PHILADELPHIA — SSH Real Estate and Young Capital, in partnership with the real estate arm of Quilvest Private Equity, have announced a $100 million recapitalization of the 880,000-square-foot 123 South Broad Street and Witherspoon Building complex in Philadelphia’s central business district. Currently, the property is 95 percent leased, with Wells Fargo as the anchor tenant renting 225,000 square feet of space across multiple floors. The complex was previously split into two condominium units with separate ownership. Unit 1 comprised of 255,000 square feet from the basement through the fifth floor of both 123 South Broad Street and the Witherspoon Building. Unit 2 comprised floors six through 30 of 123 South Broad Street and six through 11 of the Witherspoon Building, totaling 625,000 square feet. SSH Real Estate and Young Capital partnership acquired Unit 1 earlier this year, and with Quilvest’s investment in Unit 2, the 725,000-square-foot 123 South Broad office building will be under common ownership for the first time in 20 years. As part of the transaction, the partnership secured a loan facility from Guggenheim Commercial Real Estate Finance, which includes capital to complete leasing and capital improvements for the building. HFF served as the broker for the financing. Additionally, …
PORTLAND, ORE. — Alliant Credit Union has closed a $9 million refinancing for a newly constructed office property located in Portland’s Eastside submarket. The loan replaces the construction financing. The 33,351-square-foot property features energy-efficient construction, which is expected to result in LEED Platinum certification. Prior to the receipt of certificate of occupancy, the property was 95 percent pre-leased. The borrower was not disclosed. Casey Davidson of HFF referred the transaction to Alliant.
CHICAGO — Sterling Bay has received a $181.5 million loan for the construction of 333 N. Green St., a 548,932-square-foot office tower in Chicago’s Fulton Market district. The Class A office tower will rise 19 stories, with floor plates ranging from 13,634 to 40,589 square feet. The property will feature 31,521 square feet of street-level retail space and a four-floor parking garage. Amenities will include a fitness center, conference area, tenant lounge and private rooftop. The LEED Silver-certified building is 47.2 percent preleased to GroupM and will serve as the advertising media company’s North American headquarters. The building will also serve as the regional headquarters for GroupM’s parent company, WPP. Other big-name companies that have chosen to open offices in the bustling Fulton Market district include Google, McDonald’s and Dyson. Timothy Joyce, Danny Kaufman and Christopher Knight of HFF arranged the floating-rate loan through Wells Fargo. Sterling Bay is a real estate investment and development firm with over 10 million square feet in its portfolio. The Chicago-based company currently has a pipeline of over $10 billion in development. — Kristin Hiller
DALLAS — Billingsley Co. has refinanced 9111 Cypress Waters Boulevard, a newly built, 223,319-square-foot office building that Billingsley developed in Dallas. Trey Morsbach and Jim Curtin of HFF placed the 15-year loan through Lincoln Financial Group on behalf of the borrower, Billingsley. The building is located within the 1,000-acre Cypress Waters development, which upon completion will feature 8 million square feet of office space, 45,000 square feet of retail space and up to 10,000 multifamily units. 9111 Cypress Waters, which houses 7-Eleven’s North American headquarters, was 94 percent leased at the time of the placement of the loan. Proceeds were used to take out a construction loan.
ORLANDO, FLA. — NAI Realvest has brokered the $7.9 million sale of a 36,426-square-foot office building located at 622 E. Washington St. in Orlando. Jeff Bloom of NAI Realvest arranged the transaction on behalf of the buyer, OM Star Properties LLC, d/b/a Orchid Medical Equipment Co. The company will occupy 50 percent of the building for its new headquarters. John Worrell of Cite Partners arranged the transaction on behalf of the seller, ThorntonPark Central LLC. The sale also included a 134,681-square-foot parking garage.
NEW YORK CITY – Marcus & Millichap has arranged the sale of three mixed-use buildings located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The Shariati family acquired the contiguous properties for $22.3 million, or $1,441 per square foot. The sellers were Cheskie Weisz of CW Realty, Joyland Group and Meral Property Group. The buildings offer a total of 17 apartments, three ground-floor retail units and one office space. Nat Rockett and Steven Dweck of Marcus & Millichap represented the buyer in the 1031 exchange transaction.
PENNSBURG, PENN. – Colliers International has arranged the sale of a commercially zoned land located at the southwest corner of Pennsylvania Route 663 and Northgate Boulevard in Pennsburg. PB Northgate purchased the 7.2-acre property, which is approximately 17 miles south of Allentown, for $2.1 million. The buyer plans to develop a medical office building and retail pad site on the land parcel. Derek Zerfass of Colliers International’s office in Allentown, Penn., represented the undisclosed seller, while Markward Group represented the buyer in the transaction.
RACINE, WIS. — Podolsky Circle CORFAC International has arranged the $2.7 million sale of a 31,638-square-foot office building in Racine, about 30 miles south of Milwaukee. Built in 2002, the two-story property is located at 5439 Durand Ave., across from Regency Mall. Multiple tenants occupy the building, including Associated Bank, Advanced Medical Imaging, CleanSlate Medical Group of Wisconsin and Habush, Habush & Rottier. The buyer, Gateway Investment Partners, plans to upgrade the common areas, restrooms, parking lot, signage and landscaping. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Spirit Lake Acquisition II LLC.
KENOSHA, WIS. — Morgan/Harbour Construction is expanding operations and opening an office in Kenosha. This will be the third office and first outside of Illinois for the general contractor. Slated to open in May, the office is located at 6905 Green Bay Road. The new location will house both permanent staff as well as provide work stations for those traveling from other offices. Morgan/Harbour currently maintains an office in downtown Chicago and its headquarters in Willowbrook, Ill.
SAN DIEGO — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $44.7 million loan for the refinancing of Manchester Financial Centre. The office property located at 2550 Fifth Ave. in San Diego’s Bankers Hill submarket. Mark McGovern, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the 10-year, fixed-rate loan for the borrower, Manchester Financial Group. Originally built in 1965, the 12-story, 160,000-square-foot features a fitness center, an on-site coffee shop, valet parking, storage and bicycle racks. Tenants include Bertrand at Mister’s A, a fine dining restaurant, and Manchester Financial Group.