ATLANTA — Cushman & Wakefield has closed a 61,000-square-foot, 15-year office lease with marketing firm Career Sports & Entertainment Inc. The company will lease office space at 150 Interstate North, located in the Interstate North Office Park in Atlanta’s Northwest submarket. Caroline Nolen and Porter Henritze of Cushman & Wakefield’s Atlanta office represented the landlord, Interstate North Office Park LP, in the lease deal. Jimmy Sanders and Mitch Kahlert of ICON Commercial Interests represented the tenant.
CHICAGO — CBRE Global Investors’ U.S. Managed Accounts Group has acquired 161 N. Clark St., a 49-story office building in Chicago, on behalf of a consortium of Korean investors led by the South Korean Postal Service. The tower sold for approximately $348 million, according to Crain’s Chicago Business. Speyer sold the 1.1 million-square-foot, trophy-quality building, which is located in the Central Loop submarket of downtown Chicago. The U.S. Managed Accounts team plans to implement a $14 million capital improvement campaign to upgrade existing amenities and building systems and to maintain the property’s existing LEED Silver certification. The property is 93 percent leased to a diverse roster of tenants with limited rollover. Vic Bucchere, Gary Jaye and Brian Cosentino of CBRE represented the buyer in the transaction.
SAUK RAPIDS, MINN. — The Mansour Group has arranged the $10.9 million sale of a Walgreens property in Sauk Rapids, a small city in central Minnesota. Alvin Mansour of The Mansour Group marketed the property on behalf of the seller, a Houston-based developer. A 1031 tax-deferred exchange investor based in California purchased the property. The property is located near a new four-lane bridge that connects the downtown area of Sauk Rapids to St. Cloud.
EDINA, MINN. — Marcus & Millichap has arranged the $3.2 million sale of Willow Greens, a 20-unit apartment property in Edina, a southwest suburb of Minneapolis. Josh Talberg, an investment specialist in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a limited liability company. Talberg and Mox Gunderson, also of Marcus & Millichap, represented the buyer, a limited liability company. Constructed in 1968 and purchased by the seller in 2006, Willow Greens is located at 4350-4380 Parklawn Ave.
SARATOGA SPRINGS, N.Y. — Axiom Capital has closed $28.5 million in permanent financing for a 188-unit apartment complex in Saratoga Springs, located about 35 miles north of Albany. A life insurance company provided the non-recourse, 15-year loan, which includes a fixed interest rate and a 64 percent loan-to-value ratio. The loan amortizes in 30 years. The luxury multifamily community spans 166,743 square feet and includes 22,948 square feet of ground-floor retail space. Amenities at the property include secure access, covered parking, open floor plans and cable and wireless Internet. Each unit features a washer and dryer, stainless steel appliances, granite countertops and hardwood and tile flooring.
WESTFORD, MASS. — Fantini & Gorga has arranged $22 million in financing for the redeveloped, 131-unit Abbot Mill in Westford, a northwest suburb of Boston. Abbot Mill was redeveloped out of a series of brick building and features light-filled units with large windows. The former mill includes 103 underground parking spaces with direct access to the apartments. The project was supported by both federal and state historic tax credits. The financing was placed with a regional bank.
CARLSTADT AND PASSAIC, N.J. — Marcus & Millichap Capital Corp. (MMCC), has arranged $15.2 million in refinancing for two properties in northeast New Jersey for different sponsors. MMCC arranged $10.2 million for a 94,000-square-foot industrial property in Carlstadt. The 12-year loan includes a 20-year amortization schedule and 4.1 percent interest rate with a 70 percent loan-to-value ratio. The company also arranged a $5 million loan for a 108-unit garden apartment complex in Passaic. The 10-year loan amortizes over 30 years and includes a 2.9 interest rate with a 65 percent loan-to-value ratio. Joseph Belgiovine, an associate director in MMCC’s New Jersey office, arranged the loans.
FORT WASHINGTON, PA. — Laurus Corp. has acquired the 146-room Hilton Garden Inn in Fort Washington. Located 20 miles north of downtown Philadelphia, the six-story hotel features an indoor swimming pool, business center, guest laundry facility, the brand’s signature restaurant and bar and three meeting facilities totaling 3,350 square feet. Laurus plans to invest $1.9 million in the property toward renovations. The Hilton Garden Inn is adjacent to the Fort Washington Office Park, which includes nearly 6 million square feet of Class A office space. The office park is home to more than 100 companies such as GMAC/Ally, URS Corp., Honeywell, Verizon, FedEx and Johnson & Johnson.
DALLAS — Trammell Crow Co. and joint venture partner Prudential Real Estate Investors have broken ground on Trammell Crow Penn Distribution Center, a speculative industrial building totaling 823,379 square feet in southern Dallas County. The facility, to be located on 47 acres along I-20, will include 36-foot clear height ceilings and is designed for LEED certification. Construction is slated for completion in May 2014.
AUSTIN, TEXAS — Spire Realty Group LP has purchased Austin Oaks, a 445,322-square-foot office property in the Northwest Austin submarket. The 12-building, Class A complex is located at the southwest corner of Mopac Expressway and Spicewood Springs Road, in close proximity to U.S. 183 and Loop 360, as well as the Arboretum and Domain mixed-use developments. Spire was represented internally by Jon Ruff, senior vice president. Todd Mills and Casey Knust of CBRE represented the undisclosed seller.