PAPILLION AND FREEMONT, NEB. — NorthMarq Capital has arranged three separate loans totaling $10.3 million for three properties in Nebraska. Steve Ruff of NorthMarq arranged a $1.1 million loan for the refinancing of a 10,760-square-foot office property located at 1716 Charleston Drive in Papillion. A life insurance company provided the 15-year loan, which is fully amortized. Bob Chalupa arranged a $5.6 million acquisition loan for Deerfield Clubhouse Apartments in Freemont. The 122-unit apartment property is located at 1021 S. Howard Road. A life insurance company provided the 10-year loan, which features a 25-year amortization schedule. Chalupa also arranged a $3.5 million loan for the acquisition of Conestoga Crossing Apartments in Freemont. The 96-unit apartment property is located at 740-842 N. Michael St. A life insurance company provided the 10-year loan, which features a 25-year amortization schedule. Borrowers were not disclosed.
Metro Detroit’s office recovery continues to steadily march forward. Local and national commercial real estate investors are showing a renewed appetite for buying and renovating existing buildings, and even developing new product. The City of Detroit has experienced the quickest recovery, going from near stagnant activity with a vacancy rate of 21.5 percent to a single-digit vacancy of 8 percent with multiple new developments in the past eight years, according to CoStar Group. Dan Gilbert, founder of Quicken Loans and Rock Ventures, invested in about 90 Detroit properties, totaling 15 million square feet, which kicked off Detroit’s rehabilitation. This prompted several other companies to stake an interest in Detroit’s Central Business District. The resurgence continues, and today numerous projects are in development that appeal to millennials and empty nesters alike. Most of these projects are situated on Woodward Avenue, which has been the center of the area’s rebirth. Within a few blocks of this avenue reside most of the renovated office buildings, the stadium district, new shops, restaurants, entertainment venues and cultural institutions like the Detroit Institute of Arts, Charles H. Wright Museum and The Detroit Opera House. Currently, there are several multifamily projects in downtown Detroit such as Midtown …
ALLENTOWN, PA. — City Center Investment Corp. has opened Tower 6, a Class A office and retail building in downtown Allentown. Tower 6 is a 145,000-square-foot, 12-story, glass and steel building with floor-to-ceiling windows and is located at 600 Hamilton St. The building officially opened May 3. The building’s tenants include Bank of America Merrill Lynch, Avantor, Talen Energy, CrossAmerica Partners, NJR Energy Services, fedRFP and Morton Brown Family Wealth. The top of Tower 6 features Merrill Lynch signage. City Center Investment Corp. partnered with a number of Lehigh Valley companies to design and construct Tower 6, including Spillman Farmer Architects, RETTEW Engineering, Serfass Construction, DesignPoint, Offix Systems, Lutron, K&H Window Treatments, ESG Systems and CFI, a Knoll furniture dealer.
SUGAR LAND, TEXAS — HFF has arranged the sale of Three Sugar Creek, a 154,263-square-foot office property in Sugar Land, a southwestern suburb of Houston. Built in 2008, the Class A property features floor-to-ceiling glass with 10.5-foot and 9.5-foot finished ceiling heights throughout. Three Sugar Creek was 95 percent leased at the time of sale. Dan Miller and Marty Hogan of HFF represented the buyer, WEDGE Properties Management LLC, in the transaction. Tom Radom of HFF represented the seller, Houston-based investment firm Radler Enterprises Inc.
KNOXVILLE, TENN. — Cincinnati-based Viking Partners III LLC has acquired Parkside Plaza, a 100,340-square-foot office building in Knoxville. The name of the seller and sales price were not disclosed. The building is located within Turkey Creek, a mixed-use development featuring retail, office and entertainment space. Constructed in 2007, the five-story Parkside Plaza features a three-story entry atrium and ample surface parking. Deborah Petrolina of IMS and Matt Fentress of NAI Koella | RM Moore are handling the building’s leasing assignment.
PUEBLO, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office building, located at 720 N. Main St. in Pueblo. An undisclosed buyer acquired the property for $2.3 million, or $55.39 per square foot. The building features 41,524 square feet of office space. Andrew Monette and Jeff Johnson of Pinnacle represented the undisclosed buyer, while Jamie Mitchell and Michael Krebsbach, also of Pinnacle, represented the seller in the deal.
NAPERVILLE, ILL. — Real Capital Solutions has acquired Naperville Corporate Center for $38.7 million. The 420,540-square-foot office complex includes four buildings. Naperville Corporate Center is 83.6 percent leased to tenants such as KeHe, Trizetto Group, Berkley Insurance, Apex and Infogix Inc. Patrick Shields, Bryan Rosenberg, Jaime Fink and Jeff Bramson of HFF represented the seller, a joint venture between TriGate Capital LLC and Pearlmark.
CEDAR RAPIDS, IOWA — Ross Holdings LLC, a telemarketing company, has signed a 5,260-square-foot office lease in downtown Cedar Rapids. The company will occupy the space on the skywalk level of the 15-story Plaza 425 building. Kirk Hiland of NAI Iowa Realty Commercial brokered the lease transaction. Panda Investments Inc. is the property landlord.
ADDISON, TEXAS — VapeWild, a manufacturer and distributor of e-cigarette juice, has signed a 62,289-square-foot office/industrial lease at 4550 Excel Parkway in Addison, a northern suburb of Dallas. VapeWild has operated in Addison since 2013 and is expanding its footprint, which previously totaled 20,765 square feet. Roughly half the new space is being used for manufacturing and distribution and the other half will be used to house its customer relations team. The company, which now employs about 280 people, will move into its expanded space in July.
NASHVILLE, TENN. — Virginia Beach, Va.-based CCP Commercial Real Estate has acquired a five-building office-flex portfolio in Nashville for $41.2 million. The properties are located within the city’s Airport North and Metro Center submarkets. The portfolio, which was 97 percent leased at the time of sale, totals 413,000 square feet and includes a mix of office and warehouse space. The name of the seller was not disclosed. The acquisition brings CCP’s portfolio in the Nashville market to approximately 1 million square feet.