MIDDLETOWN, CONN. — Axiom Capital has secured a $17 million permanent loan for an office building in Middletown. The undisclosed borrower plans to completely renovate the 85,000-square-foot building. The lender was a life insurance company. When completed, the property will expand to 90,000 square feet and include 316 parking spaces. Amenities will include classrooms, an auditorium, a café with indoor and outdoor seating and a fitness center.
IRVINE, CALIF. — Kelemen Co. has purchased The Atrium, an office property located at 19100 and 19200 Von Karman Ave. in Irvine. Barings Real Estate, part of Barings LLC and acting on behalf of institutional investors, sold the building for $106.7 million. Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Blake Bokosky of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Situated on 6.1 acres, the 10-story building was constructed in 1986 and underwent an extensive renovation in 2015. The $5.3 million capital improvement program included upgrades to the atrium lobby, common areas, exterior courtyards, restrooms, elevator cabs and lobbies. At the time of sale, the 302,877-square-foot property was 90 percent leased to a variety of tenants, including Premier Business Centers and Severson & Werson. The building features a 10-story atrium with interior and exterior balconies, 24/7 security and access, a café and ample surface and structured parking. Additionally, Bistango, a well-known restaurant, has occupied the ground-floor space since 1988.
CHANDLER, ARIZ. — VanTrust Real Estate has purchased 20 acres of land, located at Chandler Boulevard and the Loop 101 in Chandler. The Rockefeller Group, New York City, sold the land parcel for $12.2 million. VanTrust plans to build a mixed-use development with office, hotel and retail space on the site. This transaction continues the company’s development pipeline in the Arizona market, which consists of projects for industrial, multifamily and office space. The company recently completed Chandler Corporate Center, a 117,000-square-foot office asset located at 350. N. McClintock Drive in Chandler, and it plans to break ground on the second phase of the development soon.
GOLETA, CALIF. — Majestic Asset Management has acquired a flex industrial/office park, located at 839-879 Ward Drive in Goleta, for $16.5 million. The buyer plans to improve and reposition the 124,754-square-foot asset to improve the warehouse, R&D and office space. Consisting of three buildings situated on 5.6 acres, the property was vacated in 2016 by Channel Industries, which had occupied the site since its original construction in the 1960s. Recent leases by Gavial Holdings, Sonatech and Reaction35 have backfilled a portion of the property, with approximately half of the rentable space remaining vacant. Francois DeJohn, Steve Hayes and Liam Murphy of Hayes Commercial represented the undisclosed seller and buyer in the deal.
ATLANTA — Innovatus Capital Partners LLC has acquired 3400 Overton, a 172,756-square-foot office building located in Atlanta’s Cumberland/Galleria office submarket. TPA Group and USAA Real Estate delivered the seven-story project in October 2017. The all-glass building is situated at the southeast corner of the Interstate 75 and I-285 interchange at the intersection of Akers Mill Road and Cumberland Boulevard. The sales price was not disclosed. The building is 80 percent leased to tenants including Synovus Financial Corp. and McGriff, Seibels & Williams Inc. Lincoln Property Co. is handling the property’s leasing assignment and management services. Onsite amenities at 3400 Overton include a modern lobby, fitness center, Synovus bank branch, café, grab-and-go coffee bar, indoor/outdoor Wi-Fi, covered parking and an open courtyard overlooking the Chattahoochee National Forest. A 140-room hotel planned by Intercontinental Hotels Group is scheduled to open adjacent to the property in 2019.
HOUSTON — Private direct lender iBorrow has provided a $6 million loan for a two-story, 41,989-square-foot coworking office building located at 1512 Center St. N. in Houston. The loan will be used to renovate the property. Upon completion, the building will offer 50 open coworking spaces, 20 dedicated desks, 134 private offices and 40 parking spaces. The borrower was not disclosed.
MADISON, WIS. — Spaces, a coworking company, has leased 34,000 square feet at the Gebhardt Building at 811 E. Washington Ave. in Madison. The newly constructed building is now fully leased. The eight-story property spans nearly 170,000 square feet. Scheduled to take occupancy in early 2019, Spaces will join Google as an anchor tenant at the property. Spaces will be located on the third through fifth floors. The property also features a 45,000-square-foot music venue and a 7,300-square-foot brewpub. JLL represented Spaces in the lease transaction. Key Commercial Real Estate represented the owner, Gebhardt Development.
NEW YORK CITY — New York Life Real Estate Investors has provided a $75 million mezzanine loan for Park Avenue Plaza, a 1.1 million-square-foot office tower in Manhattan’s Plaza District. A joint venture between Fisher Brothers and Sungate Park Avenue Trust owns the property. Mark Youngof New York Life Real Estate Investors’ New York Regional Officearranged the fixed-rate loan, which has a term of seven years.
MT. PLEASANT, S.C. — Holder Properties is underway on Portside, a 120,000-square-foot office building located within Ferry Wharf, a master-planned development in Mt. Pleasant that includes office, retail, hospitality and residential projects. The development is located at the foot of the Arthur Ravenel Jr. Bridge along the Charleston Harbor. Holder Properties broke ground on Portside in March. The five-story building is approximately 45 percent preleased, including a recently executed lease with Serendipity Labs Coworking. Portside will share a parking deck with a new hotel under construction at Ferry Wharf. The office building will be available for occupancy in spring 2019. McMilan Pazdan Smith Architecture is designing the building, and Freese Johnson is the general contractor.
AUSTIN, TEXAS — San Antonio-based grocer H-E-B will develop an 81,000-square-foot office and tech facility in Austin to support its on-demand delivery service platform. The company will convert a recently renovated industrial warehouse at 2416 E. Sixth St. into a creative and collaborative workspace. H-E-B expects the project to be complete by spring 2019.
