DETROIT — Bernard Financial Group has arranged a $36.4 million CMBS loan for the refinancing of One Kennedy Square, a multi-tenant office building in Detroit. The 246,304-square-foot property is 100 percent occupied by tenants such as Ernst & Young. Dennis Bernard and Kevin Kovachevich of Bernard arranged the loan on behalf of the borrower, Kennedy Square Office Building LLC. Wells Fargo Bank provided the loan.
CHICAGO — SVN | Chicago Commercial has negotiated the sale of a 42,000-square-foot loft office building in Chicago’s West Loop for $12.9 million. The property, located at 117-121 N. Jefferson Ave., is known as the Haymarket Building. The building was over 90 percent leased at the time of sale. Wayne Caplan and Lee Ffrench of SVN represented the seller, an affiliate of St. Louis-based Hoffmann Commercial Real Estate. In-Commercial Group, based in Chicago, led the purchasing group, which was an investor completing a 1031 exchange.
SANTA ANA, CALIF. — Kearny Real Estate Co. has purchased a 197,370-square-foot office campus in Santa Ana for $34.8 million. The campus is located at 3100-3130 Harbor Blvd. The space has recently been rebranded Elevate@Harbor. It includes two mid-rise buildings on eight acres that were built in 1982. Kearny plans to invest about $15 million to reposition the office campus. The one-acre outdoor area surrounding the first floor of both buildings will be redesigned to incorporate outdoor areas that provide a mix of work, leisure and active spaces. The seller was The Colton Company. CBRE’s Carol Trapani and Allison Kelly will oversee leasing for Elevate@Harbor.
DEL MAR HEIGHTS, CALIF. — Irvine Co. has purchased Gateway at Torrey Hills, a 198,000-square-foot campus in Del Mar Heights, for an undisclosed sum. The campus is situated near the I-5 Freeway at Carmel Mountain Road. The Class A office space is spread across two four-story buildings. Notable tenants include BDO USA, MINDBODY Inc., and law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. The project features stone and glass façades, flexible floor plates, modern interior features and on-site parking. Amenities include a fitness center with locker room and showers, art installations, multiple patios, and outdoor workspaces. Irvine Co. plans to add to and enhance the outdoor workspaces.
FORT WORTH, TEXAS — Sundance Square, the developer of downtown Fort Worth’s main entertainment district of the same name, has acquired the Petroleum Building, a 117,000-square-foot office asset. XTO Energy, a division of ExxonMobil, sold the building for an undisclosed price and will continue to occupy the space until summer as it relocates roughly 1,600 jobs from Fort Worth to Houston. The property occupies a full city block at West Sixth Street between Houston and Throckmorton streets in downtown Fort Worth. The sale includes a 534-space parking garage situated adjacent to the building. Ryan Matthews of JLL brokered the sale on behalf of XTO Energy, which has now sold four office properties totaling 281,204 square feet in Fort Worth.
PFLUGERVILLE, TEXAS — Texas Realty Capital (TRC) has arranged the $11 million refinancing of 130 Commerce Center, a 230,000-square-foot industrial/office property located in Pflugerville on Austin’s north side. Minneapolis-based Thrivent Financial provided the loan, which features a 10-year term and a fixed interest rate, on behalf of an undisclosed, out-of-state borrower.
WOBURN, MASS. — NKF Capital Markets has arranged the sale of an office building located at 8 Presidential Way in Woburn. Chestnut Realty Management sold the two-story building to an undisclosed buyer for $13.2 million. The 104,000-square-foot building features prominent building signage, efficient floor plates and ample parking. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Torin Taylor, Richard Ruggiero, Matthew Adams and Rory Walsh of NKF represented the seller in the transaction.
FRAMINGHAM, MASS. — New Dover Associates has arranged the sale of an office and industrial building located at 101 Bishop St. in Framingham. Green Brick Development acquired the property from Siegal LLC for $4.8 million. Situated on 3.1 acres, the 44,272-square-foot building is fully air conditioned. Scott Hughes and Ted Reimann of New Dover Associates represented the seller and procured the buyer in the deal.
TOPSHAM, MAINE — Fantini & Gorga has arranged a $4.5 million loan for the acquisition of a single-tenant medical office property located in Topsham. The Central Maine Medical Center occupies the 15,000-square-foot building. The tenant has 11 years remaining on its initial 20-year lease and leases 100 percent of the building. Keith Wentzel, Chris Miller and Jon Garcia of Fantini & Gorga represented the undisclosed buyer in the financing transaction.
WASHINGTON, D.C. — ASB Real Estate Investments has sold 900 G Street N.W., a 112,635-square-foot office building in Washington, D.C.’s East End submarket, for $144 million. The firm completed the transaction on behalf of the Allegiance Fund, its $7.4 billion core investment vehicle. Eastdil Secured LLC arranged the transaction on behalf of ASB, and DLA Piper LLC served as ASB’s counsel. An affiliate of Masaveu Real Estate US, advised by EXAN Capital, acquired the building. Masaveu is a subsidiary of Corporacion Masaveu of Spain. ASB developed 900 G Street in partnership with MRP Realty, and subsequently acquired MRP’s interest after the project reached stabilization in 2016. The Gensler-designed building was 95 percent leased at the time of sale to tenants including Simpson Thacher, Swiss RE, Rin Tinto, Herman Miller, Truth Initiative and BMW.
