DENVER — A joint venture between Schnitzer West and J.P. Morgan Asset Management will develop Civica Cherry Creek, a boutique office building in Denver. The seven-story building will feature 100,500 square feet of office space and 11,500 square feet of retail atop a four‐story underground parking garage. The developers broke ground this month with a scheduled completion of December 2017. The building will include amenities including a rooftop terrace with outdoor meeting space, private library, concierge services, conference center, outdoor lounge at street level and locker rooms.
NEW YORK CITY — GFI Realty Services has brokered the sale of two office properties located at 40 W. 38th St. and 144 W. 37th St. in Manhattan’s Garment District. An undisclosed buyer purchased the properties for $37.3 million, or $1,400 per square foot. The properties total approximately 27,000 square feet and include an additional 18,000 square feet of buildable space. Jermaine Pugh of GFI Realty represented the buyer, while Sylvia Spielman, also of GFI Realty, represented the seller in the deal.
DALLAS — JLL has negotiated a new 20,200-square-foot lease with movie theater company Studio Movie Grill. The Dallas-based company will be relocating its corporate headquarters to Hidden Grove at 12404 Park Central Drive. JLL’s Jeff Eckert, James Esquivel and Ahnie Gampper negotiated the lease on behalf of the landlord, Red River Asset Management. John Beach with Jackson & Cooksey represented the tenant. Established in 2000, Studio Movie Grill has grown to 24 theatres in 10 states. The company is known for combining a full-service dining experience with first-run movie screenings.
DEARBORN, MICH. — Ford Motor Co. has unveiled plans for a 10-year, $1.2 billion renovation of its Dearborn campus, roughly 10 miles west of Detroit, according to The Architect’s Newspaper, a New York-based print and web publication. The project will combine 30,000 employees from 70 buildings into two primary locations — a product campus and a world headquarters campus. Over 7.5 million square feet will be rebuilt and upgraded into more modern, green and high-tech space. The product campus will feature trails and walkways, autonomous vehicles, on-demand shuttles and eBikes. The world headquarters will feature a Ford credit facility. Both campuses will also include new employee services and heightened wireless connectivity. At the heart of the product campus will be a 700,000-square-foot design center, which will include new design studios and an outdoor design courtyard. Construction of the product campus is expected to be complete by 2023. Work on the world headquarters campus begins in 2021 and is expected to be complete in 2026.
KANSAS CITY, MO. — CBRE has brokered the sale of two office buildings in Kansas City in separate transactions. In the first deal, Highwoods Properties Inc. sold an 82,365-square-foot building to Price Brothers Development Co. for an undisclosed price. Park Plaza is located at 801 W. 47th St. In the second deal, a joint venture between Highwoods Properties Inc. and an investment group led by Angelo Mariani sold a 265,000-square-foot, Class A building to Stanton Road Capital LLC. Plaza West, located at 4600 Madison Ave., is currently 91 percent leased. Gina Anderson and Gary Carr of CBRE represented the seller in both transactions. The sales price in both transactions was undisclosed.
NEW JERSEY — QuVa Pharma Inc. has signed an agreement to acquire an FDA-approved biotech pharmaceutical facility near Route 78 in western New Jersey. The 160,000-square-foot facility will enable QuVa Pharma to significantly extend its production capability and capacity to deliver high-quality, ready-to-use compounded sterile drug preparations to hospitals in key markets in the eastern half of the United States. QuVa currently operates two 503B-registered manufacturing facilities in Texas. Terms of the sale, including the name of the seller and acquisition price, were not released.
BAYONNE, N.J. — Marcus & Millichap has arranged the sale of Bayonne Plaza, a mixed-use property located at 473 Broadway in Bayonne. A private investor acquired the property from a developer for $3.2 million. The building features 29,577 square feet of space. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented the seller and the buyer in the deal.
AUSTIN, DALLAS and CONROE, TEXAS — Alabama-based Sanders Trust has acquired three medical facilities in Texas for $115.5 million. The three facilities, located in Austin, Dallas and Conroe, are inpatient rehabilitation hospitals operated by affiliates of Birmingham’s HealthSouth. Together, they total 192,000 square feet. The Austin location includes 75 licensed beds, Dallas has 50 and Conroe has 60, according to the Houston Business Journal. Medical Properties Trust sold the hospitals in a joint venture transaction with Chicago-based capital partner Harrison Street Real Estate. JLL Healthcare Capital Markets represented Medical Properties Trust in the sale. First Tennessee Bank, Iberia Bank, Synovus Bank and Renasant Bank provided acquisition financing on behalf of Sanders Trust.
ARLINGTON, TEXAS — Hangover Opportunity Fund has sold the 110,651-square-foot Bowen Chase Bank building to a local investment group. Located at 1301 S. Bowen Road in Arlington, the Class B office building is situated on nearly seven acres. The fund has invested nearly $1.2 million into the property since its acquisition in January 2014, the bulk of which was spent on installing a new HVAC system and new lighting. Coldwell Banker Commercial Alliance DFW manages and leases the 34-year-old building, which was 94.4 percent occupied at the time of sale. Creighton Stark of Colliers International, along with Gary Walker of Coldwell Banker Commercial Alliance DFW, represented the seller in the transaction. The largest tenant is the state of Texas, which houses a handful of agencies in 48,206 square feet on several floors of the four-story building. Keller Williams, the second-largest tenant, occupies 16,375 square feet. A full-service Chase Bank and ATM area serve as the lobby centerpiece. Matt Carthey of Holt Lunsford Commercial represented the buyer, Arlington-based Duncan Holdings. Start to finish, the transaction closed within 45 days.
SAN ANTONIO — Trammell Crow Co. has begun construction on The Children’s Hospital of San Antonio Health Pavilion – Stone Oak. The three-story, 60,000-square-foot medical office building will be located at 1434 E. Sonterra Blvd. in San Antonio. Owned by Seavest, the project is scheduled for completion in summer 2017. The Health Pavilion – Stone Oak will be home to a variety of pediatric services and family practice groups, and will provide office space for Baylor College of Medicine physicians. The first floor of the building will be home to The Children’s Hospital’s’ third pediatric emergency room, called The Children’s Hospital of San Antonio Emergency Center – Stone Oak. Paul Barker with Endura Advisory Group in San Antonio has been appointed the leasing agent for the building. Trammell Crow’s Clayton Baca and Mark Fowler lead the development management of the project. Mark Siebert and Cristina Hernandez of MKS Associates designed the building. The engineering team comprises David Martinez of Pape Dawson, Roger Mendez of RGM Engineering, Steve Bourassa of Alpha Consulting Engineers and Jason Lochte of Cooper-Lochte Landscape Architecture.