NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase 450 Park Avenue, a 33-story office building in Midtown Manhattan, for $445 million. The seller, Oxford Properties, is also a tenant in the 337,000-square-foot building, which was originally designed by Emery Roth & Sons. Other office users include Banco Bradesco and BDT Capital Partners, and the retail space will soon house a showroom for luxury automaker Aston Martin. Darcy Stacom, William Shanahan and Doug Middleton of CBRE brokered the deal, which is expected to close in the second quarter.
SAN CARLOS, CALIF. — Square Mile Capital Management has originated a $118 million loan to finance the development of 777 Industrial Road, a planned R&D and life sciences lab building in the Bay Area city of San Carlos. The borrower is a partnership managed by Presidio Bay Ventures, which purchased the former car dealership site in 2020. The project team plans to develop a four-story, 150,000-square-foot, Class A building on top of an existing parking podium at the site. The property will feature lab buildouts, a fitness center with full locker rooms, a 4,000-square-foot rooftop deck and ample outdoor seating. Jeff Wilcox of Gantry arranged the financing.
JACKSONVILLE, FLA. — Kansas City-based VanTrust Real Estate LLC has broken ground on three industrial buildings at its Imeson Park South property in Jacksonville totaling approximately 1.7 million square feet. The three projects currently underway include a 200,000-square-foot build-to-suit building, one 547,200-square-foot speculative building on approximately 33 acres and a 1 million-square-foot building on about 63 acres. Building amenities at both speculative buildings include ample automobile, dock and trailer parking. Construction on all three buildings is expected to be complete by the second quarter of 2023. Located at 1511 Zoo Parkway, the property is situated 10.5 miles from Jacksonville International Airport and 3.1 miles from the Jacksonville Zoo. VanTrust purchased the 196-acre Imeson Park South property in October 2021.
NEW YORK CITY — Chase Bank has provided a $60.8 million loan for the refinancing of a portfolio of seven light industrial properties totaling 199,457 square feet in New York City. Three of the properties are located in Brooklyn; two are in Queens, and two are in The Bronx. The Class B properties offer clear heights ranging from 16 to 28 feet, 20 loading positions, some office finish and ample parking. The portfolio was fully leased to eight tenants at the time of the loan closing. Greg Nalbandian, Jim Cadranell, Michael Lachs and Alex Staikos of JLL arranged the 10-year, nonrecourse loan, which carried a fixed interest rate, on behalf of the borrower, metro Philadelphia-based Seagis Property Group.
CHAMPIONSGATE, FLA. — Grandbridge Real Estate Capital has negotiated the sale of Merrill Gardens at ChampionsGate, a 223-unit seniors living campus in ChampionsGate, approximately 25 miles southwest of downtown Orlando. David Kliewer and Jay Jordan of Charlotte-based Grandbridge facilitated the $45 million sale to funds managed by Fortress Investment Group, which has tapped Watermark Retirement Communities to manage the property. The new owner also changed the property’s name to The Glades at ChampionsGate. Built in 2017, the community offers 114 independent living, 73 assisted living and 36 memory care units. Following challenges in meeting the operating covenants of the bond structure, in July 2021 a court order appointed William King of WK Financial as receiver.
RENTON, WASH. — Innovatus Capital Partners has purchased Triton Towers, a trio of seven-story office buildings in Renton. Terms of the transaction were not disclosed. Triton Towers features more than 400,000 square feet of Class A office space. At the time of sale, Tower Three was fully occupied, Tower One had 24,413 rentable square feet available, and Tower Two had 48,650 rentable square feet available. The property offers two conference centers, an exercise facility with showers and lockers, outdoor picnic areas, a full-time day porter service, bike storage and free surface parking. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services for the asset.
SHORELINE, WASH. — CBRE has secured an $85.5 million construction loan for the development of Ion, a 252-unit apartment community in Shoreline. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s Capital Markets Debt & Structured Finance team arranged the loan for AAA Management, the developer. Located at 345 NE 149th St., Ion will feature seven stories of residential space above three levels of subterranean parking with 241 parking spaces. Tenant amenities will include a fitness facility, rooftop deck and bike storage. Completion is slated for April 2024, with an opening scheduled for July 15, 2024.
VACAVILLE, CALIF. — Nella Holdings and Tower Investments, two local family-owned companies, have acquired Nut Tree Plaza in Vacaville. A partnership managed by Dallas-based Dunhill Partners sold the asset for $124.5 million. Located at 1621 E. Monte Vista Ave, the 371,114-square-foot Nut Tree Plaza features 68 retail stores, 17 restaurants and outdoor attractions, including a kiddie train. Current tenants include Nordstrom Rack, ULTA Beauty, Best Buy, PetSmart, Five Below, Cost Plus World Market, HomeGoods, Old Navy, Buffalo Wild Wings, Michaels, Bevmo!, Panera Bread, Peet’s Coffee, See’s Candies, Jelly Belly Candy Store and Jamba Juice. At the time of sale, the property was 96 percent occupied. Dunhill Partners will provide property management services for the retail center. Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Dallas-based Dunhill Partners, while DCA Partners facilitated the relationship between the buyers. Citibank and Wells Fargo financed the transaction.
LAS VEGAS — RealComm Advisors has arranged the sale of an industrial property located at 4750 W. Sunset Road in Las Vegas. Oulette DS acquired the 42,000-square-foot building for $10.7 million. Greg Pancirov and Paul Hoyt of RealComm handled the transaction.
MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. (CRC) has purchased Sweetgrass Corner, a nearly 90,000-square-foot neighborhood shopping center in Mount Pleasant. New Market Properties, a subsidiary of Atlanta-based Preferred Apartment Communities Inc, sold the property for $17 million. The buyer purchased the property on behalf of Continental Realty Fund V L.P., and a co-investment vehicle related to Fund V, which are both managed by CRC. Built in 1999, Sweetgrass Corner features 13 tenants offering a mix of medical and personal care services, as well as sit-down and fast-casual restaurants. The site was formerly anchored by a BI-LO supermarket that was shuttered as part of a strategic decision by its parent company in 2019. Located at 1909 N Highway 17, the center is adjacent to Mount Pleasant Towne Centre, a 510,000-square-foot regional shopping venue acquired by CRC in 2020. The property is also situated on approximately 10 acres between North Highway 17 and Hungry Neck Boulevard.