ANN ARBOR, MICH. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 128,000-square-foot flex office property located at 600 S. Wagner Road in Ann Arbor. An entrepreneurial community occupies the building. Members include professionals from startups and established companies across sectors such as life sciences, drug discovery, medical devices, alternative energy mobility, robotics and business development. The property includes wet labs, offices, production areas, collaborative spaces, warehouse storage, coworking areas and conference rooms. A regional credit union provided the recourse loan at an interest rate of 3.75 percent.
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PRP Sells Four Office Campuses for $1B, Makes $2B Commitment for Logistics and Data Center Acquisitions
WASHINGTON, D.C. — PRP, a privately held real estate investment and management firm based in Washington, D.C., is making a sea change as it looks to bolster its logistics and data center portfolio and churn its office assets. The company is in the process of selling four office campuses in separate deals totaling more than $1 billion. At the same time, PRP is allocating $2 billion to acquire logistics facilities leased to credit-worthy companies in primary and secondary markets, as well as data centers and land zoned for future data centers. The specific locations of the assets were not disclosed. “The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates,” says Joe Neckles, managing director of net lease acquisitions at PRP. “The logistics and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation.” The office assets that PRP is selling include Sequoia Plaza, a 370,000-square-foot campus spanning three buildings in Northern Virginia’s Arlington County. The property houses the headquarters of Arlington County’s Department of Human Services and the Arlington County Public School System. An …
NEW YORK CITY — Locally based general contractor Omnibuild has begun the gut renovation of 122 Fifth Avenue, a 300,000-square-foot office building in Manhattan’s Union Square neighborhood. Project partners include developer/owner Bromley Cos. and STUDIOS Architecture. The project will upgrade the existing building’s MEP systems and elevators and install a rooftop pavilion with green space and seating areas. In addition, the development team will add a new 10-story structure along 17th Street.
BUFFALO GROVE, ILL. — Premier Design + Build Group LLC has broken ground on its new corporate headquarters in Buffalo Grove, a northwest suburb of Chicago. The 50,516-square-foot, two-story project is slated for completion in July 2022. Located at 1305 Busch Parkway, the development will include outdoor workspaces, breakout rooms, huddle spaces, two canopied entrances, two drive-in doors, four dock positions and a full indoor basketball court. Premier says the move is prompted by rapid growth at the design and construction firm. Premier recently sold its previous headquarters building that it’s occupied for seven years in Itasca. The project team includes architect Cornerstone Architects Ltd., structural engineer Swift Structural Design and civil engineer Spaceco Inc.
ATLANTA — Skyline Seven Real Estate has brokered the sale of an office building in the Buckhead submarket of Atlanta. Elliott Kyle and Chase Murphy of Skyline Seven represented the buyer, an Atlanta-based private investor that purchased the asset for $8.8 million. Jeff Richardson of CTR Commercial Real Estate represented the seller, Inman Property Co. Located at 1801 Peachtree St., the office building is situated about 0.4 mile from Piedmont Hospital, about 2.4 miles from Piedmont Park and 14.5 miles from Hartsfield-Jackson Atlanta International Airport. The building totals 52,833 square feet and is leased to 10 tenants with three vacant spaces.
DES PERES, MO. — Avison Young has negotiated the sale of a 181,631-square-foot Class A office building at 12800 Corporate Hill Drive in Des Peres, just west of St. Louis. The sales price was undisclosed. The six-story property, built in 1984 and renovated in 2020, is fully occupied on a long-term basis by Centene Corp. The building features 30,000-square-foot floor plates and a three-story parking garage that can accommodate nearly 1,000 vehicles. Erik Foster and Mike Wilson of Avison Young represented the seller, a regional institutional asset manager. Sovereign Capital was the buyer.
GRAPEVINE, TEXAS — Colliers International has negotiated the sale of a 25,133-square-foot office building located near Dallas-Fort Worth International Airport in Grapevine. The property was fully occupied at the time of sale. Cody Payne of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
WEST VALLEY CITY, UTAH — Portland, Ore.-based Felton Properties has completed the sale of Lake Pointe Corporate Centre, a two-building suburban office campus located in West Valley City. A partnership between Advanced Medical Properties and George Urban Properties acquired the asset for an undisclosed price. Kevin Shannon, Ken White, Rick Stumm, Bryce Blanchard and Steve Walton of Newmark represented the seller in the deal. David Milestone and Brett Green, also of Newmark, secured acquisition financing for the buyer. Located at 2850 and 2875 S. Decker Lake Drive, the property consists of 182,121 square feet of industrial space. At the time of sale, the asset was 97 percent leased to a roster of nationally recognized tenants. Since 2018, the property has undergone significant capital upgrades, including fully renovated lobbies, digital tenant directors, fitness center enhancements, elevator modernizations, prominent signage, refurbished restrooms and corridors, and tenant interior improvements.
CHICAGO — Chicago-based real estate development firm Sterling Bay has broken ground on 345 N Morgan, a 200,000-square-foot office and retail building in Chicago’s Fulton Market. Sterling Bay acquired the development site in 2014 and originally intended to break ground in March 2020, but the project was halted due to COVID-19. Designed by Eckenhoff Saunders Architects, the building will feature private outdoor terraces, a 5,000-square-foot roof deck, bar and lounge, fitness center, coworking library and high-tech conference spaces. The construction timeline is 13 months, enabling tenants to move in as early as September 2022. Skender and JLL Construction are building the project. Sterling Bay secured roughly $100 million in combined construction loans from senior lender Bank OZK and mezzanine lender PCCP.
BOSTON — A partnership between investment firm Quaker Lane Capital and Boston-based private equity group Alcion Ventures has purchased a 63,000-square-foot boutique office and retail building located at 110 Canal St. within Boston’s North Station submarket. The building features exposed brick walls, lofty ceilings and open floor plates. CBRE has been tapped to market the property to creative office users.