Office

Velocis, CREC Acquire Office Tower in West Palm Beach for $42.3M

by Camren Skelton July 24, 2017

WEST PALM BEACH, FLA. — Velocis, in a joint venture with CREC, has acquired One Clearlake Centre, a Class A, 218,461-square-foot office building in West Palm Beach. The sales price was not disclosed, but The Real Deal reports AEW Capital Management sold the asset for $42.3 million. Christian Lee and José Antonio Lobón of CBRE represented the seller in the transaction, and Amy Julian of CBRE represented Velocis and CREC in financing the asset. Constructed in 1986, the 18-story tower is connected to a five-story, 662-space parking garage and is LEED Silver-certified. The joint venture plans to renovate the property, focusing on upgrading the lobby, corridors and bathrooms. A tenant lounge, conference center and multiple spec suites will also be created.

July 24, 2017

Florida Office Southeast

Institutional Property Advisors Arranges $38.9M Sale of Office Building in Boca Raton

by Camren Skelton July 24, 2017

BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $38.9 million sale of 301 Yamato, a 206,946-square-foot, four-story office building in Boca Raton. Douglas Mandel, Todd Everett and Jason Carros of IPA represented the undisclosed seller in the transaction. Mandel and Everett also procured the undisclosed buyer. Eric Fixler of IPA Capital Markets secured $29.5 million in debt on behalf of the buyer. Constructed in 1987, 301 Yamato features an atrium with glass curtain walls, indoor and outdoor water elements and an air-conditioned bridge that connects to a five-story parking garage.

July 24, 2017

Office Texas

Koontz Breaks Ground on 10-Acre Office Project in Metro San Antonio

by Taylor Williams July 24, 2017

NEW BRAUNFELS, TEXAS — San Antonio-based developer Koontz Corp. has broken ground on a 10-acre office project within Sundance Business Park in New Braunfels. The two-phase project will deliver approximately 120,000 square feet of office space, with Phase I targeting an April 2018 completion. The company is also developing a 313-unit multifamily property located across the street.

July 24, 2017

Georgia Office Southeast

JGRE/CORFAC International Sells Office Building in Buckhead for $20M

by Camren Skelton July 21, 2017

ATLANTA — Joel & Granot Real Estate/CORFAC International (JGRE) has sold a 108,000-square-foot office building located at 550 Pharr Road in Atlanta’s Buckhead district. The property is situated at the northwest corner of Pharr and Piedmont roads. Alan Joel and Dan Granot of JGRE represented 550 Buckhead LLC, an entity made up of JGRE, its Dallas-based mezzanine partner Rainer and other investors, internally in the sale to Charlotte-based Stone Street Capital. JGRE and Rainer originally acquired the office building when it was vacant in 2013.

July 21, 2017

Office South Carolina Southeast

NAI Avant Brokers $11.3M Sale of Office Building in North Charleston

by Camren Skelton July 21, 2017

NORTH CHARLESTON, S.C. — NAI Avant has arranged the $11.3 million sale of 4221 Faber Place Drive, a 48,000-square-foot, Class A pharmaceutical manufacturing and testing facility located within the Faber Place Executive Park in North Charleston. Dexter Rumsey of NAI Avant represented the buyer, JEMA I LLC, in the transaction. CBRE’s Charlie Carmody represented the seller, The Medical University of South Carolina. At the time of sale, the building was leased long-term to a pharmaceutical testing company.

July 21, 2017

Loans Office Texas

Billingsley Receives $110M in Refinancing for Seven-Building Office Portfolio in Metro Dallas

by Taylor Williams July 21, 2017

PLANO AND CARROLLTON, TEXAS — Dallas-based development firm Billingsley Co. has received $110 million in refinancing for a seven-building, 801,153-square-foot portfolio of office properties located within the 50-acre International Business Park in Plano and Carrollton. Built between 1997 and 2001, the buildings are 87 percent leased. Trey Morsbach and Jim Curtin of HFF arranged the three-year, floating-rate loan through Ares Commercial Real Estate Corp.

July 21, 2017

California Office Western

Cypress Equity Investments Acquires Commercial Property in Santa Monica

by Nellie Day July 21, 2017

SANTA MONICA, CALIF. — Cypress Equity Investments has purchased a commercial property located at 3223 Wilshire Blvd. in Santa Monica. Satnam Investments sold the property for an undisclosed price. The property is comprised of two parcels, including a two-story, 11,730-square-foot building. The parcels are zoned mixed-use, allowing for a range of redevelopment opportunities. Mitchell Stokes of Madison Partners represented the seller and buyer in the deal.

July 21, 2017

Loans Michigan Midwest Office

Bernard Financial Arranges $11.2M Refinancing Loan for Office Building in Auburn Hills, Michigan

by Kristin Harlow July 21, 2017

AUBURN HILLS, MICH. — Bernard Financial Group has arranged an $11.2 million loan for the refinancing of a 137,994-square-foot office building in Auburn Hills. Multiple tenants occupy the building, located at 691 N. Squirrel Road. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the CMBS loan on behalf of Auburn Newco LLC.

July 21, 2017

Midwest Missouri Office

SVN/Infinity Commercial Group Negotiates $5.3M Sale of Office Property in St. Louis

by Kristin Harlow July 21, 2017

ST. LOUIS — SVN/Infinity Commercial Group has negotiated the sale of a 105,800-square-foot office and warehouse property in St. Louis for $5.3 million. The building sits on 5.4 acres and is located at 1325 N. Warson Road. Mark Zvibleman of SVN/Infinity Commercial Group represented the seller, North Warson Associates. Tom Schenk represented the buyers, White Warson 1 LLC and WFLP LLC.

July 21, 2017

New Jersey Northeast Office

NAI Hanson Arranges Sale of 4,500 SF Office Building in Ridgefield Park, New Jersey

by Amy Works July 20, 2017

RIDGEFIELD PARK, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 158 Bergen Turnpike in Ridgefield Park. Wooti Realty LLC sold the 4,500-square-foot building to 158 Bergen Owners LLC for an undisclosed price. The buyer plans to relocate its fire and security systems sales business from Brooklyn to the new site. Anthony Cassano of NAI Hanson represented the seller, while Marcus & Millichap represented the buyer in the transaction.

July 20, 2017

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