Office

Cushman & Wakefield Brokers $67.1M Sale of Lash Group HQ Building in Metro Charlotte

by John Nelson April 26, 2016

FORT MILL, S.C. — Cushman & Wakefield has arranged the $67.1 million sale of The Lash Group headquarters, a 247,834-square-foot, Class A office building located in Fort Mill, roughly 19 miles south of Charlotte. The office building is fully leased to The Lash Group, a subsidiary of AmerisourceBergen Corp. The buyer, 90 North Real Estate Partners LLP, purchased the building from a joint venture between Childress Klein and The Springs Co. Cushman & Wakefield’s Charlotte capital markets team represented the seller in the transaction.

April 26, 2016

New Jersey Northeast Office

NAI Hanson Negotiates Sale of 36,216 SF Office Building in New Jersey

by Amy Works April 26, 2016

PARSIPPANY, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 119 Littleton Road in Parsippany. Commercial Realty Group acquired the 36,216-square-foot building from Hollywood Towne House LLC for an undisclosed sum. The property features two full floors of approximately 12,000 square feet each, in addition to pre-built suites starting at 1,384 square feet. Josh Levering and James Kenah of NAI Hanson represented the seller in the transaction.

April 26, 2016

Loans Northeast Office Pennsylvania Retail

JV Receives $21.7M Acquisition Loan for Retail/Office Center Near Philadelphia

by Amy Works April 26, 2016

DREXEL HILL, PA. — A partnership between The Hampshire Companies and and MCB Real Estate has received $21.7 million in acquisition financing for Drexeline Shopping Center, a mixed-use center located at 4990-5100 State Road in Drexel Hill, a suburb of Philadelphia. Loan proceeds will be used for the acquisition and a secure line of credit for redevelopment and repositioning of the grocery-anchored shopping center. John Mikula and Michael Klein of HFF arranged the financing, which was provided by Flushing Bank, for the borrower. Situated on 18.4 acres and consisting of five buildings, Drexeline Shopping Center is occupied by more than 40 retail and office tenants, including Shop Rite, Ace Hardware, Anthony’s Restaurant, PNC Bank, Drexel Hill Pediatrics Associates and Children’s Dental Health Associates.

April 26, 2016

Office Texas

Raindrop Turkish House Buys Downtown Arlington Property

by Haisten Willis April 25, 2016

ARLINGTON, TEXAS — The Central Arlington Redevelopment Group, a collection of private investors, has sold a downtown educational property to Raindrop Turkish House, a nonprofit charitable and cultural organization. The 6,624-square-foot building at 602 E. South St. was built in the mid-1950s as an elementary school wing for the former Arlington High School, which was subsequently razed and redeveloped as the headquarters of the Arlington Chamber of Commerce. The seller acquired the property in May 2007 and invested nearly $400,000 into modernizing the structure and re-tenanting it with uses aimed at stimulating investment interest in central Arlington. Raindrop Turkish House previously leased a site at 2102 W. Pioneer Parkway in the nearby town of Pantego. The Houston-based organization, formed in 2000, also has locations in Richardson and nine other Texas cities, as well as centers in Arkansas, Kansas, Oklahoma, Mississippi and New Mexico. The nonprofit addresses social and cultural needs of Turkish-Americans and facilitates integration into American society by cultivating friendships and promoting understanding of diverse cultures. Judy Nitzinger and Eric Anderson of Coldwell Banker Commercial Alliance’s Dallas office represented Central Arlington Redevelopment Group in the transaction. Loren Hillyer of Metro Texas Commercial handled negotiations for the buyer. The single-story …

April 25, 2016

Massachusetts Northeast Office

Chevron Partners Acquires Sears Crescent Building in Boston for $23.8M

by Amy Works April 25, 2016

BOSTON — Chevron Partners has acquired the Sears Crescent building, located at 38-68 Cornhill in Boston. Copley Investments sold the historic property for $23.8 million. Located in Boston’s Government Center neighborhood, the 50,300-square-foot office building is 100 percent leased to 14 tenants and offers street-level retail space. Robert Griffin, Edward Maher, Matthew Pullen and Justin Smith of Newmark Grubb Knight Frank represented the seller in the transaction.

April 25, 2016

Mixed-Use Multifamily Office Restaurant Retail Texas

Construction Begins on 800,000 SF Mixed-Use Development Known as The Union Dallas

by Haisten Willis April 22, 2016

DALLAS — RED Development has begun construction on The Union Dallas, an 800,000-square-foot office, residential and retail project scheduled for completion in 2018. First announced in May 2014, the two-tower mixed-use project will offer 417,000 square feet of Class A office space, 309 residential units and 87,000 square feet of retail. StreetLights Residential is leading design and development for the 23-floor residential tower, which will be known as The Christopher. The development will also include a 10,ooo-square-foot restaurant known as The Henry, which will serve breakfast, lunch and dinner. Tenants in the office portion of the development will include Vinson & Elkins, which will lease 82,000 square feet across three floors beginning in 2018. Weaver, the largest independent accounting firm in the Southwest, will move its Dallas office to a 58,000-square-foot space within two floors in the office tower. Located at Field Street and Cedar Springs Road, the mixed-use project is within walking distance of many sports, entertainment, museum and outdoor park venues. Designed by Dallas-based architect HKS Inc., and with DPR as the general contractor, the project will include a 60,000-square-foot Tom Thumb grocery store on the ground floor. Landscape designer Office of James Burnett will design a 21,000-square-foot …

April 22, 2016

Office Texas

Accesso Partners Forms Joint Venture to Own and Operate Office Campus in Austin

by Haisten Willis April 22, 2016

AUSTIN, TEXAS — Accesso Partners and Partners Group have formed a joint venture to own and operate Riata Corporate Park, an eight-building, 688,433-square-foot office campus in northwest Austin. West Point Partners, of New York City, advised Accesso in the transaction. The joint venture gives Partners Group an ownership interest in the 51-acre office park adjacent to Apple’s new $300 million Austin campus. Riata’s major tenants include Accenture, Quality Systems, NetSuite and Xerox among others. The property has room for expansion with a 5.6-acre parcel that is fully permitted and entitled for development of a 64,550-square-foot office building. The building was constructed between 1998 and 2000 with an average parking ratio of five spots per 1,000 square feet.

April 22, 2016

Massachusetts Northeast Office

Integrated Builders Breaks Ground on Office Expansion in Massachusetts

by Amy Works April 22, 2016

NEWTON, MASS. — Integrated Builders, on behalf of Two Wells Avenue LLC, has broken ground on an expansion at an office building located at Two Wells Ave. in Newton. The new three-story addition will require extensive demolition on the north and west portions of the existing facility and will increase the building’s total size from 69,000 square feet to 127,000 square feet. The updated facility will feature a modern design with a glass exterior, an expanded parking lot, new utilities and an underground storm water infiltration system. Additionally, a 3,162-square-foot common corridor will connect the new and existing buildings. Spagnolo Gisness & Associates is providing architectural services for the project, which is slated for completion in December.

April 22, 2016

Maryland Office Southeast

U.S. Nuclear Regulatory Commission Renews 347,922 SF Lease in Metro D.C.

by John Nelson April 21, 2016

NORTH BETHESDA, MD. — The General Services Administration (GSA), on behalf of the U.S. Nuclear Regulatory Commission, has renewed a 347,922-square-foot lease at Two White Flint North, a 10-story office building in North Bethesda. The GSA occupies the entire property as well as its sister property, the 18-story One White Flint North. The GSA inked the lease renewal with Two White Flint North’s ownership group, Lerner Enterprises and The Tower Cos.

April 21, 2016

Illinois Loans Midwest Office

HFF Arranges $99.5M Loan for 573,276 SF Office Building in Chicago

by Christina Cannon April 21, 2016

CHICAGO — HFF has arranged a $99.5 million loan for a 573,276-square-foot office building in Chicago. Borrowers Blue Star Properties and the Wolcott Group LLC will use the loan proceeds to payoff existing financing and complete building renovations. The building, located at 125 S. Clark St., was constructed in 1907 by Daniel Burnham as the Commercial National Bank Building of Chicago. The property is currently undergoing a renovation and rebranding as The National. The 20-story, steel and concrete building will feature loft office space, an outdoor terrace, an artisanal marketplace and lounge, record shop and fitness center. HFF arranged the floating-rate financing with Brookfield Real Estate Financial Partners and Bank of the Ozarks. Christopher Carroll, Michael Kavanau and Christopher Knight of HFF represented the borrower.

April 21, 2016

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