Office

Colliers Arranges $24.5M Sale of Biscayne Building in Downtown Miami

by John Nelson August 23, 2016

MIAMI — Colliers International has brokered the $24.5 million sale of the 91-year-old Biscayne Building, a 14-story office building located at 19 W. Flagler St. in downtown Miami. Spanning 153,864 square feet, the asset was originally home to the Bank of Bay Biscayne and later the FBI. Moishe Mana purchased the property, his 39th acquisition in downtown Miami along Flagler Street and surrounding streets. Altogether Mana has invested more than $300 million in the area north of Miami’s Brickell district. Mika Mattingly of Colliers International represented Mana in the transaction. Boris Kozolchyk of the firm’s South Florida office represented the seller, Biscayne Building Inc., in the transaction.

August 23, 2016

Georgia Office Southeast

Atlanta Property Group Acquires Two Office Buildings in Metro Atlanta

by John Nelson August 23, 2016

ATLANTA AND DULUTH, GA. — Atlanta Property Group (APG), an Atlanta-based real estate investment firm, has acquired two office buildings in metro Atlanta totaling 151,000 square feet. The sales price was not disclosed. The projects include the 65,000-square-foot 5871 Glenridge Building in Atlanta’s Central Perimeter submarket and the 86,000-square-foot Waterford Centre building located at 5555 Triangle Parkway in Duluth’s Peachtree Corners submarket. Both assets span four stories and were built in 1985. Waterford Centre was 88 percent leased at the time of sale, and 5871 Glenridge was 61 percent leased. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the single seller in the transaction. These acquisitions bring APG’s total portfolio of owned and third-party assignments to 12 properties spanning over 3.3 million square feet.

August 23, 2016

Kansas Midwest Office

Vigilias Telehealth Signs 400 SF Headquarters Lease at 125 N. Market in Wichita

by Christina Cannon August 23, 2016

WICHITA, KAN. — Vigilias Telehealth LLC has leased 400 square feet of space at 125 N. Market, a 19-story office building in Wichita. The company, a telemedicine and technology platform provider, will occupy space on the 14th floor, which will serve as its headquarters. The building has undergone roughly $4 million of improvements and upgrades since 2013. Amenities at 125 N. Market include free valet parking, a video conference center and concierge services. The facility can accommodate users with needs anywhere from 600 square feet to 26,000 square feet. Security National Life Insurance Co. owns 125 N. Market, and other tenants in the building include Cornerstone Design Development, Viaan Electronics and BalanceComp. Istvan Tamas of Weigand-Omega arranged the lease.

August 23, 2016

California Office Western

Bomel Construction Buys Office Building in Irvine for $15M

by Nellie Day August 22, 2016

IRVINE, CALIF. — Bomel Construction has purchased a 41,585-square-foot creative office building in Irvine for $15 million. The building is located at 96 Corporate Park. The three-story, multi-tenant building will become the new headquarters for Bomel Construction, which is currently located in Anaheim. Gary Marquis of Coldwell Banker represented Bomel, which purchased the building as a partial owner/user investment opportunity.

August 22, 2016

New York Northeast Office Retail

Joint Venture Acquires 326,000 SF Commercial Building in NYC for $89M, Plans Redevelopment

by Amy Works August 22, 2016

NEW YORK CITY — Metropolitan Realty Associates and joint venture partner TIAA Global Asset Management have acquired HUB LIC, a four-story commercial building located at 47-25 34th St. in Queen’s Long Island City, for $89 million. At the time of acquisition, the 326,000-square-foot property was 48 percent leased to a mix of tenants, including POLO Ralph Lauren, TEC Systems (Honeywell), Eleni’s Bakery, Gracie and Richelieu. The buyers plan to redevelop the property into office and retail space to attract a large-format retailer and offer 80,000 square feet of contiguous office space on a single floor. The building features 16- to 21-foot ceilings, a floor-to-ceiling window line, a 7,000-square-foot pitched skylight on the second floor, skylights throughout third floors, abundant parking and eight loading docks. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil brokered the sale of the property, while Grant Frankel and Rob Turner, also of Eastdil, arranged acquisition financing for the transaction.

August 22, 2016

Industrial New York Northeast Office Retail

Cushman & Wakefield Launches Automotive Specialty Practice Group

by Amy Works August 22, 2016

NEW YORK CITY — Cushman & Wakefield has launched an Automotive Specialty Practice group in response to the recent transformation and growth in the auto industry. Led by Jeffrey Green, the group includes a global, cross-discipline team of real estate and business advisors to auto manufacturers, suppliers, distributors and retailers. Cushman & Wakefield is the first commercial real estate service firm to market a global comprehensive Auto SPG offering. The offering’s mission is to deeply understand and address the distinctive challenges of the automotive sector from labor issues, logistics, infrastructure, technology, credits and incentives to the unique requirements of the real estate itself. Cushman & Wakefield has has relationships with various automotive industry clients around the world, including Toyota, BMW, FCA, Mercedes Benz, Magna International, Hyundai and JLR.

August 22, 2016

Office Texas

Hall Group to Begin Construction on Office Building in Hall Park

by Haisten Willis August 22, 2016

FRISCO, TEXAS — Hall Group is set to begin construction on a Class A office building at 3201 Dallas Parkway in Hall Park. The 12-story, 300,000-square-foot project will be the 17th building in Hall Park, a 162-acre, 2.2 million-square-foot development in Frisco. The groundbreaking ceremony is planned for late September. The new building will contain 25,000-square-foot floor plates and is designed to achieve LEED Silver certification. The two-story lobby will include works of art and sculpture from the Hall Collection, and all floors will feature 10-foot ceilings. Outdoor spaces will incorporate landscaping, a water feature and an adjacent event lawn. The building will be the tallest to date at Hall Park and will overlook Dallas North Tollway. Hall Group opened the first speculative building at Hall Park in 1998. The park is 96 percent leased with 16 completed buildings and a roster of 184 tenant companies and 8,000 employees.

August 22, 2016

Florida Market Reports Office Southeast Southeast Market Reports

Miami’s Office Rents Continue to Rise, Create New Opportunities for Investment

by John Nelson August 22, 2016

Miami’s four major office submarkets — Brickell, Downtown, Coral Gables, and Airport West Dade — are enjoying record growth in Class A asking rental rates, an emerging trend that is further strengthening the city’s positioning as a highly desirable market for local, national and foreign investors. In the city’s Brickell/Downtown business district, Class A office rents have skyrocketed more than an average of 14 percent per square foot during the past year — a significant difference from the historic average annual increases of 2 to 3 percent per square foot. In fact, the disparity in Class A and B rents in the urban core, where Class A rents range from 40 to 70 percent higher per square foot than Class B rents, is much greater than in submarkets, where Class A rents are approximately 24 percent higher than Class B rents. This creates further incentive for Class B buildings in the urban core to raise asking rental rates and stay apace with Class A, making it a strong business case for investors who are looking for a long-term play with maximum ROI. The rent growth is attributed to several factors. While we have seen strong net absorption by local companies …

August 22, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cammeby’s International Breaks Ground on Mixed-Use Development in Coney Island

by Amy Works August 19, 2016

NEW YORK CITY — Cammeby’s International has started construction of Neptune/Sixth, a mixed-use development located at 532 Neptune Avenue and 626 Sheepshead Bay Road in Brooklyn’s Coney Island. As the comprehensive redevelopment of the former Trump Village Shopping Center and Royal Palace Baths, the community-oriented development will feature a variety of services and retail options, residential and office space, public space and parking for more than 800 vehicles. Construction on the first phase — a standalone, seven-story, 161,000-square-foot retail and commercial building at 626 Sheepshead Bay Road — is underway, with completion slated for summer 2017. Cammeby’s plans to begin site work for the 90,000 square feet of retail space at Neptune Avenue this fall, and the project’s second phase, including a residential component, is scheduled to break ground in late 2017. New York-based S9 Architecture is designing the project. Winick Realty Group has been retained as the exclusive retail leasing agent, while The Lawrence Group is overseeing leasing for the project’s office space.

August 19, 2016

Office Texas

Cushman & Wakefield Represents Verizon Communications in $344M Sale-Leaseback in Irving

by Haisten Willis August 19, 2016

IRVING, TEXAS — Cushman & Wakefield represented Verizon Communications in a sale-leaseback transaction valued at $344 million for the 1.2 million-square-foot Verizon Hidden Ridge campus in Irving. The sale was made possible through a transfer of the property to Mesirow Financial, along with a lease agreement for a new 20-year term, which provided Verizon with $20 million worth of tenant improvement costs. Verizon subdivided the land with a portion being retained by the company for possible future development. Cushman & Wakefield acted as financial advisor and agent for Verizon in the transaction. Mesirow Realty Sale-Leaseback Inc., a division of Mesirow Financial, acquired the campus, which houses 2,800 full-time employees and contractors and is expected to increase to 3,500 by the end of the year. Verizon will continue to occupy the regional headquarters facility. The campus serves as the south-central market headquarters for Verizon. The Cushman & Wakefield investment banking team included Jim Jordan, David Wenk, Robert Elms, Mark Todrys, Maureen Kelly, Anthony Pasqual and Ben Lushing.

August 19, 2016

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