WASHINGTON, D.C. — Paramount Group Inc. has completed the sale of 425 Eye Street, an office building located in the NoMa submarket of Washington, D.C. Saban Real Estate acquired the seven-story property for $157 million. As of June 30, 425 Eye was 98.7 percent leased with weighted average in-place gross annualized rents of $46.16 per square foot. The U.S. government leases 90 percent of the office space at the 372,552-square-foot building. Jim Meisel of HFF represented the seller in the transaction. Cary Abod led the HFF team in securing acquisition financing through EagleBank. Additionally, Paramount has completed the previously announced sale of 2099 Pennsylvania Avenue in Washington, D.C., for $220 million.
MIAMI — University Bridge GP — a partnership between Global City Development, RER Ventures and Podium Developments — has closed on a $231 million bond issuance for University Bridge Residences, an 886-unit student housing community currently under construction near Florida International University (FIU) in Miami. The joint venture is billing the project as Miami’s first student condos. The bond represents the largest financing of its kind for an off-campus student housing building in the U.S., according to a release by the joint venture. The funding will provide $50 million in scholarships over 40 years to Florida International University. As per the terms of the agreement, FIU will also take ownership of the building upon the completion of bond payments in 2058. The community is set to open in fall 2020 and will offer fully furnished units with bed-to-bath parity, as well as a pedestrian bridge to FIU’s campus. Shared amenities will include a resort-style pool, cabanas, barbecue and dining areas, a sun deck with day beds, fitness center, yoga lawn, lounge and game room and a business center. The property will also be home to 7,000 square feet of ground-floor retail. The project was designed by Arquitectonica and will be …
WEST PALM BEACH, FLA. — RedSky Capital and JZ Capital Partners have received $115 million in financing for Esperanté Corporate Center, a 20-story office tower located at 222 Lakeview Ave. in downtown West Palm Beach. Chris Drew, Hermen Rodriguez and Maxx Carney of HFF arranged the fixed-rate senior loan through Apollo Global Management, on behalf of a managed account, and a fixed-rate mezzanine loan through a life insurance company. Situated near Royal Park Bridge over Lake Worth Lagoon, the 255,984-square-foot Esperanté Corporate Center was renovated in the first quarter of 2018. The tower’s current tenants include Bank of America, Holland & Knight and Chatham Lodging Trust.
MIDLOTHIAN, VA. — Berkadia has arranged $36 million in financing for Westchester Apartments, a garden-style multifamily property under construction in Midlothian, about 15 miles west of Richmond. Costa Canavos and Amy Gay of Berkadia’s Richmond office secured the loan through the Virginia Housing Development Authority. The 20-month, interest-only construction loan converts to an amortizing 30-year permanent loan. Located on Perimeter Drive, the property will feature 238 apartment units and offer access to Route 288 and Westchester Commons.
SEACAUCUS, N.J. — CBRE has arranged the $34.2 million sale of One Harmon Plaza in Secaucus. The 192,089-square-foot office building is currently 95 percent leased. Samuel Bernhaut and Robert L’Abbate of CBRE represented the seller, a joint venture between Mountain Development Corp. and PCCP LLC. The buyer was ZI One Harmon Plaza LLC. The joint venture has made significant upgrades since purchasing the office building in 2014, including the renovation of the lobby and the addition of a new conference center, cafeteria and fitness facility.
HAVERTOWN, PA. — HFF has negotiated the sale of the Crozer-Keystone Medical Office and Surgery Center, a 68,737-square-foot building in Havertown. The sales price was undisclosed. Located at 2010 and 2050 West Chester Pike, the medical office building is 92.5 percent leased and is anchored by Crozer-Keystone Health System. Havertown is approximately 10 miles northwest of Philadelphia. HFF represented the undisclosed seller in the transaction. The buyer was Anchor Health Properties.
DALLAS — Southern California-based Cohen Asset Management Inc. has acquired two industrial assets totaling approximately 1.3 million square feet within Pinnacle Industrial Park in Dallas. The first property, a 1 million-square-foot bulk distribution building, features 178 exterior docks, six drive-in doors and 32-foot ceiling heights. The second property, a 327,600-square-foot warehouse, includes 62 exterior docks, three drive-in doors and 30-foot ceiling heights. Both assets were built in 2001. Steve Rowland of Transwestern represented Cohen in the acquisition from an undisclosed seller.
ARLINGTON, TEXAS — CBRE has negotiated the sale of Bardin Place, a 420,550-square-foot retail center located just south of Interstate 20 in Arlington. The center was 99.8 percent leased at the time of sale to tenants such as WinCo Foods, Hobby Lobby, Ross Dress for Less and Dollar Tree. Dallas-based Vista Property Co. purchased the asset from Brixmor Property Group for an undisclosed price. Chris Gerard, Chris Cozby and Blaine Dozier of CBRE represented the seller in the transaction.
LEWISVILLE, TEXAS — Bright Realty LLC has received $16.7 million in preferred equity for the construction of The Realm at Castle Hills Office, a 235,000-square-foot project being developed in the northern Dallas metro of Lewisville. Canyon Partners Real Estate LLC provided the funds and has entered into a joint venture with Bright Realty, a real estate development firm based in Lewisville. The nine-story building, which will include ground-floor retail space, is part of the first commercial phase of development of Castle Hills, a residential and golf course community established by Bright Realty in 1997. Construction of the office building is expected to be complete by the end of 2019. Colliers International is handling leasing of the office space.
BREINIGSVILLE, PA. — Marcus & Millichap has brokered the $9.7 million sale of the Holiday Inn Allentown I-78 (Lehigh Valley), a 175-room hotel in Breinigsville. The three-story property is located approximately 11 miles southwest of Allentown. Jerry Swon, Tim McCaffrey, Dan Zagoria and Brian Whelan of Marcus & Millichap represented the seller, Meyer Jabara Hotels, in the transaction. A local buyer purchased the property.