BRIDGEWATER, N.J. — G.S. Wilcox & Co. has arranged a $6.8 million loan for the refinancing of Greymark at Bridgewater, a 111,500-square-foot office building in Northern New Jersey. According to LoopNet Inc., the three-story property was built in 1985, renovated in 2017 and features a conference facility and onsite food services. David Fryer of G.S. Wilcox originated the loan through an undisclosed lender. The borrower was also undisclosed.
CHARLOTTE, N.C. — JLL has brokered the sale of BB&T Center, a 22-story, 568,646-square-foot office tower in Uptown Charlotte. The sales price was not disclosed, although the Charlotte Business Journal reported the asset sold for $115 million. The seller, Arden Group, acquired the asset in 2017 and completed a $10.5 million renovation that included adding a 5,200-square-foot amenity center, tenant lounge and a 1,800-square-foot outdoor deck. Additional improvements included a new lobby and storefront renovation at Overstreet Mall, the primary entrance to the building. Current tenants include Truist Financial Corp. (the result of a merger between BB&T and SunTrust), AIG, TEKsystems, AeroTek and RingCentral. Chris Lingerfelt and Ryan Clutter of JLL represented the undisclosed buyer in the transaction.
FARMERS BRANCH, TEXAS — A partnership between North Texas-based M2G Ventures and Austin-based private equity firm Pennybacker Capital has purchased the 1.2 million-square-foot former distribution center of Tuesday Morning. The sale also included Tuesday Morning’s 105,000-square-foot headquarters office located at 6250 LBJ Freeway. The five-building industrial complex is situated on 46.7 acres in the northern Dallas metro of Farmers Branch. The Dallas-based retailer, which filed for Chapter 11 bankruptcy last May, had previously entered into an agreement to sell these assets to Miami-based Rialto Capital for $60 million. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership in the transaction.
SOUTHLAKE, TEXAS — Locally based office development and investment firm Cawley Partners, in partnership with PCCP LLC and Staubach Capital, has acquired the 475,000-square-foot corporate offices of software and technology firm Sabre Global in the Fort Worth suburb of Southlake. The tenant has signed a 12-year lease to occupy all 265,000 square feet of Building A and entered into a short-term lease for the 210,000-square-foot Building B. The new ownership plans to fully renovate Building B and add a full suite of amenities, including meeting rooms, a fitness center, locker rooms, food service and outdoor gathering spaces. With Sabre retaining over 265,000 square feet long term, there will be roughly 210,000 square feet (one entire building) available for lease in 2022.
HOUSTON — Vroom, a New York City-based automotive retailer and online marketplace, has signed a 102,500-square-foot office lease at Westchase Park II in Houston. The 569,825-square-foot office complex comprises two buildings and a freestanding amenity center that houses a Citrus Kitchen restaurant, a fitness center with full-service locker rooms and a tenant conference center. Louie Crapitto of JLL represented the tenant in the lease negotiations. Eric Anderson, Parker Burkett and Katy Gragg of Transwestern represented the undisclosed landlord. The lease brings the building’s occupancy rate to 92 percent.
WILKES-BARRE, PA. — Colliers International has brokered the sale of the Bicentennial Building, a 74,452-square-foot office and retail property in Wilkes-Barre, located near Scranton in the northeastern part of the state. The six-story building was 83 percent occupied at the time of sale. Bicentennial Building Associates sold the asset to a private investment group based in the New York metro area. Jeff Algatt and John Susanin of Colliers brokered the deal.
ViaWest Group Acquires Insight Enterprises Office Portfolio in Tempe, Plans Industrial Redevelopment
TEMPE, ARIZ. — A joint venture partnership led by Phoenix-based ViaWest Group has purchased three real estate properties in Tempe from Insight Enterprises for $26.8 million. Phil Breidenback and Kathy Foster of Colliers International Arizona represented the seller and handled the transaction. The portfolio includes a 102,000-square-foot office building at 6280 S. Harl Ave., a 130,270-square-foot industrial/back office property at 910 W. Carver Ave. and an adjacent 56,240-square-foot office building at 8123 S. Hardy Ave. ViaWest plans to demolish the South Harl Avenue building, which will house Insight’s headquarters through December of this year. ViaWest then plans to develop two Class A industrial buildings, totaling 358,114 square feet, on the 19-acre site. The facilities will feature 32-foot clear heights and a shared truck court. Each speculative building will be available for a single tenant or space divisible to 30,000 square feet. McCall & Associates is serving as architect and Wilmeng is serving as general contractor for the buildings, which are slated for completion in mid-2022. Rob Martensen of Colliers International Arizona will serve as leasing agent for the new buildings. The West Carver Avenue building offers 100,270 square feet of industrial/back office space and a 30,000-square-foot mezzanine area. Insight currently …
KANSAS CITY, MO. — An affiliate of Rubenstein Real Estate, together with an affiliate of Exact Architects, has acquired a 20,000-square-foot office and retail building located at the corner of Linwood and Main streets in Kansas City. At the time of sale, the building was 25 percent occupied. A new tenant will soon lease a portion of the first floor, leaving 9,418 square feet remaining available for lease. Substantial building and common area renovations are underway. The two-story building features almost 80 parking spaces. Dwight Medbery III of Rubenstein led the buyer investment group. The purchase price and seller were undisclosed.
FAIRFIELD, CONN. — An entity managed by Davis Marcus Partners, which is a joint venture between Marcus Partners and The Davis Companies, has sold a boutique office building located at 2150 Post Road in the southern Connecticut city of Fairfield for $10 million. According to LoopNet Inc., the property was built in 1986 and spans roughly 51,000 square feet. A CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller in the transaction and procured the buyer, a group led by Valley East Management. The property was 96 percent leased at the time of sale.
PHOENIX — TerraCap Management LLC has acquired Anchor Centre, an office property in Phoenix’s Camelback Corridor, for $103.5 million. The two-building office park spans 333,014 square feet at the intersection of 24th Street and Camelback Road. KBS was the seller. The buildings were constructed in 1984 and 1986, and KBS completed a multimillion-dollar capital improvement program upon its acquisition of the asset in 2014. KBS made upgrades to the lobby, common areas, restrooms and amenity spaces, which include a deli, tenant lounge, game room, fitness center, conference facility, outdoor patio and underground parking. Anchor Centre is currently 93 percent occupied by tenants such as Humana Insurance, Northwestern Mutual and Black & Veatch. “The property’s freeway access and close proximity to high-end retail is advantageous for the tenants,” says Steve Hagenbuckle, founder and managing partner of TerraCap. “The amount of in-migration and corporate relocations coming from the West Coast should assist in keeping occupancy high, allowing us to increase long-term value for our investors.” The Phoenix office market showed signs of growth during the third quarter of 2020, posting just over 300,000 square feet of positive absorption, according to JLL. Colony Capital provided debt financing for TerraCap with assistance from Kevin …