MEMPHIS, TENN. — Cicada Capital Partners, in partnership with Eightfold Real Estate Capital LP, has purchased Clark Tower, a 34-story, 653,614-square-foot office tower located at 5100 Poplar Ave. in Memphis. The transaction included an adjacent 5,647-square-foot restaurant outparcel located at 5110 Poplar Ave. The sales price and seller were not disclosed. Built in 1973, Clark Tower is East Memphis’ tallest building, according to the Memphis Business Journal. Cicada Capital plans to make capital investments on the property, including upgrades to the interior and exterior portions of the building and upgraded amenities. The property is located inside the Interstate 240 loop. Avison Young will provide property management and leasing advisory services on behalf of the new ownership. John Lamberson Jr. and Terry Radford of CBRE represented the seller in the transaction.
ANTIOCH, TENN. — Lee & Associates has brokered the sale of a 121,596-square-foot office property in Antioch. The sales price was $27.9 million, but the buyer and seller were not disclosed. William Sisk and Brett Wallach of Lee & Associates represented the buyer in the transaction. Located at 5720 Crossings Blvd. on nearly 12 acres, the property, which is currently being used as a call center, is located 14.6 miles south of Nashville and about 14.4 miles from Nashville International Airport.
ADDISON, TEXAS — Kansas City-based VanTrust Real Estate LLC will develop Addison Station, a 12-story office building that will be located on the northern outskirts of Dallas. The transit-served building will span between 250,000 and 350,000 square feet and will feature an 8,000-square-foot rooftop amenity deck, an indoor/outdoor tenant lounge, fitness center and a conference center. Construction is scheduled to begin later this year. Colliers International is marketing the project for lease.
NEW YORK CITY — Los Angeles-based PCCP LLC has provided a $148 million loan for the refinancing of 1410 Broadway, a 387,265-square-foot office building in Midtown Manhattan. Designed by Ely Jacques Kahn and originally constructed in 1930, the property is located in the Garment District and was 78 percent leased at the time of the loan closing. The borrower, New York City-based L.H. Charney Associates, has owned and managed the property since 1981. Between 2013 and 2020, the company implemented a $14.2 million capital improvement program that included a façade restoration and full renovation of the lobby, corridors, elevators and bathrooms.
RUTHERFORD, N.J. — Colliers International has negotiated the sale of 71 Union Avenue, a 32,226-square-foot, transit-served office and healthcare property in the Northern New Jersey community of Rutherford. The seller was an affiliate of Aspen Advisors, and the buyer was undisclosed. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers brokered the deal.
ORANGE, CALIF. — Pacific Oak Strategic Opportunity REIT Inc. has sold City Tower, a 435,000-square-foot Class A office tower in Orange County, for $150.5 million. Opal Holdings, a New York City-based real estate investment firm, was the buyer. The 20-story property is located at 333 City Blvd. in Orange, about three miles north of Santa Ana and 30 miles southeast of Los Angeles. The building was 90 percent leased at the time of sale to tenants such as UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces. Developed in 1988, City Tower recently underwent a $3 million renovation that included upgrades to the lobby, a state-of-the-art fitness center, conference center and new building entryway. The property is certified LEED Gold. “We increased occupancy by almost 15 percent over the past three years and are proud of the improvements and value we created during our ownership,” says Michael Potter, senior vice president with Pacific Oak, which purchased City Tower for $147.2 million in March 2018 when it was 78 percent occupied. Pacific Oak Strategic Opportunity REIT is a public, non-traded corporation headquartered in Los Angeles. The REIT manages a portfolio valued in excess of $2 billion comprised primarily of office, apartment, …
DENVER — NorthMarq has secured nearly $60.1 million in acquisition financing through a credit union for a two-property office portfolio in the Denver Tech Center submarket. The office portfolio includes the 273,963-square-foot Stanford Place I, financed for nearly $37. 7 million, and the 202,158-square-foot Yosemite, financed for $22.4 million. Stanford Place I, located at 8055 E. Tufts Ave., is a 14-story building that is approximately a quarter mile from I-25 and I-225. Yosemite, located at 6455 S. Yosemite St., is a 10-story office building within walking distance of a light rail system and several retail amenities. The 10-year, fixed-rate loan includes three years of interest-only payments followed by a 30-year amortization schedule. NorthMarq secured the loan for the borrower, Alturas Capital Partners LLC.
Cushman & Wakefield Brokers 96,505 SF Lease Transaction at Roseville Innovation Park Near Sacramento
ROSEVILLE, CALIF. — Global health care company Penumbra has expanded into an additional 96,505 square feet of Class A office and lab space at Roseville Innovation Park in Roseville, approximately 16 miles northeast of Sacramento. The new lease at 620 Roseville Parkway will bring Penumbra’s total occupancy within the business park to over 254,000 square feet of Class A space. Penumbra initially leased approximately 157,000 square feet in the neighboring 630 Roseville Parkway building in 2018. Cushman & Wakefield’s Sacramento office represented the landlord in the transaction. Roseville Innovation Park is jointly owned by Farallon Real Estate Partners and Strada Investment Group. The business park is a Class A campus offering numerous amenities, including retail, entertainment and residences within a short distance. Penumbra also has exclusive access to a newly installed outdoor recreation, dining, and break-out space at its 630 Roseville Parkway address. Headquartered in Alameda, Calif., Penumbra is a healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need.
CHARLOTTE, N.C. — Legal Aid of North Carolina Inc., a nonprofit law firm, is redeveloping a 40,000-square-foot, single-story office building located at 5525 Albemarle Road in east Charlotte. MPV Properties represented Legal Aid on the purchase of the building and is marketing the remaining 23,000 square feet of vacant space for lease. The seller and sales price were not disclosed. In partnership with Lakemont Property Investors LLC, Legal Aid has recently completed demolition of the interior of the building. The firm expects to finish the full interior renovation in the next couple months and plans to occupy approximately 40 percent of the building once complete. A separate non-profit legal organization, Charlotte Center for Legal Advocacy, also has plans to renovate and occupy an adjacent two-story office building located at 5535 Albemarle Road. MPV Properties is a Charlotte-based commercial real estate firm that offers landlord and tenant representation. Legal Aid of North Carolina is a Raleigh-based law firm that provides free legal services in civil matters to low-income clients.
NEW YORK CITY AND CHICAGO — Global coworking provider WeWork has entered into a strategic partnership with Cushman & Wakefield to provide flexible workspace solutions by leveraging WeWork’s proprietary platform with the Chicago-based real estate giant’s asset and facilities services network. In addition, Cushman & Wakefield, WeWork and special purpose acquisition company BowX Acquisition Corp. are in discussions regarding a potential transaction where Cushman & Wakefield would provide up to $150 million in a backstop equity facility to New York City-based WeWork. Earlier this year, BowX Acquisition Corp. agreed to acquire WeWork and take the company public in a deal that was valued at approximately $9 billion. The deal is scheduled to close in the current quarter. “Partnering with Cushman & Wakefield will create a solution that helps both landlords and businesses meet the demand for flexible workplaces to fit the changing needs of today’s workforce,” said Sandeep Mathrani, CEO of WeWork “With flexible workspaces being an important component of the hybrid workplace, we’re excited to partner with WeWork to demonstrate how global occupiers and investors will benefit from two global leaders providing unmatched accessibility to flexible offerings, best-in-class technology and a seamless tenant experience,” added Brett White, CEO and …