WESTLAKE, OHIO — Berkadia has secured $92 million in financing for the new headquarters of American Greetings Corp. in the Cleveland suburb of Westlake. The borrower was Ohio-based H&L Property Co. The 10-year loan, which Bank of America Merrill Lynch provided, features a 4.8 percent fixed interest rate, 65 percent loan-to-value ratio and 25-year amortization schedule. The new headquarters is located on a 13.5-acre property at One American Road in Crocker Park, a 1.2 million-square-foot mixed-use development in Westlake.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the acquisition of an office building located at 3330 Grand Ridge Drive NE in Grand Rapids. Redstone Homes, a West Michigan-based homebuilder, acquired the 4,800-square-foot building for an undisclosed sum. The buyer plans to consolidate its sales and operations offices at the property. Jeremy Veenstra of NAI Wisinski of West Michigan represented the buyer, while Anne Wisinski-Rosely and Joshua Jacobs, also of NAI Wisinski, represented the undisclosed seller in the transaction.
FORT WAYNE, IND. — Bradley Co. has arranged four leases for office and retail space in Fort Wayne. Kelly Castle of Bradley Co. represented the tenant in each transaction. Levitate LLC leased 2,709 square feet of office space at 803 S. Calhoun St.; Deck Factory LLC inked a deal for retail space at 1509 Goshen Road; Mad Anthony Investments LLC leased 2,393 square feet of retail space at 2701-2703 Broadway; and RITS Ltd. Brokers signed a lease for retail space at 6127 Stellhorn Road within Maplewood Plaza. The names of the landlords were not released.
NEW YORK CITY — Thor Equities has started the site work for Red Hoek Point, a 7.7-acre waterfront office campus located in Brooklyn’s Red Hook neighborhood. Designed by Foster + Partners, the project will feature two heavy timber buildings totaling 795,000 square feet of creative office space on three levels and 23,000 square feet of retail and restaurant space. Additionally, the design features 125,000-square-foot open floor plates. Additional amenities at the office campus will include a central open courtyard, a 1.8-acre green rooftop on each building, walking/meeting trails, bike valet, on-site underground parking and a kayak launch. The site is surrounded by water on three sides and offers clear views of the Statue of Liberty and Lower Manhattan.
NEW YORK CITY — SL Green Realty Corp. has broken ground on One Vanderbilt, a 58-story office tower located in Manhattan’s East Midtown business district. Designed by Kohn Pederson Fox Associates, tower will offer 1.7 million square feet of Class A office space. The project also includes $220 million of public improvements to Grand Central Terminal, which is adjacent to the tower. TD Bank is set to occupy 200,000 square feet of office and retail space at the property, upon its completion in 2020. Hines is serving as development manager and AECOM’s Tishman Construction is serving as construction manager.
VOORHEES, N.J. — An entity related to Interstate Commercial Real Estate Inc. has acquired Laurelwood Corporate Center, an office building located at Haddonfield-Berlin and Laurel Oak Road in Voorhees. Quaker Commercial Properties sold the property for $6.8 million. The building offers 81,577 square feet of Class A office space. Evan Zweben, Jeff Algatt and Brian Sherlock of Colliers arranged the transaction. Additionally, Colliers has been retained by the buyer as its leasing agent for the property.
PARKER, COLO. – An unnamed buyer has purchased a 6,406-square-foot mixed-use property in Parker for $1.3 million. The property is located at 18575 Stage Run Road. It consists of retail and office space. The new owner plans to relocate an existing hair salon to the center, as well as add a full-service spa. Construction is set to commence immediately for the new tenants. Mitch Trevey and Nick Nickerson of Trevey Land and Commercial represented the seller, Martinez Global International, in this transaction.
WARREN, N.J. — Deerwood Real Estate Capital has closed an $11 million non-recourse bridge loan for an office building located in Warren. The loan was funded at nearly 80 percent of the purchase price with an additional future funded amount of 100 percent of leasing cost and capital expenses. The 120,000-square-foot property is occupied by multiple tenants. Yaakov Leiser of Deerwood negotiated the loan for the undisclosed borrower.
AUSTIN, TEXAS — Mesa West Capital has provided KBS Realty Advisors with a $90.5 million first mortgage loan to recapitalize its all-cash acquisition of Stonebridge Plaza I & II, a 386,000-square-foot office campus in Austin. The five-year, floating-rate loan is secured by two nine-story office buildings and a seven-story parking garage at 9600 and 9606 N. MoPac Expressway. The property is situated at the intersection of Highways 183 and 360. Completed in 1999 and 2001, the two office buildings are 96.5 percent leased. Mesa West Capital originated the loan from its Mesa West Core Lending Fund, which provides first mortgage loans up to $300 million.
HOUSTON — Ziegler Cooper Architects and Basic Builders are renovating 5300 Memorial Drive, an 11-story, 153,000-square-foot office building in Houston. Built in 1983 and renovated in 1993, the building’s common areas, including its entry, ground floor lobby, elevator lobbies and cabs, corridors and restrooms will be remodeled and modernized. Improvements will include a new building monument sign, lobby coffee bar, hotel-grade restroom finishes and LED lighting in common areas. Owner Equus Capital Partners has retained Ziegler Cooper and Basic Builders as the design-build team on the project, which is slated for completion in the first quarter of 2017. 5300 Memorial is located in the Midtown submarket between Memorial Park and Buffalo Bayou Park. JLL’s Jessica Ochoa and Russell Hodges recently completed two lease renewals at 5300 Memorial on behalf of Equus Capital Partners. The Shanks Law Firm, represented by Morgan Relyea of Cushman & Wakefield, renewed an 8,463-square-foot lease, and A. Randall Camacho, represented by Lee & Associates’ Travis Taylor, renewed a 3,523-square-foot lease.