DENVER — Gershman Mortgage has closed a $6.5 million loan for a medical office building in Denver. The building is located at 36 Steele St. in Cherry Creek. The space will bring together two plastic surgeon offices into a single space. This was the second leg of a previously closed purchase and renovation of the property, which was completed in 2016. The new financing facility provided a little more than $6.5 million of combined permanent, fixed-rate debt.
NEW ROCHELLE, N.Y. — Houlihan-Parnes Realtors has placed a $21.5 million new first mortgage on an office property located at 145 Huguenot St. in New Rochelle. GHP Office Realty, a division of Houlihan-Parnes Realtors, owns the property. State of New York, County of Westchester, Steiner Sports, Monroe College, Benchmark Education, Advent Software, ET & Allergy Associates, Greenwich Hospital and Sound Shore Medical Group are tenants of the 278,788-square-foot office building. Christie Houlihan, James Houlihan and Andrea Lofaro of Houlihan-Parnes Realtors secured the financing for the borrower. Elizabeth Smith of Goldberg, Weprin, Finkel & Goldstein provided legal counsel to the borrower. Chicago Title Insurance Co. insured the title.
RICHARDSON, TEXAS — EDGE Realty Capital Markets has brokered the sale of 1910 N. Collins Blvd., a 7,580-square-foot office building located at the intersection of North Collins Boulevard and West Campbell Road in Richardson. Stroud Arthur of EDGE represented the seller, 1910 N. Collins Medical LP, in the transaction. Linda Marver Trust acquired the asset for an undisclosed price.
CRANSTON, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of a three-story, multi-tenanted office building located at 1150 New London Ave. in Cranston. New London Real Estate sold the 24,586-square-foot property to Vancass Holdings LLC for $2 million. Thomas Sweeney of Sweeney Real Estate & Appraisal brokered the deal.
HAMILTON, OHIO — NorthMarq Capital has arranged a $10.2 million loan for the refinancing of Vora Technology Park in Hamilton, located in the Cincinnati metro area. The office property spans 365,000 square feet. Susan Branscome and Noah Juran of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule. First Financial Bank provided the loan. The undisclosed borrower purchased the property in 2005.
TORONTO AND HOUSTON — Canada Pension Plan Investment Board (CPPIB) and Parkway Inc. (NYSE: PKY) have entered into a definitive agreement under which CPPIB will acquire Parkway, a Houston-based real estate investment trust, for $1.2 billion. The transaction, expected to close in the fourth quarter of this year, equates to $23.05 per share. Parkway owns the largest office portfolio in Houston, according to CPPIB. Located in the Westchase, Greenway and Galleria submarkets, the 19 properties span approximately 8.7 million square feet and were 87 percent leased as of March. Financial services, technology and commodities tenants anchor the buildings. TPG Capital and its affiliates, which collectively own approximately 10 percent of the outstanding common stock of Parkway, have agreed to vote in favor of the transaction. Parkway will pay its previously announced second quarter dividend today, but will suspend all future quarterly dividend payments through the expected close of the transaction. “We believe there are still some near-term headwinds in the office sector for Houston, but the implied asset valuation of this transaction shows CPPIB’s appreciation for the high-quality portfolio we have assembled and the near-term stability it provides during the current downturn in the market,” says James R. Heistand, president and CEO of Parkway. …
AUSTIN, TEXAS — Minnesota-based 3M, which manufactures more than 55,000 material goods, will sell its 156-acre flex campus located at 6801 River Place Blvd. in Austin to World Class Capital Group, a private investment firm headquartered in the state capital, for an undisclosed price. The deal is expected to close during the fourth quarter. 3M is investing in a new 272,000-square-foot facility within the Class A Parmer development on the city’s north side, which currently houses the likes of Apple, General Motors, Dell and Samsung, among others. Construction of the new facility is scheduled to begin later this year, with move-ins slated for April 2019.
DALLAS — A fund advised by CBRE Global Investors has acquired 8750 NCX, a 508,102-square-foot, Class A office tower located at 8750 N. Central Expressway in Dallas. The fund purchased property for roughly $120 million, according to The Dallas Business Journal. The 20-story property, which was 91 percent leased at the time of sale, features an on-site fitness center, conference center and cafe. The fund will invest an undisclosed amount of additional capital in the property’s mechanics and cosmetics
SALT LAKE CITY — Bridge Investment Group, an investment fund manager headquartered in Salt Lake City, has completed a $1.6 billion in equity commitments, which will be managed by the company’s subsidiary, Bridge Debt Strategies Fund Manager LLC. Bridge Debt Strategies invests in select Freddie Mac securitization vehicles. The strategy focuses on underserved parts of commercial real estate and lends against assets in multifamily housing, commercial office, and seniors housing and medical properties.
AUSTIN, TEXAS — TIER REIT Inc., a publicly traded, Dallas-based investment firm, has begun developing Domain 11, a 16-story, 324,000-square-foot office building in Austin. Scheduled for a late 2018 delivery, the property is 98 percent preleased to Austin-based vacation rental firm HomeAway. TIER REIT is also planning to develop a 306,000-square-foot office tower adjacent to Domain 11.