Office

CBRE Arranges $5.6M Sale of Cypress Creek Business Park in Fort Lauderdale

by Julia Sanders April 7, 2022

FORT LAUDERDALE, FLA. — CBRE has arranged the sale of Cypress Creek Business Park, two office and flex buildings totaling 55,825 square feet in Fort Lauderdale. Adler Development Acquisitions LLC purchased the property for $5.6 million. Tom O’Loughlin, Larry Genet and Michael Oretsky of CBRE represented the seller, Mississippi-based EastGroup Properties, in the transaction. Located at 6555 Powerline Road, the two buildings have multiple suites ranging from 2,000 square feet to 4,000 square feet. Constructed in 1985, the property received recent capital upgrades, including new roofs, landscaping, renovated suites, exterior LED lighting and striped and sealed parking lots. The property is situated close to Interstate 95 and the Florida Turnpike (State Road 91).

April 7, 2022

Acquisitions Illinois Midwest Office

Cawley Chicago Arranges $2.8M Sale of Office Building Near Chicago’s Fulton Market

by Kristin Harlow April 7, 2022

CHICAGO — Cawley Chicago has arranged the sale of a 16,350-square-foot office building on the northern border of Chicago’s Fulton Market district for $2.8 million. The two-story brick, steel and timber building is located at 451 N. Racine Ave. Zach Pruitt and Nicholas Schaefer of Cawley represented the seller, an entity doing business as 1005 N California LLC. Marco Federow of MK Asset Management represented the buyer, advertising agency The Times.

April 7, 2022

Company News Lument Massachusetts Northeast Office

Lument Opens New Office in Downtown Boston

by Taylor Williams April 7, 2022

BOSTON — Lument, a commercial real estate lender based in New York City, has opened a new office at 10 Arch St. in downtown Boston. The Boston team will focus primarily on originating agency loans and proprietary capital for institutional and private multifamily owners. Brian Sykes, a 30-year industry veteran, will lead the new office along with managing director Jon Wood. The duo previously worked together for nearly 10 years at Capital One and at Deutsche Bank. Rounding out the team are director Tim Smits; vice president Mike McNeill; assistant vice president Mitchell Goldenberg; and administrative assistant Christine Mahoney. Lument has about 30 offices across the country.

April 7, 2022

Industrial Market Reports Midwest Midwest Market Reports NAI Office Ohio

The Secret Is Out About Investment in Columbus, Ohio

by Kristin Harlow April 7, 2022

There was a time when an investment in the Columbus, Ohio commercial real estate market had to be justified to outsiders and required a higher return to attract investors. After all, it sits squarely in “fly-over country” in the heart of the rust belt. With the exception of getting a superior return, why would an investor choose Columbus, over say, New York or Chicago? But that’s all changed. Cap rates are now as low as, or lower than, other major markets. Investors have been driven to those markets, despite having a lower cap rate, because they knew rent growth was continuous and the sales price would appreciate over time. For decades, Columbus’ sales prices had remained stagnant due to a lack of increase in lease rates. However, over the past two years, lease rates have been rapidly increasing in the industrial market, and projections expect that trend to continue. The Columbus office market hasn’t seen the same rental appreciation — yet. But projections indicate that there will be rental appreciation in office as well, mostly due to increased demand and lack of speculative development over the past two years, but also due to rising land and construction costs. Because of …

April 7, 2022

Development Loans Office Texas

Granite Properties Receives Construction Financing for 626,215 SF Uptown Dallas Office Project

by Taylor Williams April 6, 2022

DALLAS — National development and investment firm Granite Properties has received an undisclosed amount of construction financing for 23Springs, a 626,215-square-foot office project in Uptown Dallas. Arkansas-based Bank OZK provided the financing for the 26-story building and has also committed to leasing four floors totaling 110,029 square feet upon completion in early 2025. Construction is set to begin in June. GFF Architects is designing 23Springs, and DPR Construction is serving as the general contractor. Amenities will include an indoor lounge with a golf simulator, conference center, outdoor workspaces, two restaurants, coffee and wine bar and a half-acre park. Robert Blount of JLL represented Bank OZK in the lease negotiations. Jim Curtin of JLL arranged the loan on behalf of Granite Properties.

April 6, 2022

Development Georgia Hospitality Office Retail Southeast

Jamestown Begins Construction on Ponce City Market Expansion in Atlanta

by Julia Sanders April 6, 2022

ATLANTA — Jamestown has begun construction on the expansion of Ponce City Market by more than 700,000 square feet in the adaptive reuse project’s next phase of development. The addition will include a four-story office building, 405-room hospitality building and a 163-unit multifamily property. The office and hospitality components are expected to open in 2024, and the multifamily component is slated for completion by the end of 2023. At the corner of Ponce de Leon Avenue and Glen Iris Drive, 619 Ponce will be an office building that will feature 90,000 square feet of office space and 23,000 square feet of ground-level retail space. Additionally, the 21-story hospitality building will be located at the corner of Glen Iris Drive and Glen Iris Way and will offer fully furnished units with flexible short-term and long-term stays, including by-the-night stays and one-year terms. The property will also include 12,000 square feet of retail space. Located directly adjacent to the Atlanta BeltLine at North Avenue, Signal House will be a 21-story, 163-unit multifamily building with 3,300 square feet of retail space. The property will be designed for active adults and the 55-plus community. The floorplans will range in size from one- to three-bedrooms. …

April 6, 2022

Development New Jersey Northeast Office

Kimmerle Group Completes 350,000 SF Office Renovation, Expansion in Paramus, New Jersey

by Taylor Williams April 6, 2022

PARAMUS, N.J. — Kimmerle Group, a New Jersey-based design-build firm, has completed the renovation and expansion of a 350,000-square-foot office building in the Northern New Jersey community of Paramus. The project included a reimagining of the lobby, the relandscaping of the outdoor amenity areas and the addition of a new café and recreation center with a putting green, pool table and arcade. The owner, Onyx Equities, acquired the asset from Mack-Cali Realty Corp. (NYSE: VRE) in 2019.

April 6, 2022

Acquisitions Indiana Midwest Office Top Stories

KennMar Acquires The Pyramids Office Park in Indianapolis, Plans Renovations

by Kristin Harlow April 6, 2022

INDIANAPOLIS — KennMar has acquired The Pyramids office park in Indianapolis for an undisclosed price. New York City-based Sterling American Property Inc. was the seller, according to the Indianapolis Business Journal. Located at 3500 Depauw Blvd., The Pyramids consists of three 11-story office buildings totaling 366,704 square feet. KennMar acquired the landmark, pyramid-shaped property with assistance from INVST LLC, an SEC-registered investment advisor based in Indianapolis, and lender Teachers Credit Union. Indianapolis-based KennMar plans to renovate the property by upgrading the façade, enhancing interior common areas and adding some new external amenities. “While the pandemic has created uncertainty around the office market, we are bullish on the sector and anticipate that businesses will eventually return to an in-person work setting over the next several years,” says Brent Benge, president and CEO of KennMar. “We want to create an office environment that gets people excited about returning to work.” KennMar says the acquisition fits in well with its strategy to redevelop the site formerly occupied by Caribbean Cove, an indoor water park and hotel located on the same road as The Pyramids that closed in late 2017. KennMar currently has several projects underway on that site, including a freestanding Starbucks and …

April 6, 2022

Acquisitions California Office Western

Parkview Financial Acquires Office Building in West Los Angeles for $19M

by Amy Works April 5, 2022

LOS ANGELES — Parkview Financial has purchased a multi-tenant office building located at 11440 San Vicente Blvd. in West Los Angeles’ Brentwood neighborhood. Westwood Financial, which owned the property since 1989 and currently occupies the first floor, sold the asset for $19 million. Parkview Financial plans to occupy the three-story, 24,317-square-foot property as its new headquarters. The company will implement a $2 million renovation of the asset’s common areas, as well as building out the entire 8,000-square-foot second floor, with plans to move in by late 2022. Built in 1972, the building features various floorplate layouts with walkability to amenities, including restaurants and retail stores. Additionally, the property features 49 parking spaces and overlooks Veterans’ Park on Wilshire Boulevard. Tom Sexton and Michael Arnold of NAI Capital represented the buyer, while Daniel Rainer, Matt McRoskey and Andrew Harper of JLL represented the seller in the transaction.

April 5, 2022

Acquisitions Office Texas

Colliers Negotiates Sale of 21,258 SF Office Building in Grapevine, Texas

by Taylor Williams April 5, 2022

GRAPEVINE, TEXAS — Colliers has negotiated the sale of a 21,258-square-foot office building located at 4550 State Highway 360 in Grapevine, located on the northern central side of the metroplex. The property was built on 2.2 acres in 2008. Cody Payne, Austin Edelmon and Nick Miller of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the all-cash transaction.

April 5, 2022

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