic markets, Boston has sustained a strong, healthy economy for more than 40 years. This economic health coupled with the city’s diversity of industries has had a lasting, positive impact and increased demand for commercial space in the greater Boston market. The snapshot of the Class A and B, lab and office market is strong but shows some signs of regression. Today, overall vacancy for lab and office including sublet space is 12.8 percent, according to research from Colliers International. When you break down the numbers by region, the current downtown Boston office market has 71 million square feet, with a 9.2 percent vacancy rate. Cambridge has 23.6 million square feet of space and 3.8 percent vacancy and the suburbs total 123.5 million square feet with 16.6 percent vacancy. The entire Boston area absorption for lab and office space is 5.2 million square feet. While those stats are favorable compared to the last two years, (2017 with 1.8 million square feet and 2016 with 1 million square feet), they are dwarfed by 2015 which had absorption of 5.8 million square feet. It is also the first time that Class B rents have topped …
WASHINGTON, D.C. — WashREIT has signed EIG Global, which provides institutional capital to the global energy sector, to a two-floor, 51,000-square-foot office lease at Watergate 600 in Washington, D.C. EIG Glboal is expected to move into the space in January 2020 and remain there for 17 years and eight months. WashREIT recently renovated the 12-story building, upgrading the entry way, lobby, elevators and common areas. The asset is situated at 600 New Hampshire Ave. NW, adjacent to the John F. Kennedy Center for the Performing Arts and about two miles from downtown.
SAN FRANCISCO — CBRE Capital Markets has secured $106 million in acquisition financing for 600 Battery Street, a Class A office building located in San Francisco’s Jackson Square submarket. The owners are a joint venture between Invesco and TMG Partners. IPG, a media and advertising company, fully occupies the 118,000-square-foot building. Mike Walker and Brad Zampa of CBRE Capital Markets team arranged the five-year, non-recourse financing with full-term interest-only payments for the owners. Square Mile Capital provided the financing, which Eric Cohen originated. Mike Taquino and Kyle Kovac of CBRE’s Institutional Capital Markets team led the 600 Battery sale, which closed earlier this year.
HARTFORD, CONN. — Colliers International has negotiated the $2 million sale of a 9,000-square-foot medical office building in Hartford. Located at 147 Westbrook Road, the property is anchored by Middlesex Hospital Primary Care. Phil Gagnon of Colliers represented the buyer, a private investor, in the transaction. The seller was undisclosed.
