SPRINGBORO, OHIO — NorthMarq Capital has arranged a $4.3 million loan for the refinancing of South Pioneer Industrial, a 131,000-square-foot industrial building in Springboro. MCM Electronics occupies the facility, which is located at 405 S. Pioneer Blvd. Noah Juran of NorthMarq arranged the five-year loan, which features a 25-year amortization schedule. A local bank provided the loan.
SAN JOSE, CALIF. — Mori Trust Co. Ltd. has acquired three office buildings totaling 603,666 square feet in San Jose through its subsidiary MORI America LLC. The purchase price was not disclosed, but The Mercury News reports the portfolio sold for $429 million. The properties are situated on approximately 9.7 acres and are fully leased to Idaho-based computer chip giant Micron Technology. The area is expected to undergo further development under San Jose’s master plan for urban development. Located on Holger Way, the buildings are LEED Gold certified. All three properties, built in 2010, are fully occupied. One of the buildings rises four floors, while the other two are seven floors. The sale also includes a 1,687-space parking garage. The seller on the transaction was Lane Partners, which acquired the campus for $225.5 million in 2017, according to The Mercury News report. The Mori Trust Group is a Japan-based owner and developer with a focus on real estate, hotel management and investment operations. The company previously acquired two office buildings in Boston’s Back Bay district in 2017, and has announced plans to greatly increase its overseas investments. — Kristin Hiller
In 1987, Austin was a relatively quiet market where the major industries were higher education and state government, along with some large technology companies like IBM. Fast forward to 2019 where Austin continues to make national headlines, receiving high accolades as a top place to live and a leading city for millennial growth. This transformation — coupled with an increasing number of companies choosing to move or expand in Austin — begs the question: Why Austin? How did the Texas capital go from a fairly sleepy town to one of the hottest markets in the country? What really accounts for this seismic shift and what does the future hold? The Office Boom Begins In 2004, after the dot-com bust hit Austin, a group of private business leaders felt compelled to take the destiny of the city into their own hands with the creation of Opportunity Austin within the Greater Austin Chamber of Commerce. Opportunity Austin was launched with the goal of creating 72,000 regional jobs and increasing regional payrolls by $2.9 billion within five years. To do this, the regional business community invested $14.4 million in the program. These funds allowed the Austin Chamber to increase initiatives for corporate recruitment …
PARSIPPANY, N.J. — HFF has brokered the $66 million sale of an office building in Parsippany. Located at 300 Kimball Drive, the five-story property was originally built in 2001 and is LEED Silver certified. The building is currently 78 percent occupied by a tenant roster that includes FM Global, Fiserv, Langan Engineering and Western World Insurance. Kevin O’Hearn, Jose Cruz, Stephen Simonelli and Michael Oliver represented the seller, a large national insurance company, in the transaction. The buyer was a private investor.
STONEHAM, MASS. — CBRE has arranged the sale of Mave Apartments, a 298-unit apartment community in Stoneham. The sales price was undisclosed. The community opened in 2017 and completed construction in 2018. Amenities include a clubhouse, pool, fitness center, outdoor pavilion area and numerous grilling stations. Simon Butler and Biria St. John of CBRE represented the seller, Fairfield Stoneham Limited Partnership, in the transaction. The buyer was Stoneham Mave LLC.
STAMFORD, CONN. — Media and entertainment company WWE has signed a 415,000-square-foot office lease in Stamford. Located at 677 Washington Blvd., the three-building complex will serve as the new global headquarters for WWE. Drew Saunders, Robert Ageloff, Allison Melichar and Joe Messina of JLL represented WWE in securing the lease with property owners George Comfort & Sons and AVG Partners. Additional tenants at the 12-acre property include KPMG and Perkins Eastman.
NEW YORK CITY — Cronheim Mortgage has arranged a $5 million loan to refinance a 12-story office building in Midtown, Manhattan. Located at 32 E. 31st St., the 52,000-square-foot property also includes ground-floor retail. The tenant roster includes a fitness studio, hair salon, media company and real estate developer. Cronheim secured a 20-year loan amortized over 30 years on behalf of the borrower, 32 E. 31 Street Corp. The lender was CMFG Life Insurance Co.
NEW YORK CITY — Marcus & Millichap has negotiated the $2.4 million sale of a 4,750-square foot mixed-use property in Brooklyn. Located at 358 Knickerbocker Ave., the property was built in 1931. Shaun Riney and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
DALLAS — Wood Partners, a multifamily investment and development firm with offices around the country, has opened Alta Trinity Green, a 324-unit community in west Dallas. Alta Trinity Green features studio, one-, two- and three-bedroom apartments ranging in size from 579 to 1,696 square feet. Amenities include a pool, fitness center, outdoor grilling area, game room, dog park and a rooftop lounge. Wood Partners co-developed the project with Stonelake Capital Partners, the master developer of the surrounding Trinity Green neighborhood.
SAN ANTONIO — Urbana SA Property LLC has acquired Urbana Apartments, a 204-unit multifamily community in San Antonio. The market-rate property consists of seven two-story residential buildings offering one- and two-bedroom units. Amenities include a pool, fitness center, a business center and onsite laundry facilities. Dougherty Mortgage arranged an undisclosed amount of Fannie Mae acquisition financing for the deal. The loan carried a 12-year term and a 30-year amortization schedule.
