Office

ViacomCBS Agrees to Sell CBS Studio Center in Los Angeles for $1.85B

by John Nelson November 30, 2021

LOS ANGELES — ViacomCBS Inc. (NASDAQ: VIAC, VIACA) has entered into a definitive agreement to sell CBS Studio Center in Los Angeles to a partnership formed by Hackman Capital Partners LLC and Square Mile Capital Management LLC. The sales price of approximately $1.85 billion includes associated businesses of CBS that operate within the 1 million-square-foot complex. Situated on a 55-acre site in the Los Angeles neighborhood of Studio City, the property includes 22 stages, production offices and support buildings, third-party tenant offices, the Broadcast Center and filmable backlot locations. Shows filmed at the studio over the years have included Seinfeld, Mary Tyler Moore, Parks and Recreation, The Talk, It’s Always Sunny in Philadelphia, That 70’s Show and Gunsmoke. At closing, ViacomCBS subsidiary CBS Broadcasting Inc. will enter into a long-term leaseback of the Broadcast Center, which is home to TV stations CBS 2 and KCAL 9. ViacomCBS will continue to occupy stages and produce content on the lot, as well as enter into a short-term leaseback of certain portions of the property in order to manage the transition of its employees to other locations. “This sale is part of an ongoing optimization of ViacomCBS’ real estate and operations portfolio and …

November 30, 2021

Acquisitions Florida Mixed-Use Office Retail Southeast

Joint Venture Acquires 120,000 SF Mixed-Use Property in North Palm Beach, Florida

by Julia Sanders November 29, 2021

NORTH PALM BEACH, FLA. — American Commercial Realty Corp., a Palm Beach Gardens-based commercial real estate firm, and Investment Capital Partners, a commercial real estate firm based in Connecticut, have acquired Crystal Cove Commons, a mixed-use property in North Palm Beach totaling over 120,000 square feet of commercial space. The seller and sales price were not disclosed. Crystal Cove Commons includes 73,738 square feet of retail space and 46,787 square feet of office space on three floors. The property is anchored by Cod & Capers, a seafood market and restaurant, as well as Cucina Cabana, a fine Italian dining and entertainment attraction. Stormhouse Brewery, a family-owned brewpub, also recently joined the tenant roster. Other tenants include Fuse Specialty Appliances, USA Tile & Marble, Crystal Tree Carpet by STARK, Cabinets by Lenore and The Ice Cream & Yogurt Club. In total, more than 50 businesses call the center their home, many of which have been in the plaza for more than thirty years. The mixed-use property is situated along US 1 just south of PGA Boulevard. Built in 1982, Crystal Cove Commons was substantially renovated between 2017 and 2019.

November 29, 2021

Acquisitions Florida Healthcare Office Southeast

SRS Brokers $2.9M Sale of Single-Tenant Medical Office Property in West Palm Beach

by Julia Sanders November 29, 2021

WEST PALM BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group (NNLG) has brokered the $2.9 million off-market sale of a single-tenant medical office property fully occupied by Heartland Dental in West Palm Beach. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the deal. Richard Dorfman of SRS represented the buyer, a Massachusetts-based private investor. Located at 8961 Okeechobee Blvd., the 3,533-square-foot medical office property is located near a Publix, Mobil gas station and T-Eka Photo electronics store. Built in 2000, the property previously was a Truist Bank property and now is currently being renovated by Heartland Dental, which recently signed a 10-year lease for the property. The asset was acquired by the new ownership during the renovation process and prior to the rent commencement date.

November 29, 2021

Acquisitions Office Texas

Colliers Negotiates Sale of 155,000 SF Search Plaza Office Building in Dallas

by Taylor Williams November 29, 2021

DALLAS — Colliers has negotiated the sale of Search Plaza, a 155,000-square-foot office building located along the North Central Expressway in North Dallas. New Orleans-based Uhalt Investments purchased the asset from Pillar Commercial for an undisclosed price. Creighton Stark and Chris Boyd of Colliers brokered the deal. Pillar Commercial will continue to manage and lease the building, which was 91 percent leased at the time of sale.

November 29, 2021

Leasing Activity New York Northeast Office Retail

Union Square Events Opens 70,000 SF Headquarters at Industry City in Brooklyn

by Taylor Williams November 29, 2021

NEW YORK CITY — Union Square Events, a locally based catering company, has opened a 70,000-square-foot headquarters space at Industry City, a 35-acre mixed-use development in Brooklyn. The new headquarters will include a 33,000-square-foot commissary kitchen, a 120-seat dining room for employees and traditional office space. A partnership between Belvedere Capital, Jamestown and Angelo Gordon owns Industry City.

November 29, 2021

Acquisitions Development Illinois Industrial Midwest Office Top Stories

Dermody Agrees to Buy Allstate Headquarters Campus in Metro Chicago for $232M, Plans Industrial Redevelopment

by Taylor Williams November 29, 2021

NORTHBROOK, ILL. — Dermody Properties has agreed to buy the metro Chicago headquarters campus of insurance company Allstate Corp. (NYSE: ALL) for $232 million. The purchase agreement is expected to close in 2022. The buyer, a Nevada-based industrial development and investment firm, plans to redevelop the 186-acre campus, which is located north of Chicago in Northbrook, into a Class A logistics and distribution hub. Doug Kiersey, president of Dermody Properties, said in an interview with REBusinessOnline that the preliminary redevelopment plan, which is subject to change based on tenant demands, currently calls for the delivery of approximately 3.2 million square feet of industrial space and a total capital investment of more than $500 million. Kiersey also discussed at length the aspects of the site that his firm found most appealing, including its location within a major population zone, its scale and its existing onsite and offsite infrastructure. “This particular site fits geographically into an area that can serve a lot of customers in a very short period of time,” he said. “Within a 10-mile radius, there are a lot of rooftops for companies to serve their customers. The site also represents an unusual combination of infill location and scale — …

November 29, 2021

Acquisitions Arizona Healthcare Office Western

Montecito Medical Acquisition Co. Buys 68,000 SF Akos Medical Campus in Avondale, Arizona

by Amy Works November 24, 2021

AVONDALE, ARIZ. — Montecito Medical Acquisition Co. has purchased Akos Medical Campus, a newly completed medical office building in Avondale. Akos MOB I LLC sold the asset for an undisclosed price in an off-market transaction. The three-story, 68,000-square-foot Akos Medical Campus features a state-of-the-art imaging suite, multi-specialty ambulatory surgery center (ASC) and a cardiovascular ASC, as well as an urgent care, pharmacy and clinical office space. At the time of sale, the property was fully leased to a variety of tenants, including Peak Heart & Vascular and Apricus Health. J.T. Taylor of ORION Investment Real Estate represented the seller in the deal.

November 24, 2021

Acquisitions Kentucky Office Southeast

Marcus & Millichap Brokers Sale of 165,759 SF Office Building in Lexington

by Julia Sanders November 24, 2021

LEXINGTON, KY. — Marcus & Millichap has arranged the sale of 101 Yorkshire Blvd., a 165,759-square-foot office property located in Lexington. The sales price was $11.5 million. Joseph DiSalvo, Alexander Nulf and Gus Poulos of Marcus & Millichap represented the seller, an undisclosed private investor, in the deal. John Mundell of Marcus & Millichap represented the buyer, an undisclosed private investor. Colby Haugness of Marcus & Millichap also assisted in closing this transaction. 101 Yorkshire is a four-story office property located on 15.3 acres with 350 parking spaces. The building has a mixture of executive offices, conference rooms and cubicle spaces. The property is located just off the intersection of US Route 25 and Man O War Boulevard, which is the outer loop bypass for State Road 68 and Interstate 75. Previously, 101 Yorkshire operated as a single-tenant call center for Xerox prior to its recent separation of operations from Conduent. As a result of the separation, Conduent absorbed and redistributed all call center operations from this facility effective June 2020 to predominately East Coast locations. The office property has since been completely vacant.

November 24, 2021

Georgia Leasing Activity Office Southeast

Colliers Arranges 47,670 SF Office Lease Expansion at Terminus 100 in Atlanta’s Buckhead District

by Julia Sanders November 23, 2021

ATLANTA — Colliers has arranged a two-floor, 47,670-square-foot office space expansion at Terminus 100, a 27-floor, 656,000-square-foot Class A property located at 3280 Peachtree Road in Atlanta’s Buckhead district. Andrew Waguespack and Pete Shelton of Colliers arranged the six-year lease agreement with the landlord, Cousins Properties, on behalf of the tenant, Atlanta-based healthcare workforce management provider QGenda. The expansion and renewal for QGenda encompasses four floors totaling 95,340 square feet. QGenda is currently occupying 47,670 square feet at Terminus 100 and will occupy another 47,670 square feet starting May 1, 2022. The expanded office lease aims to support the software company’s growing talent pool and attract investors outside of Atlanta’s technology industry. Before QGenda expanded, the building was around 80 percent leased to tenants including Morgan Stanley, WeWork and Fleetcor.

November 23, 2021

Acquisitions Nevada Office Western

Voit Real Estate Services Negotiates Purchase of 204,123 SF Office Building in Las Vegas

by Amy Works November 23, 2021

LAS VEGAS — Voit Real Estate Services has arranged the acquisition of a six-story office building located at 2716 N. Tenaya Way in Las Vegas. San Diego-based Premier Realty Holdings LP (PRH XXXV LLC) purchased the property for $67 million. United HealthCare Services occupies the 204,123-square-foot property, which features a campus conference facility, auditorium, full-service cafeteria, multiple break rooms and a credit union, as well as an on-site, five-story parking structure. The healthcare company uses the office property to house its administrative and operations functions of OptumHealth, United HealthCare’s data and health intelligence business. Mike Bench of Voit represented the buyer, while Rick Reeder, Brad Tecca, Marlene Fujita and Charles Moore of Cushman & Wakefield represented the seller in the transaction.

November 23, 2021

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