Office

Unico Properties, American Realty Advisors Acquire 398,412 SF MODA Office Tower in Portland

by Amy Works October 3, 2018

PORTLAND, ORE. — A joint venture between Unico Properties, a subsidiary of Unico Investment Group, and American Realty Advisors has purchased MODA Tower, a skyline office tower in Portland’s central business district, for an undisclosed price. Located at 601 SW Second Ave., the 24-story building features 398,412 square feet of Class A office space. At the time of sale, the property was 90 percent leased. The building features an on-site daycare facility, gourmet coffee and food service, bike storage, direct access to the MAX light rail transit system, exterior terraces and unobstructed views of Mt. Hood and the Willamette River. Jason Flynn of Eastdil Secured represented the undisclosed seller in the deal.

October 3, 2018

Acquisitions Georgia Office Southeast

Velocis Sells 152,935 SF Office Complex in Metro Atlanta to Simpson Organization

by Amy Works October 3, 2018

ALPHARETTA, GA. — Dallas-based Velocis, a private equity real estate manager, has completed the disposition of Royal Centre One, a Class A office complex located in Alpharetta, a northern suburb of Atlanta. The Simpson Organization acquired the property for an undisclosed price. Situated within the master-planned Royal 400 office park, the asset features 152,935 square feet of office space across multiple buildings spanning 12 acres along the Georgia 400 corridor. Velocis originally acquired the property in 2013 and has raised occupancy from 53 percent to just under 80 percent, at the time of sale. Samir Idris, David Meline, Andy Johns, Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the deal.

October 3, 2018

Acquisitions Illinois Midwest Office

Bridge Investment Group Buys 47-Story Office Tower in Downtown Chicago

by Kristin Harlow October 2, 2018

CHICAGO — Bridge Investment Group’s office division has purchased One North LaSalle, a 47-story office tower in downtown Chicago. A joint venture of Hilco Real Estate and a pair of MB Real Estate executives sold the property for $113 million, according to Crain’s Chicago Business. The 493,738-square-foot building is currently 84.6 percent occupied. Originally built in 1929, the building has undergone more than $35 million in capital improvements over the last decade. An amenity floor known as The Landmark features a fitness center, conference facilities, lounge areas and a rooftop deck. Melissa Rubenstein, Annie Nicolau and Jay Miller of JLL will oversee lease-up of the property on behalf of Bridge.

October 2, 2018

Acquisitions Michigan Midwest Office

Oxford Cos. Acquires 290,000 SF Office Building in Ann Arbor, Michigan

by Kristin Harlow October 2, 2018

ANN ARBOR, MICH. — Oxford Cos. has acquired 777 East Eisenhower Parkway on Ann Arbor’s south side. The purchase price was $29.5 million, according to local media reports. The office building spans 10 stories and 290,000 square feet. Oxford will all retain all leasing and property management services for the asset. Tenants include a mix of financial, technology, legal and health companies. Oxford plans to invest $10 million in building improvements, including renovations to the first floor. The seller was not disclosed.

October 2, 2018

Acquisitions Midwest Missouri Office

NAI Desco Brokers $5.5M Sale of Office Building in Suburban St. Louis

by Kristin Harlow October 2, 2018

CREVE COEUR, MO. — NAI Desco has brokered the sale of Ballas Place in Creve Coeur for $5.5 million. The 78,252-square-foot office building is located at 425 N. New Ballas Road. Constructed in 1980, the property is 74 percent occupied by tenants such as Central Bank of St. Louis, Trileaf Corp., Brookdale Senior Living and Povaddo. Bamboo Equity Partners, the buyer, plans to invest $4 million in building upgrades over the next year. Plans call for the transformation of the two-story atrium into shared collaborative space. Carl Conceller and Stephen Gwinnup of NAI Desco represented the undisclosed seller. Intelica Commercial Real Estate represented Bamboo.

October 2, 2018

Acquisitions California Office Western

Blumhouse Productions Buys Office Property in Los Angeles for $2.7M

by Amy Works October 2, 2018

LOS ANGELES — Blumhouse Productions, a producer of horror film franchises, has purchased an office building located at 2410 Beverly Blvd. in Los Angeles. Kessel & Associates sold the property for $2.7 million, or $486 per square foot. The buyer currently owns and occupies two nearby office buildings and plans to expand its operations to the newly acquired 5,490-square-foot property. Nathan Pellow and Patrick Moody of Colliers International represented the seller in the transaction.

October 2, 2018

Acquisitions Arizona Office Western

SVN Desert Commercial Arranges $1.1M Sale of Office Building in Phoenix

by Amy Works October 2, 2018

PHOENIX — SVN Desert Commercial has arranged the sale of an office building, located at 810 W. Bethany Home Road in Phoenix. Arizona Medical Association (ARMA) sold the property to a Katie Hess, founder of Lotuswei, for $1.1 million. ARMA was the only occupant and owner of the 15,304-square-foot building, which was built in 1970, until the sale. The seller plans to relocate, while the new owner plans to occupy the majority of the building with small spaces available for lease. Justin Horwitz and Paul Borgesen II of SVN Desert Commercial represented the seller in the deal.

October 2, 2018

Acquisitions District of Columbia Office Southeast

Paramount Sells 372,552 SF Office Building in D.C. to Saban Real Estate for $157M

by Amy Works October 2, 2018

WASHINGTON, D.C. — Paramount Group Inc. has completed the sale of 425 Eye Street, an office building located in the NoMa submarket of Washington, D.C. Saban Real Estate acquired the seven-story property for $157 million. As of June 30, 425 Eye was 98.7 percent leased with weighted average in-place gross annualized rents of $46.16 per square foot. The U.S. government leases 90 percent of the office space at the 372,552-square-foot building. Jim Meisel of HFF represented the seller in the transaction. Cary Abod led the HFF team in securing acquisition financing through EagleBank. Additionally, Paramount has completed the previously announced sale of 2099 Pennsylvania Avenue in Washington, D.C., for $220 million.

October 2, 2018

Esperante-Corporate-Center-West-Palm-Beach-FL

Florida Loans Office Southeast

RedSky Capital, JZ Capital Receive $115M Loan for 20-Story Office Tower in West Palm Beach

by Amy Works October 2, 2018

WEST PALM BEACH, FLA. — RedSky Capital and JZ Capital Partners have received $115 million in financing for Esperanté Corporate Center, a 20-story office tower located at 222 Lakeview Ave. in downtown West Palm Beach. Chris Drew, Hermen Rodriguez and Maxx Carney of HFF arranged the fixed-rate senior loan through Apollo Global Management, on behalf of a managed account, and a fixed-rate mezzanine loan through a life insurance company. Situated near Royal Park Bridge over Lake Worth Lagoon, the 255,984-square-foot Esperanté Corporate Center was renovated in the first quarter of 2018. The tower’s current tenants include Bank of America, Holland & Knight and Chatham Lodging Trust.

October 2, 2018

Acquisitions New Jersey Northeast Office

CBRE Arranges $34.2M Sale of Office Building in New Jersey

by David Cohen October 2, 2018

SEACAUCUS, N.J. — CBRE has arranged the $34.2 million sale of One Harmon Plaza in Secaucus. The 192,089-square-foot office building is currently 95 percent leased. Samuel Bernhaut and Robert L’Abbate of CBRE represented the seller, a joint venture between Mountain Development Corp. and PCCP LLC. The buyer was ZI One Harmon Plaza LLC. The joint venture has made significant upgrades since purchasing the office building in 2014, including the renovation of the lobby and the addition of a new conference center, cafeteria and fitness facility.

October 2, 2018

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