Office

CBRE Negotiates $2.8M Sale of Office Property in Phoenix

by Amy Works December 15, 2020

PHOENIX — CBRE has brokered the sale of an office building located at 4203 E. Indian School Road in Phoenix’s Acardia neighborhood. A group of private local investors acquired the asset for $2.8 million. Built in 1984 and renovated in 2015, the 18,000-square-foot property features 64 parking spaces. The site is in proximity to Loop 202, Loop 101 and Interstate 10. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Statch, Sean Spellman, Corey Hawley and Jimmy Cornish of CBRE represented the undisclosed seller, while the buyer was self-represented in the deal.

December 15, 2020

Development District of Columbia Office Southeast

Stonebridge, Rockefeller to Redevelop 400,000 SF Office Building in D.C.

by Alex Tostado December 14, 2020

WASHINGTON, D.C. — Stonebridge and Rockefeller Group will redevelop the Jackson Graham Building, a 400,000-square-foot office property in Washington, D.C.’s Penn Quarter district. Redevelopment costs are expected to total more than $300 million. The building currently serves as the Washington Metropolitan Area Transit Authority’s (WMATA) headquarters. The development team expects to break ground on the project in 2023, allowing WMATA to remain at the site through 2022. Upon completion, which is slated for 2025, WMATA will not return to the space. However, WMATA will continue to own the land, which Stonebridge and Rockefeller will control on a 99-year ground lease. The Jackson Graham Building has served as WMATA’s headquarters since 1974. The asset is situated at 600 Fifth St. NW, between the White House and U.S. Capitol Building. The office building will feature a rooftop deck and a penthouse conference center.

December 14, 2020

Acquisitions Office Washington Western

Marcus & Millichap Brokers $6.9M Sale of James Center Plaza Office Building in Tacoma, Washington

by Amy Works December 14, 2020

TACOMA, WASH. — Marcus & Millichap has arranged the sale of James Center Plaza, an office property located at 1628 S. Milred St. in Tacoma. A limited liability company sold the building to an undisclosed buyer for $6.9 million. Built in 1997, the asset features 33,375 square feet of office and medical office space. At the time of sale, the building was 78.1 percent occupied, mostly by longstanding medical-dental tenants. Matthew Herman and Stren Lea of Marcus & Millichap’s Seattle office represented the seller in in the deal.

December 14, 2020

Loans Midwest Minnesota Office

Grandbridge Arranges $23.5M Refinancing for Office Park in Mendota Heights, Minnesota

by Kristin Harlow December 14, 2020

MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has arranged a $23.5 million loan for the refinancing of a six-building, 420,000-square-foot office park in Mendota Heights within the Twin Cities metro area. Tony Carlson of Grandbridge arranged the loan on behalf of the undisclosed borrower. A life insurance company provided the loan, which features a fixed rate, 10-year term and 25-year amortization schedule.

December 14, 2020

Leasing Activity Office Texas

CBRE Negotiates 103,750 SF Office Lease Expansion for Peloton in Plano

by Taylor Williams December 14, 2020

PLANO, TEXAS — CBRE has negotiated a 103,750-square-foot office lease expansion for interactive fitness company Peloton at the 85-acre Legacy Central campus in Plano. Peloton, which moved into the building in 2018, is essentially quadrupling its original footprint and now occupies 131,268 square feet at the property. Michael Conner and Baron Aldrine of CBRE represented Peloton in the lease negotiations. Nathan Durham and Duane Henley of Transwestern represented the landlord, Regent Properties. Peloton reported sales growth of 232 percent in its most recent fiscal quarter, and the company’s stock price is up more than 300 percent for the year as consumers have sought alternative ways of exercising amid COVID-19.

December 14, 2020

Acquisitions Massachusetts Northeast Office

JLL Negotiates $14.5M Sale of Historic Office Building in Worcester, Massachusetts

by Taylor Williams December 14, 2020

WORCESTER, MASS. — JLL has negotiated the $14.5 million sale of a 333,302-square-foot historic office building located at 340 Main St. in Worcester, located in the central part of the state. The property was built in 1897 and is currently leased to a roster of legal, financial services and government tenants. Adam Dunn, Mike Restivo and Chris Phaneuf of JLL represented the seller, Commerce Associates LLC, in the transaction. The buyer, Silverbrick Group, plans to convert the nine-story building into a mixed-use development with office, retail, multifamily and self-storage uses.

December 14, 2020

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office Top Stories

Blackstone Acquires Life Sciences Portfolio in Metro Boston for $3.4B

by Taylor Williams December 14, 2020

CAMBRIDGE, MASS. — Blackstone (NYSE: BX) has acquired a 2.3 million-square-foot life sciences portfolio in Cambridge, located across the Charles River from Boston, for approximately $3.4 billion. The seller was Brookfield Asset Management. The majority of the properties in the portfolio are located in East Cambridge, adjacent to the Massachusetts Institute of Technology (MIT) campus, and are leased to investment-grade tenants with both traditional office and lab requirements. Following the closing of the deal, which is scheduled for the first quarter of 2021, Blackstone will be the largest owner of life sciences space in Cambridge. Blackstone is acquiring the portfolio through BioMed Realty, its $20 billion subsidiary that launched in 2018 and is focused on life sciences properties. “This transaction illustrates Blackstone’s continued conviction in the life sciences space, both broadly and within real estate, and in investing in best-in-class assets located adjacent to top-tier research and education institutions,” says Nadeem Meghji, head of real estate in the Americas for Blackstone. Cambridge continues to be a hub for development and leasing of life sciences properties. In November, locally based developer King Street Properties partnered with California-based Healthpeak Properties to break ground on a $170 million life sciences facility that will …

December 14, 2020

Georgia Healthcare Loans Office Southeast

Atlanta Hawks Refinance Sports Medicine Clinic in Brookhaven with $35M Syndicate Loan from Black-Owned Banks

by Alex Tostado December 11, 2020

BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club has received a $35 million refinancing loan for its Emory Sports Medicine Clinic in Brookhaven. The new National Black Bank Foundation organized the syndicate loan, with Carver State Bank serving as lead arranger. All contributing banks of the syndicate loan are Black-owned banks, which are classified as financial institutions where either 51 percent or more of the voting stock is owned by minority individuals or a majority of the board or directors and the community it serves are predominantly minority, according to Investopedia. The Hawks are the first professional sports organization to have a “significant” loan underwritten exclusively by Black-owned banks, according to the team. The Atlanta Journal-Constitution reports that the other member banks in the deal are Citizens Savings Bank, Citizens Trust Bank, Commonwealth National Bank, Industrial Bank, Liberty Bank & Trust, M&F Bank and Optus Bank. The new loan replaces the original construction loan for the center, which was delivered in fall 2017. The 90,000-square-foot property contains the official training and practice facility of the Hawks, the hub of Emory Healthcare’s Sports Medicine program and Sports Science and Research division and the Peak Performance Project (P3). Emory Sports Medicine Clinic …

December 11, 2020

Development Midwest Office Ohio

Coworking Company COhatch to Open Third Cincinnati-Area Location

by Kristin Harlow December 10, 2020

MILFORD, OHIO — Coworking company COhatch has unveiled plans to open its third Cincinnati-area location in Milford, about 15 miles northeast of Cincinnati. The coworking space will be located at the site of the former Sycamore Distillery. Originally built in 1834, the downtown historical landmark is being renovated and restored. COhatch says its new space will help meet growing demand from local residents for community, collaboration and private office space. The 8,800-square-foot building is slated to open in summer 2021. This COhatch location will feature 23 private offices, three meeting rooms, a community space and a second-story deck with outdoor seating. The meeting and event spaces will be available to the community as well as COhatch members. COhatch intends to build 10 locations in Southwest Ohio. The company currently has 14 facilities open or under development in the Midwest.

December 10, 2020

Acquisitions New Jersey Northeast Office

Birch Group Acquires 73,000 SF Office Building in Mount Olive, New Jersey

by Taylor Williams December 10, 2020

MOUNT OLIVE, N.J. — New York-based investment firm The Birch Group has acquired a 73,000-square-foot office building located at 500 International Drive in Mount Olive, located east of Newark. The sale included a 7,115-square-foot adjacent commercial building. The Rockefeller Group developed the three-story building, which was fully leased to 16 tenants at the time of sale, in 1987. Jose Cruz, Kevin O’Hearn, Fred Hyatt, Stephen Simonelli, Michael Oliver and Nicholas Stefans of JLL represented the undisclosed seller in the transaction.

December 10, 2020

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