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.
WASHINGTON, D.C. — Calkain Cos. has arranged the $14.9 million sale of MacArthur Retail & Professional Center, a 45,543-square-foot mixed-use building located at 5185 MacArthur Blvd. N.W. in Washington D.C.’s Palisades neighborhood. Rick Fernandez and Andrew Fallon of Calkain Cos. arranged the transaction on behalf of the undisclosed seller. A group of New York-based private investors acquired the asset, which was 90 percent leased at the time of sale to tenants such as Starbucks Coffee and The UPS Store on the ground floor. The upper two floors of the building house office space.
WHITE PLAINS, N.Y. — Avison Young has arranged a $120.3 million financing package for the acquisition and redevelopment of the Westchester Financial Center in White Plains. Bridge Investment Group provided the financing. The 571,000-square-foot office complex is located at 50 Main St. and 1-11 Martine Ave. The buyers, a joint venture of Ginsburg Development Cos. and Robert Martin Co., plan to reposition the complex as a pedestrian-friendly, mixed-use development comprised of offices, retail shops, restaurants and luxury residences. The new development will be called City Square. Mack Cali Realty Corp. sold the property. David Krasnoff of Avison Young secured the financing, which will cover the purchase price, residential conversion costs, tenant improvements, capital expenditures, closing fees and other financing costs.
FAIRFAX, VA. — Charlotte-based Grubb Properties has acquired Argon Plaza, a 275,000-square-foot office building in Fairfax, for $38.8 million. The property is located within the Fair Lakes master-planned community, roughly 19 miles west of Washington, D.C. The mixed-use development is home to a Hyatt Regency hotel and more than 1 million square feet of retail and restaurant space. C-III Asset Management sold Argon Plaza, and HFF and NAI Global arranged the transaction. Grubb Properties plans to make capital improvements to the building that will upgrade its tenant amenities. The property’s anchor tenant, a defense contractor specializing in military technology and intelligence, occupies more than half of the building and recently signed a five-year lease renewal.
AUSTIN, TEXAS — Virginia-based telecommunications firm GTT Communications has signed a 44,508-square-foot lease at Stonebridge Plaza I & II, a 386,101-square-foot office property in north Austin. KBS Realty Advisors owns the Class A property, which is located near The Domain and The Arboretum at Great Hills, two retail and dining destinations. The surrounding area also offers access to walking trails, tennis and basketball courts and a pool. Robbye Schroeder Kirkpatrick of Newmark Knight Frank represented GTT Communications in the lease negotiations.
IRVINE, CALIF. — A joint venture between a global investment management firm and Hines has received $144 million in financing for Intersect, a four-building office campus in Irvine. Kevin MacKenzie, John Chun, Jamie Kline, Peter Thompson, Michael Leggett and Dereck Barker of HFF arranged the three-year, floating-rate loan through New York Life Insurance. The borrower will use the loan to retire existing debt and fund the remaining lease-up of the property. Intersect comprises Buildings A, B, C and D located at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave., respectively, in the core airport-area submarket of Orange County. The 425,203-square-foot campus features a restaurant; micro-retail shipping containers that serve grab-n-go coffee, juice and food; indoor and outdoor workspace; a 6,000-square-foot indoor/outdoor gym; private tenant terraces; a 100-seat, stadium-style conference center; a 20-person board room; and an outdoor game pavilion. Additionally, the property features surface parking, a 1,583-space structured parking garage at 17892 Gillette Ave. and a 177-stall subterranean parking facility.
SCHAUMBURG, ILL. — Podolsky Circle CORFAC International has arranged the sale of a 43,800-square-foot office building in Schaumburg for $2.7 million. The fully leased property is located at 1000 E. State Parkway within the Woodfield Business Center. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Clear Height Properties. Kelly Joyce of Colliers International represented the buyer, a private investor.
NEW YORK CITY — JLL Capital Markets has arranged a $120 million floating-rate loan to refinance 130 West 42nd street, a Class A office tower with ground-floor retail in the Bryant Park neighborhood of Manhattan. The borrower was Tribeca Associates. Aaron Appel, Jonathan Schwartz, Brett Rosenberg and Adam Schwartz led the JLL team in handling the debt assignment. The 29-story office building, which was built in 1918, totals 250,000 square feet and is located within one block of 15 subway lines. Tribeca Associates spent $27 million to upgrade and renovate the property in 2015.