Office

KeyBank Arranges $165M Financing for Two Office Buildings in Washington, D.C.

by Kristin Harlow August 25, 2017

WASHINGTON, D.C. — KeyBank Real Estate Capital has arranged $165 million in permanent financing for two office buildings in Washington, D.C. Known as The Executive Building, the 332,000-square-foot office building located at 1030 15th St. Northwest features 12 office floors and three ground-level retail spaces. The 11th and 12th floors include outdoor corner balconies. The Colorado Building, located at 1341 G St. Northwest, features 121,701 square feet. The building features ground-floor retail space and a fitness center. Michael Keach and Hugh Hall of KeyBank arranged the loan for the borrower, UNIZO Holdings US. New York Life Real Estate Investors provided the seven-year, first mortgage loan. Cleveland-based KeyBank is a provider of commercial real estate finance. New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Co. — Kristin Hiller

August 25, 2017

Industrial Office Texas

JLL Negotiates 37,715 SF Office/Industrial Lease in Metro Houston

by Taylor Williams August 24, 2017

SUGAR LAND, TEXAS — JLL has negotiated a 37,715-square-foot office/industrial lease at 13000 Executive Drive in Sugar Land for INOVA Geophysical, a Houston-based seismic equipment and systems provider. The property offers 42,000 square feet of office space and 12,000 square feet of warehouse space, as well as 15-ton crane capability and 24-foot clear heights. David Buescher and Jeff Venghaus of JLL represented the tenant in the lease negotiations. Ryan Wasaff of The Welcome Group represented the landlord. The space will serve as INOVA Geophysical’s new headquarters.

August 24, 2017

Alabama Office Southeast

Patriot Equities Acquires 590,000 SF Office Portfolio in Suburban Birmingham

by Camren Skelton August 24, 2017

HOMEWOOD, ALA. — Patriot Equities LP has acquired 200, 210 and 220 Wildwood Parkway, three office buildings totaling 590,000 square feet in Homewood, roughly five miles south of Birmingham. The Class A buildings are situated on a 45-acre campus at the corner of Interstate 65 and Lakeshore Parkway. Patriot Equities purchased the portfolio from Wells Fargo for an undisclosed price. As part of the transaction, Wells Fargo agreed to a long-term leaseback for a portion of the campus whereby the company will occupy all of Building 220 and 50 percent of Building 200. The portfolio features conference facilities, a cafeteria and a 1,600-space parking deck, in addition to surface parking. Renamed Patriot Midtown Park, Patriot Equities has plans for capital improvements including lobby upgrades, restroom renovations, exterior enhancements and construction of a fitness center.

August 24, 2017

Office South Carolina Southeast

Insite Properties, Eastern Federal Buy Two Office Properties in Charleston for $21.5M

by Camren Skelton August 24, 2017

CHARLESTON, S.C. — Charlotte, N.C.-based firms Insite Properties and Eastern Federal Corp. have acquired two office buildings in Charleston: the 74,000-square-foot Albemarle Point Center, located at 176 Croghan Spur Road, and an adjacent 11,000-square-foot flex-space property located at 238 Albemarle Road. The sales price was not disclosed, but The Post and Courier reports the buildings sold for $19.5 million and $2 million, respectively. The companies will implement renovations to the buildings, including updating the building exterior and internal common areas.

August 24, 2017

Market Reports Midwest Midwest Market Reports Missouri Office

Dramatic Rise in Tech Jobs Propels Growth in St. Louis Office Market

by Kristin Harlow August 24, 2017

Rapid growth in the tech sector is dramatically impacting the St. Louis office market. The city boasted an increase of 6,220 high-tech jobs during the last four years, over 2,000 of which were generated in the past year alone. Given the total number of tech jobs in St. Louis is 57,300, this amounts to a healthy growth rate of 10.9 percent. From well-known companies like Square Inc., Yurbuds and Answers.com to newer ones such as LockerDome, Aisle411 Inc. and MediBeacon Inc., the St. Louis region is a growing hot spot for innovative, new and expanding companies. These companies include leaders in the areas of plant and life sciences as well as financial services, information technology, advanced manufacturing and even rapidly growing pet care industries. Significant healthcare and biotechnology institutions in the region include Pfizer, Donald Danforth Plant Science Center, Solae Co. and Sigma-Aldrich. As capital injections slow in the coastal markets, St. Louis’ startup scene is thriving, attracting talent, new companies and investors from across the globe. According to Forbes, the city was named the fastest-growing metropolis for startups in 2016. Analytical website fivethirtyeight.com reaffirmed St. Louis’ increased appetite for startups, attributing the uptick in part to a combination of …

August 24, 2017

Arizona Office Western

JV Acquires Foothills Corporate Centre II in Phoenix for $18.4M

by Nellie Day August 23, 2017

PHOENIX — A joint venture between an institutional investor and Everest Holdings has purchased Foothills Corporate Centre II, a 145,000-square-foot office building in Phoenix, for $18.4 million. The center is located at 14601-14605 S. 50th St. The property is 72 percent leased to three tenants: Level 3, DirecTV and ExhibitOne. It is situated just north of the future South Mountain Freeway, which is a 22-mile extension of the Loop 202 Freeway. JLL’s Brian Ackerman and Dan Postal represented the seller, Fort Properties Management, in this transaction. The firm’s Dave Seeger, Mark Gustin and Karsten Peterson will head up the project’s leasing efforts.

August 23, 2017

Arizona Office Western

Crescendo Development Buys Foothills Health Center in Phoenix for $12.1M

by Nellie Day August 23, 2017

PHOENIX — Crescendo Development has purchased Foothills Health Center, a 53,310-square-foot medical office property in the Phoenix submarket of Ahwatukee, for $12.1 million. The property is located at 4510 and 4530 E. Ray Road. The center is 93 percent occupied. The larger building was developed in 1994 and refurbished in 2000, while the smaller building was developed in 2002. NKF represented Crescendo Development. Nicholas Pelusio and Kevin Helland of Avison Young represented the seller, United Insurance Company of America, in this transaction.

August 23, 2017

Office Texas

Lincoln Property Co. Purchases 2.1 MSF Office Campus in Houston

by Taylor Williams August 23, 2017

HOUSTON — Lincoln Property Co. has purchased Greenspoint Place, a 36-acre, 2.1 million-square-foot office campus located at 16945 Northchase Drive in Houston. Developed by Hines, the property consists of six office buildings with three connecting retail centers. Warren Hitchcock and Bill Haley of NorthMarq Capital’s Houston office arranged an undisclosed amount of acquisition financing for the buyer.

August 23, 2017

Office Texas

Trade Group to Relocate Headquarters to 200,000 SF Office Space in Grapevine

by Taylor Williams August 23, 2017

GRAPEVINE, TEXAS — The Trade Group, a Carrollton, Texas-based provider of products and services for trade shows, will relocate its global headquarters to a 200,000-square-foot space in the Dallas-Fort Worth metro of Grapevine. The company expects to move into its new office space in late 2018 or early 2019. A groundbreaking ceremony will be held on Friday, June 8 at the new location, 2060 Enchanted Way.

August 23, 2017

Massachusetts Northeast Office Top Stories

Ashkenazy Acquisition Acquires South Station Transit Hub in Boston

by Nellie Day August 23, 2017

BOSTON — Ashkenazy Acquisition Corp. (AAC) has purchased South Station, a Boston transportation hub known as “the gateway to New England,” for an undisclosed sum. AAC will assume the 98-year leasehold for the transit station’s concourse and upstairs office space. The South Station Train Terminal is part of the Michael S. Dukakis South Station Transportation Center, Boston’s busiest transit hub. Opened in 1898, the historic train terminal now serves thousands of commuters, travelers, shoppers and diners daily. Amtrak, MBTA (Massachusetts Bay Transportation Authority) rapid transit and MBTA commuter rail all serve the station. Regional coach services are available in the adjacent South Station Bus Terminal Building. The building is recognizable due to its exterior clock and neo-classical revival architecture. South Station also contains more than 59,000 square feet of retail space, including quick-service food options like McDonald’s, Auntie Anne’s, Au Bon Pain, Dunkin’ Donuts, Starbucks and Pret, among others. These options join other retailers at South Station, including CVS/pharmacy, Barbara’s Bookstores, Bank of America and Citizens Bank. AAC has also operated Boston’s famed Faneuil Hall Marketplace for the past six years. That property is currently undergoing a renovation that will upgrade its design and appearance. “It is fitting that AAC …

August 23, 2017

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