HUNTINGTON BEACH, CALIF. — BJ’s Restaurants has extended the lease term on its corporate headquarters in Huntington Beach. The headquarters is located at One Pacific Plaza. Known as the “Restaurant Support Center,” BJ’s occupies 57,100 square feet of office space on multiple floors at the 12-story, Class A tower. PR One Pacific Plaza LLC owns the complex. Chon Kantikovit of Cushman & Wakefield represented BJ’s.
MORRISTOWN, N.J. — Thorofare Capital has provided a $27.1 million loan for the acquisition of Mount Kemble Corporate Center, a 229,685-square-foot office campus in Morristown. The loan proceeds will also be used for property improvements and lease-up efforts. The borrower is a joint venture between Vision Properties and The Birch Group. The property was built in 1999 and is comprised of two, three-story Class A office buildings. At the time of closing, the property was 81 percent leased with a tenant roster that included Coughlin Duffy LLP, Avaya, Tenfour and Artech. Thorofare’s floating-rate mortgage featured a three-year initial term and two, one-year extension options.
NEW YORK CITY — Meridian Investment Sales has arranged the sale of a newly renovated commercial building at 2857 West 8th St. in Brooklyn for $23 million. David Schechtman and Rich Velotta of Meridian represented the undisclosed seller and procured the unidentified buyer in the transaction. Located in the West Brighton neighborhood of Brooklyn, the 52,302-square-foot office building is fully leased. The tenant roster includes New York City Human Resources Administration, Blink Fitness and Dollar Tree. The two-story building also has a Verizon cell and GPS tower on the roof. The property was recently renovated to include a new façade, an updated plumbing system and electrical upgrades.
BASKING RIDGE, N.J. — Cushman & Wakefield has brokered the sale of a three-building office park in Basking Ridge, approximately 40 miles west of Manhattan. Signature Acquisitions purchased the 524,260-square-foot property, located at 106, 110 and 150 Allen Road for an undisclosed price. The seller, The Silverman Group, acquired the property in three separate transactions starting in 2010 and subsequently rebranded the office park as The Offices at Liberty Corner.
HOUSTON — Keen Realty Group has negotiated a 21,000-square-foot office lease at 9703 Richmond Ave. in the Westchase district of Houston. The tenant, The Nations Law Firm, a litigation firm with offices in Houston, New York, Atlanta and Washington, D.C., was self-represented in the lease negotiations. Payton Indermuehle and Gloria Casimir of Keen Realty represented the landlord, Tass Realty LLC. The new lease brings the building to 92 percent occupancy.
BALTIMORE — Hertz Investment Group has acquired Wells Fargo Tower, a 24-story office building located at 7 St. Paul St. in Baltimore’s central business district, for $36.8 million. According to the Baltimore Business Journal, Bethesda, Md.-based special servicer CWCapital Asset Management sold the asset less than a year after acquiring it following foreclosure by the previous owner. Natixis provided a $29.3 million acquisition loan on behalf of Hertz. The 378,010-square-foot tower was 67 percent leased at the time of sale to tenants such as Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King and Wright, Constable & Skeen. Wells Fargo Tower was originally constructed in 1985, and recently underwent renovations including an updated lobby and replacement of water pumps, chillers and cooling tower.
DALLAS — Colliers International has brokered the sale of the McKool Building, an 18,206-square-foot office building located at 5025 N. Central Expressway in Dallas. The property is named after former Texas State Senator Mike McKool, who developed the building in 1965. Susan Gwin Burks, John Bowles and Bruce Butler of Colliers represented the seller in the transaction. An affiliate of Woods Capital Management LLC purchased the building for an undisclosed price.
SPRING, TEXAS — The J. Beard Real Estate Co. has negotiated an 11,665-square-foot office sublease at 28420 Hardy Toll Road in the northern Houston metro of Spring. Sean Durkin of J. Beard represented the original tenant, Swire Oilfield Services Inc., in the negotiations. Candace Baggett of Calibre Group represented the sublessee, Calfrac Well Services Corp., which is relocating and expanding its current space at the property.
NEWARK, OHIO — Marcus & Millichap has arranged the $1.3 million sale of an office building occupied by the Social Security Administration property in Newark, about 40 miles northeast of Columbus. The 7,818-square-foot property is located at 125 Derby Downs Road. The facility was constructed in 2007 as a build-to-suit for the Social Security Administration. Justin Fenn and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Geoff Ficke of Marcus & Millichap secured and represented the buyer, a limited liability company.
Cincinnati’s Over-the-Rhine (OTR) neighborhood has come a long way since it served as the location for gritty scenes in movie director Steven Soderbergh’s 2000 film Traffic. Gone are the 500 vacant buildings and 700 vacant lots. The disadvantage of having the highest crime rate in the city is no more. Thanks to efforts by prominent Cincinnati companies such as Kroger Co. and Procter & Gamble, as well as the Cincinnati Center City Development Corp. (3CDC), efforts to revive the historic neighborhood have exceeded expectations. Located just north of downtown Cincinnati, OTR is one of the largest urban historic districts in the United States and is known for its abundance of architecturally significant buildings and homes. The area has a rich cultural scene due to its proximity to the Art Academy of Cincinnati, the Cincinnati Symphony Orchestra, the Cincinnati Opera, the School for Creative and Performing Arts, Memorial Hall and other artistic points of interest. OTR was named one of the top 15 “cool streets” in Cushman & Wakefield’s Cool Streets of North America report. A new breed of urban, experiential and independent mid-market retailers catering to millennial consumers has led to the rise of 100 Cool Streets across the United …