Property Type

Schlumberger Signs 226,000 SF Office Lease Renewal, Expansion in Houston

by Taylor Williams July 19, 2018

HOUSTON — Schlumberger Technology Corp., a division of international oilfield services firm Schlumberger Ltd., (NYSE: SLB) has renewed and expanded its office lease in Houston. The company now occupies 226,000 square feet at 1430 Enclave Parkway in the Energy Corridor area on Houston’s west side. Owned by Atlanta-based Piedmont Office Realty Trust (NYSE: PDM), the Class A property totals 312,564 square feet. The size of Schlumberger’s original footprint was not disclosed, but the new lease carries a 10-year term and the company now occupies roughly 72 percent of the total leasable space.

July 19, 2018

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale-Leaseback of 69,750 SF Industrial Asset in Metro Dallas

by Taylor Williams July 19, 2018

HUTCHINS, TEXAS — Marcus & Millichap has arranged the sale-leaseback of a 69,750-square-foot industrial asset in Hutchins, a southern suburb of Dallas. Adam Abushagur of Marcus & Millichap represented the seller/tenant, Bocks Board Packaging, which occupies the entirety of the space. Abushagur also procured the buyer, an undisclosed limited liability company. The property drew six offers within its first week on the market.

July 19, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $58M Construction Loan for Apartment Community Near Boston

by David Cohen July 19, 2018

QUINCY, MASS. — Cornerstone Realty Capital has arranged $58 million in financing for the construction of Quarry Hills Apartments, a 269-unit apartment community in Quincy. The borrower was undisclosed, though Chicago-based owner-operator Equity Apartments lists the property on its website. The community, which is located 11 miles south of downtown Boston, will consist of two five-story residential buildings. Amenities will include two courtyards, a firepit, outdoor kitchen, lounge area, clubroom, fitness center and spa. Cornerstone arranged a construction-to-permanent loan with a fixed rate for the entire term. The loan includes a period of interest-only payments for construction and stabilization followed by a 30-year amortization schedule. The lender was not disclosed.

July 19, 2018

Acquisitions Industrial Texas

NAI Partners Brokers Sale of 30,000 SF Industrial Property, 20 Acres in Marion, Texas

by Taylor Williams July 19, 2018

MARION, TEXAS — NAI Partners has brokered the sale of a 30,000-square-foot industrial property located at 11820 W. Interstate 10 in Marion, about 30 miles northeast of San Antonio. The sale includes an additional 20 acres. Joshua Swank and Brett Lum of NAI Partners represented the seller, His Majesty Saint Adams, a San Antonio-based investment firm, in the transaction. The buyer was not disclosed.

July 19, 2018

Healthcare Loans New Jersey Northeast Office

Progress Capital Secures $6.8M Acquisition Financing for Medical Office in New Jersey

by David Cohen July 19, 2018

MILLBURN, N.J. — Progress Capital has secured $6.8 million in acquisition financing for PRLog, a 21,834-square-foot medical office building in Millburn. Brad Domenico of Progress Capital arranged a 15-year loan with a 30-year amortization for the undisclosed borrower that includes a seven-year fixed rate of 4.75 percent. The lender was not disclosed. The two-story building is currently divided into 11 individual units and was fully occupied at the time of sale by nine medical tenants.

July 19, 2018

Acquisitions Industrial Northeast Pennsylvania

Hinerfeld Sells Two Industrial Facilities in Pennsylvania for Combined $1.9M

by David Cohen July 19, 2018

LUZERNE COUNTY, PA. — Hinerfeld Commercial Real Estate has sold two transportation-related industrial properties in Luzerne County for a combined $1.9 million. The first property is located at 137 Armstrong Road in the O’Hara Industrial Park in Pittston Township. NFI acquired the 10,700-square-foot property for $1.05 million. The second property, located at 90 Eugene Drive, features 31 cross-dock terminals as well as shops and offices. Saia Motor Freight Line LLC acquired the property for $850,000.

July 19, 2018

Leasing Activity New York Northeast Office

LinkedIn Expands Lease at Empire State Building to 312,947 SF

by David Cohen July 19, 2018

NEW YORK CITY — LinkedIn has signed a lease for an additional 30,165 square feet at the Empire State building in Manhattan, bringing the company’s total footprint at the building to 312,947 square feet. The social media and networking website now occupies space on floors 3, 22, 23, 24, 25, 26, 27 and 28. Sacha Zarba and Lauren Crowley of CBRE represented LinkedIn in the lease negotiations with the landlord, Empire State Realty Trust Inc. (NYSE: ESRT). Amenities at the Empire State Building include a 15,000-square-foot fitness center, a tenant-only conference center and nine in-building dining options as well as two Starbucks locations. More than 1,000 LinkedIn employees work in the Empire State Building location.

July 19, 2018

Industrial Loans Massachusetts Northeast

Fantini & Gorga Arranges $2.8M in Financing for Flex Building Near Worcester

by David Cohen July 19, 2018

SHREWSBURY, MASS. — Fantini & Gorga has arranged $2.8 million in first mortgage financing for a 36,660-square-foot flex building located at 910 Boston Turnpike in Shrewsbury. The property is approximately six miles east of Worcester. Derek Coulombe and Lindsay Feig of Fantini & Gorga arranged the 15-year, fixed-rate financing on behalf of the undisclosed borrower through a life insurance company. The property was built in 1985 and is broken up into eight rental units with nine total loading docks. It is currently fully leased to five tenants, which include Jenny B Companies, United Medical Systems and Up, Up and Play Day Care.

July 19, 2018

Acquisitions Illinois Midwest Multifamily

Draper and Kramer, Intercontinental Acquire 298-Unit Apartment Building in Chicago

by Kristin Harlow July 19, 2018

CHICAGO — Draper and Kramer Inc. and Intercontinental Real Estate Corp. have acquired Burnham Pointe, a 28-story, 298-unit apartment building in Chicago’s Printers Row neighborhood. The purchase price was not disclosed. Located at 730 S. Clark St., the property features a mix of one- and two-bedroom units as well as 14,391 square feet of ground-level retail space. The property is currently 96 percent occupied. The buyers plan to renovate the indoor aquatic area, fitness center, business center, club lounge and pet run. Draper and Kramer will manage the apartment building. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF brokered the sale. Robert Goldman and Stacy Osmond, lawyers with DLA Piper, advised the buyers on the acquisition. Crescent Heights was the seller.

July 19, 2018

Loans Midwest Multifamily Wisconsin

NorthMarq Arranges $38.6M Loan to Refinance Two Apartment Properties in Suburban Milwaukee

by Kristin Harlow July 19, 2018

GREENFIELD, WIS. — NorthMarq Capital has arranged a $38.6 million loan through Freddie Mac for the refinancing of Rivershire and Riverwood Apartments in Greenfield, a southwest suburb of Milwaukee. Together, the apartment properties total 54 buildings and 432 units. Brett Hood of NorthMarq arranged the financing through Freddie Mac’s Green Advantage Program. The 10-year, fixed-rate loan features a 30-year amortization schedule. The undisclosed borrower originally developed the properties between 1989 and 1999. Over the past five years, the properties received $2.7 million in capital improvements that included a new clubhouse featuring an upgraded fitness center, an expanded community room and renovated leasing office.

July 19, 2018

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