ATLANTA — Atlanta-based Regent Partners has entered into an agreement with Stamford, Conn.-based Building and Land Technology to sell the “King” and “Queen” office buildings in Atlanta’s Central Perimeter submarket. The two towers are located in the 2.2 million-square-foot Concourse Corporate Campus, a mixed-use business park located at the confluence of I-285, Georgia 400, Hammond Drive and Peachtree Dunwoody Road. The Atlanta Business Chronicle is reporting that the deal could fetch $480 million to $500 million. Regent Partners, along with its investment partners, purchased Concourse Corporate Center in October 2012 for roughly $312 million.
ITASCA, ILL. — Adelphia Properties has arranged the $1.2 million sale of Itasca Park Place Plaza in Itasca. The 22,000-square-foot property is located at 913-935 Irving Park Road. The strip center includes retail and office spaces. Simeon Spirrison and George Spirrison of Adelphia Properties represented the seller and the buyer, both private investors.
MIAMI — Marcus & Millichap has brokered the $11.3 million sale of a 35,000-square-foot, one-story office and warehouse building in Flagler Station at 10325 N.W. 112th Ave. in Miami. The property is fully leased to Wells Fargo and acts as the bank’s primary cash transfer station in the South Florida region. Wells Fargo’s lease expires in February 2024. The building has 110 parking spaces and two loading docks. Completed in 2009, the property is surrounded by an eight-foot security fence with electronic and video surveillance. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, DRA Advisors LLC, in the transaction. The Taylor-Zang-Dougherty Group and the MacLaren Group — part of Marcus & Millichap’s Philadelphia’s office — represented the buyer, an investor based in Philadelphia. Andrew Dansker of Marcus & Millichap’s Institutional Property Advisors’ capital markets division arranged $7.9 million in acquisition financing.
CARROLLTON, TEXAS — Henry S. Miller has arranged a 7,402-square-foot lease for CR Assembly in Carrollton. CR Assembly leased 7,402 square feet of a 30,240-square-foot, multi-tenant building from 3220 Commander Inc. The light assembly office/warehouse is located on the west side of Addison Airport off of Midway Road. Jim Turano of Henry S. Miller’s office division arranged the lease.
LEBANON, N.J. — Colliers International has arranged the sale of two office buildings, known as 100 Corporate Drive and 200 Corporate Drive, located at 78 Corporate Center in Lebanon. The three-story buildings, which total 185,866 square feet, sold for $5.8 million. The 92,925-square-foot property at 100 Corporate Drive is currently 39 percent occupied, and the 92,941-square-foot property at 200 Corporate Drive, which includes a full-service cafeteria, is vacant. Jeffrey Oram and Jacklene Chesler of Colliers International represented the seller, Torchlight Investors, and procured the buyer, a New Jersey-based private investor, in the transaction.
IRVINE, CALIF. — The Hoag Health Center – Irvine has received $41.2 million in a construction-to-permanent loan. The center will be located at the intersection of Alton Parkway and Sand Canyon Avenue, directly across from Hoag Hospital Irvine. The 150,000-square-foot medical office development contains three Class A, 50,000-square-foot ambulatory care centers with flexible floor plans. It is scheduled for completion in early 2016. The 12-year, fixed-rate loan is interest-only during the two-year construction period. The fixed rate was locked over eight months in advance of the loan closing. HFF’s Zach Koucos, Aldon Cole and Tim Wright secured the loan on behalf of Pacific Medical Buildings (PMB). The firm is also servicing the loan, which was secured through a correspondent life insurance company.
PORTLAND, ORE. — BDC Advisors has acquired a 96,250-square-foot office building in Portland for $35.3 million. The mid-rise building is located at 2100 Southwest River Parkway in the city’s Central Business District. The Class A building is situated in the south end of CBD on the Willamette River. It sits adjacent to the southern-most part of Waterfront Park, less than a mile southeast of Downtown. The eight-story property was built in 1995. It is fully leased to two tenants. The transaction was executed by HFF. The seller was Clarion Partners. HFF also secured a seven-year, fixed-rate acquisition loan for BDC through a regional bank.
FORT MILL, S.C. — Atlanta-based tvsdesign has announced the groundbreaking of LPL Financial’s new regional headquarters in Fort Mill, a suburb of Charlotte. The architecture firm was the architect and interior designer of record for the 450,000-square-foot campus that will be located on 27.9 acres in Kingsley, a master-planned development. The new campus will house roughly 1,000 LPL Financial employees and will have elevators and stair cores separated from office areas to maximize interior space and natural daylight. Other sustainable features include reclaimed interior woodwork sourced from white oak trees on the grounds, the use of local and recycled materials, electric vehicle charging stations, tree preservation, bicycle storage and net-zero water efficiency techniques. The property’s on-site amenities will include outdoor meeting areas, a restaurant, fitness center and health clinic. The campus is slated for a late fall 2016 completion.
PLANO, TEXAS — Bob Moore Construction has completed structural work for the Legacy VI and VII office buildings. Upon completion, Legacy VI and VII will deliver 245,508 square feet of speculative office space in a 24-acre, three-building campus. Lincoln Property Co. hired Bob Moore Construction as the general contractor for Legacy VI and VII in 2014. Legacy VI will include two buildings, each spanning 60,428 square feet. Legacy VII is a 124,652-square-foot, two-story office building. All three buildings were constructed with tilt-up construction. The campus also features 1,463 parking spaces spread over 582,522 square feet of new paving.
The big story in the St. Louis office market is that available Class A space continues to become more scarce. As we watch the larger blocks of space being absorbed, and as Class A asking rates continue to increase, the probability for new development seems inevitable, leaving some property owners wondering if they should move forward and build. Although little new office construction is underway, the tightening market has undoubtedly prompted conversations. Expect projects to surface once developers land their first major tenant. The most likely submarkets for new development are in Clayton and West County, where many tenants requiring more than 25,000 contiguous square feet of office space are looking. You cannot have a full recovery for office occupancy until employment increases and the abundance of empty desks is absorbed. The local unemployment rate reached its peak of 10.9 percent in February 2010. The good news is that the unemployment rate hit a six-year low of 5.4 percent in October 2014. This significant drop can be attributed to the gain of over 11,000 jobs since January 2014 in the professional and business services sector. The St. Louis office market ended the year at a 10.5 vacancy rate, with Class …