Office

Dayton Office Market Continues Steady Recovery Amid Urban Renaissance

by Christina Cannon April 28, 2016

For the Dayton office market, it’s all about timing. In one of Miami Valley’s largest office leases in recent memory, CareSource early this year signed a five-year lease to occupy 50,000 square feet on two floors at the 486,000-square-foot Kettering Tower downtown. The nonprofit managed healthcare plan is the largest Medicaid plan in Ohio and the second largest in the United States. CareSource said it will assess current and future business needs and redistribute business units from corporate headquarters and offices at 40 W. Second St. to Kettering Tower. In addition, some staff hired during the first quarter of this year also will be placed at the new location. The CareSource location at Kettering Tower increases the company’s footprint to nearly 600,000 square feet in downtown Dayton. The four downtown Dayton locations — including CareSource’s corporate headquarters at 230 N. Main St., Ballpark Village at 220 E. Monument Ave., offices at 40 W. Second St. and Kettering Tower will support 2,200 staff. The $6 million build-out of the multi-tenant Kettering Tower is specifically designed to accommodate CareSource. Tower Partners LLC, an entity whose investors include New York businessman Albert Macanian, owns the building. But the deal bringing 300 new jobs …

April 28, 2016

Office Texas

KBS Signs NeuroCare to 8,373 SF Lease at Greenway I in Metro Dallas

by Haisten Willis April 27, 2016

RICHARDSON, TEXAS — KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, Calif., has signed an 8,373-square-foot lease with NeuroCare Outpatient Rehabilitation at the Greenway I office building in Richardson. Amenities at Greenway I include a renovated lobby, corridors and restrooms, on-campus security and fiber optics. The property is located two miles from The University of Texas at Dallas. NeuroCare Outpatient Rehabilitation is a division of NeuroCare Rehab Hospitals LLC. Laura Maczka and Mark Jordan of Sooner Management represented KBS Strategic Opportunity REIT in the transaction. Michael Collins of MedCore Partners represented NeuroCare Outpatient Rehabilitation.

April 27, 2016

Office Texas

ECR Arranges Sale of Office Property in Austin

by Haisten Willis April 27, 2016

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has arranged the sale of an office property in Austin. 2512 Partners LLC purchased Summit Point, a 24,000-square-foot building located at 2512 S. I-35, for an undisclosed price. Jason Steinberg and Matt Levin with ECR represented the seller.

April 27, 2016

Northeast Office Pennsylvania

NGKF Capital Markets Brokers $41.2M Sale of Office Building in Philadelphia

by Amy Works April 27, 2016

PHILADELPHIA — NGKF Capital Markets has arranged the sale of 2.0 University Place, a multi-tenant office building located at 30 N. 41st St. in Philadelphia. 2.0 University Place Associates sold the 100,000-square-foot property to a member company of Zurich North America for $41.2 million, or $420 per square foot. The building is the first double-platinum, multi-tenant office property in the United States, with both LEED Platinum Core & Shell v2.0 and commercial interior – LEED v2009 Platinum certifications. Dave Dolan and Brett Segal of NGKF Capital Markets represented the seller, while Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management advised the buyer in the transaction.

April 27, 2016

Massachusetts Northeast Office

Berkeley Investments Acquires 314,176 SF Office Building in Massachusetts for $21.8M

by Amy Works April 27, 2016

MALDEN, MASS. — Berkeley Investments Inc. has acquired an office building located at 200 Exchange St. in Malden. An affiliate of KBS Real Estate Investment Trust Inc. sold the 314,176-square-foot property for $21.8 million. The buyer plans to reposition the property into a mixed-used asset with street-level retail, a state-of-the-art data center and approximately 200,000 square feet of creative office space. Coleman Benedict, Chris Phaneuf, Ben Sayles and Mark Campbell of HFF represented the seller, while Gramercy Property Trust, as asset manager, advised the seller on the transaction.

April 27, 2016

Office Texas

CityCentre Five Office Building Opens in Houston

by Haisten Willis April 26, 2016

HOUSTON — CityCentre Five is now open in Houston’s CityCentre district. The 192,357-square-foot, Class A office building features 8,216 square feet of ground-floor retail/restaurant space, as well as 690 parking spots. The pedestrian-oriented CityCentre district attracts nearly 15,000 visitors per day. Houston-based Kirksey Architecture and Munoz + Albin designed the 15-story building, which is located at 825 Town & Country Way. Linbeck served as the general contractor. Tenants already committed include Ascot Underwriting, Relevant Solutions and University Lands. Colvill Office Properties is overseeing leasing.

April 26, 2016

Office Texas

Yeager Purchases Land in Metro Dallas for Office Property

by Haisten Willis April 26, 2016

ALLEN, TEXAS — Yeager Office Suites of Allen LLC has purchased a 3.3-acre tract of land in the Dallas suburb of Allen from T&C Investment Venture LP. The property is located on the west side of Watters Road directly across from the newly announced Allen Convention Center at Watters Creek. Yeager Development plans to break ground in July on the two-story, 35,070-square-foot Yeager Office Suites building. Mike Barr of Barr Cos. represented the buyer, and Jane Jan of Jan’s Realty represented the seller. The Yeager Office Suites building will feature 145 office suites, five conference rooms, casual meeting areas, a lobby and reception area and a café. Yeager will develop, construct, manage and lease the project.

April 26, 2016

Office South Carolina Southeast

Cushman & Wakefield Brokers $67.1M Sale of Lash Group HQ Building in Metro Charlotte

by John Nelson April 26, 2016

FORT MILL, S.C. — Cushman & Wakefield has arranged the $67.1 million sale of The Lash Group headquarters, a 247,834-square-foot, Class A office building located in Fort Mill, roughly 19 miles south of Charlotte. The office building is fully leased to The Lash Group, a subsidiary of AmerisourceBergen Corp. The buyer, 90 North Real Estate Partners LLP, purchased the building from a joint venture between Childress Klein and The Springs Co. Cushman & Wakefield’s Charlotte capital markets team represented the seller in the transaction.

April 26, 2016

New Jersey Northeast Office

NAI Hanson Negotiates Sale of 36,216 SF Office Building in New Jersey

by Amy Works April 26, 2016

PARSIPPANY, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 119 Littleton Road in Parsippany. Commercial Realty Group acquired the 36,216-square-foot building from Hollywood Towne House LLC for an undisclosed sum. The property features two full floors of approximately 12,000 square feet each, in addition to pre-built suites starting at 1,384 square feet. Josh Levering and James Kenah of NAI Hanson represented the seller in the transaction.

April 26, 2016

Loans Northeast Office Pennsylvania Retail

JV Receives $21.7M Acquisition Loan for Retail/Office Center Near Philadelphia

by Amy Works April 26, 2016

DREXEL HILL, PA. — A partnership between The Hampshire Companies and and MCB Real Estate has received $21.7 million in acquisition financing for Drexeline Shopping Center, a mixed-use center located at 4990-5100 State Road in Drexel Hill, a suburb of Philadelphia. Loan proceeds will be used for the acquisition and a secure line of credit for redevelopment and repositioning of the grocery-anchored shopping center. John Mikula and Michael Klein of HFF arranged the financing, which was provided by Flushing Bank, for the borrower. Situated on 18.4 acres and consisting of five buildings, Drexeline Shopping Center is occupied by more than 40 retail and office tenants, including Shop Rite, Ace Hardware, Anthony’s Restaurant, PNC Bank, Drexel Hill Pediatrics Associates and Children’s Dental Health Associates.

April 26, 2016

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