REBusinessOnline

Capital One Provides $68M Loan for Office Redevelopment Project in Wilmington

WILMINGTON, DEL. — Capital One has provided a $68 million loan for the redevelopment of a portion of the former office campus of pharmaceutical firm AstraZeneca in Wilmington, Delaware. The borrower, Brandywine Investment Group II, acquired the site in 2017 in a sale-leaseback deal and will use the new proceeds to fund construction of a 1,373-space parking garage, as well as to fund tenant improvements and leasing commissions. The loan, which features a five-year term and an adjustable …

JLL Closes $11M Refinancing of Industrial, Office Asset in New Jersey

CLOSTER, N.J. — JLL’s Capital Markets team has closed an $11 million loan for the refinancing of Reuten Corporate Park, a 156,782-square-foot industrial and office development in Closter, located across the Hudson River from Yonkers. The property, which spans five buildings with 95,528 square feet of industrial space and 61,254 square feet of office space, was 99 percent leased at the time of sale. Tenants include logistics firm Nippon Express and Rayence, a distributor of flat panel …

Keurig Dr. Pepper Breaks Ground on New Headquarters at The Star in Frisco

FRISCO, TEXAS — Keurig Dr. Pepper will host a groundbreaking ceremony today for its new headquarters campus at The Star, the Dallas Cowboys’ 91-acre hub in Frisco. The company is relocating from its current office in Plano, where approximately 1,100 employees work. The new space will measure roughly 350,000 square feet and is expected to be available for occupancy in 2021, according to local media

Joint Venture Acquires 11-Building Office Portfolio in Jacksonville for $231M

JACKSONVILLE, FLA. — A joint venture between Starwood Real Estate Income Trust Inc. (SREIT), Vanderbilt Office Properties and Trinity Capital Advisors has acquired an 11-building office portfolio in Jacksonville in an off-market transaction for $231 million. The portfolio spans 1.3 million square feet and is situated within Jacksonville’s Deerwood Park submarket. The portfolio was 90 percent leased at the time of sale to 55 tenants, including Fidelity Investments, The Adecco Group and …

Walmart Unveils Expansion Plans for 350-Acre Corporate Campus in Bentonville, Arkansas

BENTONVILLE, ARK. — Walmart has unveiled its plans to build a 350-acre office campus in Bentonville that will serve as the company’s home office. Demolition of the retailer’s existing buildings will begin this summer with delivery expected in phases from 2020 to 2024. Reuters reports the campus will house nearly 17,000 employees at full build-out. The campus will include office buildings, expanded food offerings, convenient parking, fitness options, a child care facility, bike paths, …

HFF Arranges $24.5M Acquisition Loan for Office Property in Charlotte’s SouthPark District

CHARLOTTE, N.C. — HFF has arranged a $24.5 million acquisition loan for Rexford Park I and II, two office buildings in Charlotte totaling 136,812 square feet. The borrower, a partnership between Childress Klein and Gottesman Real Estate Partners, will use the funds to acquire, renovate and re-lease the buildings. Cory Fowler of HFF represented the borrower to secure the six-year, floating-rate loan through Atlantic Union Bank. Planned renovations include new interior common spaces, major …

Unico Properties Acquires 160,164 SF Historic Office Building on Seattle’s Waterfront

SEATTLE — Unico Properties, a subsidiary of Unico Investment Group, has acquired the Colman Building on Seattle’s waterfront from Goodman Real Estate for an undisclosed price. With this purchase, Unico’s presence on the waterfront now exceeds 1 million square feet. The six-story Colman Building features 160,164 square feet of office space with ground-level retail encircling the entire property. At the time of sale, the property was 88 percent occupied. The historic building was …

Cawley Partners to Develop 200,000 SF Office Building in Plano

PLANO, TEXAS — Dallas-based Cawley Partners will develop HQ53, a 200,000-square-foot office building that will be located at 5300 Headquarters Drive in Plano. The Class A building will offer collaborative gathering spaces, as well as a 6:1 parking ratio and access to a variety of nearby retail and dining options. The groundbreaking is slated for September and completion is scheduled for September 2020. BOKA Powell is the project

Complexity Gaming Opens 11,000 SF Headquarters at The Star in Frisco

FRISCO, TEXAS — Complexity Gaming, an esports organization, has opened its 11,000-square-foot office headquarters at The Star, the Dallas Cowboys 91-acre mixed-use campus in Frisco. Designed by ICRAVE, the space features a public area and retail space, as well as training rooms and innovation labs for esports players, which compete professionally in video games. A GameStop Performance Center will also open this summer and will carry merchandise from Complexity

Marcus & Millichap Arranges Sale of 32,864 SF Office Building in McAllen

MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of McAllen Commerce Center, a 32,864-square-foot office building located in the Rio Grande Valley region. Gustavo Torres of Marcus & Millichap’s San Antonio office represented the seller, a private investor, in the transaction. Joshua Murphy of Marcus & Millichap represented the buyer, also a private investor. Additional terms of sale were not

Conferences