Office

Cushman & Wakefield Arranges Sale of Heritage Corporate Park in Elmsford, N.Y.

by Haisten Willis May 3, 2017

ELMSFORD, N.Y. — Cushman & Wakefield has arranged the sale of Heritage Corporate Park, a 100-percent occupied flex/office property in Elmsford. PAG Investments acquired the 155,033-square-foot asset from an entity controlled by RNY Property Trust. Located at 80 and 100 Grasslands Road, Heritage Corporate Park sits on 8.5 acres in Westchester County’s commercial and industrial corridor. A 67,454-square-foot flex building at 100 Grasslands Road features a three-bay loading dock, 24-foot clear height, and showroom and warehouse space. It is complemented by a three-story, 87,579-square-foot office building at 80 Grasslands Road. Amenities include parking, on-site cafeteria service and a yoga and fitness studio. The property has served as the headquarters location for Amscan Inc. for more than 20 years and also serves as home to several other tenants. Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin led the transaction.

May 3, 2017

California Office Western

Manchester Capital Management Buys Fine Arts Building in LA for $43M

by Nellie Day May 3, 2017

LOS ANGELES — Manchester Capital Management has purchased the Fine Arts Building, a 115,902-square-foot creative office building in downtown Los Angeles, for $43 million. The historic building is located at 811 W. 7th St. The Fine Arts Building was built in 1927 and renovated in 2016. It is 87.5 percent leased to tenants like WeWork, Pfeiffer Partners Architects, LTK Consulting Services, Hypothesis and SWA. NGKF’s Kevin Shannon, Ken White, Laura Stumm and Gibran Begum represented the buyer and seller, Sorgente Group of America, in this transaction.

May 3, 2017

Loans Office Washington Western

PSRS Provides $57M Loan for Seattle Office Property

by Nellie Day May 3, 2017

SEATTLE — PSRS has provided a $57 million loan for a 285,186-square-foot office building in the South Lake Union area of downtown Seattle. The building was constructed in 1929 and renovated in 1965. The asset has a mix of tenants, including a local newspaper as the anchor. The space also includes a data storage business. The 10-year, interest-only, cash-out loan was financed through a leading CMBS lender. The borrower is a large data center and office investor. PSRS’ Michael Thorp and Ryan Frankman secured the financing. The planned use of the capital was not disclosed.

May 3, 2017

California Office Western

Mariner Court Office Building in Torrance Sells for $24M

by Nellie Day May 3, 2017

TORRANCE, CALIF. — A private, locally based commercial real estate entity has acquired the 109,841-square-foot Mariner Court office building in Torrance for $24 million. The Class B building is located at 3625 Del Amo Blvd. Mariner Court is situated near the 405, 91 and 110 freeways, and near to Los Angeles International Airport. Derek Caldwell of Institutional Property Advisors represented the buyer, while the firm’s Michael Lawrence and David Black represented the seller, an Orange County-based private commercial real estate company.

May 3, 2017

Office Texas

Granite Properties Acquires 163,861 SF Office Building in North Dallas

by Taylor Williams May 2, 2017

DALLAS — Granite Properties has acquired a 163,861-square-foot, Class A office building located at 8235 Douglas Ave. in the University Park neighborhood of north Dallas. The 13-story building, which will be rebranded “The Douglas,” was built in 1980 and recently received $3 million in interior renovations and $1.5 million in system upgrades. Granite plans to develop a customer lounge and conference center that will feature a coffee bar, grab-and-go food service and a putting green. Transwestern Investment Group sold the property to Granite for an undisclosed price.

May 2, 2017

Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $57M Sale of ADP Building in Downtown Norfolk

by John Nelson May 2, 2017

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $57 million sale of The ADP Building, a 288,662-square-foot, Class A office building located at 2 Commercial Place in downtown Norfolk. ADP, a human resources management software firm, fully leases the building and has invested more than $32 million to establish the property as its “Small Business Headquarters.” The Hampton Roads Economic Development Authority calculates that ADP will generate $1 billion in economic activity each year for Virginia’s Hampton Roads region. The seller, developer Buddy Gadams of Marathon Development Group, also invested $16.5 million in capital improvements after acquiring the asset in 2016. An unnamed REIT based in Boston purchased The ADP Building. Eric Robison of Cushman & Wakefield | Thalhimer, along with Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, represented the seller in the transaction.

May 2, 2017

California Office Western

Douglas Emmett, QIA Buy Two Office Buildings in Santa Monica for $352.8M

by Nellie Day May 2, 2017

SANTA MONICA, CALIF. — A joint venture between Douglas Emmett and Qatar Investment Authority (QIA) has purchased two office buildings in Santa Monica for $352.8 million. The assets include a 206,000-square-foot building at 1299 Ocean Ave. and an 87,000-square-foot office building at 429 Santa Monica Blvd. The same consolidated joint venture also acquired 12100 and 233 Wilshire Blvd. in 2016. A portion of the purchase price was provided by a $142 million secured, non-recourse, interest-only loan to the joint venture that matures in July 2019 and bears interest at LIBOR plus 1.55 percent. Douglas Emmett provided 20 percent of the equity capital and manages the joint venture.

May 2, 2017

Loans New York Northeast Office

Houlihan-Parnes Secures $17.5M Loan for Office Property in Yorktown Heights, N.Y.

by Haisten Willis May 2, 2017

YORKTOWN HEIGHTS, N.Y. — James Houlihan of Houlihan-Parnes Realtors has secured a $17.5 million first mortgage for an office property located at 2649-2651 Strang Blvd. in Yorktown Heights. The current owners acquired the property in October 2014. The seven-year, fixed-rate loan features a 50 percent loan-to-value ratio and includes an option to extend for another five years. Elizabeth Smith of Goldberg, Weprin, Finkel, Goldstein LLP was the attorney representing the borrower at closing. The property includes two buildings consisting of 200,000 square feet along with 695 on-site parking spaces. Tenants include Putnam County Savings Bank, ENT & Allergy Associates, Mercy College and New York-Presbyterian Medical Group-Hudson Valley Hospital.

May 2, 2017

New Jersey Northeast Office

HFF Brokers Sale of 95,620 SF Office Building in Bridgewater, N.J.

by Haisten Willis May 2, 2017

BRIDGEWATER, N.J. — HFF has brokered the sale of 1125 Route 22, a 95,620-square-foot office building in Bridgewater. HFF marketed the property on behalf of the seller, KBS Realty Advisors, and procured the buyer, a partnership of Atkins Cos. and Capital Solutions. 1125 Route 22 is located along Route 22 West just off of Interstate 287. The property consists of two separate wings and is occupied by Bank of America and MidJersey Health Corp. The HFF investment sales team representing the seller included Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval.

May 2, 2017

Loans New York Northeast Office

Ariel Property Advisors Arranges $1.3M Loan Closing for Office Building in Hartsdale, N.Y.

by Haisten Willis May 2, 2017

HARTSDALE, N.Y. — Ariel Property Advisors has arranged a $1.3 million loan on an office property located at 210 N. Central Ave. in Hartsdale. Ariel arranged the 4.5-year recourse loan at 4.4 percent for the 17-unit, 46,000-square-foot office property. Situated near White Plains, the building — originally an elementary school — was owned free and clear by a family and leased to Empire State College as its anchor tenant. Currently 55 percent occupied, Ariel also negotiated the option for an additional $1.6 million in proceeds once the property reaches a predetermined occupancy threshold.

May 2, 2017

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