Office

Alturas Real Estate Fund Acquires NorthCreek Office Complex in Colorado Springs for $46.6M

by Amy Works February 5, 2021

COLORADO SPRINGS, COLO. — Alturas Real Estate Fund has purchased NorthCreek Office Complex, located at 5725, 5755 and 5775 Mark Dabling Blvd. in Colorado Springs. NorthCreek Complex LLC sold the asset for $46.6 million. James Brady, Patrick Devereaux and Campbell Davis of CBRE Capital Markets represented the seller in the deal, which closed on Jan. 29, 2021. Built between 1984 and 1989, NorthCreek offers a total of 325,208 rentable square feet spread across three buildings situated on 16.6 acres. Building amenities include atrium spaces with seating, a full-service café, abundant parking with covered spaces, a fitness center with locker rooms and showers, and a 58-person conference/training center. The sellers invested more than $3.6 million in capital improvements to the property, including major roof, lobby and common area renovations, parking lot and garage repairs, and HVAC upgrades. At the time of sale, the property was 98 percent leased to a mix of tenants, including CSAA Insurance, First Source Group and Pima Medical Institute.

February 5, 2021

Acquisitions Northeast Office Pennsylvania

Commonwealth Charter Academy Buys 140,000 SF Office Building Near Pittsburgh

by Taylor Williams February 5, 2021

HOMESTEAD, PA. — Commonwealth Charter Academy, an online education platform, has purchased Waterfront Technology Center, a 140,000-square-foot office building in Homestead, an eastern suburb of Pittsburgh. The building, which was 94 percent leased at the time of sale, was originally a Macy’s department store. The sellers, Chicago-based M&J Wilkow and BIG Shopping Centers, purchased the property from Macy’s in 2018 and converted it to an office use. Commonwealth Charter is currently a tenant in the building.

February 5, 2021

Company News Office South Carolina Southeast

United Community Bank to Relocate Corporate Headquarters to Greenville

by John Nelson February 4, 2021

GREENVILLE, S.C. — United Community Bank, a retail and commercial bank, plans to relocate its corporate headquarters from Blairsville, Ga., to Greenville and expand operations in the Upstate area. The $24.8 million investment will create 227 new jobs in the Palmetto State. By establishing Greenville as its corporate headquarters, United Community Bank will be the largest bank headquartered in South Carolina. The bank has 160 branches in Florida, Georgia, North Carolina, South Carolina and Tennessee and nearly 290 employees. United Community Bank was founded in 1950 in Blairsville. In 2012, the bank began building its presence in Greenville County and now has three office locations in downtown Greenville apart from its branch network. United Community Bank’s new downtown office will be located at 200 E. Camperdown Way and will house a retail branch. The new office will be located near Falls Park and the Reedy River, as well as the upcoming Camperdown mixed-use development downtown. United’s new headquarters is expected to be completed by 2024.

February 4, 2021

California Development Industrial Office Western

Seefried Industrial, Clarion Partners Break Ground on 1 MSF Tracy Logistics Park in California

by Amy Works February 4, 2021

TRACY, CALIF. — Seefried Industrial Properties, in a joint venture with Clarion Partners, has broken ground on Tracy Logistics Park, a more than 1 million-square-foot speculative office and warehouse project in East Tracy. Seefried and Clarion originally purchased the 76-acre site in January for an undisclosed amount. Located at the northeast corner of Grant Line and Chrisman roads, Tracy Logistics Park will feature a 210,000-square-foot building, a 507,800-square-foot building and a 309,000-square-foot building. Tenants will have the opportunity to occupy space ranging from 20,000 square feet to 500,000 square feet. The buildings will feature tilt-up construction, clear heights ranging from 32 feet to 36 feet, 180-foot- to 185-foot-deep truck courts, a combined 236 trailer spaces, ESFR sprinkler systems and ample parking. Completion is slated for fourth quarter of this year. HPA is serving as architect, K&W as civil engineer and Alston Construction as general contractor. Mike Goldstein and John Steinbuch of Colliers International will handle marketing and leasing efforts for the project.

February 4, 2021

Leasing Activity Massachusetts Northeast Office

Loomis, Sayles & Co. Signs 232,000 SF Office Lease Extension in Downtown Boston

by Taylor Williams February 4, 2021

BOSTON — Global investment management firm Loomis, Sayles & Co. has signed a 232,000-square-foot office lease extension and restructuring at One Financial Center in downtown Boston. Ron Perry, Larry Epstein and Matt Perry of Avison Young represented the tenant in the lease negotiations. Bill Anderson, Dave Martel and Allison Cavanaugh of Newmark represented the landlord, a joint venture between MetLife Investment Management and Norges Bank Investment Management. The deal, which keeps the tenant on the premises with a reduced footprint through 2037, marks the largest office lease transaction in Boston since mid-2019, according to the brokerage team.

February 4, 2021

Development Mixed-Use Multifamily Office Texas Top Stories

Stonelake Capital Partners Plans 50-Story Mixed-Use Tower in Downtown Austin

by Jeff Shaw February 4, 2021

AUSTIN, TEXAS — Stonelake Capital Partners plans to build a 50-story, 465,000-square-foot office and multifamily tower on a half-acre site that it has acquired at the corner of West Fifth and Colorado streets in downtown Austin. Named “5th & Colorado,” plans call for 318 luxury apartments above 100,000 square feet of high-end office space. Stonelake tentatively expects to break ground in first quarter of 2022 with completion slated for early 2025. “Now more than ever, both companies and people are moving to Austin,” says Will Jenkins, the Stonelake principal leading the development. “5th & Colorado’s design will reflect the next generation of vertical mixed-use development, placing emphasis on quality, generous living areas, dedicated workspace and multiple open-air amenity offerings with panoramic views.” Austin was the No. 3 metro area as far as maintaining employment levels during the COVID-19 pandemic, posting a job loss of 1 percent from December 2019 to December 2020, according to the Austin Chamber of Commerce. By contrast, four major metro areas lost more than 10 percent of their jobs in that span. Apartments at 5th & Colorado will average 1,150 square feet, and office floor plates will total 20,000 square feet around a central core. The …

February 4, 2021

Acquisitions Florida Office Southeast

JLL Arranges $44.2M Sale of Cypress Financial Center in Fort Lauderdale

by John Nelson February 3, 2021

FORT LAUDERDALE, FLA. — JLL Capital Markets has arranged the $44.2 million sale of Cypress Financial Center, a 201,305-square-foot, Class A office tower in Fort Lauderdale. JLL represented the seller, a joint venture between funds managed by Apollo Global Management, Square2 Capital and Steelbridge Capital. JLL also procured the buyer, Vision Properties. Cypress Financial Center is located at 5900 N. Andrews Ave. and is 13 miles from Fort Lauderdale-Hollywood International Airport. The building has 250 feet of frontage along Interstate 95 and is situated across from the Cypress Creek Tri-Rail station and adjacent to the Fort Lauderdale Executive Airport. The 11-story office tower features a six-level, 785-space parking garage. At the time of sale, Cypress Financial Center was approximately 90 percent leased to tenants including Hayes Medical Staffing, which anchors the office tower. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller, which recently completed a multi-year renovation of the property. Square2 Capital is an investment management company based in Miami that invests and operates throughout Florida and the Southeast, Steelbridge Capital is a Miami-based private equity firm that invests in single- and multi-tenant real estate properties nationwide and Vision Properties is a commercial real estate firm …

February 3, 2021

Acquisitions Florida Office Southeast

Tricera Capital Acquires Office Building in Sarasota, Florida for $35M

by John Nelson February 3, 2021

SARASOTA, FLA. — Tricera Capital has acquired a nine-story, Class A office building in downtown Sarasota known as BB&T Financial Center. The Miami-based real estate investment firm purchased the office building for $35 million. Tricera Capital partnered with private investor Alex Karakhanian and Fort Lauderdale, Fla.-based investment firm Merrimac Ventures on the acquisition. The seller was private real estate investor George Spector. BB&T Financial Center is located at 1800 Second St. The 550,000-square-foot building spans across two towers and features 500 covered parking spaces. Originally developed in the 1980s, the building underwent more than $1 million in capital improvements over the past three years, including upgrades to the roof, lobby and elevator systems. The property spans an entire city block between Links and North Osprey avenues. The building was approximately 70 percent occupied at the time of sale. Douglas Mandel of Institutional Property Advisors, a division of Marcus & Millichap, marketed BB&T Financial Center for sale. Scott Wadler of Berkadia’s Miami office arranged acquisition financing through Prime Finance.

February 3, 2021

Acquisitions Midwest Office Ohio

Joint Venture Acquires Dayton Office Campus in Sale-Leaseback Transaction

by Kristin Harlow February 3, 2021

DAYTON, OHIO — A joint venture between Industrial Commercial Properties and Industrial Realty Group has acquired the LexisNexis-occupied office campus in Dayton for an undisclosed price. The 391,000-square-foot, four-building property sits on 60 acres. Doug Altemuehle of Newmark represented the seller, LexisNexis, in the sale-leaseback transaction. Don Feathers of Roaring Fork Advisors LLC represented the buyers, which plan to modernize the asset. LexisNexis, a provider of legal and business research, will remain the anchor tenant at the campus.

February 3, 2021

Acquisitions Office Texas

CBRE Global Investors Buys 301,891 SF Sherry Lane Place Office Building in Dallas

by Taylor Williams February 3, 2021

DALLAS — A fund backed by CBRE Global Investors has purchased Sherry Lane Place, a 301,891-square-foot office building located in the University Park area of Dallas. Built in 1984 and renovated in 2020, the 20-story building was 80 percent leased at the time of sale. Amenities include a four-level parking garage, fitness center, conference center and a café with indoor and outdoor seating. The seller was not disclosed.

February 3, 2021

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