LOWELL, MASS. — Boutique brokerage firm Peak Real Estate Partners has negotiated the sale of a 62,000-square-foot office and lab building located at 75 Technology Drive in the northern Boston suburb of Lowell. Jumbo Capital sold the property to Boston-based Rhino Capital Advisors for an undisclosed price. Anthony Biette of Peak Real Estate brokered the deal on behalf of both parties. Northmarq arranged acquisition financing through Cambridge Savings Bank. The building was fully leased at the time of sale.
DENVER — Menashe Properties has acquired Stanford Place III, a Class A office building situated on 6.5 acres in Denver. Angelo Gordon Cos. sold the property for an undisclosed price. Totaling 370,000 square feet, the property offers 22,000-square-foot floor plates and a renovated main lobby, common area corridors and restrooms. The building also features a renovated Starbucks Café and deli, a tenant lounge, fitness center, secure bike storage and conference facility. There is also ample surface parking, covered parking and close proximity to interstates 25 and 225 and the Belleview light rail station. Robert Whittelsey and Abby Pattillo of Colliers brokered the transaction.
MIAMI — Boston-based Rockpoint and Montreal-based Ivanhoe Cambridge have sold Mary Brickell Village, a Publix-anchored mixed-use property in Miami’s Brickell district. RPT Realty purchased the 200,503-square-foot development for $216 million. Danny Finkle, Chris Angelone, Matthew Lawton, Eric Williams and Kim Flores of JLL represented the sellers in the transaction. Situated on 5.2 acres at 901 S. Miami Ave., Mary Brickell Village’s tenant roster includes Miami’s only LA Fitness Signature Club, as well as Moxie’s, North Italia, P.F. Chang’s, Shake Shack, Blue Martini, Starbucks, Massage Envy, Candela Gastro Bar and EWM Realty. The mixed-use property also includes an 875-space parking garage. Originally constructed in 2008, Mary Brickell Village underwent renovations between 2018 and 2020.
NEW YORK CITY — Standard Motor Products has signed a 75,000-square-foot office lease renewal in the Long Island City area of Queens. The automotive parts manufacturer and distributor, which was founded in 1919, will remain at its namesake building for another 10 years. William Elder, Andrew Ackerman and Walter Rooney represented the landlord, RXR Realty, in the lease negotiations on an internal basis. William Korchak and Jim McCahon of JLL represented Standard Motor Products.
NEW YORK CITY — Standard Motor Products has signed a 75,000-square-foot office lease renewal in the Long Island City area of Queens. The automotive parts manufacturer and distributor, which was founded in 1919, will remain at its namesake building for another 10 years. William Elder, Andrew Ackerman and Walter Rooney represented the landlord, RXR Realty, in the lease negotiations on an internal basis. William Korchak and Jim McCahon of JLL represented Standard Motor Products.
DENVER — Menashe Properties has acquired Stanford Place III, a Class A office building situated on 6.5 acres in Denver. Angelo Gordon Cos. sold the property for an undisclosed price. Totaling 370,000 square feet, the property offers 22,000-square-foot floor plates and a renovated main lobby, common area corridors and restrooms. The building also features a renovated Starbucks Café and deli, a tenant lounge, fitness center, secure bike storage and conference facility, as well as ample surface, covered parking and close proximity to interstates 25 and 225 and the Belleview Light Rail Station. Robert Whittelsey and Abby Pattillo of Colliers brokered the transaction.
By Mike Holzgang and Brad Christiansen, Executive Vice Presidents, Colliers Portland is seeing a number of employers reassess their post-pandemic workplace. Generally, this translates to companies downsizing to account for hybrid work models, with smaller/shared workstations and more conferencing space. New development has slowed in anticipation of an increased interest rate environment, historically high construction costs and supply chain constraints. Construction timelines are protracted due to all of those issues by as much as 50 percent to 100 percent. Most of the new construction coming online in Portland was initiated before the pandemic. Notable downtown projects include two mixed-use developments named 11W and Block 216. Both of these projects will add significant office space to the city’s popular West End district. The first, 11W, should deliver this year, while Block 216 will deliver in 2023. Construction in the suburban submarkets has also been slow, but we wouldn’t be surprised if it starts to pick up within the next 18 months or so. Interest and Effect Depending on where you are looking, the market is favorable for both landlords and tenants. It is a landlord’s market in the suburban areas, particularly in those south and southwest of Portland. The Central City …
ATLANTA — Koelbel & Co., a value-add real estate investment firm based in Colorado, has purchased the Northridge Center office complex in Atlanta’s Central Perimeter submarket. The 189,212-square-foot property comprises two office buildings located at 365 and 375 Northridge Center Road. Ryan Reethof and Jay O’Meara of CBRE represented the seller, Pacific Oak Capital Partners, in the transaction. The sales price was not disclosed. Charlie Clark and Matthew Smith of CBRE’s Debt & Structured Finance team arranged an undisclosed amount of acquisition financing for Koelbel, which plans to upgrade the office complex with a new tenant lounge, common conference room and ready-to-move-in spec suites, as well as enhancements to common areas and exterior amenities. The firm has selected Normandy Partners to manage Northridge Center, which is Koelbel’s first acquisition in Georgia.
DRIPPING SPRINGS, TEXAS — A partnership between two Austin-based firms, Long View Equity and Endeavor Real Estate Group, has acquired 5.6 acres in the western Austin suburb of Dripping Springs for the development of a 27,000-square-foot office and retail project. Branded Sawyer Ranch, the development will comprise 13,000 square feet of office space and 14,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2023 and to be complete in the fourth quarter of 2023. Sawyer Ranch is 55 percent preleased to date.
DRIPPING SPRINGS, TEXAS — A partnership between two Austin-based firms, Long View Equity and Endeavor Real Estate Group, has acquired 5.6 acres in the western Austin suburb of Dripping Springs for the development of a 27,000-square-foot office and retail project. Branded Sawyer Ranch, the development will comprise 13,000 square feet of office space and 14,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2023 and to be complete in the fourth quarter of 2023. Sawyer Ranch is 55 percent preleased to date.