Office

Cushman & Wakefield Arranges 18,044 SF Office Lease in Metro Chicago

by Christina Cannon July 29, 2016

OAKBROOK TERRACE, ILL. — Cushman & Wakefield has arranged an 18,044-square-foot office lease in Oakbrook Terrace, approximately 20 miles west of Chicago. Hyundai Motor America is relocating the office portion of its central regional offices to the top floor of TransAm Plaza Two. Hyundai’s service training center and parts distribution subsidiary, Mobis, will remain at an industrial facility located at 1705 Sequoia Ave. in Aurora, Ill. JBS Commercial represented the landlord, American Landmark Properties, in the transaction.

July 29, 2016

Florida Office Southeast

NGKF Brokers $23.8M Sale of Stein Mart Office Building in Downtown Jacksonville

by John Nelson July 29, 2016

JACKSONVILLE, FLA. — NGKF Capital Markets has brokered the $23.8 million sale of the Stein Mart Building, a 10-story, Class A office property situated along the St. Johns River in downtown Jacksonville. Retailer Stein Mart occupies more than half of the 197,000-square-foot building, which was 93 percent leased at the time of sale to tenants such as Marks Gray PA and TD Bank. Built in 1985, the asset features a four-story atrium, pedestrian plaza, adjacent six-story parking garage, deli, laundromat, fitness center, conference room and banking facility. Lingerfelt CommonWealth Partners LLC purchased the property from Parkway Properties, which has owned the building since 2005. Michael Lapointe and Michael Lohmann of NGKF, along with Bryan Bartlett and Jim Sebesta of Phoenix Realty Group, represented Lingerfelt CommonWealth Partners in the transaction.

July 29, 2016

Colorado Office Western

Schnitzer West, J.P. Morgan to Develop Civica Cherry Creek Office Building in Denver

by Nellie Day July 28, 2016

DENVER — A joint venture between Schnitzer West and J.P. Morgan Asset Management will develop Civica Cherry Creek, a boutique office building in Denver. The seven-story building will feature 100,500 square feet of office space and 11,500 square feet of retail atop a four‐story underground parking garage. The developers broke ground this month with a scheduled completion of December 2017. The building will include amenities including a rooftop terrace with outdoor meeting space, private library, concierge services, conference center, outdoor lounge at street level and locker rooms.

July 28, 2016

New York Northeast Office

GFI Realty Services Arranges $37.3M Sale of Two Office Properties in Manhattan

by Amy Works July 28, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of two office properties located at 40 W. 38th St. and 144 W. 37th St. in Manhattan’s Garment District. An undisclosed buyer purchased the properties for $37.3 million, or $1,400 per square foot. The properties total approximately 27,000 square feet and include an additional 18,000 square feet of buildable space. Jermaine Pugh of GFI Realty represented the buyer, while Sylvia Spielman, also of GFI Realty, represented the seller in the deal.

July 28, 2016

Hidden-Grove-12404-Park-Central-Dallas-studio-movie-grill

Office Texas

Studio Movie Grill Relocates Corporate Headquarters in Dallas

by Haisten Willis July 28, 2016

DALLAS — JLL has negotiated a new 20,200-square-foot lease with movie theater company Studio Movie Grill. The Dallas-based company will be relocating its corporate headquarters to Hidden Grove at 12404 Park Central Drive. JLL’s Jeff Eckert, James Esquivel and Ahnie Gampper negotiated the lease on behalf of the landlord, Red River Asset Management. John Beach with Jackson & Cooksey represented the tenant. Established in 2000, Studio Movie Grill has grown to 24 theatres in 10 states. The company is known for combining a full-service dining experience with first-run movie screenings.

July 28, 2016

Michigan Midwest Office

Ford Motor Co. Unveils Plans for $1.2B Renovation of World Headquarters Near Detroit

by Christina Cannon July 28, 2016

DEARBORN, MICH. — Ford Motor Co. has unveiled plans for a 10-year, $1.2 billion renovation of its Dearborn campus, roughly 10 miles west of Detroit, according to The Architect’s Newspaper, a New York-based print and web publication. The project will combine 30,000 employees from 70 buildings into two primary locations — a product campus and a world headquarters campus. Over 7.5 million square feet will be rebuilt and upgraded into more modern, green and high-tech space. The product campus will feature trails and walkways, autonomous vehicles, on-demand shuttles and eBikes. The world headquarters will feature a Ford credit facility. Both campuses will also include new employee services and heightened wireless connectivity. At the heart of the product campus will be a 700,000-square-foot design center, which will include new design studios and an outdoor design courtyard. Construction of the product campus is expected to be complete by 2023. Work on the world headquarters campus begins in 2021 and is expected to be complete in 2026.

July 28, 2016

Midwest Missouri Office

CBRE Brokers Sale of Two Office Buildings in Kansas City in Separate Transactions

by Christina Cannon July 28, 2016

KANSAS CITY, MO. — CBRE has brokered the sale of two office buildings in Kansas City in separate transactions. In the first deal, Highwoods Properties Inc. sold an 82,365-square-foot building to Price Brothers Development Co. for an undisclosed price. Park Plaza is located at 801 W. 47th St. In the second deal, a joint venture between Highwoods Properties Inc. and an investment group led by Angelo Mariani sold a 265,000-square-foot, Class A building to Stanton Road Capital LLC. Plaza West, located at 4600 Madison Ave., is currently 91 percent leased. Gina Anderson and Gary Carr of CBRE represented the seller in both transactions. The sales price in both transactions was undisclosed.

July 28, 2016

Industrial Life Sciences New Jersey Northeast Office

QuVa Pharma to Acquire 160,000 SF Biotech Facility in New Jersey

by Amy Works July 27, 2016

NEW JERSEY — QuVa Pharma Inc. has signed an agreement to acquire an FDA-approved biotech pharmaceutical facility near Route 78 in western New Jersey. The 160,000-square-foot facility will enable QuVa Pharma to significantly extend its production capability and capacity to deliver high-quality, ready-to-use compounded sterile drug preparations to hospitals in key markets in the eastern half of the United States. QuVa currently operates two 503B-registered manufacturing facilities in Texas. Terms of the sale, including the name of the seller and acquisition price, were not released.

July 27, 2016

Mixed-Use New Jersey Northeast Office Retail

Marcus & Millichap Brokers $3.2M Sale of Mixed-Use Building in New Jersey

by Amy Works July 27, 2016

BAYONNE, N.J. — Marcus & Millichap has arranged the sale of Bayonne Plaza, a mixed-use property located at 473 Broadway in Bayonne. A private investor acquired the property from a developer for $3.2 million. The building features 29,577 square feet of space. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented the seller and the buyer in the deal.

July 27, 2016

Healthcare Office Texas

Sanders Trust Purchases Trio of Hospitals for $115.5M

by Haisten Willis July 27, 2016

AUSTIN, DALLAS and CONROE, TEXAS — Alabama-based Sanders Trust has acquired three medical facilities in Texas for $115.5 million. The three facilities, located in Austin, Dallas and Conroe, are inpatient rehabilitation hospitals operated by affiliates of Birmingham’s HealthSouth. Together, they total 192,000 square feet. The Austin location includes 75 licensed beds, Dallas has 50 and Conroe has 60, according to the Houston Business Journal. Medical Properties Trust sold the hospitals in a joint venture transaction with Chicago-based capital partner Harrison Street Real Estate. JLL Healthcare Capital Markets represented Medical Properties Trust in the sale. First Tennessee Bank, Iberia Bank, Synovus Bank and Renasant Bank provided acquisition financing on behalf of Sanders Trust.

July 27, 2016

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