Office

CBRE Brokers Sale of 149,202 SF Northwest Medical Center in Atlanta

by John Nelson November 14, 2022

ATLANTA — CBRE has arranged the sale of Northwest Medical Center, four-story medical office building located in the Buckhead neighborhood of Atlanta. A joint venture between Harrison Street and HealthAmerica Realty Group sold the 149,202-square-foot property for an undisclosed price. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reeth of CBRE represented the sellers and procured the buyer — Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Company. The center was 81 percent leased at the time of sale, to tenants offering services including internal medicine, dermatology, gastroenterology, orthopedics, OB/GYN, physical therapy, dentistry, concierge medicine, oral surgery, ENT, plastic surgery, periodontics and imaging.

November 14, 2022

Florida Leasing Activity Office Southeast

West Marine Moves into New 50,000 SF Office Headquarters in Fort Lauderdale

by John Nelson November 14, 2022

FORT LAUDERDALE, FLA. — West Marine, a sailing, boating, fishing and watersports retailer, has moved into a new corporate headquarters at 1 East Broward, a 350,000-square-foot office building in downtown Fort Lauderdale. NAI/Merin Hunter Codman, the leasing and management company for the property, arranged the 50,000-square-foot lease. West Marine has invested $800,000 in capital improvements to the space. Founded in 1968, West Marine operates 236 physical locations across 38 states and Puerto Rico, as well as two e-commerce platforms.

November 14, 2022

Leasing Activity Office Texas

Archer Western Herzog Signs 23,470 SF Office Lease Renewal in Carrollton, Texas

by Taylor Williams November 14, 2022

CARROLLTON, TEXAS — Archer Western Herzog, which is a joint venture between construction companies Archer Western Construction and Herzog Contracting Corp., has signed a 23,470-square-foot office lease renewal in the northern Dallas suburb of Carrollton. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Valwood Parkway Partners Ltd., in the lease negotiations. The representative of the tenant was not disclosed.

November 14, 2022

Arizona Development Healthcare Mixed-Use Multifamily Office Restaurant Retail Western

Overland Group Breaks Ground on Avondale Commons Mixed-Use Project in Arizona

by Amy Works November 14, 2022

AVONDALE, ARIZ. — Overland Group as developer and Overland Construction as general contractor have broken ground on Avondale Commons, a 22.6-acre mixed-use development on the northwest corner of Avondale Boulevard and McDowell Road in Avondale. Upon full build-out, the development will offer four residential buildings, a hotel, two restaurants, four office buildings and retail space. The first portion of the four-building, 39,650-square-foot medical office complex is underway, with delivery slated for second-quarter 2024. Avondale Commons will feature modern, four-sided architectural design in a garden office setting with highly visible monument signage on McDowell Road and Avondale Boulevard. The office and retail space, including dining and boutique amenities, will be finished in 18 months and is available for pre-leasing. The residential portion is slated for completion in 30 months, with the hotel and conference facilities being completed shortly after. Philip Wurth and Brian Woods of Colliers in Arizona are the exclusive leasing agents for the office and retail portions of the project.

November 14, 2022

Industrial Loans Northmarq Office Texas

Northmarq Arranges Refinancing of 174,139 SF Industrial Flex Property in Northwest Houston

by Taylor Williams November 11, 2022

HOUSTON — Northmarq has arranged a loan of an undisclosed amount for the refinancing of a 174,139-square-foot industrial flex property in Houston. The property was built in 1992 on a 14-acre site on the city’s northwest side. Larry Peters and Adam Unger of Northmarq arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.

November 11, 2022

Healthcare Leasing Activity Michigan Midwest Office

North Shore Health Services Signs 11,600 SF Office Lease in Bay City, Michigan

by Kristin Harlow November 11, 2022

BAY CITY, MICH. — North Shore Health Services has signed an 11,600-square-foot office lease in Bay City, which is located near the base of the Saginaw Bay on Lake Huron. The property is located at 1426 Straits Drive. The tenant provides behavior analysis therapy for children and families, particularly those diagnosed with autism. North Shore plans to open in December. Colliers Lansing represented the landlord, Cats Holding Co. LLC. North Shore opened its first location in Auburn in 2017 and has since opened locations in Ithaca and Lansing.

November 11, 2022

Acquisitions Arizona Office Western

Next Gen Black Canyon Sells Multi-Tenant Office Building in Phoenix for $11.2M

by Amy Works November 11, 2022

PHOENIX — Next Gen Black Canyon LLC has completed the disposition of Black Canyon Commerce Center – Building A, a multi-tenant office property in Phoenix. Washington-based Evergreen Associates acquired the asset for $11.2 million. Located at 2101 W. Peoria Ave., the single-story building features 62,771 square feet of office space. At the time of sale, the property was fully leased to two tenants. Building A was originally built in 1999. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital team in Phoenix represented the seller in the deal.

November 11, 2022

Colorado Market Reports Office Western Western Market Reports

The Work-From-Home Trend Continues to Plague Denver

by Jeff Shaw November 11, 2022

By David Gagliano, Senior Vice President and Principal, Fuller Real Estate Leasing trends in the metro Denver office market are continuing their slow progression downward. Inquiries from tenants looking to lease office product is down 10 percent from 2021. Concurrently, we have seen an uptick in smaller office users who are looking for space in lieu of their home office. Landlords have been quick to concede to tenants, incentivizing them with extensive quantifiable tenant improvements and lease rates lower than their competition. Anecdotally, it becomes obvious with nearly every prospective tenant that they are viewing multiple properties. Not only are they viewing several properties, but many have several options within the exact vicinity of the subject property. This trend makes it even more critical for landlords to have the best representation from their brokers. This market instability also speaks to the favor landlords are giving to current tenants upon lease renewal, as capturing occupancy prior to vacating becomes vital. With current and most likely future increases in interest rates, we will see a dip in activity in owner-user purchases that should lead to a rise in leasing activity. The suburban markets are still seeing a surge in migration from the downtown …

November 11, 2022

Acquisitions California Loans Office Western

George Smith Partners Arranges $39.4M in Acquisition Financing for Office Campus in Southern California

by Amy Works November 10, 2022

LAGUNA HILLS, CALIF. — George Smith Partners (GSP) has arranged two loans totaling $39.4 million in acquisition financing for a five-building office campus in Laguna Hills. Situated on 16 acres, the properties are located at 23332, 23382 and 23422 Mill Creek Drive and 2441 and 24461 Ridge Route Drive. The first loan included $24.8 million of non-recourse, seven-year, fixed-rate CMBS debt for the purchase of three office buildings that are 84 percent leased and total 158,000 square feet. GSP sourced a lender that was able to close with a complicated Delaware Statutory Trust equity structure in a tight timeframe. The second loan was $14.6 million in non-recourse, 75 percent loan-to-value bridge financing for the acquisition of two buildings that are 79 percent leased and total 66,000 square feet. GSP identified a lender that could provide a flexible 24-month loan term with three 12-month extensions. Steve Bram, David Pascale, Nick Rogers and Allison Higgins of GSP advised on the financing. Further details on the sales, including buyer, seller and price, were not disclosed.

November 10, 2022

Leasing Activity Office Texas

Skyline Executive Suites Signs 21,735 SF Office Lease in West Houston

by Taylor Williams November 10, 2022

HOUSTON — Skyline Executive Suites has signed a 21,735-square-foot lease at Kirkwood Tower, located at 11757 Katy Freeway in West Houston. According to LoopNet Inc., the property was built in 1984 and renovated in 2015 and totals 285,682 square feet. Kevin Poynter of Poynter Commercial Properties Corp. represented the tenant in the lease negotiations. Adam Ross of Stream Realty Partners represented the undisclosed landlord.

November 10, 2022

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