CHICAGO — Newmark Knight Frank has been tasked with completing the lease-up of 625 West Adams, a new 438,184-square-foot speculative office building in Chicago’s West Loop. A joint venture between White Oak Realty Partners, Vanderbilt Partners, CA Office and USAA Real Estate Co. owns the property, which is slated to open in April. Amenities include a fitness center, 1,000-person auditorium, tenant lounge, conference center and 400-car parking garage. Jon Cordell, Bill Rolander and Jason..
GREENWOOD VILLAGE, COLO. — A joint venture between Cress Capital and Revesco Properties has purchased a Orchard Pointe, a 120,873-square-foot office building in Greenwood Village, for an undisclosed sum. The building is situated within the Denver Technology Center. Orchard Pointe was originally built in the 1980s. The JV plans to implement improvements, including cosmetic enhancements to the lobby, elevators and corridors, as well as improvements to building amenities. The seller is TA..
POCATELLO, IDAHO — Millennial Development Partners has announced plans for Northgate District, a master planned community located in Pocatello, a city in southeastern Idaho. At completion, the development will feature 10,000 residential units; a 1 million-square-foot office/technology park that will support 6,000 jobs; a medical campus; and a shopping district. The residential portion of the community will include single-family homes, condominiums and apartments. Phase I of the project..
BOSTON — Avison Young Capital Markets has arranged a $47 million bridge loan for the gut renovation and repositioning of the Custom House Block and John Hancock Counting House located at 62-70 Long Wharf and 58-60 Long Wharf, respectively, in Boston. David Krasnoff and Michael Buckley of Avison Young secured the financing for the borrower, Capital Properties. The borrower plans to fully rehabilitate the properties, including converting the Custom House Block building into a modernized office..
MONTICELLO, N.Y. — Middletown Medical Group has signed a lease for 8,413 square feet of medical office space at Thompson Square Shopping Center in Monticello. The combined three-tenant space will be the medical group’s new location. The new location will allow Middletown Medical to consolidate two existing Monticello physician offices. The new facility will offer 20 exam rooms, an X-ray unit, a CAT scan machine and urgent care services. With the addition of Middletown Medical Group, the..
AUSTIN, TEXAS — AQUILA Commercial has broken ground on East6, a 115,000-square-foot office project for marketing firm Main Street Hub in Austin. Designed by The Beck Group, the four-story property will be located at 2010 E. 6th St. and will serve as Main Street’s new headquarters. Delivery of the property is slated for spring 2019. The tenant plans to consolidate 550 employees from its existing offices into the building.
HOUSTON — The NAI Investment Fund has sold a 75,166-square-foot, Class B office building located at 12600 N. Featherwood Drive in southeast Houston. The property was the first asset purchased by NAI Investment Fund I, which was launched in 2015. Andrew Pappas and Adam Hawkins of NAI worked with Marty Hogan of HFF to close the sale, the buyer in which was not disclosed. NAI plans to fully deploy another fund this year with more than $80 million in capital.
NEW YORK CITY — NKF Capital Markets has arranged an $81 million loan for the acquisition and redevelopment of 25-11 49th Avenue, a 135,000-square-foot warehouse located in the Long Island City area of Queens. The borrower is a partnership between New Jersey-based development and management firm Normandy Real Estate Partners and two New York-based investment firms, Keystone Equities and Drake Street Partners. Dustin Stolly and Jordan Roeschlaub of NKF Capital Markets secured the loan..
Eight years into the recovery, Raleigh-Durham’s office market conditions remain decidedly in favor of landlords, but increased construction following years of limited development activity is at last providing much needed new leasing opportunities for tenants. While a combination of factors, including new construction, drove office vacancy higher by the second half of 2017, the market began the year with the tightest Class A leasing market witnessed since the dot-com boom. Class A vacancy..
CANONSBURG, PA. — Laurus Corp., through its affiliate 501 Technology Partners LLC, has completed the disposition of an office building located at 501 Technology Drive within Southpointe Business Park in Canonsburg. The three-story property sold for an undisclosed price. At the time of sale, the 98,314-square-foot office building was fully occupied. The name of the buyer was not released.