NEW YORK CITY — SL Green Realty Corp. and Vornado Realty Trust have closed on the $900 million refinancing of 280 Park Avenue, a 1.2 million-square-foot office building in Manhattan that is jointly held by the companies. The new three-year loan features four one-year extension options and a floating interest rate of LIBOR plus 2 percent. The loan replaces the previous $721 million indebtedness that carried an interest rate of 6.35 percent. The office building recently under went a $150 million redesign and renovation of the building’s façade and interior. Renovations included the creation of an expansion world-class lobby, an extensive program to enhance environmental sustainability, a complete redesign of the building’s adjacent plaza and building-wide infrastructure upgrades, including new elevator cabs and bathrooms, new thin line perimeter induction units, new electrical distribution and state-of-the-art security.
SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of Vantage at Shavano Park, a 288-unit multifamily asset in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer. The community is located on 16.4 acres at 17203 Northwest Highway near The Rim, a 3 million-square-foot outdoor retail center. Built in 2014, Vantage at Shavano Park includes amenities such as a clubhouse, business center, fitness center, three dog parks and a swimming pool. Apartments feature nine-foot ceilings, black appliances, dark oak wood cabinetry and washers and dryers.
MCALLEN, TEXAS — Pure Development has begun construction on a distribution and light-manufacturing center for Regal-Beloit, a manufacturer of electric motors, in McAllen. Pure Development expects to complete and deliver the 208,000-square-foot facility before the end of 2016. The facility is expandable to 288,000 square feet and will provide logistics support to Regal-Beloit’s manufacturing plants just across the border in Mexico. Josh Aguilar of CBRE’s industrial and logistics division represented Regal Beloit Corp. in the site search and lease negotiations.
CARROLLTON, TEXAS — Lee & Associates has negotiated the sale of a 26,088-square-foot land parcel located at 2423-2427 Welwood Drive in Carrollton. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office facilitated the land sale between the seller, Med IT Associates Inc., and the buyer, RRK Ltd.
ADDISON, TEXAS — Soar United, an obstacle course adventure park, has leased 53,120 square feet at 4207 Simonton Drive in Addison. Soar United will open this summer. JT Samford, then of Younger Partners, represented the tenant. Samford is now at ML Realty. George Billingsley of Billingsley Cos. represented the landlord. The retailer selected the location based on its visibility and proximity to major highways.
SPRING, TEXAS — Cypressbrook Co. has selected Jim Cooper to lead the firm’s third-party property management and leasing division. Cooper was previously a broker and principal for Cypressbrook. He continues to be responsible for generating and executing opportunities for office and industrial clients. In his new role, Cooper will oversee both company-owned and other third-party office and industrial buildings. Prior to joining the Cypressbrook team, Cooper worked for Big City Properties where he solicited and executed direct residential and commercial listings for Freddie Mac, Fannie Mae, HUD and several area banks. Prior to that, Jim served as a business development representative at First American Title Co. in Houston.
CHICAGO — International Property Developers North America (IPDNA) has sold Chicago’s Old Post Office and adjacent sites to 601W Cos. for $130 million. The new owners have unveiled plans for a five-year, $500 million redevelopment of the sprawling building. The conversion will turn the 2.7 million-square-foot building into office space and will add a three-acre rooftop park, outdoor cafes, event space, a fitness center, basketball and paddle tennis courts and a quarter-mile running track. The redevelopment, to be conducted in three phases, is slated for completion in 2018. HFF represented 601W Cos. in the transaction, and Savills represented IPDNA.
PORTAGE, IND. — Holladay Properties has scheduled an August groundbreaking for The Promenade at Founders Square, a $37 million mixed-use development in Portage, approximately 10 miles east of Gary. The initial five buildings will surround Founders Square Park and offer residential space with ground-floor commercial properties. Other recent investments in The City of Portage include the new Founders Square Park, fire station, police station and an outdoor entertainment pavilion.
LITTLE CANADA, MINN. — Grandbridge Real Estate Capital has closed a $17.9 million loan for the construction of Cardigan Ridge, a 120-unit independent living, assisted living and memory care community in the Twin Cities suburb of Little Canada. Hearth Development is building the project, which is already under construction. Grandbridge estimates total development costs will exceed $20 million. Dave Rasmussen, a senior vice president in Grandbridge’s Minneapolis office, originated the loan. A local bank is providing the capital. The non-recourse loan featured a five-year term, 25-year amortization and an interest rate near 3.5 percent.
BATAVIA, ILL. — Cushman & Wakefield has arranged the $15 million sale of Fabyan Randall Plaza, a 91,415-square-foot shopping center located in the Chicago suburb of Batavia. The center is anchored by Trader Joe’s and Walgreens, and is home to tenants including Smashburger, Sports Clips, Edward Jones and Papa John’s. Evan Halkias, Michael Marks and Nick Kanich of Cushman & Wakefield’s Retail Investment Advisory Group represented the seller, InvenTrust Properties. The buyer was Dallas-based Netco Investments Inc.