Office

ATLANTA — HD Supply has broken ground on its Leadership Development Center, an eight-story, 222,500-square-foot office building located at 3400 Cumberland Blvd. in the Atlanta portion of Cobb County. Set to open in early 2018, the property will house 900 HD Supply employees and feature a leadership training and customer support center. The project team includes Atlanta-based developer Greenstone Properties, broker Colliers International and architects HLG Studio and Wakefield Beasley & Associates. HD Supply is an industrial distribution company with 13,000 associates operating in 500 locations across 48 states and six Canadian provinces.

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NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 524 Lorimer St. in Brooklyn. A limited liability company acquired the 3,384-square-foot building for $4 million. The purchaser was a 1031 exchange buyer from the Upper East Side. Shaun Riney, James Saros, Michael Salvatico and Matthew Steinberg of Marcus & Millichap’s Brooklyn office represented the seller and buyer in the transaction.

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DENVER — A partnership between Investcorp and Griffin Partners has purchased a 10-building office/flex portfolio in Denver for $78.5 million. The portfolio includes 345 Inverness Drive S. and Arapahoe Business Park, comprising a total of 484,737 square feet. The Inverness property is a three-building, 175,287-square-foot complex that was built in 2001. Arapahoe Business Park is a seven-building complex that was completed in two phases from 1998 to 2001. The park contains a total of 309,450 rentable square feet and is situated at the entrance to Centennial Airport Center. Both projects sit east of Interstate 25. The assets are 95 percent leased to 15 tenants. The tenant roster is composed of companies within the technological, research and development, laboratory testing, light manufacturing, distribution and automotive fields. NGKF’s Dave Tilton, David Lee and Jason Addlesperger represented the seller, Hines REIT, in this transaction. The NGKF team was retained to lease and manage the portfolio.

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NEW YORK CITY — Delshah Capital has acquired a portfolio of five buildings, totaling 205,000 square feet, from Mount Sinai St. Luke’s for $111.5 million, or $543 per square foot. Eastern Consolidated arranged a $60 million first mortgage bridge loan to finance the acquisition of the portfolio. Bank of the Ozarks provided the $60 million loan to the borrower, which also received a $17.5 million mezzanine loan from Square Mile Capital. The properties are located at 401 West and 411 W. 113th St. and 400 West and 408 W. 114th Street in Manhattan’s Morningside Heights. The buildings formerly housed numerous hospital services that are in the process of being relocated to alternate space within the remainder of the Mount Sinai St. Luke’s campus. Paul Massey, Hall Oster, Teddy Galligan and Andrew Berry of Cushman & Wakefield represented the seller in the transaction. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the bridge loan for the borrower.

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ITASCA, ILL. — The Opus Group will build a 183,000-square-foot office building for the American Academy of Pediatrics (AAP). The national headquarters facility will be located within the Hamilton Lakes Business Park in Itasca, approximately 30 miles northwest of Chicago. The five-story building will feature 10-foot floor-to-ceiling windows and a two-story lobby, which will serve as the central hub for AAP’s conference center and visitor activity. The office will have areas dedicated to educational training, recording videos for procedures and demonstrations, conferences, outdoor meetings and a historical archival storage area. Construction is slated to start this July and be completed by the fall of 2017. Eric Kunkel and Scott Ohlander of JLL represented AAP in the transaction.

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SAN ANTONIO — Kennedy Wilson has represented Hartman Income REIT Management in a lease with Galen College of Nursing to expand to nearly 68,000 square feet at One Technology Center. The property is located at 7411 John Smith Drive in San Antonio. Suzanne Havekost of Kennedy Wilson represented the landlord and negotiated directly with the tenant on the transaction. Galen leased 24,000 square feet at One Technology Center in 2008 and gradually grew to 41,800 square feet. One Technology Center is a 14-story, 196,000-square-foot office building located on the west side of the South Texas Medical Center. In addition to Galen College of Nursing, tenants include the Veterans Administration, University of Texas Health Science Center South, BSG and Progressive Insurance.

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CHICAGO — White Oak Realty Partners LLC and CA Ventures have broken ground on a 20-story, trophy office tower in Chicago’s West Loop. The project is slated for completion by the first quarter of 2018, according to Crain’s Chicago. The building, located at 625 W. Adams St., will consist of 432,000 square feet of office space and a 400-space parking facility. Amenities at the tower will include three outdoor terraces, a fitness center, panoramic views, a conference auditorium that can accommodate up to 1,000 people and 2,500 square feet of ground-floor retail. Martin Wolf of Solomon Cordwell Buenz designed the project.

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GRANDVIEW HEIGHTS, OHIO — C.H. Robinson, a global third-party logistics provider, has signed an 11,700-square-foot office lease at Grandview Yard, a 1.2 million-square-foot commercial development four miles northwest of downtown Columbus. C.H. Robinson will occupy space on the first floor of the 800 Yard Street building starting this fall. Other tenants in the building include Northwestern Mutual, Ernst & Young, Hilliard Lyons and Unum Life Insurance Co. Dina Zavislak of Mohr Partners and John Underman of Colliers International represented C.H. Robinson in the transaction. Christopher Bradley of Nationwide Realty Investors and Wayne Harer of Continental Realty represented the owner, Nationwide Realty Investors.

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ALLENTOWN, PA. — City Office REIT has completed the sale of its office property located on Corporate Parkway in Allentown. The 178,330-square-foot building sold for $44.9 million, with an expected 6.6 percent net operating income yield. Proceeds from the sale were used to repay approximately $4 million of mortgage debt. Additionally, the seller plans to acquire assets as part of a like-kind 1031 exchange. With the sale of this non-strategic asset, the City Office REIT has been able to align its portfolio entirely within its target markets.

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NEW YORK CITY — Ivanhoé Cambridge and its partner, Callahan Capital Properties, have acquired the remaining 49 percent interest in 1211 Avenue of the Americas in Midtown New York City for an undisclosed price. Built in 1973, the 44-story tower features 2 million square feet of Class A office space. Additionally, the building has direct access to the Rockefeller Center Concourse amenities and subway.

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