Office

Marcus & Millichap Arranges $6M 1031 Exchange in Brooklyn

by Amy Works June 13, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of net-leased property located at 310 E. Houston St. in Brooklyn as part of a 1031 exchange. An undisclosed New York-based purchaser acquired the 4,753-square-foot property, which is 15-year absolute net-leased to Manhattan AltSchool, for $6 million. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap represented the seller, a developer. Barbara Dansker and Matt Fotis, also of Marcus & Millichap arranged the sale of property that was relinquished by the buyer.

June 13, 2016

Arizona Office Western

Marcus & Millichap Brokers Sale of 6,300 SF Net-Leased Property in Tucson

by Nellie Day June 13, 2016

TUCSON, ARIZ. — Marcus & Millichap has arranged the $1.97 million sale of SurgCenter of Tucson, a 6,300-square-foot, net-leased property in Tucson. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed developer, in the sale of the property to an undisclosed limited liability company.

June 13, 2016

Georgia Office Southeast

GE Digital to Launch $3M Digital Operations Center in Midtown Atlanta

by John Nelson June 13, 2016

ATLANTA — GE Digital, a division of Boston-based General Electric, plans to establish its first global Digital Operations Center in Midtown Atlanta. The $3 million project is expected to create 250 jobs, including positions in system administration and engineering, full-stack operations and engineering and service desk operations. Ashley Morris of the Georgia Department of Economic Development represented the Global Commerce division in partnership with InvestAtlanta, the Metro Atlanta Chamber and Georgia Power. GE plans to open similar hubs in Miami and Providence, R.I., that will support the company’s global infrastructure operations.

June 13, 2016

New York Northeast Office Retail Top Stories

French Billionaire Buys Manhattan Office, Retail Building from Thor Equities for $525M

by Nellie Day June 13, 2016

NEW YORK CITY — French billionaire Marc Ladreit de Lacharrière has purchased a 100,000-square-foot office and retail building in Manhattan for $525 million. The building is located at 693 Fifth Ave. in Midtown’s Plaza District. The 20-story property’s retail component houses the flagship store of international luxury brand Valentino. It includes four full levels of retail space with 50 feet of Fifth Avenue frontage. Notable office tenants include Carpenters Workshop Gallery, Louis Licari and Phillips Auctioneers. Thor Equities acquired the building in 2010 from Japanese department store Takashimaya for $142 million. Thor then restructured the interior to create a multi-level retail space, which Valentino occupied in 2013. The renovation included a modern floor-to-ceiling window façade from the ground level through the eighth floor. Thor also worked with designer David Chipperfield to create a new building lobby. Thor Equities owns a number of other properties on Fifth Avenue including 685 Fifth Ave., the future home of the new Coach global flagship store. “We continue to believe strongly in the retail and office market on Fifth Avenue and throughout New York City,” says Joe Sitt, Thor’s CEO. “However, after successfully implementing our business plan of improving this prime retail and office location …

June 13, 2016

Corporate Oaks Tampa New York Life Insurance Co.

Florida Office Southeast

Cushman & Wakefield Brokers $32M Sale of New York Life Insurance’s Office Campus in Tampa

by John Nelson June 10, 2016

TAMPA, FLA. — Cushman & Wakefield has brokered the $32 million sale of Corporate Oaks, a 186,854-square-foot office campus in Tampa’s Westshore District. New York Life Insurance Co. fully occupies Corporate Oaks and houses its AARP program at the campus, which houses about 920 employees. New York Life Insurance’s lease runs through 2024. Built in 1983, Corporate Oaks is situated on an 11.4-acre site at 5405, 5445 and 5505 W. Cypress St. Connecticut-based Next Generation Net Lease Management LLC purchased the asset, which features an on-site deli, fitness center, three-story parking garage and surface parking. New York Life Insurance has invested $2.7 million in interior upgrades, while the previous owner invested $1.5 million for upgrades to the interior finishes, elevators, HVAC systems and the parking garage. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller in the transaction.

June 10, 2016

Industrial Maryland Office Southeast

NAI KLNB Brokers $19.6M Sale of Stonewood Business Center in Metro Baltimore

by John Nelson June 10, 2016

COLUMBIA, MD. — NAI KLNB has brokered the $19.6 million sale of Stonewood Business Center, a four-building office/warehouse development in Columbia, roughly 21 miles southwest of Baltimore in Howard County. The assets span nearly 150,000 square feet and are located at 7165-7195 Oakland Mills Road. The 7165 and 7175 buildings were delivered in 1985, and in 2009, the seller, an affiliate of The Sanford Cos., renovated the two existing buildings and delivered two new buildings. Eight tenants currently occupy the four buildings. Christopher Kubler and Bob Smith of NAI KLNB represented the seller in the transaction. The buyer was J2J LLC.

June 10, 2016

Office Texas

Hartman Short Term Income Properties XX Acquires Office Building in Irving

by Haisten Willis June 10, 2016

IRVING, TEXAS — Hartman Westway One LLC, a subsidiary of Hartman Short Term Income Properties XX Inc., has purchased the Westway One office building in Irving. Westway One is a 165,982-square-foot property located off Lyndon B. Johnson Freeway and Olympus Boulevard. Built in 2001, Westway One includes an updated lobby, 55,248-square-foot floor plates and structured parking. The property is 100 percent leased to tenants including Lennar Corp. Kurt Cherry, Brittany Ricketts, Shea Byers and John Dailey with PM Realty Group represented the seller in the transaction, and David Wheeler, Russell Turman and Julian Kwok represented Hartman internally.

June 10, 2016

Office Texas

CBRE Arranges Office Relocation for D&M Auto Leasing in Houston

by Haisten Willis June 10, 2016

HOUSTON — CBRE has arranged a 14,240-square-foot office relocation for D&M Auto Leasing in Houston. D&M Auto Leasing, a Dallas-based auto leasing company, also operates locations in Dallas, Fort Worth and Grand Prairie. The company will be relocating its office from the Galleria area to Executive Plaza at 4635 Southwest Freeway. Kevin Saxe of CBRE’s Houston office represented D&M Auto Leasing in market analysis, site selection and lease negotiations with the landlord, EP Office Holdings LP. John Hornbuckle of Cypressbrook Co. represented EP Office Holdings. D&M Auto Leasing is expected to occupy the new space this fall.

June 10, 2016

Healthcare Office Texas

Alliance Architects Completes Design of Frisco Medical Office Building

by Haisten Willis June 10, 2016

FRISCO, TEXAS — Alliance Architects has completed the design of a new medical office building in Frisco. Located at 5375 Coit Road north of the Sam Rayburn Tollway, the multi-tenant medical office building features 21,000 square feet of medical office space. Tenants include Foot & Ankle Center of Frisco, Lone Star Neurology, Baylor Institute for Rehabilitation Center Outpatient Services and Texas Vein & Aesthetics. Core Construction was the general contractor.

June 10, 2016

Healthcare Massachusetts Northeast Office

Colliers Arranges $33.2M Sale of Medical Office Building in Boston

by Amy Works June 10, 2016

BOSTON — Colliers International has brokered the sale of a medical office building located at 147 Milk St. in Boston. Multi-Employer Trust, advised by Bentall Kennedy, purchased the property form an affiliate of Lexington Realty Trust for $33.2 million. The 52,337-square-foot building is fully leased to Atrius Health, parent of Harvard Vanguard Medical Associates. Doug Jacoby, Scott Dragos, Tony Hayes, Tim Mulhall and Dan Hines of Colliers represented the seller and secured the buyer.

June 10, 2016

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