Office

Spectrum Properties, Intercontinental Purchase Two Charlotte Office Buildings for $35.5M

by John Nelson April 19, 2016

CHARLOTTE, N.C. — A joint venture partnership between Spectrum Properties and Intercontinental Real Estate Corp. has purchased two office buildings in Charlotte’s SouthPark submarket for $35.5 million, according to the Charlotte Business Journal. Totaling 178,338 square feet, the Morrison and Roxborough Buildings are located at 6525 Morrison Blvd. and 1901 Roxborough Road, respectively. Lionstone Investments sold the four- and five-story buildings, which were about 95 percent leased at the time of sale to tenants such as Velocity and South State Bank. Ryan Clutter and Scott Humphrey of HFF represented Lionstone Investments in the sale.

April 19, 2016

Michigan Midwest Office

Friedman Arranges 19,723 SF Office Lease in Detroit Suburb

by Christina Cannon April 19, 2016

TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 19,723-square-foot office lease in Troy, approximately 25 miles north of Detroit. Allegis Global Solutions will occupy the space at the North Troy Corporate Park located at 700 Tower Drive. Allegis Global Solutions currently occupies suite 700 and 800 in the building and is expanding its space on the fourth floor. The landlord is 700 NTCC LLC. David Friedman and Robert Gagniuk of Friedman Integrated Real Estate Solutions represented the landlord in the transaction.

April 19, 2016

California Office Western

Berkadia Arranges $70M Refinancing for Mills Building in San Francisco

by Nellie Day April 19, 2016

SAN FRANCISCO — Berkadia has arranged a $70 million refinancing for The Mills Building, a 440,000-square-foot, historic building in downtown San Francisco. The landmark structure is located at 220 Montgomery St. The building is 95 percent leased to tenants like the New York Stock Exchange, Pocket Gems, Mazzetti, Seiler LLP, Haworth and the University of California, San Francisco. The 10-year, full-term, fixed-rate loan features interest-only payments. It was used to refinance existing debt on the property. Mitch Thurston and Andy Ahlers of Berkadia secured the financing through Voya Investment Management on behalf of the Swig Co.

April 19, 2016

Loans New York Northeast Office

NorthMarq Capital Secures $10M Refinance for Office Property in New York

by Amy Works April 18, 2016

NEW HYDE PARK, N.Y. — NorthMarq Capital has arranged $10 million in refinancing for X-Cell Realty, an office property located at 3333 New Hyde Park Road in New Hyde Park. The property features 166,931 square feet of office space. The loan features a fully amortizing 20-year term. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing through NorthMarq’s relationship with a correspondent life insurance company for the undisclosed borrower.

April 18, 2016

Office Texas

Oldham Goodwin Group Opens New Office Location in San Antonio

by Haisten Willis April 18, 2016

SAN ANTONIO — Oldham Goodwin has opened a new office in San Antonio. This marks the second office expansion in the company’s history. Steve Monroe will be leading the brokerage efforts for Oldham Goodwin Group’s San Antonio office. Steve’s responsibilities include managing the brokerage division of the new office, as well as growing the San Antonio/South Texas office in terms of personnel and property listings for sales, leasing and property management. Steve boasts more than 25 years in the commercial real estate industry. Most of that time was spent with CBRE, where he served as an investment properties specialist and as a managing director responsible for company operations in New Mexico and California. Oldham Goodwin’s new office is located at 1100 N.W. Loop 410, Suite 700. The new office will offer the same services as the corporate headquarters located in Bryan. Services offered will include brokerage, development, management and investment services.

April 18, 2016

Industrial Office Retail Texas

Newcor Negotiates Purchase of 5.8 Acres in The Woodlands

by Haisten Willis April 18, 2016

THE WOODLANDS, TEXAS — David Alexander of Newcor Commercial Real Estate has represented Gus Kaiser in the purchase of 5.8 acres at 33127 Lois Lane and FM 1488 in The Woodlands. Scott Furches of RE/Max Hometown represented the seller, DRD Limestone LLC.

April 18, 2016

North Carolina Office Restaurant Southeast

Beacon Partners to Add Two New Restaurants to 500 East Morehead in Uptown Charlotte

by John Nelson April 18, 2016

CHARLOTTE, N.C. — Beacon Partners has signed two leases with restaurateur Deedee Mills for two new dining concepts at 500 East Morehead, a seven-story office building in Uptown Charlotte. The 178,000-square-foot property is currently under construction. The two new dining concepts include The Packhouse, a Southern-themed restaurant, and Joe and Nosh, a quick service breakfast and lunch destination and coffee shop. Charles Thrift of Collett & Associates represented Beacon Partners in the lease transaction.

April 18, 2016

Market Reports North Carolina Office Southeast Southeast Market Reports

Absorption, Job Growth in Raleigh Have Led to Office Space ‘Crunch’

by John Nelson April 18, 2016

Raleigh’s office market is the strongest it’s been in years, with employment and corporate investments continuing to climb throughout the Triangle region. A current lull in the delivery of new construction and the market’s increased popularity have created a space crunch for Class A office space, especially for tenants seeking large blocks. While a good amount of new construction started or continued in 2015, there’s still a gap in “move-in ready” space. Vacancy fell from 11.7 percent in the second quarter to 11.2 percent in the third quarter, causing rent growth for Class A space. Direct asking rent increased from $23.81 per square foot in the second quarter to $24.14 per square foot in the third quarter and is expected to continue to increase until delivery of new construction picks up, which will likely be mid-2016/early 2017. The market has definitely shifted in favor of the landlord, and concessions that were made during the recession have fallen off as owners no longer have to offer them to secure tenants. Desire for Class A space in the Triangle has pushed pre-leasing rental rates to a historic high north of $33 per square foot — and they are likely go higher before …

April 18, 2016

Connecticut Loans Northeast Office

Houlihan-Parnes Realtors Arranges $2.7M Loan for Office Building in Connecticut

by Amy Works April 15, 2016

NORWALK, CONN. — Houlihan-Parnes Realtors has arranged a $2.7 million first mortgage for an office property located at 83 East Ave. in Norwalk. The five-year loan, provided by a local bank, features a 3.75 percent interest rate and a five-year option to extend. The 40,000-square-foot office and medical property is occupied by 25 tenants. The building is managed and leased by GHP Office Realty. Andrew Greenspan and James Houlihan of Houlihan-Parnes arranged the loan, while Ray Cohen of Chicago Title arranged the title. The borrower was represented by Christie Houlihan of Zuckerman, Gore, Brandies and Crossman as legal counsel.

April 15, 2016

Office Texas

Lionstone Investments, Midway to Renovate Historic Office Property in Houston

by Haisten Willis April 15, 2016

HOUSTON — Lionstone Investments and Midway plan to rebrand the buildings located at 712 and 708 Main St. in downtown Houston as “The Jones on Main.” The property, once known as the Gulf Oil Building, is the current Houston banking headquarters for JPMorgan Chase & Co. The name pays tribute to Houston businessman and philanthropist Jesse Jones, who commissioned the building in 1927. The Art Deco tower dominated was the city’s tallest building until 1963. Proposed renovations to the site include ground-level connection of the two buildings, the addition of high-end interior amenities, as well as new street-level restaurant and retail spaces along Main and Rusk streets. New storefronts, the addition of sidewalk patios and a nearby bike valet are designed to enliven and activate the streetscape. Historic interior details, including original frescoes illustrating the history of Texas and Houston in the Main Street lobby, will be integrated into a new public space featuring communal tables and lounge seating called the Currency Lounge. Lionstone Investments purchased the property in 2013. The property is located at intersecting MetroRail lines and the downtown tunnel system, making it easily accessible. JPMorgan Chase remains the building’s main tenant, occupying nearly 452,000 square feet of office …

April 15, 2016

Newer Posts

Older Posts