Office

CBRE Arranges $200M Sale of Ameriprise Financial Center in Minneapolis

by Amy Works September 8, 2016

MINNEAPOLIS — CBRE Capital Markets has brokered the sale of Ameriprise Financial Center, a 31-story, 847,667-square-foot office building located at 701 Second Ave. South in downtown Minneapolis. A joint venture between Axar Capital Management and Morning Calm Management acquired the property for $200 million, or $236 per square foot. Built in 2000, the building serves as the global headquarters for Ameriprise Financial. Tom Holtz, Ryan Watts, Judd Welliver and Sonja Dusil of CBRE’s Minneapolis office represented the seller’s advisor and asset manager, Founders Properties LLC, in the transaction.

September 8, 2016

Midwest Office Ohio

CBRE Retained as Leasing Agent for Huntington Center in Downtown Columbus

by Amy Works September 8, 2016

COLUMBUS, OHIO — CBRE has been retained as the exclusive leasing agent for Huntington Center, located at 41 S. High St. in Columbus. The 37-story, 1 million-square-foot office tower features 27,000 square feet of retail space, a 1,000-car parking facility and a 29,650-square-foot athletic club. Brad McMahon and Don Roberts of CBRE will lease the building on behalf of Hines, which owns and manages the property. Hines plans to make significant upgrades to the property, including a new amenity package with a tenant lounge, rooftop patio and secure bike storage. Hartshorne Plunkard Architecture is designing the upgrades.

September 8, 2016

Midwest Minnesota Office

Cushman & Wakefield NorthMarq Arranges 9,800 SF Office Lease in Minneapolis Suburb

by Amy Works September 8, 2016

BROOKLYN CENTER, MINN. — Cushman & Wakefield NorthMarq, on behalf of landlord The AtWater Group, has arranged the lease of 9,800 square feet of office space at Concorde Executive Center in Brooklyn Center, a suburb of Minneapolis. United Food and Commercial Workers will move into the space by Nov. 1. With this lease, the six-story property’s occupancy rate is 67 percent. Aaron Barnard of Cushman & Wakefield Northmarq represented The AtWater Group in the deal.

September 8, 2016

New Jersey Northeast Office

Colliers Facilitates $63M Sale of 650,000 SF Office Property in New Jersey

by Amy Works September 8, 2016

HACKENSACK, N.J. — Colliers International has arranged the sale of Continental Plaza, a landmark corporate property located at 401, 411 and 433 Hackensack Ave. in Hackensack. Capstone Realty Group and JD Cos. acquired the three-building complex from a Miami-based special servicer for $63 million. The 650,000-square-foot office was 72 percent leased at the time of sale. Jacklene Chesler of Colliers, along with her team, brokered the transaction.

September 8, 2016

Loans New Hampshire Northeast Office

NorthMarq Capital Secures $1.8M in Refinancing for Office Building in New Hampshire

by Amy Works September 8, 2016

NASHUA, N.H. — NorthMarq Capital has secured $1.8 million in refinancing for an office building in Nashua. Michael Chase of NorthMarq’s Boston office arranged the long-term financing through a regional bank for the undisclosed borrower. The two-story building features 33,000 square feet of office space.

September 8, 2016

Industrial New York Northeast Office

BEB Real Estate Signs New Tenant to 56,000 SF of Office/Industrial Space in New York

by Amy Works September 8, 2016

PORT WASHINGTON, N.Y. — BEB Real Estate has leased 56,000 square feet of office and industrial space to Cintas Corp. The Cincinnati-based company will occupy space on the first and second floors at 12 Harbor Park Drive in Port Washington. Lee Brodsky, Dan Oliver and Dan Marcus of Newmark Grubb Knight Frank represented the landlord, BEB Real Estate, in the deal.

September 8, 2016

Market Reports Midwest Midwest Market Reports Office Ohio Uncategorized

Spec Office Development Gains Steam in Ohio’s Suburbs for First Time in Years

by Christina Cannon September 8, 2016

From Cleveland to Cincinnati, speculative Class A office development is on the rise in Ohio for the first time in at least five years. Primarily occurring in the suburbs, 3 to 4 million square feet of spec development is driven by a lack of office space as well as pent-up demand for new space with an urban feel that contains retail and multifamily components. Most spec office development reflects the demands of both Millennials and Baby Boomers. These significant population groups seek to locate in live-work-play neighborhoods that offer cool office and residential spaces, walkability and common green spaces. Because these components are important to Millennials — now the largest share of the American workforce — they have become important for companies in their efforts to recruit the best and the brightest. Quality talent is more of a factor than cost. In competing for talent, these companies must look for and include such office amenities as game rooms, outdoor patios and walking trails. Not only are the retail and residential components to an office project important, but companies are also expressing genuine interest in branding, signage opportunities, naming rights and modern amenities. Cost of financing guides developers in Cleveland While downtown …

September 8, 2016

California Office Western

Marcus & Millichap Brokers $7M Acquisition of Retail/Office Property in North Hollywood

by Nellie Day September 7, 2016

NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the acquisition of a four-building retail/office property located at 11305-11335 Magnolia Blvd. and 5215 Bakman Ave. in North Hollywood. Elijah 27 LLC acquired the 20,139-square-foot property from a family trust for $7 million. Martin Agnew, Jessica Kelley and Ryan Rothstein-Serling of Marcus & Millichap represented the buyer, while Scott McCauley of Corporate Realty Services represented the seller in the 1031 exchange.

September 7, 2016

Office Texas

CBRE Arranges Sale of Dominion Legacy, Lakeside II Office Center in Metro Dallas

by Haisten Willis September 7, 2016

PLANO and LEWISVILLE, TEXAS — CBRE has arranged the sale of Dominion Legacy Office Center in Plano and Lakeside II Office Center in Lewisville. Developed by Myers & Crow Co. and completed in 2014 and 2015, respectively, both properties are fully leased to single tenants and offer a combined total of 173,214 square feet. The Aztec Fund acquired the assets for an undisclosed price. CBRE’s Gary Carr, Eric Mackey, John Alvarado, Jared Chua, Robert Hill and Pete Van Amburgh arranged the transaction on behalf of Myers & Crow. Dominion Legacy spans 92,250 square feet and serves as the headquarters of CompuCom Systems Inc. Spanning 80,964 square feet, Lakeside II is fully leased to a regional service center of Teachers Insurance and Annuity Association of America (TIAA).

September 7, 2016

Office Texas

Waterman Steele Represents A+UP Charter School in Lease for New Houston Location

by Haisten Willis September 7, 2016

HOUSTON — Waterman Steele Real Estate Advisors has arranged a lease for A+UP, a local charter school that will move to a new location at 3353 Elgin St. in the historic Greater Third Ward of southeast Houston. Waterman Steele’s Tami Pearson and Sage Klement represented A+UP in the transaction. Bob Parsley of Colliers International represented the landlord, Change Happens. A+UP Charter Schools was founded in 2013. Students range in age from 11 to 14. A+UP enrolls 60 students and plans to increase enrollment to 180 students within three years.

September 7, 2016

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