Office

Albuquerque’s Office Market Sees Positive Absorption, New Construction

by Taylor Williams September 4, 2018

New Mexico’s office market has held steady along with the rest of the country throughout 2017. New development in areas outside of metro Albuquerque, like the Facebook development in Los Lunas, is attracting retail- and service-related businesses. While it remains to be seen what this means to the general commercial real estate industry, it is encouraging to see increases in activity in areas where there had been little to no growth in recent years. Albuquerque, the heart of New Mexico’s office market, saw positive absorption start to increase from the past two quarters. The market is seeing organic tenant movement and, more importantly, there has been a swelling interest in Albuquerque metro areas from out-of-state companies looking for a Mountain Time Zone location that is economically attractive. Co-working spaces have gained in momentum with several cropping up since the end of 2016. New co-working spaces include Gravitate, which has expanded into two new locations near FreeRange and the new Tramway Plaza. We expect this trend to continue as the state focuses on investing in entrepreneurs and startup companies. New construction is expected to increase the overall Class A inventory over the course of 2018 and 2019. Compared to many other …

September 4, 2018

Acquisitions Connecticut Northeast Office

HK Group Orchestrates $1.2M Sale of Office Property in Westport, Connecticut

by David Cohen August 31, 2018

WESTPORT, CONN. — The HK Group has orchestrated the $1.2 million sale of a two-building, 5,571-square-foot office property in Westport. The complex is fully leased to a tenant roster that includes luxury homes builder Milton Development, an Allstate Insurance Agency and Backspace Westport. The seller was Argentini Corp. of Sarasota, Florida, which acquired the property in 1982. Millennium Brothers LLC. purchased the property as part of a 1031 exchange.

August 31, 2018

Leasing Activity New Jersey Northeast Office

Sheldon Gross Realty Secures 21,000 SF of Office Leases in Freehold, New Jersey

by David Cohen August 31, 2018

FREEHOLD, N.J. — Sheldon Gross Realty has secured five leases totaling 21,000 square feet at the Fairfield Corporate Park in Freehold. The 165,000-square-foot office park is located at 920-922 Route 33. The five companies that signed leases are Declarations Inc. (7,425 square feet); 1-800 Junk (3,600 square feet); Utiliquest LLC (3,600 square feet); Garcia Sequeira LLC (3,209 square feet); and Stylecare Salon Services LLC (3,209 square feet). Glenn Jaffe, Jonathan Glick, and Matthew Leonelli of Sheldon Gross Realty represented the undisclosed landlord in the lease transactions.

August 31, 2018

Loans Midwest Nebraska Office

NorthMarq Arranges $3.5M Refinancing for Office Park in Lincoln, Nebraska

by Kristin Harlow August 31, 2018

LINCOLN, NEB. — NorthMarq Capital has arranged a $3.5 million loan for the refinancing of Lincolnshire Office Park in Lincoln. The four-building property spans 52,620 square feet and is located at 1530 S. 70th St. Steve Ruff of NorthMarq arranged the loan, which is fully amortized over 18 years. A life insurance company provided the loan. The borrower was not disclosed.

August 31, 2018

Acquisitions California Office Western

Ridge Capital Divests 178,694 SF Office Property in Sacramento for $32.2M

by Amy Works August 31, 2018

SACRAMENTO, CALIF. — Ridge Capital has completed the sale of Creekside Oaks, an office complex located at 1740, 1750 and 1760 Creekside Oaks Drive in Sacramento. An undisclosed buyer acquired the property in a 1031 exchange for $32.2 million. Kevin Partington, Ron Thomas, Bruce Hohenhaus, Chris Schwarze, Seth Siegel, Steven Hermann, Eric Fox, Adam Lasoff and George Eckard of Cushman & Wakefield’s Sacramento and Bay Area offices represented the seller in transaction. Originally built in the late 1980s and early 1990s, the three-building property underwent significant interior and exterior renovations within the past decade to include revamped commons areas, high-end tenant improvements, mechanical upgrades and new rooftops on all buildings. At the time of sale, the 178,694-square-foot asset was 99 percent leased to a variety of tenants in healthcare, technology and financial services sectors.

August 31, 2018

Acquisitions California Office Western

NKF Capital Markets Brokers Sale of 142,856 SF Office Complex in Novato, California

by Amy Works August 31, 2018

NOVATO, CALIF. — NKF Capital Markets has arranged the sale of Rowland Plaza, located at 75 and 88 Rowland Way in Novato. Buchanan Street Partners sold the asset to Pinnacle Capital Management Services and Harrison Street for an undisclosed price. The property features 142,856 square feet of office and medical office space spread across two three-story buildings. At the time of sale, the asset was 82 percent leased to 12 tenants representing medical, finance, government and software firms. Grant Lammersen, Steven Golubchik, Edmund Najera and Tyler Meyerdirk of NKF Capital Markets represented the seller in the deal.

August 31, 2018

Acquisitions Nevada Office Western

Dornin Investment Group Sells 131,000 SF Office Asset in Las Vegas

by Amy Works August 31, 2018

LAS VEGAS — Dornin Investment Group (DIG) has completed the sale of Town Square North, an office asset located within Town Square mixed-use development on Las Vegas Boulevard South and Sunset Road in Las Vegas. Moonwater Capital, a local real estate owner and operator, acquired the property for an undisclosed price. The two-building asset features 131,000 square feet of Class A office space. The property was vacant at both the time of DIG’s acquisition in January and the current sale.

August 31, 2018

Acquisitions Office Utah Western

VMG Negotiates Sale of 129,949 SF Office Building in Clearfield, Utah

by Amy Works August 31, 2018

CLEARFIELD, UTAH — Vectra Management Group (VMG) has arranged the sale of an office building located at 888 S. University Park Blvd. in Clearfield. Clearfield 888 acquired the property from 888 Associates for an undisclosed price. Situated on 11.3 acres, the 129,949-square-foot property features one building with a two-story north wing and a three-story south wing. The building was constructed from 1999 to 2001 and fully renovated from 2014 to 2016. Raju Shah and Bryan Barnes led the VMG team that represented the buyer and secured acquisition financing through KeyBank’s Salt Lake City commercial banking division. VMG and CBRE represented the seller in the transaction. The seller is a VMG-sponsored company that acquired the property in November 2015.

August 31, 2018

Loans Office Washington Western

Newmark Arranges $27M Loan for 80,365 SF Office Building in Seattle

by Amy Works August 30, 2018

SEATTLE — Newmark has secured $27 million in financing for Eastlake Office Building, located at 617 Eastlake Ave. East in Seattle. The five-story property features 80,365 square feet of office space, views of Lake Union and freeway access. At the time of financing, the property was 100 percent leased. Brian Bonipart and Abby Kemp of San Francisco-based Newmark arranged the 10-year, fixed-rate loan with a 25-year amortization schedule for the undisclosed borrower through one of Newmark’s correspondent life insurance lenders. The planned use of the funds was not disclosed.

August 30, 2018

Acquisitions Massachusetts Northeast Office

NKF Capital Markets Brokers $86M Sale of Office Complex Near Boston

by David Cohen August 30, 2018

WALTHAM, MASS. — NKF Capital Markets has brokered the $86 million sale of CenterPoint, a 440,000-square-foot office complex in Waltham. The property comprises two buildings, 41 Seyon St. and 43 Foundry Ave. Edward Maher, Matthew Pullen and Robert Griffin of NKF Capital Markets represented the seller, Rubenstein Partners, in the transaction. The buyer was Hilco Real Estate. Anchor tenants at the property include Repligen, EDC (Education Development Center) and Simpson Gumpertz & Heger.

August 30, 2018

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