DALLAS — Mohr Capital, a Dallas-based investment firm, has acquired a 100,000-square-foot office building located in the University Park area of Dallas. The property, which is situated on 13.8 acres, is currently vacant. Mohr Capital will invest in capital improvements to the building that will result in an additional 150,000 square feet of space being added. Gary Horn and Jack Glasgow of Cresa represented Mohr Capital in the transaction. The seller was not disclosed.
PARAMUS, N.J. — Onyx Equities, in a joint venture with Garrison Investment Group, has acquired the leasehold interest in an office building located at 61 S. Paramus Road in Paramus. Mack-Cali Realty sold the 285,000-square-foot property for an undisclosed price. With this acquisition, the partnership’s Bergen County portfolio now comprises 1.4 million square feet across six assets located throughout Paramus and Rochelle Park. Cole Schotz P.C. and Milbank, Tweed, Hadley & McCloy represented the buyer, while Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the seller in the transaction.
KANSAS CITY, MO. — Copaken Brooks and 3D Development have completed the lease-up of Corrigan Station, a 110,000-square-foot property in Kansas City. CardConnect, a company specializing in advanced payment solutions, has signed an 11,150-square-foot lease on the second floor and is expected to take occupancy in the first quarter of 2018. The construction of Corrigan Station involved the redevelopment of the historic 10-story Corrigan Building and a new adjacent parking structure, which was completed in December 2016. A rooftop penthouse was converted into a glass-walled conference room. Other tenants include WeWork, Holmes Murphy, Hollis and Miller, The Roasterie Café and Corvino Supper Club. Scott Miller and Brian Bacon of CBRE represented CardConnect in the lease transaction. Ryan Biery and John Coe of Copaken Brooks represented ownership.
PARAMUS, N.J. — Cushman & Wakefield has facilitated the sale of two retail buildings, located at 80 and 100 W. Century Road in Paramus. The Frisch School, a co-educational high school, purchased the 25,000-square-foot property at 100 W. Century Road, and 80 W. Century LLC acquired the 70,000-square-foot building at 80 W. Century Road. A private entity plans to relocate to 80 W. Century Road, while M&T Bank will occupy the remaining space. M&T Bank sold the properties, which it acquired in 2015 with its acquisition of Hudson City Savings Bank. The acquisition prices were not released. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Frank DiTommaso II, David Sherman, David DeMatteis, Mark Zaziski, William Hartman and Lou D’Avanzo of Cushman & Wakefield represented the seller in the deal.
NEW YORK CITY — Savanna has launched a $35 million capital improvement plan at Falchi Building, a five-story, 711,194-square-foot office and retail building located in the Factory District of Long Island City in Queens. The capital improvement program will be focused on modernizing the lobby and common areas, including the building systems, and reconfiguring the retail spaces to maximize value. The lobby renovation will revitalize the building entrance and improve the existing ground-floor retail space, which is a food-focused corridor similar to Chelsea Market. The new lobby will include Stonehard flooring, an accent wall with LED backlighting at the entrance, rectangular linear light fixtures, built-in retail millwork kiosks with stone countertops, and black porcelain accent subway tile. The lobby and retail corridor work is scheduled for completion in early 2018. Savanna has retained Cushman & Wakefield to manage leasing efforts at the property.
TOWSON AND HUNT VALLEY, MD. — MacKenzie Capital has arranged $32.4 million in acquisition financing for an office and retail portfolio in Baltimore County’s Towson and Hunt Valley submarkets. John Black, Will Goetschius and Brendan Harman of MacKenzie Capital arranged the 25-year, fixed-rate loan on behalf of the borrower, RFP Partners LLC. Don Schline of MacKenzie Capital sourced the off-market acquisition on behalf of RFP. The portfolio comprises nine office and retail buildings and totals 289,000 square feet.
BOULDER, COLO. — J.P. Morgan Asset Management has obtained $75.3 million in acquisition financing to purchase a three-property office portfolio in Boulder. The portfolio includes 1050 Walnut Street, 1881 9th Street and 1900 15th Street. The Class A assets are situated just a few blocks from Boulder’s vibrant Pearl Street Mall. J.P. Morgan acted on behalf of institutional investors in this acquisition. Deutsche Bank provided the five-year, floating rate loan. JLL’s Capital Markets team secured the loan.
LAS VEGAS — SR Construction has completed construction on Henderson Medical Office Building, an 84,450-square-foot medical office building in the Las Vegas submarket of Henderson. The four-story building is situated just 200 feet from Henderson Hospital. The project includes a finished lobby, restrooms, two elevators and complete mechanical and electrical systems with future tap-ins.
SAN JOSE, CALIF. — Lane Partners has obtained a $200 million loan to acquire HQ@first, a 603,666-square-foot creative office property in the Silicon Valley city of San Jose. The asset is located at 110, 120 and 130 Holger Way. The Class A property features a campus environment with landscaped paths, natural light, views of the bay and hills, outdoor barbeque and patio areas, basketball court, fitness center and locker rooms, game room, executive business center, and 300-seat cafeteria. HQ@first was built in 2010. The LEED Gold-certified asset is situated on approximately 10 acres at the intersection of Highway 237 and North First Street. It is adjacent to multiple VTA Light Rail stations that connect to Caltrain, AMTRAK, ACE Train and BART. The property offers immediate access to a restaurant, retail and hotel options at the @first retail center across the street. Tenants at @first include Chipotle, Chick-fil-A, Five Guys, Panera Bread, Coffee Bean, CVS, Target, Chase, Courtyard by Marriott and Hyatt House. Ramsey Daya and Chris Moritz of NKF Capital Markets arranged the financing on behalf of Lane Partners and its capital partner. The loan was placed with Blackstone Mortgage Trust. “Given the strength of the sponsorship and quality of …
Connecticut’s Fairfield County ranks among America’s 40 wealthiest counties with a median household income of $81,268 in 2010. And while some of its current office market data stand at low levels, many indicators point to a bright future. Year-to-date office leasing activity reached 1.7 million square feet as of the third quarter. This amounts to a 21 percent increase relative to the same period one year ago. While this figure stands 3.1 percent below the five-year historical average, overall leasing volume does not take into account a 500,000-square-foot, build-to-suit lease undertaken by Charter Communications at Gateway Harbor Point in Stamford. For the quarter, aggregate office leasing in the county totaled 555,629 square feet. Stamford and Greenwich accounted for more than 77 percent of the total. Major transactions included Bank of America’s 166,000-square-foot lease at 600 Washington Boulevard in Stamford and AQR Capital’s 90,000-square-foot expansion at One Greenwich Plaza. In August, Stamford scored its most impactful corporate attraction of the year when the German-based multinational Henkel moved its North American headquarters from Scottsdale, Arizona, to 155,000 square feet within the BLT Financial Centre at 200 Elm Street. The consumer products firm said its laundry, beauty and home-care divisions are employing approximately …
