Office

Hangover Opportunity Fund Sells 110,651 SF Bowen Chase Bank Building in Arlington

by Haisten Willis July 27, 2016

ARLINGTON, TEXAS — Hangover Opportunity Fund has sold the 110,651-square-foot Bowen Chase Bank building to a local investment group. Located at 1301 S. Bowen Road in Arlington, the Class B office building is situated on nearly seven acres. The fund has invested nearly $1.2 million into the property since its acquisition in January 2014, the bulk of which was spent on installing a new HVAC system and new lighting. Coldwell Banker Commercial Alliance DFW manages and leases the 34-year-old building, which was 94.4 percent occupied at the time of sale. Creighton Stark of Colliers International, along with Gary Walker of Coldwell Banker Commercial Alliance DFW, represented the seller in the transaction. The largest tenant is the state of Texas, which houses a handful of agencies in 48,206 square feet on several floors of the four-story building. Keller Williams, the second-largest tenant, occupies 16,375 square feet. A full-service Chase Bank and ATM area serve as the lobby centerpiece. Matt Carthey of Holt Lunsford Commercial represented the buyer, Arlington-based Duncan Holdings. Start to finish, the transaction closed within 45 days.

July 27, 2016

Trammell Crow Begins Construction on Children’s Hospital of San Antonio Health Pavilion

by Haisten Willis July 27, 2016

SAN ANTONIO — Trammell Crow Co. has begun construction on The Children’s Hospital of San Antonio Health Pavilion – Stone Oak. The three-story, 60,000-square-foot medical office building will be located at 1434 E. Sonterra Blvd. in San Antonio. Owned by Seavest, the project is scheduled for completion in summer 2017. The Health Pavilion – Stone Oak will be home to a variety of pediatric services and family practice groups, and will provide office space for Baylor College of Medicine physicians. The first floor of the building will be home to The Children’s Hospital’s’ third pediatric emergency room, called The Children’s Hospital of San Antonio Emergency Center – Stone Oak. Paul Barker with Endura Advisory Group in San Antonio has been appointed the leasing agent for the building. Trammell Crow’s Clayton Baca and Mark Fowler lead the development management of the project. Mark Siebert and Cristina Hernandez of MKS Associates designed the building. The engineering team comprises David Martinez of Pape Dawson, Roger Mendez of RGM Engineering, Steve Bourassa of Alpha Consulting Engineers and Jason Lochte of Cooper-Lochte Landscape Architecture.

July 27, 2016

Office Texas

JLL Arranges Medical Office Lease in Dallas

by Haisten Willis July 27, 2016

DALLAS — An unnamed major health system has leased 35,842 square feet in the street-level retail portion of the Colonial Reserve at Medical District multifamily complex. The property is located at 2222 Medical District Drive in Dallas. JLL’s Rob Franks and Cole Burdette represented the tenant. Younger Partners’ Heather Shover and Trae Anderson represented the landlord, Greenway Investment Co.

July 27, 2016

Office Washington Western

Hayman Advisors Acquires Microsoft-Anchored Office Complex in Redmond for $37M

by Nellie Day July 27, 2016

REDMOND, WASH. — Hayman Advisors has purchased Redmond Woods, a Microsoft-anchored, 145,221-square-foot office complex in Redmond, for $37 million. The complex is located at 5000, 5010 and 5020 148th Ave. NE. It includes three buildings that are fully occupied by seven tenants, including Microsoft Corp. The property is also adjacent to Microsoft’s world headquarters. NGKF’s Kevin Shannon and Michael Moll, with the assistance of CBRE’s Lou Senini and Tom Pehl, represented the seller, Clarion Partners, in this transaction.

July 27, 2016

District of Columbia Mixed-Use Multifamily Office Retail Southeast Top Stories

First Potomac Realty Trust Sells Storey Park in Washington D.C. for $54.5M

by Haisten Willis July 27, 2016

WASHINGTON, D.C. — First Potomac Realty Trust (NYSE: FPO) has sold Storey Park, a mixed-use project currently under development in the NoMa submarket of Washington, to 1005 LLC for $54.5 million. When completed, Storey Park will include 350,000 square feet of office space, 65,000 square feet of retail and 300 loft apartments. An estimated completion date was not disclosed. The buyer is a partnership between Perseus Realty LLC and W-G Capital LLC, an affiliate of Four Points LLC and Greencourt Capital. First Potomac and Perseus Realty jointly acquired the site in August 2011, with First Potomac owning a 97 percent interest. The proceeds from the sale were used to repay a $22 million land loan at the property, and First Potomac used its portion of the remaining proceeds to repay outstanding borrowings on its unsecured revolving credit facility. Perseus Realty began as a Washington, D.C.-focused investment firm in 2004 and has created a development portfolio within the metropolitan area. W-G Capital is a Washington, D.C.-based private equity firm focused on real estate investments in the United States with a particular focus on the northeast corridor and the nation’s capital. FPO is a real estate investment trust that owns, operates, develops and …

July 27, 2016

Office Texas

Presidium Group to Expand, Relocate to Citymark in Dallas

by Haisten Willis July 26, 2016

DALLAS — Presidium Group LLC plans to expand and relocate its Uptown Dallas headquarters to Citymark on the Katy Trail. Bradford Commercial Real Estate Services arranged the lease. Presidium is moving Aug. 1 into a 7,912-square-foot space at 3100 McKinnon St., nearly doubling its size. The office tower’s second floor has been reconfigured into a multi-tenant space to accommodate the move. The transaction required subleasing Presidium’s existing headquarters at 2525 McKinnon St., which is being backfilled by telecommunications firm Zinwave Ltd. Ryan Hoopes of Colliers International was Zinwave’s broker for its sublease. Citymark spans 218,926 square feet and is 93 percent occupied.

July 26, 2016

Office Texas

Clarion Partners Acquires One Victory Park in Dallas

by Haisten Willis July 26, 2016

DALLAS — Clarion Partners has acquired One Victory Park, a 17-story, 436,253-square-foot office building located in the Uptown submarket of Dallas. Clarion purchased the asset on behalf of a commingled fund that the firm advises. One Victory Park is 95.2 percent leased to tenants in the finance, legal, real estate and professional service industries. The building, constructed in 2008, has been awarded LEED Silver status and is Energy Star-certified. Amenities include a fitness center, conference center, 24/7 security and a six-story structured parking garage. One Victory Park is located two blocks from the Victory light rail station, which services DART light rail and Trinity Railway Express.

July 26, 2016

Office Texas

Claudia Crow Named Director of Marketing & Brand Strategy at TCN Worldwide

by Haisten Willis July 26, 2016

DALLAS — Claudia Crow has been named director of marketing and brand strategy for TCN Worldwide’s international real estate services organization. Crow brings nearly two decades of commercial real estate and marketing experience to her position, including 14 years with TCN Worldwide in the roles of marketing and public relations from 2000 through 2014. She was most recently the managing director of commercial services for a real estate brokerage firm in Dallas. Crow has an MBA from the University of North Texas.

July 26, 2016

New Jersey Northeast Office

Mack-Cali Realty Sells 100,000 SF Office Building in New Jersey

by Amy Works July 26, 2016

PARSIPPANY, N.J. — Mack-Cali Realty has completed the disposition of an office building, located at 600 Parsippany Road in Parsippany. A joint venture between Bukiet Building Management and Mountain Development Corp. purchased the 100,000-square-foot building free and clear of existing debt for an undisclosed price. The three-story building was 92 percent leased at the time of sale to a variety of tenants, including Aerotek, Level 3 Communications, Sonneborn, Certified Financial Services, Inglesino, Webster, Wyciskala & Taylor, Property Title Group and Dewberry. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephan Simonelli and Marc Duval of HFF represented the seller in the deal.

July 26, 2016

North Carolina Office Southeast

KBS REIT Sells Office Building in Charlotte for $30.5M

by John Nelson July 26, 2016

CHARLOTTE, N.C. — KBS Real Estate Investment Trust Inc. (KBS REIT) has sold Gateway Center, a 10-story, 310,745-square-foot office building located at 901 W. Trade St. in Charlotte’s central business district. An undisclosed buyer purchased the asset for $30.5 million. The property is within walking distance of Greyhound and Light Rail stations, in addition to Bank of America Stadium, home of the NFL’s Carolina Panthers. Gateway Center was 90 percent leased at the time of sale to tenants such as Bank of America and Johnson & Wales University. Amenities include a sundries shop and a 149-space, below-grade parking facility. The sale includes a 1.6-acre parcel currently used as a 29-space surface parking lot. Ryan Clutter, Scot Humphrey, Ralph Smalley and Christopher Lingerfelt of HFF represented KBS REIT in the sale.

July 26, 2016

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