COTTAGE GROVE, MINN. — Marcus & Millichap has brokered the sale of a 10,291-square-foot office building for $3.2 million. A developer sold 80th Street Commons, which is located at 7500 80th St. S. in Cottage Grove, approximately 25 miles southeast of Minneapolis. An individual personal trust was the buyer. Sean Doyle, Adam Prins, Matthew Hazelton and Cory Villaume of Marcus & Millichap listed the property on behalf of the seller.
There has been a seismic shift in the way that companies throughout America make their relocation decisions, and it applies to Atlanta as well as its competitors. Companies are driven to locations that can provide a robust pipeline of talent and tight-knit innovative communities. This focus has created new demands on cities that want to build and sustain competitive economies. Companies have always taken talent into consideration but ultimately there was a belief that the talent would follow the company. This is no longer true. Millennials first choose where they want to live and then where they want to work. Today’s sought-after talent is closely tied to a city’s ability to provide a high quality of life. This means a connected transportation system, plenty of entertainment activities and accessible, affordable housing. All of this can be found in Atlanta. Companies that have recently chosen to call Atlanta home are a testament to this. From NCR (3,600 employees) to Kaiser Permanente (900 employees) to Worldpay (1,266 employees), all of these prestigious business newcomers have emphasized the critical role that access to highly qualified talent played in their decision to relocate here. Tight-knit, innovative communities do not just appear and cannot be …
LOS ANGELES — A joint venture between Douglas Emmett and Qatar Investment Authority (QIA) has purchased a 365,000-square-foot office property in the West Los Angeles submarket of Brentwood for $225 million. The Class A office building is located at 12100 Wilshire Blvd. The property will be 77 percent leased after a few impending vacancies. The space was acquired using a new secured, non-recourse, $90 million, interest-only loan that matures in July 2019. The loan bears interest at a floating rate of LIBOR plus 1.55 percent.
LOS ANGELES — Rockwood Capital has acquired Playa Jefferson, an 11-acre creative office campus in the Playa Vista submarket of Los Angeles, for a reported $165 million. The campus is located at 12777 W. Jefferson Blvd. Playa Jefferson contains four buildings that total 200,000 square feet. A fifth building containing 55,000 square feet is slated for construction later this year. The campus serves as the Los Angeles headquarters for Facebook. It is also home to Arup engineering firm, Omnicom advertising agency and R/GA Regus flexible workspace provider. The seller, Vantage Property Investors, transformed the ‘70s-era property into its current creative iteration. The campus is 93 percent leased.
KISSIMMEE, FLA. — Skanska has topped out the Florida Advanced Manufacturing Research Center (FAMRC), a 109,000-square-foot advanced research and development laboratory facility in Kissimmee, an Orlando suburb in Osceola County. The total contract value for the design and construction of FAMRC is $71.4 million, according to Skanska. Situated on 20 acres near the intersection of U.S. 192 and Florida’s Turnpike, the project will provide semiconductor research and manufacturing of advanced products for the healthcare, transportation, agriculture and consumer products industries. The new center will partner with the University of Central Florida and the International Consortium for Advanced Manufacturing Research (ICAMR), a consortium for advanced sensors, phototonics and optics. The design team for FAMRC includes HOK and Abbie Gregg Inc., a global consultant to the advanced high technology industry sector. The Osceola County Board of Commissioners is helping lead the development of FAMRC, which Skanska plans to deliver in March 2017.
RALEIGH, N.C. — Chicago-based Origin Investments has purchased Trinity Place, a four-story, 114,547-square-foot office building located at 1201 Edwards Mill Road in west Raleigh. Origin Investments acquired the Class A building via the $150 million Origin’s Fund 3 from an unnamed institutional real estate fund for $23.5 million. Trinity Place was fully leased at the time of sale and has maintained an average occupancy of 97 percent since 2003. Ryan Clutter and Scott Humphrey of HFF brokered the transaction. Origin Investments has retained Ed Pulliam and Brad Corsmeier of CBRE to market Trinity Place and Foundry Commercial to manage the asset.
PARSIPPANY, N.J. — Mack-Cali Realty Corp. has completed the sale of three office buildings located at 4, 5 and 6 Century Drive within Mack-Cali Business Campus in Parsippany. A partnership between Bergman Real Estate Group and Time Equities Inc. acquired the properties, which total 280,000 square feet, for $15 million. Built in 1981, the campus features a full-service cafeteria, excess parking and a courtyard with a fountain and picnic areas. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the seller, while Michael Bergman and Michael Difede of Bergman Real Estate Group, along with Aaron Medeiros of Time Equities, represented the buyer in the transaction.
MARLBOROUGH, MASS. — Nordblom Co. has completed the disposition of two high-tech flex buildings located at 450 and 500 Donald Lynch Blvd. in Marlborough. Atlantic – Fulcrum Realty LLC, a joint venture between Atlantic Management Corp. and Fulcrum Real Estate Partners, purchased the properties for an undisclosed price. At the time of sale, the properties were 92 percent leased with only 9,521 square feet left available for lease at the 59,667-square-foot building at 450 Donald Lynch Blvd. The facility at 500 Donald Lynch Blvd. totals 62,224 square feet. Tenants at the two buildings include New England Cryogenics Center, SENKO Advanced Components and WaterSep BioSeparations Corp. The buildings are part of the 50-acre Solomon Pond Park, a 1 million-square-foot mixed-use development.
NEW YORK CITY — Madison Realty Capital has signed a lease with Urban Soccer, an operator of indoor and outdoor competitive and recreation leagues in Europe, at Whale Square in Brooklyn’s Sunset Park. Urban Soccer will occupy 63,000 square feet of space on the third floor of the 500,000-square-foot mixed-use property. Madison Realty Capital acquired the property last summer and is currently redesigning and repositioning the property into commercial space designed for innovative and creative tenants. David Falk, Eric Cagner, Whitten Morris and Joseph Sipala of Newmark Grubb Knight Frank represented Madison Realty in the deal.
SEATTLE — Mirae Asset Global Investments has acquired the Amazon Phase VIII building in Seattle for $246.8 million. Vulcan Real Estate sold the 12-story, 317,804-square-foot office building. The building, constructed in 2015, includes 5,297 square feet of ground-floor retail space and serves as Amazon’s headquarters. The property, located at 325 9th Ave. N. in the South Lake Union neighborhood, is LEED Gold certified and features 443 parking spaces. Mirae Asset Global Investments is an international investor based in Seoul, South Korea. Kevin Shannon, Ken White and Michael Moll of Newmark Grubb Knight Frank (NGKF) brokered the transaction. David Milestone and Brett Green of NGKF arranged financing for Mirae Asset Global Investments. “Global capital is increasingly recognizing the unique opportunity offered by South Lake Union and the Puget Sound region,” says Shannon, president of NGKF Capital Markets. “Seattle, San Francisco and Los Angeles sales activity in the CBDs has been dominated by foreign buyers in 2016 and this is yet another example of this.” Amazon has approximately 15 years remaining on its lease. — Christina Cannon
