TUCSON, ARIZ. — Kidder Mathews has arranged the purchase of Desert Sun Medical Center located at 7140 E. Rosewood St. in Tucson. Cypress West Realty Partners acquired the property for $4.4 million. The center features 15,038 square feet of medical office space. The seller was not disclosed. Fletcher Perry and Darren Tappen of Kidder Mathews represented the buyer in the off-market transaction.
NEW YORK CITY — JLL Capital Markets has arranged a $235 million loan for the construction of One Willoughby Square, a 34-story, Class A office tower in downtown Brooklyn. One Willoughby Square will rise 560 feet above the future Willoughby Park, a one-acre public green space on top of a 700-space underground parking garage in Brooklyn’s Tech Triangle. The building will feature column-free floor plates as well as 10-foot windows. The tower is the first ground-up office development in downtown Brooklyn in decades, according to JLL. Aaron Appel, Keith Kurland, Aaron Niedermayer, David Sitt and Eliott Zetioune of JLL arranged the four-year, floating-rate loan through Québec-based Otéra Capital Inc. for borrower JEMB Realty. The planned 462,656-square-foot tower is already 27 percent leased to two tenants: architectural firm NYC School Construction Authority and FXCollaborative, the executive architect of One Willoughby Square. JEMB will seek LEED Silver certification for the project, which is scheduled for completion in 2021. “The lending community was impressed by the experienced sponsorship of this project as well as its quality design, location and preleasing,” says Kurland. “Clearly, One Willoughby is destined to become Brooklyn’s most distinctive and sought-after office address.” — David Cohen
NORTH CHARLESTON, S.C. — Lee & Associates has brokered the $69 million sale of Aviation Business Park, a 342,042-square-foot business park located along Interstate 29 in North Charleston. The property includes seven buildings and is situated on 29 acres. Bob Nuttall and Reid Davis of Lee & Associates arranged the transaction on behalf of the buyer, Greenville Corporate LLC. The seller, Rushmark Properties, was represented internally. Aviation Business Park was developed in 2001 and is home to tenants including DHL, HITT Contracting, Samet Corp., Secure Missions, Centurum and Nolan Transportation.
DURHAM, N.C. — Federal Capital Partners (FCP) has sold Venable Center, a three-building office campus located at the intersection of South Roxboro and Pettigrew streets in downtown Durham. The News & Observer reports the former tobacco mill property sold for $27.3 million. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF represented FCP in the transaction. A joint venture between Wheelock Street Capital, SLI Capital and Trinity Capital Advisors acquired the buildings. FCP originally purchased Venable Center in 2016 for $18 million and completed several building and site improvements. Biotechnology company Precision Biosciences is headquartered at Venable Center and is the property’s largest tenant. The property was originally constructed in 1905 and is listed on the National Register of Historic Places.
WARMINSTER, PENN. — NKF Capital Markets has negotiated the $11.2 million sale of County Line Commerce Center, a 427,421-square-foot office building in Warminster. Mike Margolis, Dave Dolan and Dave Garonzik of NKF Capital Markets represented the seller, Crossroad Partners, in the transaction. The buyer was a joint venture between Corvest Realty Group and Balashine Properties. County Line Commerce Center is currently occupied by tenants ABB and Advanced Coatings with an additional 275,000 square feet of vacant space. The new owners plan to install a full suite of amenities including a fitness center, on-site food service and conference facilities. The property also offers a shuttle service to and from the Warminster Regional rail line.
CHICAGO — Chicago Trading Co. (CTC) has signed a 114,186-square-foot office lease renewal and expansion at 425 Financial Place in Chicago. CTC, a derivatives trading firm, has expanded its lease by 26,768 square feet. Mark Keebler and Brad Serot of CBRE represented CTC in the lease transaction. Mike Curran of JLL represented the undisclosed landlord. Owner CIM Group has committed to investing significantly in the property, formerly known as 440 S. LaSalle St., to upgrade amenities and improve common areas.
NASHVILLE, TENN. — Highwoods Properties Inc. (NYSE: HIW) plans to build a new $285 million headquarters campus in Nashville’s central business district (CBD) for Asurion, a privately held tech solutions firm. The Nashville-based company specializes in providing insurance and warranty plans covering mobile devices and other consumer electronics. Asurion will consolidate four of its existing local offices into the new campus, as well as create 400 new information technology jobs, according to local media reports. Highwoods, a Raleigh-based REIT that now has a development pipeline exceeding $700 million, recently executed the 551,000-square-foot build-to-suit office lease with Asurion. The tech firm will occupy 98.3 percent of the campus under a long-term lease. Nashville has been a haven for employment gains since the downturn. In the past decade, the Middle Tennessee metro has experienced 25 percent job growth, according to the Bureau of Labor Statistics. The Nashville MSA’s unemployment rate was 2.3 percent in May 2018. The Asurion campus will be built on a 4.2-acre site located at Church Street and 11th Avenue North along the Gulch Greenway, a seven-mile urban trail. The development will include two buildings rising eight and nine stories built atop a six-level parking podium. The planned parking …
OKLAHOMA CITY — Oklahoma City-based investment firm Zerby Partners has acquired Lake Park Tower, a 105,026-square-foot office building in Oklahoma City, for $2.5 million. Amy Dunn, Brent Conway, Jim Austin, Tom Lange and Clay Harris of CBRE represented the seller, Lake Park Tower Cotter LLC, in the transaction. Lake Park Tower, a Class B property, was built in 1983.
CHARLESTON, S.C. — Atlanta-based Gateway Development has broken ground on 22 WestEdge, a 156,000-square-foot office building located within the $300 million WestEdge mixed-use district in Charleston. The 3 million-square-foot development is situated along the Ashley River, between The Medical University of South Carolina (MUSC) and The Citadel. 22 WestEdge is the third building within the project. At 125 feet, the eight-story building will be the tallest multi-tenant office building on the peninsula and in Charleston’s metropolitan area when it opens in November 2019. The building is 48 percent preleased to MUSC, The South Carolina Research Authority, The City of Charleston, WestEdge Foundation Inc. and Heritage Trust Credit Union. In addition to office space, 22 WestEdge will include 15,000 square feet of street-front retail space. The building will feature restaurants, fitness facilities, conference and event facilities and a rooftop terrace overlooking the Ashley River. Recently completed projects at WestEdge include The Caroline, a 237-unit apartment complex with 20,000 square feet of ground-floor retail. Gateway has also topped out construction on 10 WestEdge, a 350-unit apartment community that will house a Publix, Woodhouse Spa and additional retail and restaurant space. Trident Construction is the general contractor for the project, Perkins + Will …
SILVER SPRING, MD. — Washington Property Co. (WPC) has received a $35 million loan for the refinancing of 8757 Georgia Avenue, a 242,000-square-foot office building in Silver Spring, roughly six miles north of Washington, D.C. Tyler Blue and Paul Wallace of Berkadia arranged the loan through Wells Fargo. WPC acquired 8757 Georgia Avenue in 2001 and invested $20 million to renovate the property. At the time of sale, the building was 87 percent leased to tenants including Conflulytics, Social & Scientific Systems and Synergy Enterprises. The property is situated within walking distance to the Silver Spring Metro station and the planned Purple Line light rail station. In addition, the building has been awarded the LEED for Existing Buildings certification for its incorporation of energy-efficient lighting, low-flow plumbing fixtures and green cleaning products and equipment.
