CHARLOTTE, N.C. — LRC Properties LLC, in a joint venture with Highbrook Capital Management, has purchased Colonial Plaza, a three-story, 211,810-square-foot office building located at 2101 Rexford Road in Charlotte’s SouthPark submarket. The joint venture purchased the Class B asset, also known as the Esplanade, for approximately $25.3 million. The office building’s tenant roster includes Ally Financial, Garretson Firm Resolution Group, Agility Recovery and American Security Mortgage. LRC Properties plans to upgrade the property with the addition of a conference meeting room, lounge and health club. Darren Hirsch will lead LRC Properties’ day-to-day management of Colonial Plaza. Including this transaction, LRC Properties now owns and manages approximately 1.8 million square feet of commercial space in Charlotte.
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GERMANTOWN, MD. — NexCore Group LLC, a national healthcare developer, has broken ground on a 79,491-square-foot medical office building on the new Holy Cross Health hospital campus in Germantown, an unincorporated municipality roughly 20 miles northeast of Bethesda. The new facility is located within the Hercules Pickney Life Sciences Park on the Montgomery College campus. Holy Cross Health hospital is slated to open in October. NexCore is building the medical office building to LEED Silver certification standards, with high efficiency air handling units, lighting control system and a green roof. The asset is one of three healthcare facilities around the country that NexCore is developing for CHE Trinity Health.
SUN CITY CENTER, FLA. — Phillips Edison-ARC Grocery Center REIT II Inc. has purchased Kings Crossing, a 75,020-square-foot grocery-anchored shopping center in Sun City Center, part of the Tampa MSA. Publix anchors the shopping center, which also houses Sally Beauty Supply, Subway and The UPS Store. With this acquisition, the REIT’s portfolio features eight properties representing an aggregate purchase price of approximately $116 million.
CHARLOTTE, N.C. — NorthMarq Capital’s Charlotte office has arranged $11.8 million in acquisition financing for Highland Business Park, a 169,240-square-foot office development in Charlotte. Kevin Jenkins of NorthMarq arranged the 10-year loan with a 30-year amortization schedule through a conduit CMBS lender on behalf of the unnamed borrower.
CHARLESTON, S.C. — Federal Capital Partners (FCP) and Roi-Tan Investments LLC have signed nearly 22,000 square feet in new leases at the Cigar Factory, a redevelopment of the landmark office building located at 701 E. Bay St. in Charleston. The new tenants include Fritz Porter (6,377 square feet), Midland Mortgage Corp. (4,611 square feet), Exceed Physical Culture (4,256 square feet), EnviroMix Inc. (3,252 square feet), The Law Office of M. Brooks Derrick (1,162 square feet) and Strategic Risk Solutions (1,162 square feet). Since taking ownership in April, FCP and Roi-Tan have inked 77,523 square feet of new leases at the redeveloped mixed-use project, making Cigar Factory 35 percent pre-leased. The new tenants are expected to move into their new space by the summer of 2015.
NEW YORK CITY — NorthStar Real Estate Income II Inc. has originated a $45.75 million senior loan, which is secured by a portfolio of three full-service hotels in Pennsylvania and Florida. The loan includes a 36-month term and two one-year extension options. The hotel portfolio features a total of 680 rooms and more than 26,000 square feet of total meeting space. Additionally, more than $17 million has been invested in the properties over the past 18 months. Proceeds from the senior loan will be used for additional planned improvements. NorthStar Income II’s portfolio consists of six loans with an aggregate principal amount of $227.8 million as of August 28, 2014. NorthStar Income II is a public, non-traded real estate investment trust sponsored by NorthStar Asset Management Group Inc.
MILFORD AND STRATFORD, CONN. — Fairfield County, Conn.-based Angel Commercial LLC has brokered two leases totaling 14,000 square feet in Milford and Stratford. In Milford, The Nutty Company Inc. has leased a 5,000-square-foot freestanding building at 19 Seemans Lane. The company is relocating from Derby, Conn. Angel Commercial represented both parties in the transaction. In Stratford, Eastern Connection Inc., a multi-state courier business, has subleased 9,000 square feet of warehouse space at 350 Long Beach Blvd. Jon Angel of Angel Commercial represented the landlord, while Vidal/Wettenstein LLC represented the tenant in the transaction.
BORDENTOWN, N.J. — CBRE Inc. has brokered a 7,861-square-foot lease at 243 Route 30 in Bordentown. New Jersey-based Reconstructive Orthopedics plans to open its 10th location at the space this September. Dan McGovern of CBRE represented the property owner, Apco Petroleum, while Danny Wolf of Rose Commercial represented the tenant.
NEW YORK CITY — Boddewyn Gaynor Architects has designed the major improvements that are now underway at a 400,000-square-foot former industrial building on the waterfront in Brooklyn’s Sunset Park. Located at 14 53rd St. and known as the Brooklyn Whale Building, the seven-floor property is owned and managed by SL Whale Realty LLC, which acquired the building in 2011. The upgrades include canopies to highlight the main entrance and two secondary entrances along the building’s 600-foot façade; a new lobby with concierge desk, newsstand and sweet shop, and restroom facilities for visitors; energy-efficient replacement windows; and infrastructure improvements to support the improved office space.
ST. LOUIS — Oak Grove Capital has originated $23.2 million in Fannie Mae loans for the acquisition of Pine Tree Club Apartments and Westbrooke Village Apartments, two market-rate apartment communities located in St. Louis. The fixed-rate loans both carry seven-year terms, two years of interest-only and four years of yield maintenance. The multifamily communities were built in the mid 80s and have a combined 402 units.