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HospitalityMidwest

ARC REALTY FINANCE TRUST CLOSES $6.5M LOAN

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MINNEAPOLIS — ARC Realty Finance Trust Inc. has closed on a $6.5 million mezzanine loan originated as part of $57.5 million in total financing provided to the ownership of the W Minneapolis. The 32-story, 229-room, full-service luxury hotel is located in downtown Minneapolis. Also known as The Foshay, the property was modeled after the Washington Monument when it was built in 1929 and was added to the National Registry of Historic Places in 1978 as an example of Art Deco architecture. The Foshay was originally built as office space until 2006, when the current ownership acquired, renovated and repositioned the property as the W Minneapolis.

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MidwestOffice

ALTER GROUP SELLS 60,838 SF OFFICE BUILDING

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LOMBARD, ILL. — The Alter Group has sold 1800 Springer Drive, a 60,838-square-foot office/data center building in Lombard, to CyrusOne. The data company occupies 96 percent of the space. The 427,000-square-foot property is located in the Oak Creek Center business park, an 11-building, 70-acre office complex originally developed by The Alter Group. Scott Latter of EnTrust Realty Advisors LLC and Jeffrey Ludwig of Alter360 represented the owner in the transaction. CyrusOne provides mission-critical data center facilities that protect and ensure the continued operation of IT infrastructure for more than 500 customers.

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HealthcareMidwest

STAGE EQUITY ACQUIRES 52,000 SF MEDICAL OFFICE COMPLEX

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ELK GROVE VILLAGE, ILL. — Stage Equity Partners LLC has acquired a 52,126-square-foot medical office complex in Elk Grove Village, a northwest suburb of Chicago, for approximately $138 per square foot. The complex of four single-story interconnected buildings called Woodland Square was acquired in a direct off-market transaction from a local family partnership. The property is located in the the Alexian Brothers Medical Center campus, directly across the street from the 387-bed flagship hospital for the Alexian Brothers Health System. Fresenius North America and Midwest Sports Medicine anchor the property, which is 99 percent leased to 19 tenants.

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NortheastOffice

JV BUYS $121M PRINCETON PIKE CORPORATE CENTER

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LAWRENCEVILLE, N.J. — Prism Capital Partners LLC has teamed up with Angelo, Gordon & Co. to acquire Princeton Pike Corporate Center in Lawrenceville for $121 million, or $151 per square foot. The eight-building, Class A office park, located in Central New Jersey’s Mercer County, totals 800,000 square feet. The seller was Brandywine Realty Trust. The complex was approximately 90 percent leased at the time of sale, and tenants include Wells Fargo, Langan Engineering, Sirius XM Radio, Stark & Stark, the Princeton Healthcare System, Fox, Rothschild and Celsion. Prism is handling the leasing of Princeton Pike Corporate Center.

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NortheastRetail

TG ACQUISITIONS BUYS SHOPPING CENTER FOR $6.3M

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WOODBRIDGE, N.J. — TG Acquisitions LLC has purchased a 74,618-square-foot shopping center, located at 755-789 St. Georges Ave. in Woodbridge, for $6.3 million. Currently 24 percent occupied, the two-story shopping center is situated on 7.5 acres. Constructed in 2001, the property includes 403 surface parking spaces and is located on Route 35 with direct access to Route 1 and 9. Tenants at the property include Subway, Papa John’s and Rita’s, among others. NAI James E. Hanson assisted in arranging the purchase of the property, and NAI DiLeo Bram & Co. represented the buyer, TG Acquisitions, in the transaction.

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NortheastOffice

BERGER ADDS 765 BROAD STREET TO NEWARK OFFICE PORTFOLIO

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NEWARK, N.J. — The Berger Organization, through 765 Broad Street Holdings, has acquired 765 Broad Street in Newark from 765 Henry Associates. The 200,000-square-foot, seven-story office building is located in the city’s central business district. Prudential developed the building, and its white marble façade matches the insurance company’s current world headquarters at the neighboring 751 Broad St. The now multi-tenant property, anchored by Cablevision and home to a Wells Fargo regional office and bank branch, was recently renovated with a new lobby, elevators, updated common area and building systems.

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NortheastOffice

COLLIERS ARRANGES 17,000 SF SUBLEASE IN NEW YORK CITY

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NEW YORK CITY — Colliers International has arranged a 17,000-square-foot sublease on behalf of Orange Business Services, taking up the entire 11th floor of 10 East 40th Street. The sublandlord, Blackboard Collaborate Inc., will be vacating the space, and Orange Business Services will relocate from its current location at 2 World Financial Center/Brookfield Place. Ted Rotante with Colliers International represented the subtenant in the transaction. Ken Ruderman and Nick Zarnin of Studley represented the sublandlord in the transaction. Orange Business Services is a global IT and communications services provider.

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Mixed-UseTexas

NEW WATERSIDE MASTER-PLANNED DEVELOPMENT COMING TO FORT WORTH

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FORT WORTH, TEXAS — Trademark Property Co., a real estate developer and investor based in Fort Worth, has plans to build Waterside, a new 63-acre master-planned development, in Fort Worth. The project will located on the Trinity River at Bryan Irvin Road and Arborlawn Drive. Waterside will be built as a walkable shopping, leisure, office, hotel and residential district. The development will include an extension of the Trinity Trails, an internal trail system, bridge, canoeing/kayaking, dog park, central plaza, riverfront amphitheater, 200,000 square feet of retail/restaurants, 20 to 30 acres of residential space, 100,000 to 200,000 square feet of office space and a signature hotel. Construction is slated to begin in spring 2014 and Phase I is slated for a spring 2015 opening. Trademark is under contract to purchase the land from the Lockheed Martin Recreation Association, a nonprofit corporation providing recreational facilities and activities for Lockheed Martin employees, retirees and dependents.

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MultifamilyTexas

FOREST CITY, AIG PARTNER TO DEVELOP 3700M IN DALLAS

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DALLAS — Forest City Enterprises Inc. has closed a strategic capital partnership with AIG Global Real Estate for the development of 3700M, a 381-unit apartment project in the West Village neighborhood of Dallas. The project, located at 3700 McKinney Ave. at Blackburn Street, will include a 21-story tower, as well as a five-story mid-rise component. Forest City and AIG will share ownership and fund the equity requirements for the project. The new community began construction in December 2012 and will wrap up construction in the third quarter of 2014. Amenities will include a pool, cooking areas, covered seating, a water feature and 37,000 square feet of ground-level retail. Cityplace Co. will own 3700M's ground-level retail component. Civitas Capital Management is providing construction financing through the government's EB-5 loan program.

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HealthcareTexas

40-BED REHABILITATION HOSPITAL BEING DEVELOPED NEAR AUSTIN

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KYLE, TEXAS — A joint venture between MedProperties Holdings LLC, Avail Healthcare Ventures and Trivant Healthcare is investing in the development of a new 40-bed freestanding rehabilitation hospital in Kyle. The hospital will be known as the Warm Springs Rehabilitation Hospital of Kyle. Avail and Trivant will jointly serve as the developer of the 54,400-square-foot hospital, which will located on a three-acre site at the intersection of Kyle and Seton parkways. The hospital will be fully leased by a joint venture partnership between Post Acute Medical LLC and Seton Healthcare. American National Bank of Texas is providing construction financing. The hospital will begin construction within 60 days and the construction period will last approximately one year.

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