Office

American Traffic Solutions Leases Space at Waypoint Office Campus in Mesa

by Jaime Lackey October 1, 2014

MESA, ARIZ. — American Traffic Solutions has leased Building One at Waypoint office campus in Mesa. The building is located near Phoenix Sky Harbor International Airport and Mesa Riverview, on the borders of Mesa, Scottsdale and Tempe. Waypoint office campus will be a two-building, Class A office campus. The second 150,000-square-foot building will soon be under construction. The landlords, Lincoln Property Company and Harvard Investments, are represented by CBRE’s Dave Carder, Luke Walker and Eric Schultz.

October 1, 2014

Loans Multifamily New York Northeast Office

Meridian Capital Arranges $228.5M Construction Loan for Flatotel Conversion

by Amy Works October 1, 2014

NEW YORK CITY — Meridian Capital Group has arranged $228.5 million in construction financing for the condominium conversion of the former Flatotel hospitality property in New York City. A partnership between Chetrit Group and Clipper Equity plan to convert the asset, which is located at 135West 52th St., into a five-story boutique office condominium and a 37-floorluxury residential condominium property. The 55,000-square-foot office component will be located on floors two through seven and approximately 109residential units will span floors eight through 47. The total project is estimated to cost $300 million. Aaron Birnbaum and Emanuel Westfried of Meridian’s New York City headquarters negotiated the two-year, non-recourse, interest-only loan, which features a floating LIBOR-based interest rate and a one-year extension option.

October 1, 2014

Florida Office Southeast

Riviera Point Development to Build EB-5 Funded Office Building in South Florida

by John Nelson October 1, 2014

MIRAMAR, FLA. — Riviera Point Development Group plans to develop the $18 million Riviera Point Corporate Center, a 72,000-square-foot office building located at Southwest 145th Avenue and Southwest 27th Street in Miramar. This is the third office building funded through the U.S. Immigrant Investor program, also known as EB-5. Riviera Point Development has retained Stiles Realty to lease the project, which was designed by Corrales Group Architects. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Riviera Point Corporate Center is $500,000.

October 1, 2014

Market Reports Northeast Northeast Market Reports Office Pennsylvania

Philadelphia: What’s Thriving in the City & What’s Driving the Suburbs?

by Jaime Lackey October 1, 2014

Accessibility, amenities and coworking spaces are driving the suburban and urban real estate markets in Philadelphia. While suburban office tenants prefer to have access to transit and amenities, Center City office tenants seek experiences and collaboration with new coworkers. Suburban Perspective The Philadelphia suburban market consists of 59.4 million square feet comprising 13 distinct submarkets. The majority of this inventory consists of dated commodity office space, mostly built prior to 1990. With an overall vacancy rate of 20.8 percent and average asking rents of $24.90 per square foot, the Philadelphia suburban market has been less dynamic than its Center City counterpart. Although many older properties suffer from functional obsolescence, well-maintained assets with access to major roadways/public transit and amenities outperform the market average. For example, the Radnor, Conshohocken and Bala Cynwyd submarkets remain the three strongest submarkets in the region. Vacancy rates in these markets range from 2 to 14 percent, with average asking rents ranging from $30.75 to $37.00 per square foot. All three of these submarkets have immediate access to major roadways, public transit and amenities. Suburban office developers have taken note of the strong fundamentals in these areas as well as Center City Philadelphia. They have created …

October 1, 2014

Florida Office Southeast

Berger Arranges $24M Sale of Palm Beach Office Portfolio

by Jaime Lackey September 30, 2014

BOYNTON BEACH AND DELRAY BEACH, FLA. — Berger Commercial Realty has brokered the $24 million purchase of a portfolio of office buildings in Palm Beach County. Kendall Properties purchased the 280,000-square-foot portfolio from LouJA Realty. The portfolio consists of the Delray Office Park in Delray Beach; Woolbright Corporate Park in Boynton Beach; Gulfstream Professional Building in Delray Beach; and Woolbright Professional Building in Boynton Beach.

September 30, 2014

Illinois Midwest Office

NAI Hiffman Brokers Sale of Office Condominiums in St. Charles, Ill.

by Jaime Lackey September 30, 2014

SAINT CHARLES, ILL. — NAI Hiffman has arranged the sale of two office condominiums totaling 8,238 square feet in St. Charles. The properties are located at 3310 W. Main St. The buyer, Trustee for Landrus Realty 401K Plan & Pension Fund, purchased the suites as an investment. The property features a brick and stone veneer exterior, an atrium, signage along Route 64 and Peck Road and is less than three miles from Delnor Community Hospital. Adam Johnson of NAI Hiffman’s office services group represented PB II OREO LLC in the transaction. Jake Finley of Conlon Commercial represented the buyer.

September 30, 2014

Colorado Office Western

Brown And Caldwell Leases 32,925 SF of Office Space in Lakewood

by Jaime Lackey September 30, 2014

LAKEWOOD, COLO. — Brown and Caldwell has leased 32,925 square feet of office space in Lakewood. The space is located at 1527 Cole Blvd. The engineering firm was represented by Joe Sigdestad and Ted Harris of Cassidy Turley. The landlord, Denver West Office Leasing Company, was represented by CBRE’s Blake Harris.

September 30, 2014

Office Texas

Norwood Land Services to Relocate in Fort Worth’s Oncor Building

by Jaime Lackey September 30, 2014

FORT WORTH — Norwood Land Services will relocate in mid-October to the Oncor Building in downtown Fort Worth from the city’s west side. Norwood has leased 7,920 square feet on the 13th floor of the 300,347-square-foot building, which is located at 115 W. 7th St. The lease brings the building’s occupancy to 94 percent. Casey Tounget of Coldwell Banker Commercial Alliance’s Dallas office represented the landlord, Benbrooke Electric Partners LLC. Bill Tinsley of Ellis & Tinsley Inc. represented the tenant. Norwood is moving from its current location at 6421 Camp Bowie Blvd.

September 30, 2014

Loans Office Texas

Mesa West Capital Provides $12.6M Loan for Acquisition of Austin Office Complex

by Jaime Lackey September 30, 2014

AUSTIN — Mesa West Capital has provided CapRidge Partners with $12.6 million in first mortgage debt to finance the acquisition and lease up of Canyon at Wild Basin, a 74,580-square-foot Class A office complex in Austin. Boston-based Intercontinental Real Estate Corp. was the seller. The three-story building was built in 1999 and is located at 115 Wild Basin Road with highway frontage along Loop 360. The building was 81 percent leased at the time of sale, with tenants including Cloud 8 Sixteen, Alliance Association Management Inc. and Powell & Leon. Andy Scott and Jim Curtin of HFF’s Dallas office arranged financing for the transaction.

September 30, 2014

Illinois Midwest Office

Bradford Allen Represents Epsilon in Office Relocation in Itasca, Ill.

by Jaime Lackey September 30, 2014

ITASCA, ILL. — Bradford Allen Realty Services has arranged the lease of a 42,435-square-foot office space for Epsilon in Itasca. The global marketing services firm is relocating to 1 Pierce Place from 1100 E. Woodfield Road in Schaumburg. The firm has 60 offices worldwide and more than 5,000 employees. With six offices in the Chicago area, the firm is consolidating its existing Schaumburg location with its office in West Chicago. Ben Azulay and Ryan Moen of Bradford Allen Realty Services represented Epsilon in the lease transaction. Azulay and Moen co-brokered the deal with John Boyle and Denise Orlando of Cassidy Turley’s Boston office. Scott Schroeder of Hamilton Partners represented building ownership.

September 30, 2014

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