SILVER SPRING, MD. — A joint venture between Brandywine Realty Trust and Current Creek Investments, a subsidiary of Allstate Insurance Co., has entered into an agreement to acquire three office properties totaling 499,395 square feet, located in Silver Spring, for $120.6 million. The properties include the 162,832-square-foot 1100 Wayne Ave., the 196,663-square-foot 1010 Wayne Ave., and the 139,900-square-foot 8484 Georgia Ave. The seller is a joint venture between Urdang's Value-Added Fund II and Moore&Associates. The acquisition is slated to close in July.
ARLINGTON, VA. — Washington Real Estate Investment Trust (WRIT) has purchased the 147,000-square-foot Fairgate at Ballston, an office building located at 1005 N. Glebe Road in Arlington, for $52.25 million in an all-cash transaction. The eight-story building is 82 percent leased. WRIT funded the acquisition with available capacity on its line of credit.
HANOVER, MD. — Cushman & Wakefield has arranged the $8.25 million sale of a 125,000-square-foot industrial property, located at 7495 Race Road in Hanover. The property is currently vacant. Cristopher Abramson, Brian Kruger, Nicholas Signor, Michael Elardo and Jared Ross of Cushman & Wakefield represented the seller in the transaction. Plymouth Meeting, Pa.-based Exeter Property Group was the buyer.
COLUMBUS, GA. — Gladstone Commercial Corp. has acquired a 32,000-square-foot office and classroom building, located in Columbus, for $7.3 million. The building is fully leased to the University of Phoenix and fully guaranteed by Apollo Group, its publicly traded parent company.
COLUMBIA, S.C. — Fred Ross of Dickinson, Logan, Todd & Barber's Columbia office has arranged an $11.5 million loan for a medical office building portfolio located throughout South Carolina. The properties total 68,386 square feet. A Midwest life insurance company provided the 15-year, fully amortizing loan.
COLUMBUS — Morris, Smith & Feyh Inc. has arranged a $16 million first mortgage loan for a newly built office building in Columbus. The 140,000-square-foot building is fully leased to NetJets Inc., the private jet company owned by Berkshire Hathaway. It serves as the company's world headquarters. Jeffrey Morris of Morris, Smith & Feyh's Columbus office originated the 20-year loan for the borrower, The Daimler Group, through a life insurance company. The loan includes a 25-year amortization schedule.
CHICAGO — Brennan Investment Group has purchased a five-building industrial portfolio of surplus corporate warehouse facilities in Chicago from Wisconsin-based Oshkosh Defense. The portfolio totals 149,946 square feet. Brennan has secured a lease for 50 percent of the portfolio from US Glu Lam Inc., a structured wood products distributor. Walter Murphy of Lee & Associates in Chicago represented the seller in the transaction.
FORT WAYNE — Greatbatch Medical has opened a $17.5 million manufacturing center in Fort Wayne. Greatbatch, a subsidiary of Greatbatch Inc., designs and manufactures orthopedic instruments and devices. The facility contains 80,000 square feet. The new center will develop instruments for hip procedures and spine fixation, as well as fracture fixation implants and implementation for orthopedic medical device companies. The company employs more than 100 people in northeast Indiana.
QUINCY, MASS. — Berkshire Property Advisors has acquired Highpoint Apartments, a 394-unit apartment community in Quincy. Built in 2004 by Roseland Property Co. and The Congress Group, Highpoint is located on 22 acres. The property includes an 8,000-square-foot clubhouse, a health and fitness facility, a community lounge and heated swimming pool. Richard Robinson and Terence Scott represented the seller, Highpoint Apartments LLC, in the transaction. They also procured the buyer.
PHILADELPHIA — NorthMarq Capital has arranged a $29.5 million construction loan for Bakers Square Shopping Center, a 220,000-square-foot shopping center that will be built at Fox Street and Roberts Avenue in Philadelphia. Major tenants at the center are Shop Rite and Ross Dress for Less. Joseph Sweeney of NorthMarq Capital arranged the 20-year loan for the borrower, TKMG Associates LP, through a regional bank. The loan has a 30-year amortization schedule.