CHICAGO — Baum Realty Group LLC has sold a 4,750-square-foot retail building in Bucktown, a neighborhood in Chicago, for $2.9 million or a capitalization rate of 6 percent. The property is located at 1733-1735 N. Damen Ave. Greg Dietz, Danny Spitz, Ben Brichta and Adam Secher of Baum Realty represented the seller in the transaction. The buyer was a local investor.
MORRIS TOWNSHIP, N.J. — China Construction America Inc. has purchased 445 S. St., a 320,274-square-foot, Class A office building in Morris Township, for $71 million, or more than $221 per square foot. The four-story building is located in Southgate Corporate Park, about 23 miles west of Newark. Lead tenants in the building include The Travelers Indemnity Co. (105,698 square feet) and Marsh USA (54,376 square feet). Andrew Merin, Gary Gabriel, David Bernhaut and Brian Whitmer of Cushman & Wakefield represented the seller in the transaction, while Geoff Schubert and Dorothy Chuang of CBRE represented China Construction America.
PHILADELPHIA — Beneficial Bank has signed a 15-year lease for 95,764 square feet on four floors at 1818 Market St. in Philadelphia. The 1 million-square-foot high-rise, owned by Sovereign Capital Management Group, will be renamed 1818 Beneficial Bank Place. Beneficial Bank, one of the biggest and oldest banks headquartered in Philadelphia, will relocate its headquarters from 530 Walnut St. to the new location in February 2014. David Binswanger, Joe Muldoon and Chris Lange of Binswanger represented Beneficial Bank in the transaction.
QUINCY, MASS. — Grossman Cos. Inc. has signed a five-year lease for 7,195 square feet at One Adams Place in Quincy. Constructed in 1986 and renovated in 2004, One Adams Place is a five-story, 124,777-square-foot Class A office building. Sean Teague and Kate McGovern of Cassidy Turley represented the landlord, CommonWealth REIT, in the transaction. Michael Olson of Grossman Cos. represented his company. Reit Management & Research LLC Real Estate Services manages One Adams Place. Grossman Cos. is a commercial real estate investment, management and brokerage company.
SOUTHBOROUGH, MASS. — Parsons Commercial Group Inc. has completed the sale of 179 Boston Road, a 6,000-square-foot industrial building in Southborough, for $775,000. The property is situated on three acres and is located about 28 miles west of Boston. Arlon Brown and Alex Berger of Parsons Commercial Group Inc. represented the seller, D’Auria Services LLC, in the transaction. TSL Realty LLC, a tree and landscaping company, purchased the property.
FLOWER MOUND, TEXAS — Phase I of Lakeside, a mixed-use development located at FM 2499 and Lakeside Parkway in Flower Mound, is slated to break ground on April 24. The development will be located on the shores of Lake Grapevine. Phase I will include six buildings featuring 45,000 square feet of commercial space on the ground floors and 170 residential lofts on the upper floors. Phase I will also include 170 single-family homes by Darling Homes, American Legend Homes and Normandy Homes. Additionally, multifamily developer Greystar is planning to build urban-style residences in Phase I. Seven new parks are also planned. In all, Lakeside will span 150 acres and feature single-family and multifamily residences, lake-view restaurants, shops, cafes, hotels, a boardwalk and an amphitheater. Realty Capital Management is overseeing Lakeside's development.
HOUSTON AND SAN ANTONIO — Berkadia Commercial Mortgage LLC's Austin office has closed a portfolio of loans totaling $56.5 million in financing for four multifamily properties in metro Houston and San Antonio. Brant Smith of Berkadia arranged the financing through the firm's Freddie Mac program on behalf of the borrower, Concierge Asset Management. The four transactions include: A $20.5 million, seven-year loan with a 30-year amortization schedule for the 656-unit Aberdeen Apartments, located at 3400 Woodchase Drive in southwest Houston. A $9.5 million loan for the 324-unit El Dorado Ranch Apartments, located at 265 El Dorado Ranch Apartments in Webster, a Houston suburb. The 10-year loan amortizes over 30 years. A $12 million, seven-year loan for the 333-unit Sable Ridge Apartments, located at 330 Kitty Hawk Road in Universal City. The loan amortizes over 30 years. A $14.5 million, 10-year loan for the 208-unit Sunrise Canyon Apartments, located at 502 Sunrise Canyon Drive in Universal City. The loan amortizes over 30 years.
VICTORIA, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA), a financial intermediary, has arranged a fixed-rate mortgage of $5.7 million for Whispering Creek Retail Center in Victoria. The 60,049-square-foot center is located on North Navarro Street and its tenants include Beef O'Brady's, Twin Liquors, Al's Formal Wear and Marble Slab Creamery. The center is currently 81 percent occupied. Scott Lynn of MCA arranged the five-year loan through Viewpoint Bank. The loan provides the borrower with an earnout feature as new tenants take occupancy.
DALLAS — KPMG LLP, a tax and advisory firm, has signed a long-term lease with Hall Financial Group to be the anchor tenant of the 16-story Hall Arts building. The 450,000-square-foot mixed-use building will be located at 2323 Ross Ave. in the Dallas Arts District. KPMG will be leasing more than one-third of the building. Construction on the Hall Arts building is scheduled to start in September and wrap up in March 2015. The new office will house 1,300 KPMG employees. Carl Ewert and Stephen Holley of Jones Lang LaSalle represented KPMG in the transaction. Hall Financial Group was self-represented by Kim Vincent Butler. The Hall Arts design team includes architect Eddie Abeyta of HKS Inc. and general contractor Turner Construction.
HOUSTON — Exxon Mobil Corp. has appointed HFF as the advisor in the sale of the ExxonMobil Chemical Co. Headquarters campus in Houston's Energy Corridor. The 352,170-square-foot campus is located on a 35-acre lot at 13501 Katy Freeway and features 1,000 feet of frontage on I-10 and 800 feet of frontage on Memorial Drive. Robert Williamson and Davis Adams of HFF are representing ExxonMobil Chemical Co. Wally Reid and Colby Mueck of HFF will lead the debt placement team. ExxonMobil Chemical Co. is a division of Exxon Mobil Corp.
