ORANGE, CONN. — Associated Bank has provided a $27.7 million construction loan to Orange VA LLC for a 56,000-square-foot office building in Orange. The building, which will be located at 200 Edison Road, will house a Veterans Administration Community Care Center. Completion is slated for mid-2019. Services at the center will include primary care, team vocational services, health psychology and peer support services. Brian P. Rogan of the Commercial Real Estate division of Associated Bank originated the loan.
GLENDALE, ARIZ. — CBRE has arranged the sale of Westgate Entertainment District, a mixed-use development located near Loop 101 and Glendale Avenue in Glendale. YAM Westgate, a venture formed by Scottsdale-based YAM Properties, purchased the 46.6-acre entertainment, retail and office destination, including 30 acres of undeveloped land, from The New Westgate LLC, formed by iStar Properties. The price was $133 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Sean Heitzler, Jesse Goldsmith, Steve Julius and Bryan Taute of CBRE represented the seller and buyer in the deal. Opened in 2016, the Westgate Entertainment District features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters and Yard House. Additionally, the property offers 159,026 square feet of Class A office space, as well as 76 multifamily lofts located on the upper floors.
PALOS VERDES PENINSULA, CALIF. — NKF Capital Markets has facilitated the sale of a medical office building located at 501 Deep Valley Drive in Palos Verdes Peninsula, a city within the South Bay submarket of Los Angeles County. Deep Valley Drive LLC sold the property to Beverly Hills, Calif.-based Dayani Partners for $12.7 million. UCLA Health occupies 77 percent of the four-story, 33,770-square-foot building. Sean Fulp, Ken White, Michael Moore and Kevin Shannon of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction.
LIVERMORE, CALIF. — Minneapolis-based Hunter Street Partners, in partnership with California-based Mana Investments, has completed the acquisition of Sunset Office Plaza in Livermore for an undisclosed price. Situated on 13.5 acres, the asset features 10 single-story office buildings totaling 78,747 square feet of office space. The property was vacant at the time of acquisition. The name of the seller was not released.
PHOENIX — Biltmore RE, a net-leased investment group, has purchased an office building located at 2701 E. Camelback Road in Phoenix, for $3.1 million. The sale was an absolute triple-net leaseback to the seller, Arciterra Cos., a real estate investment and development company. The property features 8,501 square feet of Class A office space. Jenette Bennett of Kidder Mathews represented the buyer in the transaction.
CHARLOTTE, N.C. — Trinity Capital Advisors will begin construction this month on Toringdon 7, a 198,195-square-foot office building located in Charlotte. The eight-story building will be the seventh and final office building within Toringdon Office Park, which Trinity Capital began acquiring in 2012. After bringing the park under single ownership, the firm invested in capital improvements that included a new fitness center and pocket park. Toringdon 7 will feature column-free floor plans, floor-to-ceiling windows and a parking ratio of four spaces per 1,000 square feet. Architecture firm Gensler designed the building, Brasfield & Gorrie is the project’s general contractor and D&A Wolverine is the civil engineer. Trinity Capital expects to wrap up construction on the building in summer 2019. Located immediately off Interstate 485, Toringdon Office Park is 95 percent leased to tenants such as Blue Cross Blue Shield of North Carolina, Coats, Coldwell Banker, Crown Castle, Harsco, Keller Williams, Novolex, PepsiCo, Regus, Selective Insurance, Heartland Payment Systems and TIAA.
CHARLOTTE, N.C. — The Dilweg Cos. has acquired Vanguard Center, a 14-building office park in Charlotte, in two separate transactions. The sales price was not disclosed, but the Charlotte Business Journal reports the Durham-based company acquired the assets from True North Management Group for $45.6 million. Dilweg plans to invest significant capital to improve the park, which was constructed between 1975 and 1997. Planned renovations include exterior improvements, updates to mechanical systems and common area and tenant amenity upgrades. Perkins + Will, an architectural firm, will assist with the renovations. Vanguard Center totals 563,504 square feet and was 65 percent leased at the time of sale to tenants including MapAnything, National Welders, MI Home and The Home Depot. Patrick Gildea and Matt Smith of CBRE arranged the transaction on behalf of the seller. Dilweg has retained CBRE’s Joe Franco, Ralph Oldham, Stephanie Spivey and Katherine Richey to handle the park’s leasing assignment. The purchase of Vanguard Center brings Dilweg’s Charlotte office portfolio to more than 1.7 million square feet and its Southeast office holdings to more than 6.4 million square feet.
COLUMBIA, MD. — Finmarc Management Inc. has acquired a two-building office/flex portfolio in Columbia for $10.9 million. The sold portfolio includes a single-story, 49,000-square-foot flex building at 9151 Rumsey Road and a single-story, 61,000-square-foot flex/office building at 9130 Red Branch Road. Jay Wellschlager of JLL arranged the transaction on behalf of the seller, Greenfield Partners. The portfolio was 90 percent leased at the time of sale. With this acquisition, Finmarc currently owns and manages more than 100 commercial office, flex, industrial and retail properties in the Mid-Atlantic area, as well as several residential projects. The company’s assets total just under 6 million square feet of space.
SKOKIE, ILL. — HFF has arranged a $59.6 million refinancing for Old Orchard Towers in Skokie in suburban Chicago. The 349,814-square-foot Class A office complex consists of two seven-story towers. Located at 5202 and 5250 Old Orchard Road, the property is approximately 13 miles from Chicago O’Hare International Airport. The towers are 91 percent leased to 16 tenants, including National Louis University, healthcare consultant Sg2 and management consulting firm Kaufman, Hall & Associates. The property also includes a vacant 2.5-acre parcel for future development. Christopher Carroll of HFF represented the borrower, Zeller Realty Group. Ares Commercial Real Estate Corp. provided the three-year loan.
MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners has secured $150 million in financing for 1625 Plymouth, a 245,738-square-foot, build-to-suit office development in the North Bayshore submarket of Mountain View. The property is 100 percent pre-leased to Google Inc. The closing of the loan coincided with the completion of construction of the shell of the building and delivery to Google for a tenant improvement build-out. The highly amenitized, LEED Platinum certified building will feature multiple outdoor deck spaces for functions and activities. HFF arranged the fixed-rate, permanent loan through the New York State Teachers Retirement System (NYSTRS). “Working with the team at Broadreach Capital Partners and assisting them in securing a new relationship with NYSTRS was a tremendous opportunity and we are excited to watch the continued progress on site as the tenant completes its work and occupies this best-in-class office building,” said Bruce Ganong, senior managing director at HFF. Architecture firm WRNS Studio designed the building. Broadreach Capital Partners is a Palo Alto-based real estate investment firm focused on development, acquisitions and asset management of commercial real estate in the Western states. — David Cohen