Office

Mack-Cali Realty, SJP Properties Unveil Plans for 1.2 MSF Office Tower in Downtown Jersey City

by Amy Works November 2, 2017

JERSEY CITY, N.J. — A partnership between Mack-Cali Realty and SJP Properties has unveiled the design for Harborside Tower, a Class A office building in downtown Jersey City. Designed by FXFOWLE, the 40-story tower will feature 1.2 million square feet of office space outfitted with the high-performance infrastructure to enhance the operations of established companies and growing businesses. Situated on the waterfront, the building will feature a 600-car parking garage and is in close proximity to the Exchange Place PATH station and the Hudson-Bergen light rail station. Additionally, the building will feature two retail units offering 12,000 square feet and 25,000 square feet, a two-story lobby with concierge and security personnel, and a rooftop garden and lounge area with views of Manhattan.

November 2, 2017

North Carolina Office Southeast

Highwoods Properties to Sell Two Office Towers in Raleigh for $65.3M

by Camren Skelton November 2, 2017

RALEIGH, N.C. — Highwoods Properties Inc. is selling two office towers in Raleigh for a combined $65.3 million. Highwoods Tower One, a 187,000-square-foot office tower in Raleigh, sold for $34.3 million. The Triangle Business Journal reports BB&T, a tenant, acquired the asset. BB&T also acquired an adjacent, two-acre land parcel as part of the acquisition. The 26-year-old building was 85.5 percent leased as of Sept. 30. In addition, Highwoods Properties is selling Highwoods Tower Two for $31 million. The transaction, which is scheduled to close in the second quarter of 2018, will include another adjacent, two-acre land parcel. The 168,000-square-foot building is 15 years old and was 90.8 percent leased as of Sept. 30.

November 2, 2017

Office Retail Southeast Tennessee

Magnolia Capital Acquires Office, Retail Properties in Tennessee for $22.4M

by Camren Skelton November 2, 2017

MEMPHIS AND SHELBYVILLE, TENN. — Magnolia Capital Investments has acquired two properties in Memphis and Shelbyville for a combined $22.4 million. The Nashville-based company acquired Trustmark Centre, a 163,446-square-foot office building located at 5350 Poplar Ave. in Memphis, for $19.7 million. The nine-story building was 93.5 percent leased at the time of sale to tenants including TrustMark Bank, Aetna Insurance and Evergreen Packaging. Shane Soefker and Jacob Biddle of Avison Young represented Magnolia Capital in the transaction. In Shelbyville, Magnolia Capital acquired Big Springs Shopping Center for $2.7 million. Located at 108 Lane Parkway, the 86,077-square-foot retail center was 86 percent leased at the time of sale to tenants including Dollar General, Factory Connection, United Grocery Outlet and Goodwill. Avison Young will manage Big Springs Shopping Center and handle the property’s leasing activity.

November 2, 2017

Illinois Midwest Office

Principal Real Estate Investors Sells 559,204 SF Office Property in Lincolnshire, Illinois

by Kristin Harlow November 2, 2017

LINCOLNSHIRE, ILL. — Principal Real Estate Investors has sold Tri-State International Office Center in Lincolnshire, a northern suburb of Chicago. The sales price was $75 million, according to local media reports. The Class A office park spans five buildings and 559,204 square feet. The buildings are 79.3 percent leased to tenants such as CDW Corp., LTD Commodities, Solo Cup and Wells Fargo Bank NA. CDW, a computer hardware and software company, occupies two buildings at the property for its corporate headquarters. Amenities include a conference center, 135-seat auditorium, fitness center and deli. Patrick Shields, Bryan Rosenberg, Jaime Fink, Jeff Bramson and Mark Katz of HFF represented Principal Real Estate Investors. Bradford Allen Investment Advisors represented the undisclosed buyer.

November 2, 2017

Industrial Mixed-Use Office Top Stories Utah Western

WICP Underway on $200M Mixed-Use Campus Near Provo, Utah

by John Nelson November 2, 2017

LINDON, UTAH — WI Commercial Properties (WICP), a developer based in Tampa, Fla., is building out a new master-planned campus in Lindon known as Mountain Technology Center. The $200 million development is situated about 12 miles north of Provo in Utah County. WICP has already invested over $80 million in the 55-acre development and will be investing another $120 million before the project’s completion. The campus sits west of the Pleasant Grove Boulevard freeway interchange and features unobstructed mountain views with lake views to the south. At full build-out, the mixed-use development will feature 650,000 square feet of Class A office and industrial space spread over 10 buildings, as well as a food court off Pleasant Grove Boulevard. The new components coming to the campus include Mountain Tech North, which comprises an 88,000-square-foot flex industrial facility known as Mountain Tech III and the new food court. Mountain Tech III will be the first building with 32-foot clear heights in Utah County, according to WICP. Mountain Tech South is planned on the south side of Pleasant Grove Boulevard. This phase will include two four-story office buildings and four office/warehouse hybrid facilities. Construction on Mountain Tech South is scheduled to begin in …

November 2, 2017

Colorado Industrial Office Western

Confluent Development, Bradbury Properties to Build Three Office, Industrial Buildings in Denver

by Nellie Day November 1, 2017

DENVER — A joint venture between Confluent Development and Bradbury Properties has agreed to build three new office and industrial buildings in Highfield Business Park in Denver. The park is situated near the intersection of E-470 and Peoria Street, southeast of Centennial Airport. The first project was completed in June and now houses two tenants. The 101,000-square-foot facility (Highfield Building 5), broke ground in October 2016 as a spec development. The building is occupied by Charter Communications and Gateway Classic Cars. The second project is a build-to-suit development for EdgeConneX. The third project in the business park is a 92,000-square-foot spec industrial facility. The project will break ground in November, with project completion scheduled for spring 2018.

November 1, 2017

Massachusetts Northeast Office

PTC Signs Long-Term Lease for 250,000 SF Global Headquarters in Boston’s Seaport District

by Amy Works November 1, 2017

BOSTON — Needham, Mass.-based PTC has signed an 18.5-year lease for 250,000 square feet of office space at 121 Seaport Blvd. in Boston’s Seaport District. PTC will occupy the top nine floors of the 17-story, 400,000-square-foot office building when it is completed in the first quarter of 2018. Developed by Skanska Development and designed by Boston-based CBT Architects, the property will feature large floor plates, two floors of retail and views of the Boston Harbor and downtown Boston. PTC is a global provider of technology that transforms how companies design, manufacture, operate and service the “things” in the Internet of Things. Jack Burns, Adam Subber and Dan Sullivan of Cresa Boston negotiated the lease for PTC, while Bill Anderson and Dave Martel of Newmark Knight Frank represented the developer in the lease transaction.

November 1, 2017

Connecticut Northeast Office

RHYS Brokers $2.9M Sale of Office Building in Norwalk, Connecticut

by Amy Works November 1, 2017

NORWALK, CONN. — RHYS has arranged the sale of an office building located at 14 Westport Ave. in downtown Norwalk. Watermill Westport LLC sold the three-story Class B building to Philipos Properties for $2.9 million. Constellation Health Services occupies the 32,000-square-foot building, which was built in 1985. Christian Bangert, Cory Gubner and Alex Haendler of RHYS represented the seller, while John Zervos of DVB Commercial represented the buyer in the transaction.

November 1, 2017

Office Texas

Cushman & Wakefield Negotiates 55,178 SF Office Lease Extension in Houston

by Taylor Williams November 1, 2017

HOUSTON — Cushman & Wakefield has negotiated a 55,178-square-foot office lease extension on behalf of national law firm Chamberlain, Hrdlicka, White, Williams & Aughtry. The company will continue to occupy the 13th and 14th floors at Two Allen Center, a 979,000-square-foot office property located at 1200 Smith St. in Houston, through 2028. David Guion and Tim Relyea of Cushman & Wakefield represented the law firm in the lease negotiations. John Pruitt, Bubba Harkins and Jessica Ochoa of JLL represented the landlord, Brookfield Property Partners.

November 1, 2017

Illinois Midwest Office

Jewel-Osco Renews 69,000 SF Office Lease for Corporate Headquarters in Itasca, Illinois

by Kristin Harlow November 1, 2017

ITASCA, ILL. — Jewel-Osco has renewed its 69,000-square-foot office lease for 10 years at Hamilton Lakes Business Park in Itasca. The grocery and drug retailer has maintained its corporate headquarters at the property, located at 150 Pierce Road, for the past 10 years. Hamilton Partners Inc. is the property landlord. Jewel-Osco has 187 locations across Illinois, Indiana and Iowa, and employs 31,000 associates.

November 1, 2017

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