SAN DIEGO — Ready Capital Structured Finance has provided $7.3 million in financing for a 33,191-square-foot office building in the San Diego submarket of Bankers Hill. The loan will be used to refinance, renovate and stabilize the property, the former Daily Transcript Building. The sponsor plans to fully renovate the property by creating open floor plans to target creative office users, which will include usable rooftop access for all tenants. The non-recourse, interest-only loan features a two-year term and one-year extension option with flexible pre-payment. The pre-payment includes a facility to provide for the future funding of interest and carry, capital expenditures, tenant improvements and leasing commissions.
ROSELAND, N.J. — M&T Bank has closed a $44 million loan for affiliates of Mountain Development and Square Mile Capital Management to complete building renovations and tenant improvements for an office building located at 56 Livingston Ave. in Roseland. Improvements for the 434,000-square-foot building include interior tenant space design work, a new and larger fitness center, a redesigned cafeteria and construction of an exterior lounge. Current tenants include Lowenstein Sandler, Connell Foley and Brown & Brown.
NEWARK, N.J. — SJP Properties and Matrix Development have completed the sale of Two Riverfront Plaza, a 12-story office building located in Newark. An international entity advised by Arch Street Capital Advisors acquired the property for an undisclosed price. The 337,500-square-foot property is fully leased to Panasonic Corp. of North America on a long-term lease. The building was developed in 2013 as Panasonic’s U.S. headquarters. Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE’s East Brunswick, N.J., office, represented the sellers in the deal.
GREENWICH, CONN. — RHYS has arranged the sale of an office building located at 115 E. Putnam Ave. in downtown Greenwich. The Helen M. deKay Trust sold the property to 115 East Putnam Avenue LLC for $18.5 million. The 1.3-acre property, which is subject to a long-term ground lease, traded for more than $14 million per acre. The three-story building features 37,678 square feet of office space and 115 parking spaces. Cory Gubner and Christian Bangert of RHYS represented the seller, while Stephen Westerberg of Newmark Grubb Knight Frank represented the buyer in the transaction.
Downtown Indianapolis is already feeling the impact of Salesforce.com Inc.’s recent decision to lease more than 220,000 square feet for a new regional headquarters in the state’s tallest office building, located at 111 Monument Circle. The firm’s $40 million investment over 10 years includes expansion plans for its regional headquarters as well as changing the name of the 48-story office tower from Chase Tower to Salesforce Tower Indianapolis. This will be one of only four towers in the world that bear the Salesforce name — the others are located in New York, London and San Francisco. Salesforce.com, a publicly traded company (NYSE: CRM), is a business software provider best known for applications that help salespeople track customer contacts and marketers plan campaigns, according to The Wall Street Journal. The San Francisco-based tech company currently has 1,400 employees in Indianapolis and plans to hire 800 new employees over the next five years. The company is expected to move into the tower in early 2017. The firm currently leases space in three other buildings downtown. This speaks volumes about Indianapolis’ efforts to become the Midwest hub for technology. While Salesforce is one of Indianapolis’ largest technology employers, nearly 100 tech companies are …
CHICAGO — Colliers International has brokered the lease of 18,132 square feet of office space for Aeris in Chicago. The Santa Clara, Calif.-based technology company has expanded to the Chicago location at 435 N. LaSalle St. The 50,000-square-foot building was originally constructed in 1906. Elmdale Partners has completed renovation of the building. Corby Marx and Evan Djikas of Colliers International represented Aeris in the transaction. Andrea Saewitz and Benjamin Cleveland of Cushman & Wakefield represented property ownership.
ITASCA, ILL. — Bradford Allen Realty Services has negotiated a lease expansion and extension for Ajinomoto in Itasca, approximately 27 miles northwest of Chicago. The Japanese food and chemical corporation will be leasing an additional 7,159 square feet at 1300 N. Arlington Heights Road, where the company currently occupies 13,476 square feet. The 108,000-square-foot, Class A building is part of the Hamilton Lakes Office Park. Ajinomoto will take occupancy of the additional space in February 2017. Craig Nadborne of Bradford Allen completed the lease transaction.
HOUSTON — Gemini BP LP has acquired Gemini Business Park, an office and warehouse park located at 902-930 Gemini St. in Houston. Situated on 8.5 acres, the park comprises three building totaling 142,315 square feet of leasable space. The multi-tenant park features a combination of dock-high and ground-level loading. At the time of closing, the industrial park was 97 percent leased and has since been 100 percent leased. Fred Ghabriel of Bejjani & Associates represented the buyer, while Preston Yaggi, Steve Kuper and Ryan Searle of Lee & Associates represented the undisclosed seller.
NEW CANAAN, CONN. — RHYS has facilitated the sale of an office building located at 65 Locust Ave. in New Canaan. Morina Associates LLC acquired the property from 65 Locust Avenue LLC for $11 million, or $395 per square foot. At the time of sale, the 27,843-square-foot property was fully leased. Cory Gubner and Christian Bangert of RHYS represented the seller, while Bashkim Osmani of B&A Brokers Corp. represented the buyer in the deal.
STRATFORD, CONN. — Avison Young has brokered the sale of Temple Court Medical Building, an office building located at 2590 Main St. in Stratford. Catherine J. Gong sold the three-story, 16,000-square-foot property to TimberRidge Associates for an undisclosed price. Neurological Specialists occupies the entire second floor of the property on a long-term lease. Eva Kornreich of Avison Young represented the seller, while the buyer had in-house representation.