Office

NAI/Merin Hunter Codman Brokers $18.5M Sale of Office Building in Palm Beach Gardens

by John Nelson February 7, 2017

PALM BEACH GARDENS, FLA. — NAI/Merin Hunter Codman has brokered the $18.5 million sale of a 10-story office building located at 4400 PGA Blvd. in Palm Beach Gardens. Dr. A. John Merola of Jupiter, Fla., purchased the 80,300-square-foot building from Admiralty Acquisition Co. LLC, an entity formed by Ray Celedinas of Celedinas Insurance Group and local investors. The office building was 99 percent leased at the time of sale to tenants such as Pulte Homes, the U.S. Army Corps of Engineers, GAI Consultants, Celedinas Insurance, A Marsh & McLennan Agency and the Scott Harris law firm. Neil Merin of NAI/Merin Hunter Codman represented the seller, and Summit Commercial Real Estate Group represented the buyer in the transaction.

February 7, 2017

Office South Carolina Southeast

CBRE Arranges $16.7M Sale of Office Building in Greenville

by John Nelson February 7, 2017

GREENVILLE, S.C. — CBRE has brokered the $16.7 million sale of 750 Brookfield, a 106,649-square-foot office building located at 750 Brookfield Parkway in Greenville. The office building was 93.5 percent leased at the time of sale to tenants such as Ford Motor Credit Co., which occupies nearly 70 percent of the building. Patrick Gildea, Tripp Sellers and Charles Gouch of CBRE represented the seller, Chicago-based J.L. Woode Ltd., in the transaction. CCP Commercial Real Estate was the buyer.

February 7, 2017

Michigan Midwest Office

Signature Associates Arranges Sale of 489,000 SF Office Building in Auburn Hills, Michigan

by Kristin Harlow February 7, 2017

AUBURN HILLS, MICH. — Signature Associates has arranged the sale of a 489,000-square-foot, high-tech office building in Auburn Hills. The sales price was not disclosed, but the list price was $25.5 million. The building is located at 3000 University Drive. Bruce A. Morrison and Paul Hoge of Signature Associates represented the landlord, Shamrock Holdings Inc. The buyer was not disclosed.

February 7, 2017

Michigan Midwest Office

Microsoft to Move Technology Center to Downtown Detroit

by Kristin Harlow February 6, 2017

DETROIT — Microsoft Corp. has unveiled plans to move its Michigan Microsoft Technology Center (MTC) from Southfield to downtown Detroit in early 2018. The company will occupy more than 40,000 square feet in Bedrock’s One Campus Martius building. There are more than 40 MTCs worldwide, which bring together resources to help clients explore their products. Bedrock is the real estate arm of Dan Gilbert’s business portfolio, specializing in acquiring, leasing, financing, developing and managing commercial and residential space. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to downtown Detroit.

February 6, 2017

Massachusetts Northeast Office Retail

Synergy Investment Sells 53,000 SF Office, Retail Building in Boston for $21.8M

by Amy Works February 6, 2017

BOSTON — Synergy Investment has completed the disposition of an office and retail building located at 26 West St. in Boston’s Ladder District. Boston-based Eden Properties acquired the property for $21.8 million. Services Employee International Union occupies a portion of the building on a long-term lease. Scott Dragos of Colliers International Boston represented the seller in the deal.

February 6, 2017

Northeast Office Vermont

Nedde Real Estate Facilitates Sale of 6,000 SF Office Building in Vermont

by Amy Works February 6, 2017

ST. ALBANS CITY, VT. — Nedde Real Estate has arranged the sale of an office building located at 242 S. Main St. in St. Albans City. BAART purchased the 6,000-square-foot Knights of Columbus building from Vermont Club Home Association for an undisclosed price. Grant Butterfield of Nedde Real Estate arranged the transaction.

February 6, 2017

Office Texas

Buchanan Street Partners Buys 160,000 SF Office Building in Houston

by Amy Works February 3, 2017

HOUSTON — Buchanan Street Partners has acquired Sam Houston Crossing II, an office building located at 10344 Sam Houston Parkway Drive in Houston. Duke Realty sold the 160,000-square-foot building for an undisclosed price. Forum Energy Technologies, PEMEX and First American Title Co. occupy the three-story office building. Jared Chua of CBRE represented the seller, while Buchanan Street was self-represented in the transaction.

February 3, 2017

California Office Western

Marcus & Millichap Arranges $3.6M Sale of 9,000 SF Medical Office Property in Dinuba

by Nellie Day February 3, 2017

DINUBA, CALIF. — Marcus & Millichap has brokered the sale of a property net leased to DaVita Dialysis at 520 E. North Way in Dinuba. An individual/personal trust acquired the 9,000-square-foot property for $3.6 million. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap represented the seller, a limited liability company, while Jacob Becher and Christopher Secreto, also of Marcus & Millichap, represented the buyer in the deal.

February 3, 2017

District of Columbia Loans Office Southeast

KeyBank, Walton Street Originate $204.1M Refinancing for Woodies Building in D.C.

by John Nelson February 3, 2017

WASHINGTON, D.C. — A partnership between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC has originated a $204.1 million first mortgage loan for The Woodies Building in Washington, D.C.’s East End. The 10-story, 497,000-square-foot property was constructed in 1897 and was fully redeveloped in 2005. Scott Bois of KeyBank’s Commercial Mortgage Group arranged the financing on behalf of the borrower, Douglas Development Corp. The 12-year loan features a 10-year interest only period and a 30-year amortization schedule. KeyBank and Walton Street Capital previously closed a $196.3 million first mortgage loan on behalf of Douglas Development for the Atlantic Building, also in Washington, D.C.

February 3, 2017

Office Southeast Virginia

Nestle USA Moves Corporate Headquarters from California to Arlington in $39.8M Move

by John Nelson February 3, 2017

ARLINGTON, VA. — Nestle USA, a subsidiary of global food and drink company Nestle S.A., has decided to move its corporate headquarters from Glendale, Calif., to Arlington’s Rosslyn district. The company will invest $39.8 million to relocate to 206,000 square feet of office space at 1812 N. Moore St. beginning in September. The move is expected to create nearly 750 jobs in the metropolitan Washington, D.C., region. As part of the deal, Nestle USA will receive $6 million from the Commonwealth of Virginia. The grant comprises a $4 million Industrial Development Authority Performance Incentives grant from Arlington County and an additional $2 million from the county for infrastructure purposes. Nestle USA worked closely with Arlington Economic Development in the move.

February 3, 2017

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