Office

KBS Sells 580,368 SF Office Campus Near St. Louis to Lingerfelt CommonWealth

by Alex Tostado May 24, 2019

CLAYTON, MO. — KBS has sold Pierre Laclede Center I & II, a two-building, 580,368-square-foot office campus in Clayton, to Lingerfelt CommonWealth. The sales price was not disclosed. Pierre Laclede Center I & II were constructed in 1964 and 1970, respectively. KBS acquired the office campus in 2010 and implemented a $19 million renovation plan in the intervening years. Amenities include an outdoor veranda/patio area, conference rooms, fitness centers, café, deli, onsite concierge and car washing. The sale included a four-level, 1,304-stall parking garage. HFF marketed the property on behalf of KBS, a California-based private equity firm that owned the asset through its KBS Real Estate Investment Trust II portfolio. The buyer is a national real estate investment management firm based in Richmond, Virginia. Current tenants include Centene, Lathrop Gage, Morgan Stanley and Dana McKitrick P.C. Additionally, The St. Louis Club, a private dining club, occupies the top floor of the property with views of downtown and the Gateway Arch. Clayton is one of the St. Louis region’s most sought-after submarkets for office space and is considered the hub of the St. Louis metropolitan area. Clayton boasts over 1 million square feet of retail space as well, and the Pierre …

May 24, 2019

Market Reports Office Texas Texas Market Reports

Minimal New Development Keeps McAllen Office Market in Check

by Taylor Williams May 24, 2019

Development of new office space in the McAllen-Edinburg-Mission metro area rarely happens on a large scale. This ensures that the market remains steady, if unspectacular, assuming the fundamentals during both expansions and contractions do not change. According to CoStar Group, the metro’s office vacancy rate currently stands at 6 percent, while the average asking rent sits at $20.44 per square foot. Modest vacancy compression and rent growth are forecast for the coming years, with the vacancy and average asking rents expected to hit 4.2 percent and $21.30 per square foot, respectively, by 2023. Throughout the Rio Grande Valley (RGV) region as a whole, office market growth is largely confined to McAllen and Edinburg. There is one signature project — Rio Bank’s new corporate headquarters in McAllen — that will serve as a barometer of how well the market can large additions of quality space. According to local newspaper The Valley Morning Star, the 125,469-square-foot project carries a price tag of $20 million. Construction began in January 2018 and is slated to open either late this year or early in 2020, with the namesake tenant expected to occupy about a third of the space. Per local sources, the property, which is …

May 24, 2019

Delaware Loans Mixed-Use Northeast Office

Capital One Provides $68M Loan for Office Redevelopment Project in Wilmington

by Taylor Williams May 23, 2019

WILMINGTON, DEL. — Capital One has provided a $68 million loan for the redevelopment of a portion of the former office campus of pharmaceutical firm AstraZeneca in Wilmington, Delaware. The borrower, Brandywine Investment Group II, acquired the site in 2017 in a sale-leaseback deal and will use the new proceeds to fund construction of a 1,373-space parking garage, as well as to fund tenant improvements and leasing commissions. The loan, which features a five-year term and an adjustable interest rate, also provides working capital for pre-development costs for the remainder of the project. Current plans for the new project, known as Avenue North, call for about 350 apartments, 150,000 square feet of retail space, 100,000 square feet of office space and a 200-room hotel. Jeff Wallace of Capital One originated the transaction on behalf of Brandywine Investment Group II, an affiliate of local developer Delle Donne & Associates.

May 23, 2019

Reuten-Corporate-Park-Closter-New-Jersey

Industrial Loans New Jersey Northeast Office

JLL Closes $11M Refinancing of Industrial, Office Asset in New Jersey

by Taylor Williams May 23, 2019

CLOSTER, N.J. — JLL’s Capital Markets team has closed an $11 million loan for the refinancing of Reuten Corporate Park, a 156,782-square-foot industrial and office development in Closter, located across the Hudson River from Yonkers. The property, which spans five buildings with 95,528 square feet of industrial space and 61,254 square feet of office space, was 99 percent leased at the time of sale. Tenants include logistics firm Nippon Express and Rayence, a distributor of flat panel detectors for X-ray equipment. Aaron Niedermayer, Michael Diaz, Chris Byrns and Brendan Collins of JLL placed the loan with M&T Bank on behalf of the borrower, Reuten Associates, which originally developed the property in the mid-1980s.

May 23, 2019

Development Office Texas

Keurig Dr. Pepper Breaks Ground on New Headquarters at The Star in Frisco

by Taylor Williams May 23, 2019

FRISCO, TEXAS — Keurig Dr. Pepper will host a groundbreaking ceremony today for its new headquarters campus at The Star, the Dallas Cowboys’ 91-acre hub in Frisco. The company is relocating from its current office in Plano, where approximately 1,100 employees work. The new space will measure roughly 350,000 square feet and is expected to be available for occupancy in 2021, according to local media reports.

May 23, 2019

Acquisitions Florida Office Southeast Top Stories

Joint Venture Acquires 11-Building Office Portfolio in Jacksonville for $231M

by Alex Tostado May 23, 2019

JACKSONVILLE, FLA. — A joint venture between Starwood Real Estate Income Trust Inc. (SREIT), Vanderbilt Office Properties and Trinity Capital Advisors has acquired an 11-building office portfolio in Jacksonville in an off-market transaction for $231 million. The portfolio spans 1.3 million square feet and is situated within Jacksonville’s Deerwood Park submarket. The portfolio was 90 percent leased at the time of sale to 55 tenants, including Fidelity Investments, The Adecco Group and JPMorgan Chase Bank, with leases that expire in 2026, 2022 and 2022, respectively. Investment-grade companies make up 65 percent of the portfolio’s tenants. “The Florida office portfolio is another example of SREIT acquiring high-quality real estate in markets with strong population and job growth,” says John McCarthy, CEO and president of SREIT. “SREIT focuses on markets with strong growth dynamics because they drive occupancies, rents and values upward.” The Deerwood Park submarket includes St. Johns Town Center and is situated 10 miles southeast of downtown Jacksonville near Interstates 95 and 295. St. Johns Town Center is home to more than 150 restaurants and retailers. According to Cushman & Wakefield, the submarket has the lowest vacancy rate at 9.2 percent in the Butler/Baymeadows region. It also has highest asking …

May 23, 2019

Arkansas Development Office Southeast

Walmart Unveils Expansion Plans for 350-Acre Corporate Campus in Bentonville, Arkansas

by Alex Tostado May 22, 2019

BENTONVILLE, ARK. — Walmart has unveiled its plans to build a 350-acre office campus in Bentonville that will serve as the company’s home office. Demolition of the retailer’s existing buildings will begin this summer with delivery expected in phases from 2020 to 2024. Reuters reports the campus will house nearly 17,000 employees at full build-out. The campus will include office buildings, expanded food offerings, convenient parking, fitness options, a child care facility, bike paths, green space and lake views. The campus will also feature solar panels atop parking decks and energy-efficient lighting and HVAC systems, as well as regionally sourced building materials. A price for construction was not disclosed.

May 22, 2019

Loans North Carolina Office Southeast

HFF Arranges $24.5M Acquisition Loan for Office Property in Charlotte’s SouthPark District

by Alex Tostado May 22, 2019

CHARLOTTE, N.C. — HFF has arranged a $24.5 million acquisition loan for Rexford Park I and II, two office buildings in Charlotte totaling 136,812 square feet. The borrower, a partnership between Childress Klein and Gottesman Real Estate Partners, will use the funds to acquire, renovate and re-lease the buildings. Cory Fowler of HFF represented the borrower to secure the six-year, floating-rate loan through Atlantic Union Bank. Planned renovations include new interior common spaces, major improvements to the exterior façade and significant upgrades to building systems. Rexford Park I and II are located at 2100 and 2115 Rexford Road within Charlotte’s SouthPark submarket.

May 22, 2019

Acquisitions Office Washington Western

Unico Properties Acquires 160,164 SF Historic Office Building on Seattle’s Waterfront

by Amy Works May 22, 2019

SEATTLE — Unico Properties, a subsidiary of Unico Investment Group, has acquired the Colman Building on Seattle’s waterfront from Goodman Real Estate for an undisclosed price. With this purchase, Unico’s presence on the waterfront now exceeds 1 million square feet. The six-story Colman Building features 160,164 square feet of office space with ground-level retail encircling the entire property. At the time of sale, the property was 88 percent occupied. The historic building was commissioned by Scottish immigrant and master machinist James Colman and constructed in several stages between 1889 and 1906. The building is listed on the National Register of Historic Places and considered a City of Seattle landmark. Nick Kucha, Kevin Shannon, Cavan O’Keefe, Michael Moll, Bill DeLacy, Jakob Nicolls and Jeff Hodson of Newmark Knight Frank represented the seller in the deal.

May 22, 2019

Development Office Texas

Cawley Partners to Develop 200,000 SF Office Building in Plano

by Taylor Williams May 22, 2019

PLANO, TEXAS — Dallas-based Cawley Partners will develop HQ53, a 200,000-square-foot office building that will be located at 5300 Headquarters Drive in Plano. The Class A building will offer collaborative gathering spaces, as well as a 6:1 parking ratio and access to a variety of nearby retail and dining options. The groundbreaking is slated for September and completion is scheduled for September 2020. BOKA Powell is the project architect.

May 22, 2019

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