NEW YORK CITY — StepStone Group Real Estate, a real estate investment firm, has entered into an agreement to acquire Cleveland, Ohio-based Courtland Partners, a real estate advisors group. The transaction is expected to close by the end of March, subject to customary closing conditions. Following the integration of Courtland, StepStone Real Estate (SRE) will be among the world’s largest and most active real estate solutions providers, managing approximately $100 billion of capital allocations from institutional investors, including more than $2 billion of assets under management and deploying over $10 billion per year to real estate investments through primary fund investments, co-investments, secondaries and recapitalizations. The combined real estate group will have more than 50 professionals working from offices in the United States, Europe and Asia. SRE is part of StepStone Group, a global private markets firm providing customized investment, portfolio monitoring and advisory solutions. StepStone is a global firm with 15 offices in 11 countries around the world, including New York City; Beijing; Dublin, Ireland; Hong Kong; La Jolla, Calif.; London; Luxembourg; Perth; San Francisco; Sao Paulo, Brazil; Seoul, South Korea; Sydney, Australia; Tokyo; Toronto; and Zurich, Switzerland.
ROANOKE, VA. — Cushman & Wakefield | Thalhimer has secured a 54,000-square-foot lease for Atlantic Credit & Finance (ACF), a subsidiary of Encore Capital Group, at Franklin Plaza in downtown Roanoke. Located at 111 Franklin Road, the five-story office building is now 88 percent leased. Barry Ward and Price Gutshall of Cushman & Wakefield | Thalhimer’s Roanoke office represented the building owner, Times Equities Inc., in the lease transaction. ACF, a servicer of unsecured, consumer-distressed assets, will occupy two floors at Franklin Plaza. The lease is part of ACF’s plan to invest more than $4 million to expand its operations in Roanoke, relocating from its current location on Orange Avenue. The expansion will create more than 115 new jobs, increasing ACF’s employee base in Roanoke to 359 staffers.
MAYFIELD HEIGHTS, OHIO — Mohr Capital has acquired a 460,000-square-foot net leased office building in Mayfield Heights, a suburb of Cleveland, for $52 million. Rockwell Automation Inc., a provider of industrial automation and information products, fully occupies the property on a triple net lease. The location serves as the second largest employment center for Rockwell, with close to 2,000 employees involved in the company’s architecture and software operating branch. The building was constructed as a build-to-suit for Rockwell in 1995. Rodrigo Godoi of Mohr Capital represented the Dallas-based real estate investment company in the transaction. Normal Rockwell Ohio LLC was the seller.
NORTHBROOK, ILL. — Podolsky Circle CORFAC International has arranged the sale of 400 Skokie Boulevard in Northbrook, a northern suburb of Chicago, for $20.9 million. Built in 1984 and renovated in 2012, the 195,326-square-foot office building features a café, fitness center, conference center, on-site storage and two balconies. The property is currently 77 percent leased to multiple tenants. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Syndicated Equities. Ameritus Real Estate Investment purchased the asset. Podolsky Circle managed 400 Skokie Boulevard prior to the sale and has been retained by the new owner to continue property management.
INDIANAPOLIS — A partnership between two investment firms, Indianapolis-based Strategic Capital Partners (SCP) and Philadelphia-based Rubenstein Partners LP, has acquired The Precedent Office Park, a 1.1 million-square-foot, Class A office complex in Indianapolis, for $132.7 million. Chicago-based LaSalle Investment Management was the seller. The property is situated on 184 acres at the intersection of Keystone Avenue and East 96th Street, just off Interstate 465 on the city’s north side. It consists of 19 buildings positioned around a 38-acre central lake. The campus is also located near a shopping and dining destination, The Fashion Mall at Keystone. Current amenities include a 6,000-square-foot fitness center, daycare center, bike-sharing program and micro-market vending options in select buildings. The buyers will implement a capital improvement program focused on enhancing the on-site amenities and upgrading the building systems. The improvements will aim to bolster the lake’s role in the amenity package by improving the landscaping and walking paths around it. Other amenity upgrades will include the renovation of the fitness center and the development of a new tenant lounge and cafeteria. “The Precedent’s location and proximity to the Fashion Mall at Keystone and other amenities is why many great local and national companies have chosen …
IRVINE, CALIF. — CB Global Investors has purchased a 311,000-square-foot office tower in Irvine for $120 million. The 16-story tower is located at 2600 Michelson Drive. The trophy property is 99 percent occupied. Notable tenants include Loan Depot, Jacobs Engineering, Zillow and Premier Business Centers. The property was built in 1986 and renovated last year. The tower features a polished-granite-and-glass exterior, a two-story lobby that overlooks a koi pond and courtyard, and a five-story adjacent parking structure. CB Global Investors represented itself in this transaction, while NKF represented the seller, Ocean West Capital Partners.
BOISE — MedEquities Realty Trust has provided a $19 million acquisition and construction loan to fund the purchase and conversion of an existing long-term acute care hospital to a 72-bed inpatient psychiatric hospital in Boise. Haven Behavioral Healthcare operates six inpatient psychiatric hospitals in Arizona, New Mexico, Ohio, Pennsylvania and Texas. The firm provides inpatient psychiatric stabilization and treatment to adults experiencing acute symptoms of depression, anxiety, psychosis or other severe behavioral problems. The loan has a three-year term and an annual interest rate of 10 percent. Upon completion of the planned renovation, MedEquities has the exclusive right to acquire the property for a purchase price equal to the outstanding loan balance in a sale-leaseback transaction that would include a 15-year triple-net master lease at an initial lease rate of 9.3 percent.
AUSTIN, TEXAS — A partnership between Atlanta-based Cousins Properties (NYSE: CUZ), Riverside Resources and Ironwood Real Estate will develop 300 Colorado, a 309,000-square-foot office tower that will be located in downtown Austin. Total development costs of the project are anticipated to be about $175 million. The property will be situated across the street from Cousins’ Colorado Tower, a 373,334-square-foot office asset. The property is 100 preleased to independent oil and gas firm Parsley Energy Inc., which has signed a 12-year, 302,000-square-foot lease; and restaurant Del Frisco’s, which has signed a 10-year, 7,000-square-foot lease. The partnership expects to begin construction in December and deliver the building in December 2020.
DALLAS — A partnership between Goldman Sachs Asset Management (GSAM) and Crescent Real Estate LLC will redevelop 2401 Cedar Springs, a 200,000-square-foot office building located in the Uptown area of Dallas that it recently acquired from Guidestone Financial Resources. Jack Crews of JLL represented Guidestone in that sale. The single-tenant property was built in 1989 and will soon be vacant. The redevelopment project will focus on the building’s exterior façade and lobby and will deliver new amenities while modernizing the tenant spaces and common areas. A timetable for completion of the project has not yet been established.
HOUSTON — HFF has brokered the sale of 5757 Woodway, a 162,188-square-foot office property situated on four acres in Houston’s Galleria neighborhood. Dan Miller and Marty Hogan of HFF represented the seller, a joint venture sponsored by Fuller Realty Partners and Harbert Management Corp., and procured the buyer, Houston-based Braun Enterprises. The property was 70 percent leased at the time of sale to tenants spanning the finance, healthcare, communication, technology and education sectors.