SAN FRANCISCO — Frontier Group has purchased 570 Market Street, a retail and office building located in downtown San Francisco. An undisclosed seller sold the property for $14.5 million. Built in 1922, the two-story building is occupied by a variety of retail and office tenants, including Daiso Japan, Creative Marketing Concepts, ABC Cleaners, Lucky Nails, Mercury Maintenance and Jack’s Shoe Repair. Frank Chiu of Starboard Commercial Real Estate represented the buyer in the deal.
ATLANTA — PCCP LLC has acquired Cumberland Center II, a 419,000-square-foot office building located at 3100 Cumberland Blvd. in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports the 17-story tower sold for $68 million. The name of the seller was not disclosed. Constructed in 1989, the building is currently 94 percent leased but 67 percent occupied following the departure of HD Supply to a new build-to-suit office building within the submarket. The seller has invested more than $5.4 million in capital improvements since 2007, including a renovated conference center and café. Cumberland Center II is situated adjacent to a Courtyard Marriott hotel and the 1.4 million-square-foot Cumberland Mall, and less than a mile from Cobb Galleria. In addition, the property is located less than two miles from SunTrust Park, home ballpark of the Atlanta Braves.
CHICAGO — Mark Goodman & Associates Inc. has unveiled plans to develop 310 N. Sangamon, a 12-story office building in Chicago’s West Loop. The property will feature 268,000 square feet of office space and 7,800 square feet of ground-floor retail space. Amenities will include a fitness room, outdoor terrace and bike storage room. Completion for the $115 million project is slated for the first quarter of 2020. The development is the largest office building in the country to receive Passive House certification, according to Goodman. Passive House buildings follow a rigorous set of design principles that work with building systems, insulations and windows to create an airtight structure, resulting in energy efficiency and a reduced ecological footprint. Passive house-certified buildings use up to 86 percent less heating energy than standard buildings and 46 percent less cooling energy. The Passive House Institute US provides certifications. The majority of passive structures have been built in Germany and Scandinavia.
AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office property located at 651 Chambers Road in Aurora. A church acquired the property from Life Skills International for $1.3 million. Built in 1978, the property features 16,500 square feet of office space. Corey Sandberg and Jeff Johnson of Pinnacle represented the seller in the deal.
It’s an exciting time to be part of the action in Chicago’s real estate market. While Illinois remains an “outflow” state, construction cranes dot the Chicago skyline and the city’s inflow numbers remain positive. Large employers are considering Chicago for campus-like headquarters operations and exciting markets are continuing to grow. In particular, west side blight continues to be replaced by residential growth in the West Loop, with retail services finally gaining momentum despite slow adoption by soft goods merchants. The West Loop’s immediate neighbor to the north, Fulton Market, maintains its buzz as the popular new kid in town, demonstrated by its ability to attract office tenants. Yes, office tenants. Transportation for workers, the primary objection to Fulton Market that has previously knocked it out of contention, will continue to be a challenge as public options slowly catch up to the development in the area. Employers will have to be creative in providing alternatives for new talent not within reasonable cycling or ride-sharing range. How did this happen when a decade ago the notion of office space west of the expressway was thought to be an absurd one? Because Chicago is not landlocked to the west by any natural barriers, …
NEW YORK CITY — Lee & Associates has brokered the $18.4 million sale of an 18,000-rentable-square-foot, 14th floor office condominium at 420 Fifth Ave. in Midtown Manhattan. Lee & Associates represented the buyer, Marist College, and the seller, A.M. Property Holding Corp., in the transaction. The space will serve as an alumni information center for Marist College in New York City. The private, liberal arts college is located in Poughkeepsie. The 28-story office building was completed in 1989 and is located near Bryant Park. Marist College will take occupancy of the space in December 2018.
ORANGE, CONN. — Associated Bank has provided a $27.7 million construction loan to Orange VA LLC for a 56,000-square-foot office building in Orange. The building, which will be located at 200 Edison Road, will house a Veterans Administration Community Care Center. Completion is slated for mid-2019. Services at the center will include primary care, team vocational services, health psychology and peer support services. Brian P. Rogan of the Commercial Real Estate division of Associated Bank originated the loan.
GLENDALE, ARIZ. — CBRE has arranged the sale of Westgate Entertainment District, a mixed-use development located near Loop 101 and Glendale Avenue in Glendale. YAM Westgate, a venture formed by Scottsdale-based YAM Properties, purchased the 46.6-acre entertainment, retail and office destination, including 30 acres of undeveloped land, from The New Westgate LLC, formed by iStar Properties. The price was $133 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Sean Heitzler, Jesse Goldsmith, Steve Julius and Bryan Taute of CBRE represented the seller and buyer in the deal. Opened in 2016, the Westgate Entertainment District features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters and Yard House. Additionally, the property offers 159,026 square feet of Class A office space, as well as 76 multifamily lofts located on the upper floors.
PALOS VERDES PENINSULA, CALIF. — NKF Capital Markets has facilitated the sale of a medical office building located at 501 Deep Valley Drive in Palos Verdes Peninsula, a city within the South Bay submarket of Los Angeles County. Deep Valley Drive LLC sold the property to Beverly Hills, Calif.-based Dayani Partners for $12.7 million. UCLA Health occupies 77 percent of the four-story, 33,770-square-foot building. Sean Fulp, Ken White, Michael Moore and Kevin Shannon of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction.
LIVERMORE, CALIF. — Minneapolis-based Hunter Street Partners, in partnership with California-based Mana Investments, has completed the acquisition of Sunset Office Plaza in Livermore for an undisclosed price. Situated on 13.5 acres, the asset features 10 single-story office buildings totaling 78,747 square feet of office space. The property was vacant at the time of acquisition. The name of the seller was not released.