Office

CBRE Brokers Sale of Office Property in Dallas

by Haisten Willis February 20, 2015

DALLAS — CBRE has brokered the sale of Citymark, a Class A office building in Dallas’ Uptown submarket. The asset is located at 3100 McKinnon St. on a 3.7-acre site and compromises an 11-story office tower, four-level parking garage and half-acre developable parcel with roughly 200 feet of frontage along McKinnon Street. The office asset offers a total of 218,926 rentable square feet and is 73.6 percent leased. Bradford Commercial Real Estate Services purchased the asset from Hines Real Estate Investment Trust Inc. for an undisclosed price. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill represented the seller. On-site amenities include a full-service deli with indoor and outdoor seating, a fitness center and a landscaped plaza with a half-court basketball court and jogging trail. Citymark houses the U.S. headquarters of its largest tenant, Balfour Beatty Construction.

February 20, 2015

Office Construction in San Antonio Hits Highest Peak Since 2008

by Haisten Willis February 20, 2015

Everyone is buzzing about the significant amount of speculative construction all over Texas. For the first time since 2008, San Antonio’s office construction is picking up the pace with 928,395 square feet of speculative development underway. Local developers with conservative land positions are taking the lead on all of these developments as they respond to an increasing need for relevant office building options for corporate firms—something San Antonio has not had since 2009, when Concord Park II, Overlook at the Rim, Plaza Las Campanas and others were delivered. Both the Far North Central and Northwest submarkets have witnessed the bulk of recent absorption activity, offering newer, more efficient office options near the more modern residential subdivisions and retail developments. The Northwest submarket also accounts for one-third of San Antonio’s total rentable building area for office space. As of Q4 2014, the Northwest submarket absorbed 342,927 square feet, while the North Central submarket absorbed 312,856 square feet. Two great examples of success in these submarkets are WestRidge One at La Cantera (completed in Q4 2014) and Éilan Buildings I and II (completed in Q1 2011). These two projects are responsible for 253,976 square feet of absorption in the past two years …

February 20, 2015

District of Columbia Office Southeast

Oxford Properties Group Acquires Interest in Washington Center in D.C.

by John Nelson February 20, 2015

WASHINGTON, D.C. — Oxford Properties Group has purchased a 49.7 percent stake in Washington Center, a 335,000-square-foot office building located at 1001 G St. N.W. in Washington, D.C.’s East End submarket. Oxford Properties Group is the real estate arm of OMERS, the pension plan for municipal employees in Ontario. Oxford partnered with the 12-story building’s developer, Quadrangle Development Corp., in the transaction. QDC Property Management will continue to manage the asset on behalf of the joint venture and QuikPark, also a Quadrangle affiliate, will continue to manage the five-story, below-grade parking garage.

February 20, 2015

Industrial Midwest Office Wisconsin

Gramercy Property Trust Acquires Five Properties for $44.4M

by Danielle Everson February 19, 2015

MILWAUKEE — New York-based Gramercy Property Trust Inc. has acquired one office and four industrial properties totaling approximately 590,000 square feet for $44.4 million. The properties include a portfolio of three single-tenant industrial properties totaling approximately 450,000 square feet in the Milwaukee; a cross-dock truck terminal located in Milford, Conn.; and a 115,000-square-footm Class A call center, office and operations facility in Charlotte. The properties are fully leased with a weighted average lease term of 6.7 years.

February 19, 2015

Loans New York Northeast Office

Meridian Capital Arranges $40M Acquisition Financing for Office Property in NYC

by Amy Works February 19, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $40 million loan for the acquisition of an office property located at 145 West 45th St. in New York City. The five-year loan, provided by a regional balance sheet lender, features a 3.5 percent fixed-rate and interest-only payments for the full term. A partnership led by the Aini family acquired the 12-story, 90,000-square-foot office building from an undisclosed seller. Rael Gervis and David Hayum of Meridian’s New York City office arranged the financing.

February 19, 2015

New Jersey Northeast Office

CBRE Global Investors Acquires Park 80 West in New Jersey

by Amy Works February 19, 2015

SADDLE BROOK, N.J. — A fund sponsored by CBRE Global Investors, an independently operated affiliate of CBRE Group Inc., has acquired Park 80 West, a two-building office complex in Saddle Brook, for an undisclosed price. Located at the junction of Interstate 80 and Garden State Parkway, the 507,480-square-foot asset features a full-service cafeteria, fitness center, boardroom, dry cleaning service, on-site property management and 90-percent covered parking. The property was 73 percent leased at the time of sale; the diverse tenant roster includes several investment-grade companies. The seller was a joint venture between Pearlmark Real Estate Partners and L&L. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE Group Inc. represented the buyer and worked closely with the seller to ensure an expedient transaction prior to a debt maturity for the transaction.

February 19, 2015

Georgia Office Southeast

Admiral Capital, SDM Partners Sell Atlanta Office Building

by John Nelson February 19, 2015

ATLANTA — Admiral Capital Group and its joint venture partner SDM Partners have sold 200 Ashford Center, a 158,384-square-foot office building in Atlanta’s Central Perimeter submarket. Built in 1989, the office building is located near the intersection of Ashford Dunwoody Road and Mt. Vernon Highway. The buyer was Parmenter Realty Partners, a fully integrated real estate investment, management and development firm headquartered in Miami with more than $1 billion in assets under management. Cushman & Wakefield represented both the buyer and sellers in the transaction.

February 19, 2015

California Office Western

Santa Ana Office Building Sells for $12.7M

by Nellie Day February 19, 2015

SANTA ANA, CALIF. – A 152,705-square-foot office building in Santa Ana has sold to Small Giant for $12.7 million. The nine-story building is located at 1200 North Main. It was 55 percent leased at closing. The property was built in 1971 and renovated in 1997. The seller, Positive Investments, was represented by Dan Vittone and Alan Pekarcik of Avison Young.

February 19, 2015

Office Utah Western

Traeger Wood Pellet Grills Leases Space in Salt Lake City

by Nellie Day February 19, 2015

SALT LAKE CITY – Traeger Wood Pellet Grills has leased 28,740 square feet at Wilmington Gardens in the Salt Lake City submarket of Sugar House. The new mixed-use project will be located at 1215 East Wilmington Ave. It will contain 75,000 square feet of office and 25,000 square feet of retail, in addition to 100 condo and apartment units. It is expected to be completed this March. The developer is Wilmington Gardens Group, a partnership between Woodbury Corporation, Colmena Group and Dee’s Inc. Traeger was represented by Aaron Jones of Newmark Grubb Acres.

February 19, 2015

Illinois Loans Midwest Office

Cohen Financial Arranges $8.3M Acquisition Loan for Office Property

by Danielle Everson February 18, 2015

OAKBROOK TERRACE, ILL. — Cohen Financial has arranged an $8.3 million acquisition loan for a mid-rise office building located at 2 Trans Am Plaza Drive in Oakbrook Terrace. The property is a 5-story office building adjacent to a Marriott Courtyard hotel. The property is leased to multiple tenants. Dan Rosenberg of Cohen Financial’s Chicago office secured the loan with American Capital Ltd., a publicly traded private equity firm and global asset manager. The borrower is American Landmark Properties, a commercial real estate owner/manager experienced in office properties.

February 18, 2015

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