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3990-Ruffin-Rd-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

CAPL Building Divests of 45,940 SF Office Building in San Diego’s Kearny Mesa Submarket

by Amy Works

SAN DIEGO — CAPL Building LLC has completed the disposition of an office building, located at 3990 Ruffin Road in San Diego’s Kearny Mesa submarket. California Schools Voluntary Employee Benefits Association acquired the asset for $12.2 million, or $267 per square foot. Situated on two acres, the two-story, 45,940-square-foot building offers flexible floor plans and is leased through 2024. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE’s Investment Properties represented the seller, while Randy LaChance and Ryan Bracker of VOIT represented the buyer in the deal.

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AcquisitionsMidwestMinnesotaOffice

KW Commercial Premier Negotiates Sales of Two Office Condos in Woodbury, Minnesota

by Kristin Harlow

WOODBURY, MINN. — KW Commercial Premier has negotiated the sales of two office condos in the Twin Cities suburb of Woodbury. The properties, built in 2004, sold for $1.4 million each. The first property, 3060 Woodbury Drive, was previously a dental office and sold to a dentist. The second asset, 3020 Woodbury Drive, consisted of office space leased to several small companies. Scott Miller and Mike Olson of KW Commercial Premier represented the sellers, while Kevin Salmen of Transwestern represented the buyers.

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GeorgiaLeasing ActivityOfficeSoutheast

Switchyards to Open 200 New Coworking Offices Over Next Five Years

by John Nelson

ATLANTA — Atlanta-based coworking startup Switchyards has announced plans to open 200 new members-only work clubs over the next five years. This announcement follows a $5 million investment led by Bullpen Capital, with existing investors including Cercano and Overline. Founded in 2019, Switchyards operates 24-hour coworking venues with internet and unlimited coffee and tea. Each location features quiet areas for focused work, as well as bookable conference rooms for meetings. The brand’s current portfolio includes 15 clubs in Atlanta, Nashville and Charlotte. Switchyards plans to open 10 of the new facilities by the end of the year.

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AcquisitionsOfficeSoutheastVirginia

Newmark Arranges $33.5M Sale of Office Campus in Richmond

by John Nelson

RICHMOND, VA. — Newmark has arranged the $33.5 million sale of Atlee Station Corporate Campus, an office headquarters campus located along the I-295 beltway in Richmond. Andrew Sandquist, Adam Faulk, J.C. Asensio, Adam Petrillo, Briggs Goldberg, Will Bradley and Mark Williford of Newmark represented the undisclosed seller in the transaction. Constructed in 2006, the property comprises a 165,000-square-foot building and an additional 50-acre land parcel. The property recently underwent extensive renovations that included delivery of fully renovated restrooms and common areas, an onsite cafeteria, outdoor patio seating and a fitness center.

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DevelopmentFloridaMixed-UseMultifamilyOfficeSoutheast

Grover Corlew to Add 360 Residential Units, Renovate Office Buildings at Hillsboro Center in Deerfield Beach, Florida

by John Nelson

DEERFIELD BEACH, FLA. — Grover Corlew has received final site plan approval for the addition of 360 residential units and renovations to existing office buildings within the Hillsboro Center master-planned development at 600 and 700 Hillsboro Blvd. in Deerfield Beach, a city in South Florida’s Broward County. The developer has also been approved for the demolition of 45,000 square feet of existing two-story office space at the site. The residential units will be Mayla-branded luxury apartments. Plans also include upgrades to nearby public streets, parks, traffic signals and intersections, as well as onsite public plazas and a new road through the development. Grover Corlew is scheduled to break ground on the project in late 2025. The developer has already invested more than $10 million in interior renovations at 600 and 700 Hillsboro Blvd. Office tenants including GardaWorld Security Corp., Tomberg, Morris & Poulin and The Craneware Group have signed leases for more than 20,000 square feet of space at the property.

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Leasing ActivityOfficeTexas

FUSE Workspace to Open 33,000 SF Coworking Space in East Austin

by Taylor Williams

AUSTIN, TEXAS — FUSE Workspace, a Texas-based provider of flexible workspace solutions, will open a 33,000-square-foot space at 2105 E. MLK Boulevard in East Austin. The space, which will be the company’s fourth in Austin, will offer an array of private offices, dedicated individual desks, enterprise suites and meeting rooms. CB Capital owns the building. The opening is slated for September.

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ConnecticutLeasing ActivityNortheastOffice

Centerbrook Partners Signs 3,825 SF Office Lease in Greenwich, Connecticut

by Taylor Williams

GREENWICH, CONN. — Global alternative investment firm Centerbrook Partners has signed a 3,825-square-foot office lease at 55 Railroad Ave., a 139,000-square-foot building in the southern coastal Connecticut city of Greenwich. According to LoopNet Inc., the property was built in 1975 and renovated in 2006. Jay Hruska of Cushman & Wakefield represented the landlord, an affiliate of Houston-based Hines, in the lease negotiations. Steve Banker of Newmark represented the tenant.

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410-Townsend-St-San-Francisco-CA
AcquisitionsCaliforniaOfficeWestern

NYLREI, Bridgeton Buy 78,000 SF Office Building in San Francisco for $22M

by Amy Works

SAN FRANCISCO — New York Life Real Estate Investors (NYLREI) and Bridgeton have acquired 410 Townsend Street, a four-story office building in San Francisco’s South of Market (SoMa) submarket. An undisclosed seller sold the 78,000-square-foot asset for $22 million. Mike Taquino and Kyle Kovac of CBRE represented the buyers in the deal. This transaction represents the first partnership between NYLREI and Bridgeton.

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HealthcareLoansOfficeSoutheastVirginia

Monday Properties Obtains $205.5M Refinancing for Office Tower, Medical Office Building in Metro D.C.

by John Nelson

ARLINGTON, VA. — Monday Properties has obtained two loans totaling $205.5 million for the refinancing for two commercial properties in Arlington, a suburb of Washington, D.C. The assets include a 540,000-square-foot office tower at 1812 N. Moore St. and Shirlington Gateway, a 12-story medical office building. Citi Real Estate Funding Inc. provided the $173 million loan for the office tower and $32.5 million loan for the medical office building, both of which were CMBS loans with five-year terms and fixed interest rates. Monday Properties leased 60,000 square feet of space at 1812 N. Moore over the past six months, bringing it to 90 percent leased. There are an additional 20,000 square feet of deals in the pipeline. Shirlington Gateway was 93 percent leased at the time of financing to healthcare tenants including Anderson Orthopedic Clinic, INOVA and Virginia Hospital Center, which has signage on the building’s exterior.

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Leasing ActivityOfficeTexas

Perkins&Will Opens New Studio in San Antonio’s Pearl District

by Taylor Williams

SAN ANTONIO — Architecture firm Perkins&Will has opened a new studio in San Antonio’s Pearl District. The space, the square footage of which was not disclosed, is situated within The Lab Building, which is located at 303 Pearl Parkway and was originally constructed in 2012. Christi Griggs of CBRE represented the undisclosed landlord in the lease negotiations. Jeff Miller of JLL represented Perkins&Will.

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