FREMONT, CALIF. — Northmarq has brokered the $23.4 million sale of three office and industrial buildings that are located within Stevenson Business Park in Fremont. Built in 1999 and renovated in 2021, the buildings total 116,780 square feet and formerly served as the regional office for the seller, The Men’s Warehouse. Chase Dominguez of Northmarq represented The Men’s Warehouse in the deal. The buyer was a undisclosed, California-based private investor.
WASHINGTON, D.C. — Taicoon Property Partners has acquired 1899 L, a 152,000-square-foot office building situated along Restaurant Row in Washington, D.C. The property was renovated in 2022, with improvements to the main lobby, elevator cabs, HVAC, conference center, fitness center and bike room. The buyer plans to implement further renovations, including an updated façade, enhanced restrooms and common areas, redesigned retail storefronts and modernization of the amenities and infrastructure. Charlie Smiroldo and Matt Pacinelli of Stream Realty Partners represented Taicoon in the transaction. Stream also serves as the leasing agent for the building, which features available suites ranging from 2,500 to 13,000 square feet. Collins Ege and Bradley Allen of Eastdil Secured represented the undisclosed seller. The sales price was also not disclosed.
AUSTIN, TEXAS — Los Angeles-based law firm O’Melveny & Myers LLP has signed a 28,000-square-foot office lease at The Republic, a 48-story building that is under construction in downtown Austin. The Republic is now more than 50 percent preleased and is slated for a summer 2025 completion. Jeff Welch, John Gump and Jay Austin of CBRE represented the tenant in the lease negotiations. Mark Miller and Seth Johnston of Lincoln Property Co., which owns the property in partnership with Phoenix Property Co. and DivcoWest, represented the landlord.
DALLAS — Global design firm Arcadis has opened a 19,000-square-foot office at 300 S. Pearl Expressway in downtown Dallas. The space is located on the sixth floor of the mixed-use building and features 120 open-office workstations, two conference areas and a “contemplation room” to support mental health and religious observances. Todd Interests owns the building, which consists of 336 apartments, 200,000 square feet of office space and 25,000 square feet of retail space. Cushman & Wakefield negotiated the lease.
CHARLOTTE, N.C. — Stream Realty Partners has executed 70,000 square feet of leases at The Grove, a four-building office park located at 8520-8615 Cliff Cameron Drive in Charlotte, over the past 18 months. The landlord, B Group Capital Management, recently completed extensive renovations at the 260,000-square-foot property, which it purchased in fall 2022. These include the implementation of Google Fiber and physical upgrades to common areas and a new spec office suite. Grant Keyes and Holden Brayboy of Stream Realty represented the landlord in the lease negotiations. The deals include leases and/or lease extensions with Alliance Health, Bridge to Achievement, Autism Living Experience and Keller Williams.
COPPELL, TEXAS — Centersquare, a provider of colocation, connectivity and cloud infrastructure solutions, has signed a 30,342-square-foot office headquarters sublease at Cypress Waters in Coppell, located in the northern-central part of the metroplex. The space at 3100 Olympus Blvd. can support about 150 employees. Cribb Altman and Curt Holcomb of JLL represented Centersquare in the lease negotiations. Steve Wentz, Travis Boothe and Spencer Oster of Cushman & Wakefield represented the undisclosed sublandlord. Billingsley Co. owns Cypress Waters.
BLAINE, MINN. — Transwestern Real Estate Services has brokered the $4 million sale of a 46,800-square-foot office building in Blaine, a northern suburb of Minneapolis. Located at 3680 Pheasant Ridge Drive NE, the property was vacant at the time of sale but formerly housed the Minnesota School of Business. Eric Rapp of Transwestern represented the seller, M5 Built Holdings-Blaine LLC. The buyer, East Blaine Community Center, plans to fully renovate the building. The owner will utilize the building’s classrooms and large gathering spaces as a religious community center.
PHOENIX — Newmark has arranged the $86.1 million all-cash sale of 24th at Camelback, an office asset in Phoenix’s Camelback corridor. Barry Gabel, Chris Marchildon, CJ Osbrink and Kevin Shannon of Newmark represented the seller, an institutional owner. The buyer was a family office based abroad. Located at 2375 E. Camelback Road, the eight-story 24th at Camelback offers 308,481 square feet of office space. Developed by Hines in 2000, the property features a fitness center, onsite dining options, shared tenant conference facilities, 24/7 security, two subterranean levels of parking and a detached, six-level, above-grade parking structure.
STERLING HEIGHTS, MICH. — Lionheart Capital has unveiled plans for the $1 billion mixed-use redevelopment of Lakeside Mall in the Detroit suburb of Sterling Heights. The redevelopment process will begin with the demolition of the enclosed regional mall following its closure on July 1. The new development will be anchored by a mixed-use town center and central park featuring shops, offices, coffee houses, restaurants, an area for community gatherings and events, and a two-story community center with recreational amenities including swimming pools, fitness facilities and libraries. The project is also set to include a hotel and residential space, details of which were not disclosed, as well as 30 acres of public space, parks and infrastructure. Plans include the addition of walking, biking and hiking trails that connect to local trail networks including the Iron Belle Trail, Freedom Trail and Dodge Park Trail. Groundbreaking on the town center is scheduled for late 2025. The development team includes master architect CallisonRTKL, landscape designer SWA and civil engineer Giffels Webster. A completion timeline was not disclosed. Lakeside Mall originally opened in 1976. The site spans 110 acres and the existing buildings total 1.5 million square feet. Miami-based Lionheart Capital is an investment firm …
By Kristi Andersen and Melissa Torrez, CBRE The office market remains one of the most uncertain commercial real estate sectors across the country. Facing declining asset values, rising interest rates and the increase of remote and hybrid work, many of the nation’s office markets are struggling. Key indicators that typically track the health of the market include net absorption, rental rates and vacancy rates. Not surprisingly, given the recent challenges, net absorption of office space nationwide is currently negative, rents have gone down and vacancy is high. However, Omaha continues to buck those trends. A solid, steady economy The midwestern city boasts a diverse economy with agriculture, food processing, insurance, transportation, healthcare and education all being leading drivers. Warren Buffett calls Omaha home, as do several Fortune 500 corporations such as Berkshire Hathaway, Union Pacific Railroad, Mutual of Omaha and Peter Kiewit Sons’ Inc. The Omaha economy consistently outperforms other metro areas, particularly during economic downturns. In December, the U.S. Bureau of Economic Analysis released 2022 Gross Domestic Product (GDP) data for counties and metropolitan areas. Douglas County, the most populous county in Nebraska, had the highest annual GDP growth at 9.2 percent for U.S. counties with populations greater than …
