Office

SRS Real Estate Partners Negotiates $10.6M Sale of Medical Office Property in Colorado Springs

by Amy Works May 16, 2022

COLORADO SPRINGS, COLO. — SRS Real Estate Partners has arranged the sale of a medical retail property located at 1910 Lelaray St. in Colorado Springs. A Colorado-based private investor sold the asset to a West Coast-based investor for $10.6 million. Built in 2009 on 2.1 acres, the property features 19,187 square feet of medical office space. Liberty Dialysis, a subsidiary of Fresenius, and Pikes Peak Nephrology fully occupy the two-tenant building. Stephen Sullivan, Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller in the deal.

May 16, 2022

Illinois Leasing Activity Midwest Office

Ace Hardware to Occupy Former McDonald’s Campus in Suburban Chicago

by Kristin Harlow May 13, 2022

OAK BROOK, ILL. — Oak Brook-based Ace Hardware is relocating its headquarters to The Reserve, the former McDonald’s campus in the Chicago suburb of Oak Brook. Ace has been headquartered in Oak Brook since 1974. Ace plans an extensive interior renovation of the space before it takes occupancy in summer 2023. The lease was for 250,000 square feet, according to Crain’s Chicago Business. For the first time, Ace’s more than 1,100 Oak Brook-based employees will be housed in a single building. Employees will enjoy amenities such as an onsite cafeteria, fitness center, outdoor terraces, access to walking trails and an indoor, heated parking garage. There are more than 5,500 locally owned and operated Ace stores in roughly 65 countries.

May 13, 2022

Leasing Activity New York Northeast Office

Mulligan Security Signs 9,087 SF Office Lease at 7 Penn Plaza in Manhattan

by Taylor Williams May 13, 2022

NEW YORK CITY — Mulligan Security, a provider of technology-based security services, has signed a 9,087-square-foot office lease at 7 Penn Plaza in Manhattan. The lease term is 10 years. Originally constructed in 1921, the 17-story, 411,000-square-foot building sits at the nexus of the Chelsea and Hell’s Kitchen neighborhoods. David Hollander and David Katz of CBRE represented Mulligan Security in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis. Mulligan plans to relocate from its current space at 2 Penn Plaza in August.

May 13, 2022

Acquisitions Arizona Office Western

Time Equities Acquires 268,516 SF Paradise Village Office Park in Phoenix

by Amy Works May 13, 2022

PHOENIX — New York-based Time Equities has purchased Paradise Village Office Park in Phoenix from Sterling Equities and Lincoln Property Co. for an undisclosed price. Located at 11811 N. Tatum Blvd., the five-story property offers 268,516 square feet of Class A office space. The building features an extensive glass façade, a five-story atrium lobby, tenant lounge, conference and training center and a yoga/fitness room. At the time of sale, the asset was 72 percent leased to a mix of national, regional and local tenants. Barry Gabel and Chris Marchildon of CBRE represented the sellers, which co-owned the property for more than 13 years. CBRE’s Sean Spellman and Corey Hawley, leasing agents for the site, also assisted in the sale.

May 13, 2022

Colorado Loans Mixed-Use Multifamily Office Retail Western

Continuum, Clarion Receive $130M Refinancing for Market Station Mixed-Use Project in Denver

by Amy Works May 13, 2022

DENVER — A joint venture between Continuum Partners and Clarion Partners has obtained $130 million in refinancing for Market Station, a Class A mixed-use property in Denver’s LoDo neighborhood. Eric Tupler and William Haass of JLL Capital Markets secured the 12-year, fixed-rate loan through a life insurance company. Completed in 2021, Market Station features 225 apartments split into two residential concepts, Fourteen45 and The Flats; 126,000 square feet of office space that is 70 percent leased; 52,000 square feet of retail space; and 320 mechanically stacked parking stalls. The residential components offer studio, one- and two-bedroom units, a fitness center, two clubhouses, a rooftop terrace with pool and grills, outdoor dog runs and dog washing stations. The retail portion wraps around the entire property and features a collective of like-minded sellers that share a passion for the outdoors, along with some traditional retail concepts.

May 13, 2022

Features Industrial Office

SIOR: Minimal Availability, Rising Construction Costs Dampen Industrial Brokers’ Confidence

by Taylor Williams May 13, 2022

By Taylor Williams The combination of dwindling vacancies and skyrocketing construction costs is beginning to have a marginally negative impact on the confidence that industrial brokers across major U.S. markets have in their chosen property type, according to the latest sentiment report from the Society of Industrial & Office Realtors (SIOR). For the first time in the report’s history, the average sentiment of industrial brokers that carry the designation, while still very bullish overall, dropped below eight on a scale of one to 10. Specifically, overall sentiment fell from 8.2 in the fourth quarter of 2021 to 7.7 in the first quarter of 2022. The report also identified an environment of rising interest rates as an additional detractor on industry sentiment, though that factor is not unique to the industrial sector. With industrial users heavily investing in their supply chains amid the pandemic and e-commerce boom, there’s simply very little Class A space to be had, especially within infill locations in core markets. Disruptions within those same supply chains have helped drive costs of construction materials and timelines for projects to way-above-average levels, putting further downward pressure on supply growth. As a result, overall industrial leasing activity has slowed. According …

May 13, 2022

Development Kentucky Leasing Activity Mixed-Use Office Southeast

Corporex Signs Logistics Firm to Office Lease at Ovation Office Building in Newport, Kentucky

by John Nelson May 12, 2022

NEWPORT, KY. — Corporex has signed MegaCorp Logistics, a transportation freight and logistics firm based in Wilmington, N.C., to an office lease at Ovation, a 25-acre mixed-use development located at 200 W. Third St. in Newport. Situated near Cincinnati where the Ohio and Licking rivers meet, the new office building will span 100,000 square feet across five floors. MegaCorp will serve as the anchor tenant of the building and occupy two full floors. The firm’s new regional headquarters will bring 250 to 300 jobs to the market when the firm begins to move into the space in early 2023. Corporex recently kicked off construction on the 132-room Hilton Homewood Suites Hotel at Ovation that will feature a plaza-level restaurant with a bar and a rooftop bar. The hotel and office building comprise Phase II of Ovation, and Phase III will include a riverfront mixed-use building that will include a 1,600-space parking structure with for-sale and rental residential units, shops, restaurants, entertainment and a membership-based fitness and social club.

May 12, 2022

Leasing Activity New Jersey Northeast Office

Camden County Signs 154,211 SF Office Lease in Cherry Hill, New Jersey

by Taylor Williams May 12, 2022

CHERRY HILL, N.J. — Camden County has signed a 154,211-square-foot office lease at Woodcrest Corporate Center in Cherry Hill, a suburb of Philadelphia. The deal brings the 352,520-square-foot complex to full occupancy. Other tenants at Woodcrest Corporate Center include Auto Lenders, Radian, Penn National Gaming, Jefferson Health Systems, Conduent and Solar Xchange. JLL represented the landlord, Crown Properties, in the lease negotiations.

May 12, 2022

Acquisitions Arizona Office Western

Scriba Waldron Capital Purchases Fiesta Square Office Complex in Mesa, Arizona for $7.2M

by Amy Works May 11, 2022

MESA, ARIZ. — Newport Beach, Calif.-based Scriba Waldron Capital has acquired Fiesta Square, a multi-tenant office complex in Mesa. A private individual sold the asset for $7.2 million, or $208 per square foot. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the deal. Comprising two two-story buildings, the asset totals 34,974 square feet of creative office space. At the time of sale, the property was fully leased. Built in 1985, Fiesta Square is located at 1220 S. Alma School Road.

May 11, 2022

Market Reports Office Texas Texas Market Reports

Major Texas Office Markets Rebound in Varying Degrees, Exhibit Flight to Quality

by Taylor Williams May 11, 2022

Interviews by Taylor Williams The office markets of the major Texas cities have always been birds of different feathers, built to accommodate drastically different types of users and disproportionately subject to broader swings in occupancy and rent growth. Dallas-Fort Worth (DFW) remains the king of corporate relocations and regional consolidations, and the metroplex’s office market benefits from the highest degree of diversity among users, an attribute that has ushered it through the darkest days of the COVID-19 pandemic. Meanwhile, the Houston office market, hobbled for years by its reliance on energy users, may finally be poised to see some growth in occupancy as prices of these commodities head for the moon. In Austin, the non-California tech capital of the country, the supply of office space is still playing catch-up to demand, as evidenced by the healthy rents these buildings have achieved during the state capital’s ascendance to major-market status. And San Antonio? Like most commercial asset classes in the Alamo City, the performance of the office sector is steady, offering neither the glamorous appeal of trophy buildings with marquee users that attract institutional investors nor the profound cyclical dips that scare them away. Yet after two years of prolonged disruption …

May 11, 2022

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