Office

CINCINNATI AND EASTON, OHIO — 90 North Real Estate Partners LLC has acquired two office properties in Cincinnati and Easton for $140 million. 90 North partnered with Sidra Capital for the acquisition of Mercy Health’s corporate headquarters in the Bond Hill neighborhood of Cincinnati. The 368,447-square-foot building, completed in April 2016, is located at 1701 Mercy Health Place. Chicago-based Verus Partners was the developer and the seller of the property. In partnership with KAMCO Investment Co., 90 North also acquired a 215,000-square-foot office building in Easton, a suburb of Columbus. Abbott Nutrition, a pharmaceutical company and division of Abbott Laboratories, leases the Class A property on a triple net lease for 15 years. The building, located at 2900 Easton Square Place, features 54,000-square-foot floor plates, parking for 1,075 vehicles and a cafeteria. The Georgetown Group was the seller.

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CHICAGO — Foresite Realty Partners LLC has arranged the sale of 215 W. Ohio St. in Chicago for an undisclosed price. The 47,880-square-foot office building is located in the heart of the River North neighborhood. Ryan Nelson of Foresite Realty represented the undisclosed seller. Tyler Hague of Colliers International represented the buyer, an entrepreneurial real estate investor with other holdings in Chicago.

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SAN DIEGO — Plaza Del Norte has acquired The Courtyard I, a 50,405-square-foot office building in the Sorrento Mesa submarket of San Diego, for $9.2 million. The asset is located at 6480 Weathers Place. It was 68 percent leased at the time of sale. The three-story office building was built in 1989. Peter Curry and Brooks Campbell of Cushman & Wakefield represented the 1031 buyer. The firm’s Mark Avilla, Bill Cavanaugh and Mike Novkov represented the seller, Courtyard Mira Mesa LLC, in this transaction.

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MIAMI — NayaUmi LLC has purchased Lennar Corporate Center, a four-building office complex in Miami, for $40 million. NayaUmi is a partnership between Naya USA LLC, led by Yoav Merary, and Coast Capital Partners LLC, led by Guy Sharon. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF represented the seller, Colony Realty Partners, and procured the buyer. Christopher Apone and Charles Foschini of Berkadia arranged a 10-year, $28.6 million loan through a CMBS lender on behalf of the buyer. The loan features partial interest-only payments and a 72 percent loan to value ratio. Located at 700, 730, 760 and 790 N.W. 107 Ave., Lennar Corporate Center was originally built by Lennar Corp. and has served as the title insurance company’s headquarters since 1982. The property was 63 percent leased at the time of sale to tenants affiliated with Lennar, including Rialto Capital Management, Eagle Home Mortgage and North American Title Co.

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BEAVERCREEK, OHIO — Colliers International has brokered the sale of a four-building office portfolio in Beaver Creek, an eastern suburb of Dayton, for $17.7 million. The properties include: 3610 Pentagon Blvd., 3685 Hibiscus Way, 3725 Pentagon Blvd. and 2601 Commons Blvd. The buildings, totaling 143,802 square feet, are currently 85 percent occupied. Jeff Johnston, Steve Timmel and Chris Prosser of Colliers represented the seller, Mills-Morgan Development Ltd. Ger Reb Realty LLC purchased the portfolio.

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BURBANK, CALIF. — The Switch has subleased 24,700 square feet of space at KCETLink’s facilities at The Pointe in Burbank. The Switch will serve as the outsourced provider of all broadcast origination, master control and technical services to KCET and Link TV. The outsourcing decision comes after KCETLink Media Group received $63 million in auction proceeds. The deal includes the acquisition of the master control assets, production (studio and remote) facilities and certain satellite transmission assets. JLL’s Carl Muhlstein and Nicole Mihalka represented KCETLink in the sublease.

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PHILADELPHIA — JLL’s Capital Markets team has secured $96 million in financing for a partnership between Taconic Capital Advisors and Cohen Equities. Provided by Deutsche Bank and Square Mile, the financing package will be used for the acquisition and rehabilitation of 801 Market Street, a 695,130-square-foot office tower in Philadelphia’s Market East submarket. Adam Schwartz, Aaron Appel, Jonathan Schwartz and Chad Orcutt of JLL arranged the financing for the borrowers.

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BETHESDA, MD. — AXA Investment Managers – Real Assets has acquired a majority stake in Montgomery Tower, a 367,000-square-foot office building in Bethesda, for $139.8 million. The firm acquired the interest from a joint venture between Rockpoint and MRP Realty, which will retain its ownership interest and continue to manage the property as AXA’s new joint venture partner. The 12-story, LEED Gold-certified building was constructed in 1980 and was recently renovated. Amenities include an updated lobby, breakout areas, conference center, 4,000-square-foot fitness center, modernized elevators, outdoor seating terrace, electric car charging stations and bike storage. Located six miles north of Washington, D.C., the asset is one block from the WMATA Bethesda Metro Station.

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STERLING HEIGHTS, MICH. — Bernard Financial Group has arranged a $2.9 million loan for the refinancing of a 37,321-square-foot office building in Sterling Heights. David Dismondy of Bernard Financial arranged the loan for the borrower, Roncelli Investment Co. LLC. General contractor Roncelli Inc. occupies the property, which is located at 6471 Metro Parkway. Symetra Life Insurance Co. provided the loan.

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CYPRESS, TEXAS — Ready Capital Structured Finance has closed a $4.7 million loan for the acquisition, renovation and stabilization of a 61,896-square-foot office building located in the Houston metro of Cypress. The non-recourse, interest-only loan features a 36-month term with two extension options. The undisclosed borrower will use a portion of the loan proceeds to renovate the lobby and bathrooms of the property, as well as to upgrade its landscaping.

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