Office

U.S. Cellular Signs 119,369 SF Lease for Additional Space at Chicago Office Complex

by Christina Cannon May 13, 2016

CHICAGO — U.S. Cellular Corp. has extended and expanded its headquarters lease at the U.S. Cellular Plaza and now occupies 331,797 square feet of space. U.S. Cellular Corp. is the building’s largest tenant. FCA Partners LLC owns the building, which is located at 8410-8420 Bryn Mawr Ave. Constructed in 1981, U.S. Cellular Plaza is a three-building, 637,484-square-foot Class A office complex. U.S. Cellular signed its original lease in 1988 for just under 10,000 square feet. U.S. Cellular continues to occupy the entire 212,428-square-foot 8410 building and will now be expanding into an additional 119,369 square feet in the 8420 building on a long-term basis. Francis Prock and Jason Simon of Colliers International represented the landlord in the transaction.

May 13, 2016

Illinois Midwest Office

Turtle Wax Leases 25,115 SF in Metro Chicago Office Building for World Headquarters

by Christina Cannon May 13, 2016

ADDISON, ILL. — Turtle Wax Inc. will relocate its world headquarters from Willowbrook, Ill. to a 25,115-square-foot space in Addison, approximately 23 miles west of Chicago. Turtle Wax, a manufacturer of car care products, will occupy space at Meadows Office Center II, a two-story, 101,000-square-foot office building. The lease brings the facility, located at 2250 Pinehurst Blvd., to 70 percent occupancy. The asset is owned by a joint venture comprised of ACG Equities, Toft Asset Management and an undisclosed private investment fund. Daniel Nack of Cushman & Wakefield represented Turtle Wax in the transaction. Mark Smith and Bill Saviski of CBRE represented the landlord.

May 13, 2016

Florida Office Southeast Top Stories

Flea World Demolition Clears Way for $300M Reagan Center Mixed-Use Development Near Orlando

by Nellie Day May 13, 2016

SANFORD, FLA. — Demolition work has commenced on Flea World, the one-time home of “the nation’s largest flea market under one roof,” in Sanford approximately 25 miles north of Orlando. The 118-acre site is being cleared to make way for Reagan Center, a mixed-use project that could eventually include as much as 2.4 million square feet of offices, restaurants, retail stores, apartments and townhomes. The property is situated on U.S. Route 17 at Ronald Reagan Boulevard and County Home Road. The 34-year-old flea market space is situated directly across from the Seminole County Government Operations Center, the courthouse and Seminole State College. Reagan Center’s construction will kick off a 20-year effort by the municipalities of Seminole County, Sanford, Lake Mary, Winter Springs, Longwood and Casselberry to create an economic development corridor along Route 17. “Reagan Center will create employment opportunities for thousands of Central Floridians over the next decade and will be a major economic engine,” says Paul Partyka, partner at NAI Realvest in Orlando and the broker of record for the $300 million development. “Because of its location, size and economic impact, Reagan Center will rank as one of Florida’s benchmark development projects.” Hastings Homes is carrying out the …

May 13, 2016

Office Texas

BBVA Compass to Move San Antonio Offices, Flagship Branch to Weston Centre

by Haisten Willis May 12, 2016

SAN ANTONIO — BBVA Compass will move its San Antonio offices into Weston Centre, the city’s tallest office building. As part of the move, the bank’s logo will be placed atop the building’s north and south sides, illuminating it at night. The bank signed a lease earlier this month and will move to the center of San Antonio’s financial district by mid-2017. BBVA Compass will occupy 9,600 square feet in the lobby for a retail branch, and 19,000 square feet on the second floor for corporate offices. Weston Centre will undertake extensive renovations for the new BBVA Compass space. Offices on the second floor will feature an open space layout to maximize collaboration. The offices will feature Wi-Fi and Bluetooth technologies, shared public spaces, collaboration areas and private meeting rooms.

May 12, 2016

Office Texas

SourceHOV Sells Data Center Site, Relocates Within El Paso

by Haisten Willis May 12, 2016

EL PASO, TEXAS — CBRE has arranged the sale of a 22,724-square-foot data center in El Paso on behalf of SourceHOV, a provider of transaction processing solutions, strategic consulting and data analytics. El Paso investor Jason Barreras purchased the building at 2601 East Yandell Drive for an undisclosed price. Rebecca Rojas of CBRE’s El Paso office, along with Dolores Wood-Euart of the firm’s Dallas office, represented SourceHOV. Kenny Gross of Priority 1 represented the buyer. The building will be available for lease to an office or flex user by next month. SourceHOV has more than 80 locations throughout the United States, as well as a presence in Canada, China, India, Mexico and the Philippines.

May 12, 2016

Office Texas

Peloton Begins Construction on Class A Office Development in Metro Austin

by Haisten Willis May 12, 2016

BEE CAVE, TEXAS — Peloton Commercial Real Estate has broken ground on a two-building, Class A office development located adjacent to the Hill Country Galleria, Galleria Oaks in Bee Cave. Developed by Adrian Overstreet, the two 75,000-square-foot buildings and a 150,000-square-foot parking garage will be delivered next February. True Car has pre-leased 37,757 square feet and will be the lead tenant in Building I, taking the top floor and half of the second floor. True Car is expected to move into its office space in March 2017.

May 12, 2016

California Office Western

Freedom Financial Funds Opens in Calabasas

by Nellie Day May 12, 2016

CALABASAS, CALIF. — Michael Klein, principal and CEO, has opened Freedom Financial Funds (FFF) in Calabasas. FFF manages private equity funds that it uses for debt and equity capital for the construction, rehabilitation, repositioning, conversion or additions to commercial and residential properties in the Western United States. The firm’s team of experts includes Stanley Kafka, Minda Johnstone and Yan Lam, all principals and founding members of FFF. The firm uses pooled funding or managed accounts, provided by high-net-worth individuals, business managers, institutional investors and lines of credit provided by commercial banks.

May 12, 2016

Georgia Loans Office Retail Southeast

AloStar Provides Two Loans for Office, Retail Properties in Metro Atlanta Totaling $23.6M

by John Nelson May 12, 2016

ATLANTA — AloStar has provided two loans for an office building and shopping center in metro Atlanta totaling $23.6 million. The bank funded both loans through its commercial real estate platform, AloStar Real Estate Finance. The financing included a $19 million loan for 1100 Circle 75, a 16-story office building in Atlanta’s Cumberland/Galleria submarket, and a $4.6 million loan for Shoppes at Trickum, a 49,900-square-foot, Walmart-anchored shopping center in Woodstock that is also leased to Dollar Tree and rue21. AloStar provided the acquisition financing for Shoppes at Trickum to Shoppes at Trickum LLC, an affiliate of SunCap Real Estate Investments.

May 12, 2016

2101 W. Commercial Blvd. Fort Lauderdale

Florida Office Southeast

NAI Rauch Weaver Brokers $10.8M Sale of Office Building in Fort Lauderdale

by John Nelson May 12, 2016

FORT LAUDERDALE, FLA. — NAI Rauch Weaver Norfleet Kurtz & Co. has arranged the $10.8 million sale of 2101 Commercial, a 94,320-square-foot office building located at 2101 W. Commercial Blvd. in Fort Lauderdale. NRNS Acquisition 2101 Commercial LLC, a company backed by local entrepreneur Howard Dvorkin, purchased the office building from RFP Mainstreet 2101 Commercial LLC. Michael Scarpino of NAI Rauch Weaver represented the buyer in the transaction, and Warren Weiser, Harry Blyden and Mark Goldstein of Continental Real Estate Co. represented the seller. The buyer has retained William Kahn of NAI Rauch Weaver to lease the property.

May 12, 2016

North Carolina Office Southeast

Avison Young Brokers $7M Sale of Office Building in Triangle Region

by John Nelson May 12, 2016

CARY, N.C. — Avison Young has arranged the $7 million sale of a 58,950-square-foot office building located at 201 Shannon Oaks Circle in Cary, a city in the Raleigh-Durham metro area. The two-story building is situated at the intersection of Kildaire Farm Road and Cary Parkway. Gary Lyons, Blake Thomas and Grant Linderman of Avison Young’s Raleigh office represented the sellers, REC Shannon Oaks LLC and Shannon Square Holdings LLC, in the transaction. Frank Norvell of Norvell Real Estate Group represented the buyer, Richmond, Va.-based Real Estate Value Advisors LLC.

May 12, 2016

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