Office

Stan Johnson Co. Arranges Sale of 70,876 SF Office Building in Cincinnati

by Kristin Harlow June 25, 2021

CINCINNATI — Stan Johnson Co. has arranged the sale of a 70,876-square-foot, Class A office building in Cincinnati for an undisclosed price. Liberty Mutual Insurance Co. occupies the building, which is located at 1876 Waycross Road within the Carillon Business Park. The building was originally completed in 2015, and tenant improvements were added earlier this year when Liberty Mutual relocated to the building from nearby Fairfield. Brad Pepin of Stan Johnson represented the seller, Nebraska-based Ameritas. NRED, a Kansas-based operating and investment firm, was the buyer.

June 25, 2021

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Acquisitions California Industrial Office Western

Hill Properties, Westport Capital Partners Buy 172,743 SF Business Park in San Diego

by Amy Works June 24, 2021

SAN DIEGO — An entity controlled by a joint venture between Hill Properties and Westport Capital Partners has purchased Camino Santa Fe Business Park, a seven-building industrial asset located in San Diego’s Miramar submarket. A global investment manager sold the campus for an undisclosed price. The sale also includes an 0.8-acre developable land parcel. Developed between 1983 and 1990, Camino Santa Fe Business Park consists of six multi-tenant industrial buildings and one office building located at 8320, 8340, 8360, 8375, 8380, 8395 and 8445 Camino Santa Fe. Totaling 172,743 square feet, the park features efficient ingress/egress, functional warehouse and office layouts, docks and grade loading and ample parking. Suites range from 835 square feet to 22,290 square feet. At the time of sale, the property was 91 percent leased to multiple tenants. Bryce Aberg, Jeff Cole, Jeff Chiate and Zach Harman of Cushman & Wakefield’s Industrial Investment Advisory Group in Southern California, together with Rick Reeder and Brad Tecca of the firm’s Capital Markets Group in San Diego, represented the buyer and seller in the deal. Additionally, Cushman & Wakefield’s Brant Aberg and Ryan Downing provided market leasing advisory for the transaction.

June 24, 2021

Hospitality Loans Mixed-Use Office Washington Western

American Life Receives $122.7M in Refinancing for Mixed-Use Property in Seattle

by Amy Works June 24, 2021

SEATTLE — American Life Insurance (ALI) has received a $122.7 million loan for the refinancing of 255 South King Street, an office and hotel property located in Seattle. PCCP provided the loan to ALI, which developed the mixed-use property in February 2018. 255 South King Street consists of a 209,476-square-foot office tower and a 23-story, 282-room Hilton Embassy Suites. The hotel features approximately 10,000 square feet of meeting and event space, a pool, and a fitness center. The office tower, which spans 11 stories above a seven-story retail and parking garage podium, was fully leased at the time of sale. Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged the financing for the borrower.

June 24, 2021

Acquisitions California Office Western

Avison Young, Method Commercial Broker $11.2M Sale of Creative Office Building in El Segundo, California

by Amy Works June 24, 2021

EL SEGUNDO, CALIF. — Avison Young and Method Commercial have brokered the sale of a creative office property located at 2210-2218 E. Maple Ave. in El Segundo. Five Amigos, a partnership comprising the former owner-users and Australia-based investors, sold the asset to a Los Angeles-based private investor for $11.2 million. Tecolote Research and Goodlife Physical Medicine fully occupy the 15,743-square-foot building. Built in 2015, the property features two roll-up doors with private patios, two balconies with accordion sliding glass doors, abundant windows and skylights and ample parking. The building is part of the Evelon Campus, a 46.5-acre, 15-building development offering office, retail and hospitality space, as well as athletic fields. Neil Resnick of Avison Young and Martin McDermott of Method Commercial represented the seller, while the buyer was self-represented in the deal.

June 24, 2021

Acquisitions Office Texas

Patrinely Group, USAA Sell 128,990 SF Office Building in North Austin

by Taylor Williams June 24, 2021

AUSTIN, TEXAS — A joint venture between Patrinely Group and USAA Real Estate has sold Aspen Lake Three, a 128,990-square-foot office building in North Austin’s Lakeline neighborhood. Completed in May, the four-story building was fully preleased to Q2 Holdings, a provider of cloud-based software for the banking industry, at the time of sale. The buyer and sales price were not disclosed.

June 24, 2021

Industrial Kansas Market Reports Midwest Midwest Market Reports Office Retail

Despite Pandemic, Wichita Market Experiences Significant Urban Development

by Kristin Harlow June 24, 2021

By Tom Johnson, NAI Martens The overall Wichita economy is not out of the woods yet, but numerous factors point to a continuation of the recovery from both the Great Recession and the impact of the pandemic. Since the significant employment downturn during the second quarter of 2020, the Wichita metro area has markedly recovered but remains well below 2019 non-farm employment. The seesaw unemployment rate has now declined to just over 5 percent. All employment sectors are expected to increase from 3 to 6 percent in 2021 with retail, leisure and hospitality leading the way as restaurants and travel return to pre-pandemic levels. In the background of all the pandemic noise have been significant gains in urban development with over $1 billion of public and private sector investment since the recession. ● Residential has grown exponentially with 21 new and renovated properties representing 1,228 units with some of the highest rental rates in the city. ● With over 100 restaurants and local shops, retail has increased significantly, adding almost 500,000 square feet, a 39 percent increase with more to come. ● Starting with the Ambassador Hotel renovation, the hospitality sector has added 375 rooms with another 95 rooms in …

June 24, 2021

Arizona Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

RED Development Starts Construction of $300M The Grove Mixed-Use Project in Phoenix

by Amy Works June 23, 2021

PHOENIX — RED Development has announced that construction is underway for The Grove, a $300 million mixed-used development at the northwest corner of 44th Street and Camelback Road in Phoenix. Situated on 15 acres, the development will include the recently announced Global Ambassador hotel, a four-story office building, several ground-floor retail and restaurant spaces, two two-story office buildings, a self-storage facility by Hibernia Capital, a covered parking structure and an apartment building by StreetLights Residential. Completion of the first phase is slated for the latter half of 2022 with final completion and the hotel’s opening scheduled for fall 2023. The Grove is also the home to the new Phoenix Suns and Phoenix Mercury private training facility that opened in late 2020.

June 23, 2021

Loans Office Texas

Barings Provides Loan for Refinancing of 504,750 SF Office Tower in Dallas

by Taylor Williams June 23, 2021

DALLAS — Barings Real Estate has provided a loan for the refinancing of PwC Tower at Park District, a 504,750-square-foot office tower in Uptown Dallas. The amount of the loan was not disclosed, but the Dallas Morning News reports that it was $225 million. Built in 2018, the building consists of 20 stories of office space above a four-story parking garage. Onsite amenities include three restaurants, a tenant lounge, conference center and a 7,000-square-foot health club. Jim Curtin of JLL arranged the loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the borrower, MetLife Investment Management. PwC Tower at Park District, which bears the name of its anchor tenant, PricewaterhouseCoopers, was approximately 93 percent leased at the time of the loan closing.

June 23, 2021

Florida Loans Office Southeast

Cushman & Wakefield Secures $33.8M in Financing for Two Harbour Place Office Building in Downtown Tampa

by Julia Sanders June 23, 2021

TAMPA, FLA. — Cushman & Wakefield has secured $33.8 million in financing for Two Harbour Place, a Class A office building located in downtown Tampa. Cushman & Wakefield also arranged the sale for the property. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Dominic Montazemi of Cushman & Wakefield represented the seller, a joint venture between CP Group and CenterSquare Investment Management, in the transaction. Farley White Interests, a Boston-based commercial real estate owner, acquired the property for an undisclosed price. Jason Hochman, Brian Linnihan, Mike Ryan and Ron Granite of Cushman & Wakefield secured the long-term, fixed-rate acquisition loan through Metropolitan Life Insurance Co. Located at 302 Knights Run Avenue, the 12-story building was 92 percent leased at the time of sale. Property amenities include 3.7 per 1,000-square-foot parking ratio via an attached structured garage, as well as an onsite coffeehouse, concierge services, a full-time day porter, auto detailing and dry-cleaning pick-up and delivery. CP Group, formerly Crocker Partners, is a Boca Raton, Fla.-based owner, operator and developer of office and mixed-use projects throughout the Southeast and Southwest United States. CenterSquare is a global investment manager based in Philadelphia.

June 23, 2021

Healthcare Life Sciences Loans New Jersey Northeast Office

Newmark Arranges $76M Acquisition Loan for Life Sciences Campus in Hopewell, New Jersey

by Taylor Williams June 23, 2021

HOPEWELL, N.J. — Newmark has arranged a $76 million acquisition loan for Princeton West Innovation Campus, a 1.1 million-square-foot life sciences property in Hopewell, about 55 miles southwest of New York City. The property, which formerly served as the global R&D headquarters of pharmaceutical giant Bristol Myers Squibb, is located less than 10 miles from its namesake university’s main campus. Amenities include a full-service cafeteria, an 8,000-square-foot fitness center, a 28,000-square-foot child development center and multiple conference areas. The borrower was a partnership between H.I.G. Realty Partners and Lincoln Equities Group. Dustin Stolly and Jordan Roeschlaub of Newmark placed the debt through Denver-based ArrowMark Partners. The new ownership will use a portion of the proceeds to fund capital improvements and speculative leasing costs.

June 23, 2021

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