BRIDGEWATER, N.J. — Aon Hewitt, a risk management services provider, has signed a 10-year lease renewal for 50,000 square feet at Somerset Corporate Center I in Bridgewater. The 250,000-square-foot center is fully leased and also houses tenants such as Brother International and Merrill Lynch. John Nugent, Edward DaCosta and Christopher Adamo of CBRE Group represented the tenant in the transaction. The landlord, SPJ Properties, was self-represented.
NEW YORK CITY — Massey Knakal has negotiated the sale of an institutional building located at 199-12 112th Ave. in the St. Albans neighborhood of Queens for $6.8 million. The most recent tenant was the New Charter Academy school, although the seller was the Police Athletic League, which once occupied space there. The 52,300-square-foot property was vacant at the time of sale. Bob Knakal and Brian Sarath of Massey Knakal represented the buyer, New York City's School Construction Authority. The company plans to use the building for a school. Knakal and Sarath also represented the seller.
DALLAS — Satterfield & Pontikes Construction has delivered the 184,000-square-foot Ann Richards Middle School, part of the Dallas Independent School District. PBK Architects designed the school according to Texas Collaborative for High Performance School standards, and implemented intelligent lighting controls, sunshades, a reflective roof and a geothermal heating and cooling system, which is expected to save 35 percent on utility bills. The school includes high-tech classrooms, computer labs, a football/softball field, tennis courts and an outdoor basketball court. The school serves approximately 1,250 students.
KILLEEN — Tarantino Properties has arranged the sale of the 58,300-square-foot Expressway Plaza, a shopping center located at 1500 Lowes Blvd. in Killeen. The property is currently fully leased. Nick Tarantino of Tarantino Properties' Austin office represented the seller in the transaction.
GRAPEVINE — Walker & Dunlop has provided $4.75 million in financing for the 223-unit Marina Del Ray Apartment Homes, a garden-style multifamily community located in Grapevine. The apartment complex is 95 percent occupied and features a clubhouse, swimming pool, laundry facilities and covered parking. Alex Inman of Walker & Dunlop led the team that provided the 10-year loan with a 30-year amortization schedule through Fannie Mae's Early Rate Lock Program.
EL PASO — Alliant Capital has secured a $2.7 million refinance loan for the 116-unit El Pavon Apartments, a garden-style multifamily community located in El Paso. Jarett Blasberg of Alliant Capital arranged the 10-year loan with a 30-year amortization schedule at a fixed 3.83 percent.
HOUSTON — Transwestern has brokered a 52,148-square-foot lease at the new, 350,000-square-foot Eldridge Oaks, a Class A office building located at 1080 Eldridge Parkway in Houston. Eric Anderson, David Baker and Paul Wittorf represented the landlord, Cornerstone Real Estate Advisors, in the lease transaction. Mark O'Donnell of Studley represented the tenant, Houston-based IHI E&C International Corp.
SURPRISE, ARIZ. – The 142-unit La Borgata Apartments in Surprise has received a $12.1-million loan refinancing. The financing was secured for Retreat at West Point Multi-Family LP by Artin Anvar of Love Funding’s Washington office through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. The property is managed by MEB Management Services.
SUNNYVALE, CALIF. – LinkedIn has committed to 556,360 square feet of office space in Sunnyvale. The social networking company will soon be housed in a 630,000-square-foot, Class A campus that is being developed by JP DiNapoli Companies on a 14.2-acre site. It is located at 555 North Mathilda Ave. LinkedIn will be the campus’ sole tenant. The project, which will contain a pair of 204,000-square-foot buildings and a 129,600-square-foot building, is striving for LEED-Gold certification. A 73,425-square-foot office building is already in existence at the campus and is currently leased by LinkedIn. A 52-room Comfort Inn, which sits on the property, will be demolished to make room for the new campus. JP DiNapoli was represented by Phil Mahoney and Ben Stern of Cornish & Carey Commercial Newmark Knight Frank.
SHERIDAN, ORE. — A vacant industrial property located at 888 SE Sheridan Road in Sheridan has received a $1.25-million loan. The property houses a 235,000-square-foot former manufacturing facility that was built in 1973. It was previously used by Liberty Homes, an affiliate of the borrower, to produce manufactured housing. The 34.2-acre property contains three buildings that include 4,000 square feet of built-out office space. The three-year, interest-only loan will provide working capital to fund improvements that will ultimately allow the owner to reposition the property. Financing was obtained by owner Liberty Realty Enterprises and will be serviced by Kennedy Funding on behalf of a limited liability company owned by the members. At the time of the loan’s closing, a 24,000-square-foot building on the property was under contract to be sold for $680,000.