Office

Lincoln Property Closes $3.5M Sale of Office, Industrial Building in Metro Atlanta

by Camren Skelton July 5, 2017

NORCROSS, GA. — Lincoln Property Co. has completed the $3.5 million sale of a 56,600-square-foot office and industrial building located at 4261 Communications Drive in Norcross, roughly 20 miles north of Atlanta. The property features 11,597 square feet of office and showroom space, as well as a 44,389-square-foot warehouse featuring 24-foot clear heights and drive-in, dock-high loading. Young Georgia Properties LLC acquired the asset, and Chip Sipple and Jeff Henson of Lincoln represented the seller, Flooring International Distribution Inc., in the transaction.

July 5, 2017

Industrial Office Texas

NAI Robert Lynn Negotiates 114,515 SF Office/Warehouse Lease in Garland

by Taylor Williams July 5, 2017

GARLAND, TEXAS — NAI Robert Lynn has negotiated an 114,515-square-foot office/warehouse lease at 3901 W. Miller Road in the Dallas metro of Garland. Stephen Cooper of NAI Robert Lynn represented the undisclosed landlord in the transaction. Ann Huntington of CBRE represented the tenant, Stonecrop Technologies LLC, a California-based communications deployment firm.

July 5, 2017

Arizona Office Western

Regent Properties Purchases Camelback Commons Office Campus in Phoenix for $66.4M

by Nellie Day July 5, 2017

PHOENIX — Regent Properties has purchased Camelback Commons, a 322,406-square-foot office campus in Phoenix, for $66.4 million. The Class A office property is located at 4722 and 4742 N. 24th St. It was built in 1986 and underwent a $4.5 million renovation in 2015. CBRE’s Barry Gabel and Chris Marchildon represented the seller, a joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing, in this transaction. CBRE Capital Market’s Debt & Structured Finance team secured the financing for the buyer. The firm has also been retained to lease the property.

July 5, 2017

California Office Western

Gold Acceptance Buys Santa Ana Office Building

by Nellie Day July 5, 2017

SANTA ANA, CALIF. — Gold Acceptance has purchased a 24,737-square-foot office building in Santa Ana for an undisclosed sum. The building is located at 555 N. Park Center. It was renovated in 2016. Gold Acceptance will occupy a portion of the building. The seller was Stream Realty Partners.

July 5, 2017

Colorado Loans Office Western

Gershman Mortgage Closes $6.5M Loan for Medical Office Building in Denver

by Nellie Day July 5, 2017

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.

July 5, 2017

Loans New York Northeast Office

Houlihan-Parnes Realtors Arranges $21.5M Loan for 278,788 SF Office Building in New Rochelle, N.Y.

by Amy Works July 5, 2017

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.

July 5, 2017

Office Texas

EDGE Brokers Sale of 7,580 SF Office Building in Richardson

by Taylor Williams June 30, 2017

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.

June 30, 2017

Northeast Office Rhode Island

Sweeney Real Estate Negotiates $2M Sale of Office Building in Cranston, Rhode Island

by Amy Works June 30, 2017

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.

June 30, 2017

Loans Midwest Office Ohio

NorthMarq Arranges $10.2M Loan for Refinancing of Office Property in Hamilton, Ohio

by Kristin Harlow June 30, 2017

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.

June 30, 2017

Office Texas Top Stories

Canada Pension Plan Investment Board to Acquire Parkway for $1.2B

by Kristin Harlow June 30, 2017

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. …

June 30, 2017

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