Office

CBRE Brokers $33.8M Sale of Two Office Buildings in Charlotte

by John Nelson April 15, 2016

CHARLOTTE, N.C. — CBRE has arranged the $33.8 million sale of Fairview Center, two office buildings totaling 183,654 square feet. The properties are located at 6230 and 6302 Fairview Road in Charlotte’s SouthPark submarket. Atlanta-based Fairlead Commercial Real Estate purchased the assets from Beacon Partners. Fairview Center’s tenant roster includes McAngus Goudelock & Courie, United States Secret Service and ZAPATA. Patrick Gildea and Anne Vulcano of CBRE represented Beacon Partners in the transaction.

April 15, 2016

Georgia Loans Office Southeast

New York Life Real Estate Investors Provides $29.6M Loan for Two Office Buildings in Alpharetta

by John Nelson April 15, 2016

ALPHARETTA, GA. — New York Life Real Estate Investors has provided a $29.6 million for Brookside I and II, two Class A office buildings in Alpharetta totaling 267,000 square feet. Cushman & Wakefield’s Washington, D.C., office arranged the loan through New York Life on behalf of the borrower, Equus Investment Partnership X LP, a discretionary fund managed by Equus Capital Partners Ltd. The floating-rate loan features a five-year term.

April 15, 2016

Industrial Market Reports Michigan Midwest Midwest Market Reports Multifamily Office Retail

Strong Demand, Limited Inventory Spur New Construction in West Michigan

by Christina Cannon April 15, 2016

The commercial real estate market in West Michigan was quite active in 2015 across all property sectors, including one massive data center deal that is expected to spur billions of dollars in investment. Both new development and transactions involving existing facilities drove deal volume in 2015. Consequently, vacancy rates dropped while leasing rates generally rose. We expect a high level of commercial real estate activity this year as well. A lack of inventory for existing product will continue to drive new development in 2016. Industrial Strength The industrial market, in particular, has experienced a shortage of quality product to satisfy the demands of distribution companies from across the area. The greater Grand Rapids industrial market consists of approximately 115 million square feet. At the end of 2015, the vacancy rate was 4.1 percent. This marks a significant improvement compared with the depths of the Great Recession when the vacancy rate approached 10 percent. For the first time in years, we are seeing speculative development across all sizes of industrial properties. Lease rates for these speculative buildings are significantly higher than what we have experienced in the recent past due to the relatively high cost of construction. The good news for …

April 15, 2016

Office Texas

Somervell Commercial Realty to Develop GM Financial Servicing Center in San Antonio

by Haisten Willis April 14, 2016

SAN ANTONIO — Somervell Commercial Realty has begun construction on GM Financial Servicing Center in San Antonio. The 100,000-square-foot, two-story facility is located on 13.8 acres in the Westover area at the intersection of North Ellison Drive and Westover Link. Somervell plans to complete the building in one year, after which the building will host 500 employees. The project received tax abatements from Bexar County and the city of San Antonio, as well as a $2.5 million grant from the Texas Enterprise Fund. The facility’s exterior walls will display a stone pattern created by reveals and at least two colors. Tinted green glass curtain walls will be located at two-story entry atriums on the north and south sides of the property.

April 14, 2016

Loans New York Northeast Office

Meridian Capital Arranges $28M in Refinancing for Medical Office Property in Brooklyn

by Amy Works April 14, 2016

NEW YORK CITY — Meridian Capital Group has arranged $28 million in permanent financing for a multi-tenant medical office property located 902 Quentin Road in Brooklyn. The five-year loan, provided by Bethpage Federal Credit Union, features a fixed rate of 4.25 percent and the ability to prepay at any time without a penalty. The eight-story, 72,300-square-foot property is currently occupied by New York University and Touro College. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the financing.

April 14, 2016

Michigan Midwest Office

Sandler & Travis Signs 38,773 SF Office Lease in Southfield, Michigan

by Christina Cannon April 14, 2016

SOUTHFIELD, MICH. — Sandler & Travis Trade Advisory Services Inc. has signed a 38,773-square-foot lease at the Galleria Officentre in Southfield, approximately 17 miles northwest of Detroit. Sandler & Travis will occupy space on the first and fourth floors of the 350,000-square-foot building. The five-story, Class A office building was constructed in 1987. David Friedman and Robert Gagniuk of Friedman Integrated Real Estate Solutions represented the ownership in the transaction.

April 14, 2016

Illinois Midwest Office Top Stories

CIM Group Agrees to Purchase 39-Story Office Tower in Chicago from TIER REIT for $200M

by John Nelson April 14, 2016

CHICAGO — CIM Group, a Los Angeles-based real estate investment firm, has agreed to acquire Four40, a 39-story, 1 million-square-foot office tower located at 440 S. LaSalle St. in Chicago’s financial district. Dallas-based TIER REIT Inc. (NYSE: TIER) is reportedly selling the asset for $200 million, according to Crain’s Chicago. Sources say the deal has not closed, however, and CIM Group declined to comment. Crain’s also reports that between 2013-2014 the REIT sold the other three Chicago assets that it purchased in a four-property portfolio transaction in 2007. According to its 2015 financial results, TIER REIT’s goal for 2016 includes selling $200 million to $400 million of “non-strategic properties.” Built in 1984 and renovated in 2014, the office tower features a 40,000-square-foot amenity floor for tenants, 45,000-square-foot landscaped plaza, café, underground parking, 150-seat conference room, 24-hour staffed security and bay windows that offer 180-degree views. The tower also houses the Chicago Stock Exchange, the Arciel bar and lounge, The Everest Room and The Buckingham Club and Hotel. The Chicago Stock Exchange Inc. (CHX) signed a long-term lease renewal in May 2014 for 33,000 square feet within Four40, a consolidation of its original footprint. In addition to the office tower, new …

April 14, 2016

Features Hospitality Industrial Multifamily Office Retail Top Stories

ULI Forecast: Property Transaction Volume to Decline Nationally Over Next Three Years

by Christina Cannon April 14, 2016

WASHINGTON — U.S. commercial property transaction volume is expected to decline over the next three years to $475 billion in 2018, according to a new economic forecast from the Urban Land Institute (ULI) Center for Capital Markets and Real Estate. The latest ULI Real Estate Consensus Forecast, a semi-annual outlook, is based on a survey of 48 of the industry’s top economists and analysts representing 36 of the country’s leading real estate investment, advisory and research firms and organizations. The survey provides forecasts on broad economic indicators such as real estate capital markets, property investment returns, vacancy and rental rates and housing starts and prices. The recently released consensus forecast calls for continued economic expansion over the next three years, but at a somewhat slower pace than the prior two years. It also anticipates continued commercial price appreciation and positive returns, but at more subdued and decelerating rates, and above average but decelerating rent growth rates in all property sectors. “Compared to six months ago, real estate researchers are predicting slower economic growth, slipping real estate fundamentals and lower returns from both the public and private markets,” says William Maher, ULI leader, survey participant and director of North American strategy for …

April 14, 2016

Office Texas

Younger Partners Arranges Office Lease in Dallas

by Haisten Willis April 13, 2016

DALLAS — All Risks Ltd. has leased 10,168 square feet at 3 Park Central located at 12700 Park Central Drive in Dallas. Younger Partners’ Heather Shover, Kathy Permenter and Sean Dalton represented the landlord, McKnight Realty Partners, in the extension of 5,110 square feet and expansion of 5,058 square feet for the wholesale specialty insurance broker.

April 13, 2016

Office Texas

Stream Realty Brokers Office Lease in Metro Dallas

by Haisten Willis April 13, 2016

IRVING, TEXAS — SMB Suite has leased 5,000 square feet of office space at One Panorama Center, located in Irving at 7701 Las Colinas Ridge. SMB Suite is a software developer providing cloud-based solutions. Todd Noonan and Tyler Maner of Stream Realty represented the tenant, while Nathan Durham and Duane Henley of Transwestern represented the landlord, Regent Properties, in the transaction.

April 13, 2016

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