ATLANTA — Grandbridge Real Estate Capital has arranged a $29.5 million refinance loan for 900 Ashwood Parkway, a 205,271-square-foot, Class A office building in Atlanta’s Central Perimeter submarket. Alex Haw of Grandbridge arranged the loan on behalf of the undisclosed borrower through BB&T Real Estate Funding.
JACKSONVILLE, FLA. — NXT Capital has provided a $25 million acquisition loan for the purchase of Summit at SouthPoint, a four-building, 261,000-square-foot office complex in Jacksonville. Summit at SouthPoint is located seven miles southeast of the city’s central business district and offers community amenities such as an outdoor gazebo, lake views and access to hotels and restaurants in the area. Charles Foschini of Berkadia arranged the loan on behalf of the undisclosed buyer. The seller and sales price were also not disclosed.
AUSTIN, TEXAS — A partnership between Oakland-based Catellus Development Corp. and investment firm Shorenstein Properties LLC will develop a 750,000-square-foot office project in Austin. The new space will be delivered across three buildings, the first of which will contain 20,000 square feet of retail space and a 985-space parking garage. The new office campus will be part of Mueller, a 700-acre mixed-use development located at the site of the former Robert Mueller Municipal Airport. Page Southerland Page Architects is handling design of the project, which includes a 985-space parking garage and is expected to be complete by late 2020. AQUILA Commercial is leasing the office portion of the project and CBRE is leasing the retail portion.
SOMERSET, N.J. — JLL Capital Markets has brokered the $33.5 million sale of Atrium Corporate Park in Somerset. Located at 300, 400 and 500 Atrium Drive, the 679,251-square-foot office park consists of three buildings and is situated on more than 47 acres. Joseph Garibaldi, Thomas Walsh, Heather Lombardi, Katelyn Borovsky and Nick Vanderslice of JLL represented both the buyer and seller, who were undisclosed, in the transaction.
BOTHELL, WASH — Investcorp has completed the sale of Highlands Campus Tech Centre, a technology campus located at 21520, 21312 and 21222 30th Drive SE in Bothell. Equus Capital Partners acquired the asset for an undisclosed price. The 201,766-square-foot campus features two flex/R&D buildings and one office building. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.
MINNEAPOLIS — The Opus Group has acquired Target Corp.’s former west corporate campus in Minneapolis. Opus plans to convert the single-tenant office building into multi-tenant office space. Tactile Medical will anchor the development, according to the Minneapolis/St. Paul Business Journal. The building spans 310,000 square feet and is situated on 24 acres. In addition to the conversion project, Opus will also modernize and improve the common areas. Plans call for improved lighting, a new cafeteria and a rooftop amenities deck with a clubhouse, entertainment space, pool table and conference room. The improvements are slated for completion by spring 2019. Perkins+Will provided interior design consulting services for the project. Paige Rickert and David Marschinke of CBRE will market the property for lease on behalf of Opus and also represented Target in the sale. Target still maintains its headquarters in Minneapolis along Nicollet Mall.
CLEVELAND — PGIM Real Estate Finance has opened a new Cleveland office and hired an originations team led by Bruce Gerhart and David Strachan. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM, the $1 trillion global investment management business of Prudential Financial Inc. (NYSE: PRU). The new team will be responsible for sourcing and originating loans for affordable housing, Federal Housing Administration (FHA) multifamily, healthcare and seniors housing with a focus on Ohio, Michigan and the Midwest region. The team will report to Hal Collett, head of FHA and affordable lending for PGIM Real Estate Finance. Gerhart, Strachan and their production team of Thomas Bruce and Troy Buckley formerly worked together at Love Funding Corp.
CLEVELAND — Berkadia has arranged a $100 million refinancing of the Ernst & Young Office Tower, a 23-story property in downtown Cleveland.The Class A building is located at 950 Main Ave. and totals 465,000 square feet. Onsite amenities include garage parking, a dry cleaner, a fitness center and concierge services. According to LoopNet Inc., the property has a Walk Score of 85 (out of 100) due to its proximity to numerous downtown restaurants, a commuter rail and Cleveland’s waterfront district. Ernst & Young, a London-based accounting firm, moved into the building upon its completion in 2013, occupying the top six floors. The building was 95 percent leased at the time of the loan closing to other tenants such as law firm Tucker Ellis and Wells Fargo, which houses its regional Cleveland office in the building. Ernst & Young Tower also adjoins a 150-room Starwood Aloft Hotel. Mark Vogel and Eric Bevilacqua of Berkadia arranged the financing through J.P. Morgan with mezzanine debt from Axonic Capital LLC. The borrower was The Wolstein Group, an Ohio-based development and investment firm.The two-year permanent refinancing features an adjustable interest rate, three one-year extension options, an 80 percent loan-to-value ratio and interest-only payments. — Taylor …
ATLANTA — Preferred Office Properties, a subsidiary of Preferred Apartment Communities Inc., has closed an investment loan worth up to $67.6 million for 8 West, a 187,000-square-foot office building planned to rise in Atlanta’s West Midtown district. Preferred Office Properties has the option to purchase 8 West upon stabilization from the developers, Atlantic Capital Properties and Gateway Development. Situated at the corner of Howell Mill Road and 8th Street, 8 West will be built on a speculative basis and cost roughly $150 million to develop, according to the Atlanta Business Chronicle.
NEW YORK CITY — New York City-based real estate investment owner/operator Savanna has acquired a 12-story, 126,256-square-foot office and retail building in the NoMad neighborhood of Manhattan. The sales price was $100 million. Located at 48 W. 25th St., the property was built in 1920. Savanna plans to implement a $21 million capital improvement plan at the property, which will include a complete lobby renovation as well as roof and façade repairs. Adam Spies, Adam Doneger and Josh King of Cushman & Wakefield represented the seller, a longtime family owner, in the transaction.
