Office

Fortunes of Houston’s Industrial, Office Sectors Diverge in Wake of Hurricane Harvey

by Taylor Williams September 8, 2017

As the flooding in Houston from Hurricane Harvey begins to recede and more properties become accessible, commercial real estate firms are beginning the long, tedious process of figuring out the full magnitude of the destruction. It will likely be months before the full extent of the property damage throughout Houston is known. But the fortunes of certain classes of commercial real estate are already coming into focus. Metro Houston’s industrial market, which according to CoStar Group has experienced positive net absorption for 10 consecutive quarters, appears to be an immediate beneficiary of the storm. With recovery and restoration projects now fully underway across the metro area, demand for construction materials — wood, sheet rock, concrete — is set to rise. These products will need to be stored in warehouses and distributed throughout the metro area. This influx will likely put a dent in industrial vacancy, which rose from 5.3 percent to 5.6 percent between the first and second quarters. Rents for warehouse assets, which declined by 1 percent during the second quarter, should also rebound from the recovery effort. “On the industrial side, our people have seen a spiked level of demand that will result in more absorption,” says Tim …

September 8, 2017

Office Washington Western

Amazon to Open Amazon HQ2 Second Headquarters in North America

by Nellie Day September 7, 2017

SEATTLE — Amazon has announced plans to open Amazon HQ2, a second company headquarters in North America. The online retailer plans to invest more than $5 billion in construction. The Amazon HQ2 Request for Proposal is now open. The company is looking for a metropolitan area with more than one million people that boasts a stable and business-friendly environment. It is considering both urban and suburban locations with the potential to attract and retain strong technical talent. The new facility will be comparable to Amazon’s current Seattle headquarters, which contains 8.1 million square feet of space within 33 buildings. The new project will not be a satellite office. Amazon estimates its investments in Seattle from 2010 through 2016 resulted in an additional $38 billion to the city’s economy. Every dollar invested by Amazon in Seattle generated an additional $1.40 for the city’s economy overall, according to the company.

September 7, 2017

Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Sinatra & Company Real Estate Acquires 10 Mixed-Use Properties in Buffalo, New York, for $12.7M

by Amy Works September 7, 2017

BUFFALO, N.Y. — Sinatra & Company Real Estate has acquired 10 mixed-use properties in Buffalo for a combined total of $12.7 million. Roger Chainani’s 1000 Elmwood Associates LLC and 1256 Hertel Avenue Associates LLC sold the properties. The properties include a variety of uses and tenants: – 427 Elmwood features a three-story, 10,246-square-foot mixed-use building with two retail businesses, a restaurant space, 4,000 square feet of vacant office space and two apartments. – 494 Elmwood is a 12,938-square-foot restaurant property occupied by Tokyo Shanghai Restaurant. – 500 Elmwood is a 3,024-square-foot building with restaurant, retail and apartment space. – 502 Elmwood is a single-story, 2,464-square-foot restaurant building, which will be occupied by House of Hummus. – Saigon Café occupies the 6,992-square-foot restaurant property at 520 Elmwood. – Mezza Restaurant & Lounge occupies the 3,747-square-foot building at 929 Elmwood. – 1000 Elmwood is a 10,560-square-foot mixed-use building currently occupied by The Market on Elmwood and Ashker’s on the first floor with residential or office space on the second floor. – India Gate and Hong Kong Kitchen occupy the 6,710-square-foot building at 1116 Elmwood. – The properties at 1122 Elmwood and 1256 Hertel Ave. both offer retail space.

September 7, 2017

New Hampshire Northeast Office

Cushman & Wakefield Facilitates $9.5M Sale of 65,000 SF Office Building in Manchester, New Hampshire

by Amy Works September 7, 2017

MANCHESTER, N.H. — Cushman & Wakefield has brokered the sale of an office building located at Two Wall St. in Manchester. The Mental Health Center of Greater Manchester acquired the property from Wall Springs LLC (Brady Sullivan Properties) for $9.5 million. The four-story, 65,000-square-foot office building features a two-story atrium lobby and free visitor parking. In 2016, the buyer entered into a 10-year lease at the property with an option to purchase. At the time of sale, the property was 89 percent leased. Thomas Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield represented the seller, while Mike Reed of Stebbin Commercial Properties represented the buyer in the transaction.

September 7, 2017

Office Texas

NAI Robert Lynn Negotiates 19,100 SF Office Lease in Richardson

by Taylor Williams September 7, 2017

RICHARDSON, TEXAS — NAI Robert Lynn has negotiated a 19,100-square-foot office lease at 1101 E. Arapaho Road in Richardson. Kent Smith of NAI Robert Lynn represented the tenant. L&S Mechanical, a Texas-based utilities service firm. The landlord, Sooner Management, was represented internally by Mark Jordan and Scot Florsheim.

September 7, 2017

Illinois Midwest Office

Draper and Kramer Mortgage Corp. Opens New Headquarters in Downers Grove, Illinois

by Kristin Harlow September 7, 2017

DOWNERS GROVE, ILL. — Draper and Kramer Mortgage Corp. has opened a new 23,000-square-foot headquarters in Downers Grove, about 20 miles west of Chicago. Over 125 employees, area business professionals and government officials were in attendance for the grand opening and ribbon-cutting ceremony on Aug. 22. Draper and Kramer Mortgage Corp. has moved to the office, located at 1431 Opus Place, from nearby Lombard, Ill. Staffed by over 100 employees, the Downers Grove headquarters features private and team offices, an open-concept kitchen and dining/gathering area, two conference rooms and a dedicated training room. Occupying the new office are the company’s loan processing, underwriting, closing, training, information technology, secondary shipping, accounting and human resources departments. Staff members were transitioned into the new space from the company’s previous location beginning this spring. Draper and Kramer Mortgage Corp. is a division of Draper and Kramer Inc., which is still based in Chicago.

September 7, 2017

Office Texas Top Stories

Intercontinental Real Estate Purchases Office Tower in Austin’s CBD for $119M

by John Nelson September 7, 2017

AUSTIN, TEXAS — Intercontinental Real Estate Corp., a Boston-based real estate investment and development firm, has purchased 5th + Colorado, a newly built, 18-story office tower in Austin’s central business district. The company acquired the property from the developer, a joint venture between Lincoln Property Co. and Goldman Sachs, for $119 million, according to the Austin Business Journal. Located at the corner of 5th and Colorado streets within Austin’s Warehouse District, the 179,000-square-foot office tower comprises eight levels of structured parking, nine floors of Class A office space and a lobby level with 5,822 square feet of retail space. Built in 2016, 5th + Colorado is home to companies including Indeed.com, an online job search forum; Industrious, a co-working office concept; SoftServe Inc., a Ukranian software firm; Plains Capital Bank; and Sherri Hill, an Austin-based fashion brand relocating from 9011 Tuscany Way, according to the Journal. Amenities at the office tower include on-site management and security and a fitness center with showers and locker rooms. Located at 201 W. 5th St., the office building is within walking distance of Lady Bird Lake Hike and Bike Trail, the State Capitol, Austin City Hall, the Austin Convention Center and Republic Square Park. …

September 7, 2017

Massachusetts Northeast Office

NKF Facilitates $30.1M Sale of 46,350 SF Office Building in Cambridge, Massachusetts

by Amy Works September 6, 2017

CAMBRIDGE, MASS. — NKF has arranged the sale of an office and retail building located at 515 Massachusetts Ave. in Cambridge. S-BNK Cambridge LLC sold the asset to an undisclosed buyer for $30.1 million, or $649 per square foot. Santander Bank currently fully leases the 46,350-square-foot property. Geoffrey Millerd, Justin Smith, Paul Penman and Christian Brannelly of NKF represented the seller in the deal.

September 6, 2017

Industrial Loans Massachusetts Northeast Office

Valencia Realty Capital Secures $6.5M in Refinancing for Mixed-Use Building in Boston

by Amy Works September 6, 2017

BOSTON — Valencia Realty Capital has arranged $6.5 million in refinancing for a two-story, mixed-use building located at 580 Chelsea St. in Boston’s East Boston neighborhood. The 90,000-square-foot property features clear heights as high as 30 feet and is the closest warehouse and office facility to Boston Logan International Airport’s tarmac. Boston-based Valencia Realty secured the financing, which features a 30-year amortization schedule, for the undisclosed borrower.

September 6, 2017

Midwest Nebraska Office

NICDC, Tetrad Break Ground on 80,000 SF Office Building in Lincoln, Nebraska

by Kristin Harlow September 6, 2017

LINCOLN, NEB. — Nebraska Innovation Campus Development Corp. (NICDC) and Tetrad Property Group have broken ground on an 80,000-square-foot office building at Nebraska Innovation Campus in Lincoln. The three-story building will feature a business incubator and common spaces designed for collaboration. Completion is slated for the third quarter of 2018. Richard Meginnis and Sally DeLair of NAI FMA Realty are marketing the building for lease. Nebraska Innovation Campus is a research campus designed to facilitate partnerships between the University of Nebraska and private sector businesses.

September 6, 2017

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