Office

990-Corporate-Center-Framingham-Massachusetts

Newmark Brokers Sale of 400,000 SF Office, Lab Campus in Metro Boston

by Taylor Williams November 23, 2021

FRAMINGHAM, MASS. — Newmark has brokered the sale of 9/90 Corporate Center, a 400,000-square-foot office and laboratory campus located in the western Boston suburb of Framingham. The three-building property was roughly 80 percent leased to 12 tenants at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the undisclosed seller and procured the buyer, a partnership between Outshine Properties and Jadian Capital, in the transaction.

November 23, 2021

California Market Reports Office Western Western Market Reports

Sacramento’s Office Market is Eager for Stability

by Jeff Shaw November 22, 2021

By Cole Sweatt, Brokerage Manager, Sacramento Region, TRI Commercial Now that we’ve had the chance to analyze the data from the first two quarters of 2021, it seems that consumers and businesses are experiencing positive trends throughout Northern California. However, the initial recovery has come with challenges, including semiconductor shortages, supply chain disruptions and increased commodity prices due to a confluence of demand from consumers. We have seen relief in some of these sectors, which has led to increased production and the stabilization of commodity pricing. Although inflation should curb a bit this year, this would seem to be a temporary activity as average inflation over the next couple years is projected to be higher than the average of the prior decade. How is the office sector reacting, particularly in the capitol region near Sacramento? Office sales have been lukewarm in the first part of 2021. Investment strategies continue to change due to economic uncertainty and the long-term goals of companies occupying real estate. Employees have continued to trickle back into the office, but many employers have extended their stay-at-home and/or part-time policies through the fourth quarter of this year. As a result, the market is trending toward a flight to …

November 22, 2021

Acquisitions Industrial Office Texas

Fort Capital Acquires 236,547 SF Industrial, Office Complex in Arlington

by Taylor Williams November 19, 2021

ARLINGTON, TEXAS — Fort Worth-based investment firm Fort Capital has acquired Ballpark Circle, a 236,547-square-foot industrial and office complex in Arlington. Ballpark Circle, located at 1401 and 1501 Nolan Ryan Expressway, consists of a 74,739-square-foot light industrial building and a 161,808-square-foot office building. The seller and sales price were not disclosed.

November 19, 2021

Acquisitions Office Southeast Virginia

Newmark Arranges $29.3M Sale of Springfield Corporate Center in Metro D.C.

by Julia Sanders November 19, 2021

SPRINGFIELD, VA. — Newmark has arranged the $29.3 million sale of Springfield Corporate Center, a five-story, 138,830-square-foot office building in Springfield. A joint venture between metro Washington, D.C.-based Artemis Real Estate Partners and Washington, D.C.-based MRP Realty sold the property to BGP Enterprises, a Springfield-based commercial real estate investment company. James Cassidy and Jud Ryan of Newmark represented the sellers in the transaction. Springfield Corporate Center was 84 percent leased at the time of sale to tenants including federal government contractors including Computer Systems Center Inc. (CSCI), Novetta Solutions and Volkert. Built in 1988, Springfield Corporate Center underwent a $2.7 million capital improvement project in 2014 and 2015 that included main lobby renovations, a new fitness center, restroom renovations and cooling tower replacement. Located at 6225 Brandon Ave., Springfield Corporate Center is situated 13.9 miles from Washington, D.C. The property is also located near Interstates 95, 495 and 395. The Springfield area includes tenants such as National Geospatial-Intelligence Agency (NGA) at a new $1.7 billion, 2.1-million-square-foot headquarters building at Fort Belvoir North. Just two miles from Springfield Corporate Center, Transportation Security Administration (TSA) relocated to a new 625,000-square-foot headquarters building.

November 19, 2021

Acquisitions Illinois Industrial Midwest Office

Chicago’s Bradley Business Center Trades Hands for Nearly $100M

by Kristin Harlow November 19, 2021

CHICAGO — Bradley Business Center, an office and industrial complex on Chicago’s North Side, has traded hands. The sales price was nearly $100 million, according to Crain’s Chicago Business. The 23-acre property consists of four buildings totaling 466,871 square feet. The asset is 97 percent leased to 21 tenants. Cody Hundertmark, Tom Sitz, David Knapp, Mike Tenteris, Adam Tyler and Jim Carpenter of Cushman & Wakefield represented the seller, a private venture led by Hansen Realty Group. Hines Global Income Trust Inc. was the buyer.

November 19, 2021

Georgia Loans Office Southeast

Ready Capital Closes Loan for 131,000 SF Office Property in Suwanee, Georgia

by Julia Sanders November 18, 2021

SUWANEE, GA. — Ready Capital has closed a $14.6 million loan for the acquisition, renovation and stabilization of a four-suite, 131,000-square-foot office property in Suwanee, about 33.4 miles north of Atlanta. The name and address of the property was not disclosed. Ready Capital closed the non-recourse, interest-only loan that features a floating interest rate, 48-month term and one extension option. The financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement an exterior capital improvement plan to address deferred maintenance and improve curb appeal.

November 18, 2021

Acquisitions Arizona Office Western

Cushman & Wakefield Brokers $14.5M Sale of Palm Valley Office Park III Near Phoenix

by Amy Works November 18, 2021

GOODYEAR, ARIZ. — Cushman & Wakefield has arranged the sale of Palm Valley Office Park III, a multi-tenant, Class A office property in Goodyear. Southern California-based Pacifica Palm Valley Center LLC sold the building to Greenwich, Conn.-based Goodyear 1626 LLC for $14.5 million. Built in 2007 on 5.2 acres, the three-story Palm Valley Office Park III features 60,436 square feet of office space. The asset is located at 1626 N. Litchfield Road. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller, while Mike Kitlica of Cushman & Wakefield represented the buyer in the transaction.

November 18, 2021

Development Illinois Life Sciences Midwest Office

Skender Starts Interior Buildout of Lab, Office Space for Hazel Technologies in Chicago

by Kristin Harlow November 18, 2021

CHICAGO — Skender has started the interior buildout of a two-story, 50,000-square-foot lab and office space for Hazel Technologies at 320 N. Sangamon, a new 13-story building being developed by Tishman Speyer and Mark Goodman & Associates in Chicago’s Fulton Market. Hazel, a USDA-funded technology company developing solutions to extend the shelf life of fresh produce, will move from its current location at Illinois Tech’s University Technology Park in the Bronzeville neighborhood. Hazel plans to double its local workforce to 70 employees in the coming year. The buildout includes space for both research and lab support, as well as 10,000 square feet of administrative and office space and 5,000 square feet of collaboration space. CBRE is the tenant representative, Perkins & Will is the architect and Cosentini Associates is the engineer. Completion is slated for spring 2022.

November 18, 2021

Loans New York Northeast Office

PCCP Provides Loan for Refinancing of 36-Story Manhattan Office Tower

by Taylor Williams November 18, 2021

NEW YORK CITY — Los Angeles-based PCCP LLC has provided a loan of an undisclosed amount for the refinancing of 80 Broad Street, a 36-story office tower in Manhattan’s Financial District. The 423,777-square-foot building was originally constructed in 1931 and includes 12,385 square feet of retail space and private terraces on select floors. Ken Ziebelman, Grant Frankel and Ethan Pond of Eastdil Secured arranged the loan on behalf of the borrower, a joint venture between New York City-based Broad Street Development and Invesco Real Estate. Since 2018, ownership has invested more than $9 million in capital improvements to the property.

November 18, 2021

Market Reports Midwest Midwest Market Reports Nebraska Office

Lincoln Office Market Assesses Amount of ‘Shadow Space’

by Kristin Harlow November 18, 2021

Historically, Lincoln, Nebraska, has been a resilient Midwestern city. Home to state and county governments and the University of Nebraska-Lincoln, it has weathered past economic ups and downs and provided steady growth close to 2 percent each year. As COVID-19 restrictions ease, people are gradually returning to shop and find entertainment downtown, and new construction continues to rise above Lincoln’s skyline. Interestingly, the last time this many cranes were visible downtown was during the last economic downturn. It has been remarked that during that time, Lincoln “built its way out of the recession.” Now, many building projects are helping to maintain the resiliency of our economy during these challenging times. Prominent projects, proposed or initiated prior to the pandemic, continue to move forward. Examples include a proposed 15-story, 300,000-square-foot mixed-use building by Chicago-based Argent Group housing 200 residential units. Omaha-based White Lotus Development plans a $54 million redevelopment of the Pershing Auditorium block, a vacant city-owned venue. White Lotus would bring 100 affordable housing units with a wellness center, childcare center, retail, community green space and potentially a new city library. Other notable projects include a $21 million renovation of a 100-year-old, seven-story Atrium Building by new local owners. Pushing …

November 18, 2021

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