LANGHORNE, PA. — Viking Partners Fund III LLC has purchased the Bucks Town Corporate Center, a 142,000-square-foot, five-building office park in Langhorne. The price was undisclosed. Located at the intersection of Middletown Blvd. and Town Center Drive, the office park is adjacent to the Oxford Valley Mall. The seller was undisclosed. Colliers International has been assigned the leasing for Bucks Town Corporate Center.
MONTVALE, N.J. — Northeast Capital Group has acquired a 93,916-square-foot office property in Montvale for $9.9 million. Located at 3 Paragon Drive, the property is currently 96 percent leased to two tenants, Pentax of America and Turner Construction Co. The property is on a nine-acre site. Michael Klein and Porter Terry of HFF represented Northeast Capital Group in securing acquisition financing through Valley National Bank. The seller was undisclosed.
MALDEN, MASS. — Cornerstone Realty Capital has arranged the $3.4 million refinancing for a two-property portfolio in Malden. The two properties include a nine-unit apartment building and a two-story industrial building on Maplewood Street. The industrial facility was renovated in 2004 and includes seven commercial units. Andrew Saccone of Cornerstone secured the fixed-rate financing on behalf of an undisclosed borrower. Terms of the financing included an interest-only payment period followed by a 25-year amortization schedule. The lender was undisclosed.
DETROIT — Google has opened its first Detroit office at The District Detroit, which is linked to Little Caesars Arena. Approximately 100 employees will work out of the 30,000-square-foot, two-floor office, which is located at 52 E. Henry St. Designed by Detroit-based architecture firm SmithGroup, the office features interior décor showcasing the history and landmarks of the Motor City. The space also includes workout amenities and kitchens. Google will join the Detroit Red Wings, Olympia Entertainment and 313 Presents as tenants in the office space adjacent to the arena. More than 600 employees work for Google in the state of Michigan. The District Detroit is a $1.4 billion project undertaken by Olympia Development.
NOVI AND WEST BLOOMFIELD TOWNSHIP, MICH. — Greystone has provided a total of $46.5 million for the refinancing of two multifamily properties in suburban Detroit. Fred Levine of Greystone originated both Fannie Mae loans on behalf of the borrower, Singh Development Co. A $27 million, 10-year loan will be used to refinance Main Street Village Phase II in Novi. Built in 2003, the community features 148 garden-style units as well as a pool, spa, fitness center, playground, clubhouse and business center. A $19.5 million loan will be used to refinance Brandywine Apartments in West Bloomfield Township. Built in 2002, the 121-unit community features the same amenities as Main Street Village. For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.
EDWARDSVILLE, ILL. — Holland Construction Services has broken ground on a $34 million apartment community known as Whispering Heights in Edwardsville, located near St. Louis. Fireside Financial is the developer. The community will feature two six-story buildings with a total of 153 luxury units. The development will also include 18,000 square feet of retail and restaurant space. Additional features include a fitness center, business center and rooftop amenity deck with grilling stations, fire pits and a bar area. Completion is slated for fall 2019. Gray Design Group is the project architect. David Garfinkel of NorthMarq Capital arranged a $21.8 million construction loan for the project through Illinois National Bank.
CHICAGO — Skender is underway with the interior construction of the future 40,000-square-foot headquarters for Vital Proteins, a retailer of health supplement products. The company is assuming full occupancy of the four-story building at 939 W. Fulton St. and relocating 130 employees from its current office at 1201 W. Washington Blvd. The company’s new space will include open office workstation areas as well as private offices and conference rooms, two reception areas and a large café. The interior design will retain the historic building’s high ceilings, exposed brick walls and wood floors. Completion is slated for July 2019. SCB and JLL are project partners.
GREEN BAY, WIS. — Mag Mile Capital has arranged a $1.6 million loan for the refinancing of a 12,900-square-foot retail property at 2066 Central Drive in Green Bay. Aveda Salon is one of the tenants. Mac Dobson of Mag Mile Capital arranged the five-year loan on behalf of the private borrower, Michael Nass. The loan features a 5.45 percent rate and a 25-year amortization schedule. The borrower plans to use the funds to refinance a maturing loan and buy out a partner in the property. The lender was not disclosed.
TORONTO — Starlight Investments, a Toronto-based investment and asset management firm, has received $800.4 million in refinancing for 23 of its multifamily properties in the United States. The portfolio of Class A assets totals 7,289 units across eight states. Specific markets in which the properties are located include Atlanta, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa. The average year of construction for the portfolio is 2012 and the average overall occupancy rate is 93 percent. The names of the properties were not disclosed. The financing package was originated as a Freddie Mac structured pool transaction, with five-, six- and seven-year loan terms and a mix of fixed and floating interest rates. Approximately half the units were financed under Freddie Mac’s Green Advantage program, which is available to borrowers that implement energy- and water-saving features to their multifamily properties. Matt Kafka, Campbell Roche and Matthew Williamson, Tolu Akindele and Wilson Bauer of HFF placed and serviced the financing on behalf of Starlight Investments and its closed-end fund, Starlight U.S. Multi-Family (No. 5) Core Fund. “Given the high-performing nature of the assets and diversity of the income stream, Freddie Mac’s Structured Solutions Group was able …
Louisville’s office landscape can be described as a tale of two distinct submarkets woven together by a common thread of consistency. In the central business district (CBD), Class A vacancy rate stands at approximately 13 percent while the suburban Class A vacancy rate hovers around 8.5 percent. As can be noted, there is a substantial gap in occupancy between the two submarkets — 450 basis points. The thread of consistency in the Louisville office market lies in the fact that both are within 100 basis points of those vacancy rates for the same quarter of last year. The suburban office market continues to see healthy rental rate increases driven by the low rate of delivery for new product, coupled with consistently lower vacancy rates. Newer projects are advertising rates in the range of $24 to $28 per square foot, while second-generation, Class A product has quoted rates in the high teens and low 20s. Many companies such as Thornton Oil, BrightSpring Health Services (formerly ResCare) and V-Soft have chosen to grow their headquarters presence in Louisville, which is helping maintain stability in the suburban market. As in most markets, Class B and C product continues to struggle as functional obsolescence, …