JERSEY CITY, N.J. — New York Life Real Estate Investors, on behalf of Dividend Capital Diversified Property Fund Inc., has originated a $146.6 million loan for an office building located at 3 Second St. in Jersey City. The floating-rate loan has an initial term of three years with two one-year extensions.
AUSTIN, TEXAS — CSW Development has completed the disposition of an office property located at 2711 W. Anderson Lane in Austin. Paydar Properties Inc. acquired the two-story, 29,000-square-foot property for an undisclosed price. The buyer plans to redevelop the property into 27 Eleven, a mid-rise multifamily and mixed-use development in the near future. Scott LaMontagne and Michael Gonzalez of JLL represented the seller in the deal.
PLANO, TEXAS — Colliers International has arranged the sale of Parkway Commons, an office building located at 5068 W. Plano Parkway in Plano. CapRocq acquired the three-story building for $13.6 million. At the time of sale, the 101,289-square-foot property was 89 percent leased to a variety of tenants, including Farmers Insurance, Qualitest and Kenny’s Restaurant Group. John Bowles, Bruce Butler and Susan Gwin Burks of Colliers represented the undisclosed seller, while Kevin Huchingson and Isaac Smith of Colliers represented the buyer in the transaction.
MIDLAND, MICH. — Westwood Net Lease Advisors has brokered the sale of an office building in Midland, about 27 miles east of Mt. Pleasant, for $92.6 million. The building serves as the headquarters for Dow Chemical Co., a manufacturer of plastics, chemicals and agricultural products. David Clary of Stan Johnson Co. represented the seller, Wells Fargo. Vince Vatterott and Jason Simon of Westwood Net Lease Advisors represented the buyer, a Northeast-based real estate investor. The transaction was completed as a 1031 exchange.
DEERFIELD, ILL. — Transwestern has arranged the sale of a three-story office building in Deerfield for $10 million. The 120,000-square-foot building is located at 155 N. Pfingsten Road. The property is 90 percent leased by 12 tenants and is anchored by NCH Marketing Services. Gary Nussbaum, Michelle Monhaut and Paige Gunn represented the seller, Colony Realty Partners. Brad Nichol of Boxer Property led the transaction on Boxer’s behalf. The company plans to upgrade building systems and add on-site tenant amenities.
ALPHARETTA, GA. — G&C Mansell Investors LLC, an affiliate of South Florida-based investment firm Grover Corlew, has purchased five office buildings within Mansell Court at Mansell Overlook in Alpharetta for $12.3 million. The portfolio originally sold in 2007 for $22 million. Totaling nearly 190,000 square feet, the office buildings were a combined 77 percent leased at the time of sale. The new ownership plans to invest $1 million in significant upgrades to the brick office buildings, which were constructed in 1987. Grover Corlew has awarded Heather Lamb of CBRE the leasing assignment for all five buildings.
NEWARK, N.J. — Cohen Financial has closed a $42 million loan for the refinancing of Centre Market Building in downtown Newark. Built in the 1960s, the building features 393,343 square feet of office space. The U.S. Customs and Border Protection, U.S. Drug Enforcement Agency and U.S. Social Security Administration occupy 90 percent of the building. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate, 10-year CMBS loan for the borrower, an affiliate of Kaufman Jacobs.
AUGUSTA, MAINE — FD Stonewater has been awarded the exclusive rights to negotiate a 30-year lease contract with the State of Maine Bureau of General Services to acquire and redevelop the Maine Department of Transportation facility located at 109 Capitol St. in Augusta. Situated on 9.2 acres, the property features eight connecting buildings and other out-buildings. FD Stonewater plans to demolish the existing structures and construct an 89,000-square-foot facility for the Department of Health & Human Services. Construction is slated to begin in mid-2017. Alexandria, Va.-based HGS Architects and Maine-based Mark Mueller Architects are providing architectural services and Landry/French is serving as general contractor for the project.
BETHLEHEM, PA. — Berger-Epstein Associates has arranged an office lease at 2820-2830 Emrick Blvd. in Bethlehem. United Electric Supply Co. will occupy 8,180 square feet of office space at the property. Founded in 1965, United Electric Supply Co. is a general-line distributor of electrical supplies to local industrial, commercial and construction customers. Jonathan Epstein of Berger-Epstein Associates represented the undisclosed landlord in the deal.
BRENTWOOD, TENN. — Avison Young has arranged the $20.9 million sale of Horizon Center, a four-story, Class A office building located at 9020 Overlook Blvd. in Brentwood, a suburb of Nashville. Chicago-based TRP Investments LLC purchased the 104,899-square-foot building. Built in 1999, Horizon Center was fully leased at the time of sale to tenants such as OnLife (Blue Cross Blue Shield), Cross Country Education and Aerotek. Terry Smith, Dick Fleming, Ben Burns and Henry Trost of Avison Young represented TRP Investments in the transaction. TRP has retained Avison Young to lease and manage the property.