Office

Cushman & Wakefield Negotiates Sale of 164,070 SF Office Building in Middletown, New York

by Amy Works October 20, 2016

MIDDLETOWN, N.Y. — Cushman & Wakefield has arranged the sale of an office building located at 85 Crystal Run Road in Middletown. A private equity group acquired the 164,070-square-foot Class A property from an affiliate of Madison International Realty and its operating partner for an undisclosed price. Situated on 21 acres, the four-story property serves as the corporate accounts services location for Empire Blue Cross Blue Shield. The building features ample parking, multiple on-grade entryways, a naturally-lit atrium lobby, cafeteria and fitness center infrastructure. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Andrew Schwartz of Cushman & Wakefield represented the seller and procured the buyer.

October 20, 2016

California Office Western

Inland Empire Health Plan Buys Empire Lakes Corporate Center in Rancho Cucamonga for $44.3M

by Nellie Day October 20, 2016

RANCHO CUCAMONGA, CALIF. — Inland Empire Health Plan (IEHP) has purchased Empire Lakes Corporate Center, a 241,292-square-foot office building in Rancho Cucamonga, for $44.3 million. The Class A building is located at 9500 Cleveland Ave. IEHP also owns the neighboring property, a 400,000-square-foot building at 10801 Sixth St. The new building will allow the nonprofit public health organization to expand. Southern California Edison and State Farm Insurance also occupy the space. Andrew Peake and Tom Pierik of Lee & Associates represented the seller, Utah State Retirement Fund, in this transaction.

October 20, 2016

New Jersey Northeast Office

Colliers Brokers Sales of Two Former Headquarters Assets in Morris County, New Jersey

by Amy Works October 20, 2016

MORRIS TOWNSHIP AND PINE BROOK, N.J. — Colliers International has arranged the sales of two former headquarters assets in Morris County. In the first transaction, Onyx Equities acquired Kemble Plaza I, located at 340 Mount Kemble Ave. in Morris Township, for $7.6 million. Situated on 40 acres, the 370,000-square-foot property is the former headquarters of AT&T. Jackie Chesler, Richard Madison and Jonathan Schlussel of Colliers represented the undisclosed seller in the deal. In the second deal, a New Jersey-based private buyer acquired 34 Corporate Plaza, an office building located at 34 Maple Ave. in Pine Brook, for $2.5 million. At the time of sale, the 130,000-square-foot building was 14 percent occupied. Chesler, Madison and Schlussel negotiated the transaction. The name of the seller was not released.

October 20, 2016

California Office Western

Diablo Technology Center in Pleasanton Changes Hands

by Nellie Day October 20, 2016

PLEASANTON, CALIF. — An unnamed buyer has acquired Diablo Technology Center, a 191,009-square-foot office and R&D property in the Silicon Valley submarket of Pleasanton, for an undisclosed sum. The Class A facility is situated within the Hacienda Business Park. The three-building center is occupied by tenants like PulteGroup, Sunbelt Controls and CooperVision. NGKF Capital Markets’ Steve Golubchik, Mike Zylstra, Grant Lammersen, Forrest Gherlone, and Tim Walling executed the transaction.

October 20, 2016

Office Texas

AmerisourceBergen Leases 300,000 SF Corporate Campus in Carrollton

by Haisten Willis October 20, 2016

CARROLLTON, TEXAS — AmerisourceBergen Specialty Group has completed negotiations for a 300,000-square-foot office lease in Carrollton. The corporate campus will be the largest build-to-suit office campus at the Offices of Austin Ranch and will serve as AmerisourceBergen’s regional headquarters. JLL’s Jeff Staubach, Greg Biggs, Torrey Littlejohn and Chase Monroe negotiated the lease on behalf of AmerisourceBergen, an American drug wholesale company. Billingsley’s Marijke Lantz represented the landlord. AmerisourceBergen joins Freddie Mac, Quest, Sanyo, Orthofix and Edward Don at the 1,700-acre master-planned development.

October 20, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $113M Sale of Trophy Office Building in Fort Lauderdale

by John Nelson October 20, 2016

FORT LAUDERDALE, FLA. — Cushman & Wakefield has brokered the $113 million sale of 110 Tower, a 394,830-square-foot trophy office tower located at 110 S.E. 6th St. in Fort Lauderdale’s CBD. Built in 1988, the 30-story, Class A office tower features 22 stories of office space, five stories of structured parking, two levels of mechanical space and ground-floor retail space. Mike Davis, Rick Brugge, Michael Lerner, Scott O’Donnell and Dominic Montazemi of Cushman & Wakefield’s Capital Markets team represented the seller, Dallas-based Genesis Capital Partners XI Ltd., a GenCap Partners Inc. investment fund. Boca Raton-based IP Capital Partners LLC purchased 110 Tower for $286 per square foot. Amenities at 110 Tower include Subway, 110 Fitness, That’s A Wrap, Dunkin’ Donuts, Sabadell Bank, a car wash, wraparound outdoor terrace, ballroom and conference facilities. The previous owner invested $15 million in capital improvements at 110 Tower in 2011.

October 20, 2016

Mixed-Use Office Retail Texas

PlainsCapital Bank to Open New Office and Retail Location at The Star in Frisco

by Haisten Willis October 19, 2016

FRISCO, TEXAS — PlainsCapital Bank has leased a 5,083-square-foot office facility and a 4,000-square-foot retail space at The Star in Frisco. JLL’s Paul Whitman negotiated both leases on behalf of the tenant. Worthey Wiles of Lincoln Property Co. represented the landlord in the office transaction, and Robert Dozier, also of Lincoln, represented the landlord in the retail transaction. Founded in 1988, PlainsCapital Bank provides commercial banking, commercial lending, commercial real estate lending, treasury management, private banking, residential mortgages and trust and asset management services. The Dallas-based institution operates nine locations in the Dallas area.

October 19, 2016

Loans Midwest Office Ohio

Berkadia Secures $92M in Financing for American Greetings Headquarters in Suburban Cleveland

by Amy Works October 19, 2016

WESTLAKE, OHIO — Berkadia has secured $92 million in financing for the new headquarters of American Greetings Corp. in the Cleveland suburb of Westlake. The borrower was Ohio-based H&L Property Co. The 10-year loan, which Bank of America Merrill Lynch provided, features a 4.8 percent fixed interest rate, 65 percent loan-to-value ratio and 25-year amortization schedule. The new headquarters is located on a 13.5-acre property at One American Road in Crocker Park, a 1.2 million-square-foot mixed-use development in Westlake.

October 19, 2016

Michigan Midwest Office

NAI Wisinski Negotiates Acquisition of 4,800 SF Office Building in Grand Rapids

by Amy Works October 19, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the acquisition of an office building located at 3330 Grand Ridge Drive NE in Grand Rapids. Redstone Homes, a West Michigan-based homebuilder, acquired the 4,800-square-foot building for an undisclosed sum. The buyer plans to consolidate its sales and operations offices at the property. Jeremy Veenstra of NAI Wisinski of West Michigan represented the buyer, while Anne Wisinski-Rosely and Joshua Jacobs, also of NAI Wisinski, represented the undisclosed seller in the transaction.

October 19, 2016

Indiana Midwest Office Retail

Bradley Co. Brokers Four Leases in Fort Wayne

by Amy Works October 19, 2016

FORT WAYNE, IND. — Bradley Co. has arranged four leases for office and retail space in Fort Wayne. Kelly Castle of Bradley Co. represented the tenant in each transaction. Levitate LLC leased 2,709 square feet of office space at 803 S. Calhoun St.; Deck Factory LLC inked a deal for retail space at 1509 Goshen Road; Mad Anthony Investments LLC leased 2,393 square feet of retail space at 2701-2703 Broadway; and RITS Ltd. Brokers signed a lease for retail space at 6127 Stellhorn Road within Maplewood Plaza. The names of the landlords were not released.

October 19, 2016

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