Office

CBRE Brokers $45.5M Sale of AT&T Plaza in Charlotte

by John Nelson September 2, 2015

CHARLOTTE, N.C. — CBRE has brokered the $45.5 million sale of AT&T Plaza, a 355,300-square-foot office tower in Charlotte’s central business district. Located at 300 S. Brevard St., the property provides direct access to the LYNX light rail. AT&T is vacating the property as part of its corporate initiative to reduce its national office footprint. Will Yowell, Patrick Gildea and Jay O’Meara of CBRE represented the sellers, Childress Klein and Norfolk Southern Corp. Hal Kempson and Compie Newman of CBRE arranged a five-year acquisition loan through Citizens Bank on behalf of the buyer, Dallas-based Stream Realty Partners.

September 2, 2015

California Office Western

Porter Ranch Office Building Sells for $4.9M

by Nellie Day September 1, 2015

LOS ANGELES — Papazian-Hirsch Calabasas LP has acquired a 15,798-square-foot office building in the Los Angeles submarket of Porter Ranch for $4.9 million. The building is located at 11260 Wilbur Ave. It was constructed in 1985. Justin Mendelson and Fred Sheriff of Charles Dunn Company represented both the buyer and seller, Wilnaldi Venture L.P. and Wilnaldi Bellisimo LLC, in this transaction.

September 1, 2015

Arizona Office Western

Former School Sells in Arizona for $4.5M

by Nellie Day September 1, 2015

GILBERT, ARIZ. — IPF Rancho Solano has purchased Rancho Solano Gilbert Campus, a 33,265-square-foot building in Gilbert, for $4.5 million. The building operated as a preschool through fifth grade until it closed at the end of the 2014 school year. The new tenant, Lauren’s Institute For Education (L.I.F.E.), is a nonprofit organization that provides programs for developmentally disabled children through a variety of therapies. Jim Wilson and Scott Shelbourne of Cushman & Wakefield represented the seller, Arizona Prep Real Estate.

September 1, 2015

California Office Western

The Honest Company Relocates to Playa Vista

by Nellie Day September 1, 2015

LOS ANGELES — The Honest Company has relocated its headquarters to a Class A office complex in Playa Vista. The new space is located at 12130 Millennium Drive. The company will occupy 83,000 square feet of space at the property. It will relocate from nearby Santa Monica early next year. David Toomey and Matthew Miller of Cresa and Marc Bretter of Travers Cresa represented The Honest Company. The landlord is Clarion Partners.

September 1, 2015

Office Texas

Moore & Associates Buys 60,338 SF Office Building in Austin

by Katie Sloan September 1, 2015

AUSTIN, TEXAS — CBRE Investment Properties has arranged the sale of Westlake Place, a 60,338-square-foot, multi-tenant office building in Austin. Maryland-based Moore & Associates purchased the asset from a California-based partnership for an undisclosed price. Westlake Place is a five-story building located at 1515 S. Capital of Texas Highway in the Southwest Austin submarket. Tenants at the Class B property, which is 94 percent occupied, include Sotera Defense Solutions, Frontier & Associates and Vertex Software Corp. Walter Saad, Cathy Nabours and Logan Reichle of CBRE’s Austin office represented the seller.

September 1, 2015

North Carolina Office Southeast

HFF Brokers $23M Sale of Two Suburban Charlotte Office Buildings

by John Nelson September 1, 2015

CHARLOTTE, N.C. — HFF has brokered the $23 million sale of Carmel Park I and II, two office assets in Charlotte’s Ballantyne/South Charlotte office submarket totaling 170,128 square feet. Carmel Park I and II are situated on 11.5 acres at 11111-11121 Carmel Commons Blvd. The properties are roughly 80 percent leased to tenants such as Pulte Group, Gentiva Health Services, M3 Engineering and Commercial Defeasance LLC. Ryan Clutter led HFF’s investment sales team in representing the seller, Carmel Park II LP, an entity managed by PICOA Inc. CapRidge Partners LLC purchased the office assets. Travis Anderson, Jim Curtin and Cory Fowler of HFF arranged floating rate acquisition financing through JP Morgan Chase & Co. on behalf of CapRidge Partners.

September 1, 2015

Florida Office Southeast

JLL Arranges 52,683 SF Office Lease in Downtown Fort Lauderdale

by John Nelson September 1, 2015

FORT LAUDERDALE, FLA. — JLL has secured a 52,683-square-foot lease transaction at Tower 101, a newly renovated, 21-story office tower located at 101 N.E. 3rd Ave. in downtown Fort Lauderdale. The tenant, Uniforms Direct, is relocating its corporate headquarters from Plantation, Fla., to Tower 101. Uniforms Direct will be the building’s largest tenant and will bring roughly 200 employees to occupy Tower 101’s penthouse level, the 20th floor and half of the 16th and 19th floors. Existing tenants at Tower 101 include Kemet Corp., Greater Fort Lauderdale Convention & Visitors Bureau, the city of Fort Lauderdale and Advantage Opco LLC. Alice Lucia Jackson and Brady Titcomb of JLL represented the landlord, Banyan Street Capital, in the lease transaction. Matthew Cheezem and Zach Wendelin of Cresa represented Uniforms Direct. The transaction is the largest office lease completed in downtown Fort Lauderdale year-to-date.

September 1, 2015

Mixed-Use Multifamily New Jersey Northeast Office

VREP Launches Repositioning of 27-Acre Montville Office Campus

by Amy Works September 1, 2015

MONTVILLE, N.J. — Vision Real Estate Partners (VREP) has launched the repositioning of Montville Corporate Campus, an office campus located at 340-342 Changebridge Road in Montville. VREP plans to convert one of the twin 100,000-square-foot office buildings into a multi-tenant building and rezone half the campus for residential use. The company plans to replace the front of the three-story travertine marble office building with a stone and glass curtain wall system. Interior renovations will include a two-story atrium lobby featuring stone, millwork, upgraded lighting and lounge seating with a coffee bar, as well as a town hall-style conference area in extended third-floor space. Additional renovations include refinished elevators, bathrooms and other common area upgrades throughout the building. The company has partnered with Mill Creek, a high-end multifamily specialist, for the residential development.

September 1, 2015

New York Northeast Office

Cushman & Wakefield Arranges $5.3M Sale of Office Building in Brooklyn

by Amy Works September 1, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an office building located at 1713 Eighth Ave. in Brooklyn’s Greenwood Heights neighborhood. The four-story, 12,800-square-foot building sold for $5.3 million, or $418 per square foot, in an all-cash transaction. The property consists of 47 small units set up as creative artist or office spaces. Aaron Warkov and Richard Velotta of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not disclosed.

September 1, 2015

Office Texas

Triten, Convexity Purchase Office Portfolio in Dallas

by Haisten Willis August 31, 2015

DALLAS — A joint venture between Triten Real Estate Partners and Convexity Properties has purchased a two-building office portfolio totaling 270,499 square feet at 6060 and 6080 N. Central Expressway in Dallas. Jack Crews, Evan Stone and Lauren Zimmer of JLL sold the property to Triten and its Chicago-based investment partnership on behalf of the previous owner, Dallas-based Prescott Realty Group. Wells Fargo provided financing for the purchase. 6060 N. Central Expressway is an eight-story office property spanning 224,682 square feet. The property was constructed in 1972 and renovated in 2008. In addition, the portfolio includes 6080 N. Central Expressway, with 45,817 square feet on the first floor, topped by three levels of parking. The structure offers an expansion opportunity that could potentially add 290 parking spaces. At the time of sale the office property was 88 percent leased and the parking structure was 100 percent leased to Zenith Education Group

August 31, 2015

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