Office

Berger Organization Acquires Office Tower in Newark, N.J.

by Haisten Willis March 21, 2017

NEWARK, N.J. — The Berger Organization has acquired 33 Washington Street, a 450,000-square-foot, 18-story office tower located in downtown Newark. The property was built for Horizon Blue Cross/Blue Shield and is now home to multiple tenants. Located on 1.6 acres across the street from Washington Park, the building is in the James Street Commons Historic District. Nearby attractions include the Newark Museum, John Ballantine House and Newark Public Library. The property sits two blocks from the Newark Broad Street commuter light rail and a half a mile from Newark Penn Station. The tower, which was completed in 1970, features a fitness center, shared conference rooms, on-site parking, a granite lobby and views of the Manhattan skyline. HFF marketed the property on behalf of the seller, LNR Property.

March 21, 2017

Industrial North Carolina Office Southeast

CBRE Brokers Sale of 13-Building Portfolio in Greater Charlotte Area

by Taylor Williams March 21, 2017

CHARLOTTE, N.C. — CBRE has arranged the sale of the Charlotte Industrial Park Portfolio, a 13-property asset totaling 486,512 square feet of Class A office and warehouse space throughout the Charlotte area. Patrick Gildea, Anne Johnson and Bryan Crutcher of CBRE represented the seller, Maryland-based Artemis Real Estate Partners, in the transaction. At the time of sale, the Charlotte Industrial Park Portfolio was 95 percent occupied. Boston-based Albany Road Real Estate purchased the properties.

March 21, 2017

Office Texas

Coldwell Banker Secures Two Office Leases Totaling 52,125 SF in Arlington

by Taylor Williams March 21, 2017

ARLINGTON, TEXAS — Coldwell Banker Commercial has arranged leases on behalf of General Motors Financial Co. Inc. and Epic Health Services, a nursing and pediatric therapy firm, at Bardin Pointe, a 113,000-square-foot office property in Arlington. GM Financial leased 46,228 square feet and Epic leased 5,897 square feet within the two-story building, located at 1351 E. Bardin Road, to raise its occupancy to 96 percent. Rick Hopwood of Hopwood Commercial Real Estate represented GM Financial, and Cribb Altman of Cushman & Wakefield represented Epic Health.

March 21, 2017

Office Texas

Equity Delivers 21,000 SF Medical Office Building in Round Rock, Texas

by Taylor Williams March 20, 2017

ROUND ROCK — Equity Inc., an Ohio-based developer and broker, has opened Physicians Centre, a 21,000-square-foot, two-story medical office building located at 505 W. Louis Henna Blvd. in the Austin suburb of Round Rock. Austin-based general contractor The Burt Group oversaw construction of the building, and American Bank N.A. provided the financing. Tenants include Capital Surgeons Group, Snyder Dermatology and Parkway Primary Care.

March 20, 2017

Florida Office Southeast

Meridian, Eightfold Real Estate Acquire 252,235 SF Office Park in Tampa for $18.5M

by Taylor Williams March 20, 2017

TAMPA, FLA. — Meridian Development Group and joint venture partner Eightfold Real Estate Capital have acquired Beaumont Business Center, an 11-building, 252,235-square-foot office park located at the intersection of Hillsborough Avenue and Veterans Expressway in Tampa. Meridian and Eightfold acquired the 20-acre property, which will be rebranded as Meridian 589, from Lone Star Real Estate Fund for $18.5 million.

March 20, 2017

Florida Office Southeast

CBRE Arranges $13.3M Sale of 107,419 SF Office Building in Metro Orlando

by Taylor Williams March 20, 2017

MELBOURNE, FLA. — CBRE Group Inc has negotiated the sale of Northrop Grumman Engineering Facility, a 107,4190 square-foot, single-tenant office building located at 3990 S. Babcock St. in the Orlando suburb of Melbourne. CBRE’s Ron Rogg and Chip Wooten represented the seller, BH Properties, in the transaction. California-based Rich Uncles NNN REIT acquired the property for approximately $13.3 million.

March 20, 2017

Office South Carolina Southeast

Equity Breaks Ground on 100,000 SF Medical Campus in Charleston Area

by Taylor Williams March 20, 2017

SUMMERVILLE, S.C. — Equity Inc., an Ohio-based developer and broker, has begun construction on Palmetto Primary Care Physicians Medical Campus in the community of Nexton, about 30 miles northwest of Charleston. The $32 million project will deliver a 100,000-square-foot Class A medical office with primary and specialty care services, an urgent care center and an imaging lab. Construction is scheduled for completion in late 2018.

March 20, 2017

Loans Massachusetts Northeast Office Retail

Fantini & Gorga Secures $13M Financing for Buildings in Downtown Boston

by Haisten Willis March 20, 2017

BOSTON — Boston-based Fantini & Gorga has arranged $13 million to refinance three properties — located at 20 Winthrop Square, 85 Franklin St. and 77 Franklin St. — in Boston’s financial district. Wayne Clough and Despina Hixon of Fantini & Gorga arranged financing with one of the firm’s correspondent insurance companies. The three buildings are conjoined and collectively include 98,350 square feet of office and retail space. A.W. Perry has owned and managed the properties for several decades.

March 20, 2017

New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of BroadAcres Office Park in Bloomfield, N.J.

by Haisten Willis March 20, 2017

BLOOMFIELD, N.J. — Cushman & Wakefield has brokered the sale of BroadAcres Office Park in Bloomfield. Prism Capital Partners and an institutional partner sold the 380,000-square-foot property to P3RE. The four-building, 20-acre property is located along the Garden State Parkway between exits 151 and 153. Cushman & Wakefield’s Gary Gabriel, Andrew Merin, David Bernhaut and Brian Whitmer were involved in the transaction. Prism will remain the leasing and managing agent for BroadAcres Office Park on behalf of P3RE. The new ownership plans a major capital improvement program including rebranding, signage, resurfaced parking lots, new exterior lighting, building common area renovations and a new gym. BroadAcres is 72 percent leased; tenants include Comcast, Capgemini, Bechtel Corp. and Dewberry Cos. Abe Hirsch, Matthew Texler and Paul Kim of Meridian Capital Group negotiated $24 million in financing for the acquisition of the property.

March 20, 2017

Midwest Minnesota Office

CBRE Arranges $8.2M Sale of Office Building in Eden Prairie, Minnesota

by Kristin Harlow March 20, 2017

EDEN PRAIRIE, MINN. — CBRE has arranged the sale of Crosstown Corporate Center in Eden Prairie, 12 miles southwest of Minneapolis, for $8.2 million. The 59,487-square-foot building is located at 6385 Old Shady Oak Road. Built in 1999, the Class A building consists of two stories. Altus Property Investments LLC was the buyer. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE arranged the sale on behalf of the seller, a Boston-based commercial real estate private equity fund manager.

March 20, 2017

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