BENTONVILLE, ARK. — NAS Investment Solutions has acquired a 30,829-square-foot office building in Bentonville, along with five tenants-in-common (TIC) co-owners. Nick Viscount and Tim Winton of Keystone Mortgage Corp. arranged a 10-year, fixed-rate loan for the acquisition on behalf of the buyer. Other terms of the transaction were not disclosed. The property features a brick-and-glass architectural design and was solely occupied by a Fortune 500 company at the time of sale.
MINNEAPOLIS — WeWork has signed a 46,000-square-foot office lease at MoZaic East in the Uptown neighborhood of Minneapolis. The 198,000-square-foot creative office and retail property is currently under construction, with completion slated for late 2018. This lease represents one-quarter of the total office space available at MoZaic East. WeWork is a shared workspace for entrepreneurs, freelancers, startups and small businesses. WeWork currently has more than 170 locations spread across 56 cities in 18 countries. The company maintains one other location in Minnesota at Capella Tower in downtown Minneapolis. Emily Nicoll of CBRE represented WeWork in the lease transaction. Mark McCary, Larissa Champeau, Brent Karkula and Joe Conzemius of CBRE represented the landlord, Ackerberg.
NEW YORK CITY — Rockwood Capital and Midtown Equities, in joint partnership, have received $245 million in financing for a portion of Empire Stores in Brooklyn’s DUMBO neighborhood. The loan is for 55 Water Street, an 1860s-era warehouse building that was recently renovated, including the addition of a sixth floor to the original five stories. Upon completion, the overall project will feature 380,000 square feet of commercial space, including office, retail, restaurant and exhibition space, as well as rooftop gardens and public facilities. Provided by M&T Bank, the loans consisted of a $217.3 million land loan, plus $27.7 million for future project costs. Diana Brummer and Elizabeth Akerman of Stroock represented the joint venture in the financing.
MOUNTAIN LAKES, N.J. — NAI James E. Hanson has brokered the sale of The Plaza at Mountain Lakes, an office building located at 60 Midvale Road in Mountain Lakes. Giovanna Levato acquired the 11,000-square-foot property from 60 Midvale LLC for an undisclosed price. The two-story multi-tenant office building features ample parking and flexible zoning allowing for both office and retail uses. Andrew Kirshenbaum, Barry Mayer, Arthur Hixson, Josh Levering and Nicholas DePaolera of NAI Hanson represented the seller in the transaction.
ATLANTA — The Loudermilk Cos. has topped off construction of 371 East Paces Ferry, a nine-story, 120,000-square-foot medical office building in Atlanta’s Buckhead district. George Olmstead of Cushman & Wakefield is handling the property’s leasing assignment, and recently secured a 3,576-square-foot lease with Interventional Orthopedics of Atlanta LLC. The company will join other committed tenants including Concord Pharmacy, Piedmont Medical Care Corp., Peachtree Dermatology and Kalos Surgical Associates. The building will include 485 parking spaces in a seven-level deck and is expected to open in April 2018.
FORT WORTH, TEXAS — Mercedes-Benz Financial Services USA LLC has signed a 200,000-square-foot office lease at AllianceTexas in Fort Worth. Mercedes-Benz Financial has operated out of AllianceTexas, an 18,000-acre, master-planned community owned by Hillwood, since 2007, and this move increases the overall size of the company’s footprint in Fort Worth. The new, build-to-suit property will serve as the company’s national business operations center and is scheduled to open in 2019.
NAPERVILLE, ILL. — Podolsky Circle has arranged the sale of 1755 Park Street in Naperville for $3.5 million. The 37,668-square-foot office building is currently 94 percent leased to a mix of local and regional tenants including a therapy practice, an executive suites operation, an IT consulting firm and a regional bank office. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, CP Highalnds Fund LP. The company purchased the property in 2013 and began a capital improvement plan to update the property’s automation systems, common areas, building signage as well as tenant spaces. The improvements also included the addition of electric vehicle charging stations. Podolsky Circle Construction completed the improvements. Tony Russo of Cawley Chicago represented the buyer, a private investor.
SAN JOSE, CALIF. — Brookfield has acquired Towers @ 2nd, a 411,544-square-foot office property in San Jose, for an undisclosed sum. The property is located at 75 E. Santa Clara St. and 4 N. Second St. Towers @ 2nd includes a 13-story office tower and 14-story office tower situated adjacent to a Valley Transportation Authority (VTA) light rail stop. The towers feature 14,500- and 17,500-square-foot floor plates, respectively. The sellers, a joint venture between Harvest Properties and Invesco Real Estate, have completed 150,000 square feet of new and renewal leases since 2015. This includes a 73,000-square-foot, 15-year lease with WeWork, which marked the co-working company’s first Silicon Valley location. The JV also carried out an $11.1 million asset repositioning and renovation prior to the sale. The improvements include a fitness center and locker room with private showers, bike lab, arcade lounge, training and conference center, and a VIP lounge connected to an exclusive outdoor plaza with built-in seating and lighting. CBRE’s Russell Ingrum, Joe Moriarty, Scott Prosser and Tyler Meyerdirk represented the seller in this transaction.
OAKLAND, CALIF. — Brickman has obtained a $35 million loan to acquire Plaza 360, a 115,186-square-foot creative office building in Oakland. The asset is located at 360 22nd St. in the Uptown District. The five-year, non-recourse, floating-rate loan includes a portion of the undisbursed funds for common-area upgrades and tenant improvements. CIT Group and HFF secured the loan through CIT.
DALLAS — Square Mile Capital Management LLC has originated a $118 million loan for Renaissance Tower, a 56-story office tower comprising more than 1.7 million square feet of space in downtown Dallas. The loan, a portion of which was sold to Bank of the Ozarks, will be used to repay existing CMBS debt and bridge the property through stabilization. The borrower was a joint venture between two New York-based firms: SMA Equities and The Moinian Group. Whitaker Johnson and Steve Heldenfels of HFF arranged the financing.