SEATTLE — A joint venture between Investcorp International Realty and Schnitzer West has secured $170 million in refinancing for a 540,589-square-foot office tower in downtown Seattle. The Class A tower is located at 901 Fifth Ave. The tower was originally built in 1998. The core office asset was recently renovated with more than $7 million in improvements, including updates to the lobby, conference center and executive board room. It is almost fully leased to credit tenants like the City of Seattle, St. Jude, State Farm Mutual, SVB Financial Group, AllState Insurance, Washington State University, the Federal Home Loan Bank of Des Moines and Pitchbook Inc. HFF’s Michael Gigliotti, Tom Wilson and Michael Tepedino secured the loan through HSBC.
LAWRENCEVILLE, N.J. — Segal LaBate Commercial Real Estate has arranged the sale of an office building located at 133 Franklin Corner Road in Lawrenceville. Atrium at Lawrenceville, an affiliate of Howco Management, purchased the 33,000-square-foot property, known as The Atrium, for an undisclosed price. Constructed in 1984, the property had been family owned and operated until the sale. Anne LaBate of Segal LaBate Commercial brokered the transaction.
RALEIGH, N.C. — Newport Beach, Calif.-based KBS Realty Advisors and Raleigh-based Kane Realty Corp. have sold Midtown Plaza, a 12-story office building in Raleigh, for $127 million. The newly built office property is located within North Hills, a mixed-use development that features hotels, apartment units, a movie theater, retail and restaurant space. KBS and Kane completed construction on the building last spring. Healthcare technology company Allscripts occupies nine of the 12 floors. James Cassidy and Jud Ryan of Newmark Knight Frank represented KBS and Kane in the transaction. The name of the buyer was not disclosed.
TAMPA, FLA. — JLL has arranged a 48,818-square-foot lease expansion for Equinix at Two Harbour Place, an office property located at 302 Knights Run Ave. in downtown Tampa. The California-based company develops interconnection and data center solutions, and has a physical footprint in 48 markets worldwide. Equinix will be growing from its original space of 30,164 square feet to occupy the seventh and eighth floors of Two Harbour Place. Caleb Lewis and John Heald of JLL negotiated the lease terms on behalf of Equinix, while Jim Moler and Deana Beer of JLL represented the landlord. The expansion brings Two Harbour Place to 92 percent occupancy.
SANTA ANA, CALIF. — A joint venture between Pacshore Partners and Canyon Partners Real Estate LLC has purchased Harbor Corporate Park in Santa Ana for an undisclosed sum. The park is situated on Harbor Boulevard near the central corridor in the SOCO office market. Harbor Corporate Park contains four two-story buildings set on 8.93 acres with 574 parking spaces. A capital improvement plan will include upgrades to enhance the aesthetic of the property, and a spec suite will be built to market to prospective tenants.
WINTER PARK, FLA. — CBRE has arranged the $10.5 million sale of 2699 Lee Road, an 87,226-square-foot office building in Winter Park, less than seven miles north of Orlando. Ron Rogg and Chip Wooten of CBRE arranged the transaction. At the time of sale, the building was 84 percent leased. Zac, Jim and Aaron Brumbaugh of CBRE secured a $7.1 million, 10-year loan through a life insurance company on behalf of the buyer, Owens Realty Capital. The non-recourse loan features one year of interest-only payments and a 30-year amortization schedule thereafter.
SHARONVILLE, OHIO — Cincinnati Commercial Contracting LLC has broken ground on a 27,995-square-foot build-to-suit for TNT Services and Arrow Truck Sales in Sharonville, about 17 miles north of Cincinnati. The office and retail property property, located at 11910 Mosteller Road, will include sales and administration offices, retail parts department, wash bays, degreasing, equipment and service areas for the two tenants. A groundbreaking ceremony took place on Wednesday, Feb. 14. The property is slated for completion this summer. TNT Services is a power washing company, while Arrow Truck Sales is a used truck dealer.
ROCHESTER, MINN. — Industrial Realty Group LLC (IRG) has acquired IBM’s technology campus in Rochester, about 90 miles southeast of Minneapolis. The price was not disclosed. The campus opened in 1957 and currently spans 490 acres. Its 34 buildings comprise a total of 3.1 million square feet of office, manufacturing, warehouse, data center and lab space. IRG plans to lease back eight of the buildings to IBM and create a multi-tenant, mixed-use campus for the rest of the property. “We have already engaged potential tenants who are interested in locating their operations to this high-tech campus,” says John Mase, CEO of IRG. “We plan to create an environment that encompasses a variety of uses and creates as many jobs as possible.” Rochester’s daily newspaper, The Post Bulletin, reports that the campus housed about 3,200 employees in 2012, when the data was last made available, and that Olmsted County recently valued the property at just under $33 million. The paper also reports that 1 million square feet of space is currently available for lease. IRG is a Los Angeles-based developer and operator of more than 150 commercial developments across eight states. — Taylor Williams
WALLINGFORD, CONN. — Calare Properties has acquired an office and research-and-development complex located at 5 Research Parkway in Wallingford, for an undisclosed price. The undisclosed corporate seller and user will vacate the 915,000-square-foot property this year. Situated on 180 acres, the campus features an 830,000-square-foot main office and lab complex that is supported by outer buildings, including a materials handling facility, a central utility plant and a child development center. Jim Panczykowski of Binswanger Management Corp. represented the seller in the deal.
MOUNT PLEASANT, WIS. — Nordic Realty Partners LLC has purchased a 10,430-square-foot office building in Mount Pleasant, about 25 miles south of Milwaukee. The sales price was not disclosed. The property, which includes surplus land of 3.1 acres, is located at 13303 Washington Ave. near I-94. Johnson Insurance currently occupies the building, but plans to relocate during 2018. CBRE represented the undisclosed seller in the transaction.