Office

Mack-Cali Realty Acquires 196,128 SF Office Building in New Jersey

by Amy Works February 3, 2016

EDISON, N.J. — Mack-Cali Realty has acquired Metroview, a 10-story office building located at 333 Thornall St. in Edison for an undisclosed price. Situated on 11.5 acres, the 196,128-square-foot office building features 21,000-square-foot floor plates and was 96 percent occupied at the time sale. Major tenants include AXA Equitable, ICAP Securities, Cohn Reznick, Lincoln National, Merrill Lynch and United Healthcare. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the undisclosed seller in the transaction.

February 3, 2016

Connecticut Northeast Office

Angel Commercial Brokers Two Deals in Connecticut Totaling $10.8M

by Amy Works February 3, 2016

WESTPORT, CONN. — Southport, Conn.-based Angel Commercial has arranged the sales of two properties in Westport owned by the Kowalsky family for a combined value of $10.8 million. In the first deal, a limited liability company controlled by Investment Capital Holdings LLC acquired a 42,624-square-foot multi-tenant office building at 1777 Post Road East for $6.8 million. In the second transaction, a limited liability company controlled by Coastal Construction Group purchased a 9,184-square-foot office building located at 1141 Post Road East for $4 million. Coastal Construction Group plans to develop a mixed-use development on the 5.4-acre site. Jon Angel and Brett Sherman of Angel Commercial represented the seller and buyers in the transactions, which both closed the last week of January.

February 3, 2016

Connecticut Market Reports Northeast Northeast Market Reports Office

Tenants Have the Upper Hand in Stamford Office Market

by Jaime Lackey February 3, 2016

The Stamford, Connecticut, office market has everything going for it: proximity to New York City, a good transportation system, a wonderful quality of life, a superior public school network, great recreational possibilities being on Long Island Sound and great professionals. The one negative: almost zero growth in the state for the past 25 years in terms of both population and office-using jobs. This lack of growth has led to a very soft economic climate as it relates to office space. The vacancy rate for class A office space has hovered at more than 20 percent for the last seven years or more and has dipped below that only a few times since 1990. Vacancy Rate Favors Tenants In Fairfield County, the point of equilibrium is an office vacancy rate of approximately 15 percent. In other words, when the vacancy rate is 15 percent, neither landlords nor tenants have the upper hand in the negotiation of a lease transaction. In Stamford, the current vacancy rate resides at just over 23 percent — and that gives significant negotiating leverage to tenants that are looking for space. Interestingly enough, landlords of some of the better Class A institutional buildings are willing, and able, …

February 3, 2016

Delaware Healthcare Northeast Office

Emory Hill Real Estate Services Acquires Glasgow Medical Center in Delaware for $13.8M

by Amy Works February 2, 2016

GLASGOW, DEL. — 2600 Glasgow LLC, an affiliate of NAI Emory Hill Real Estate Services, has acquired Glasgow Medical Center, located at 2600 Glasgow Ave. in Glasgow. GMC LLC sold the property for $13.8 million. The 109,000-square-foot building offers medical office suites ranging from 1,475 to 6,800 square feet. Current tenants include Ambulatory Surgery Center and Medical Aid Unit, laboratory facilities and various specialty medical practices and administrative support functions. Emory Hill provided in-house representation for the buyer, while the seller was represented by Tactix. David Morrison of NAI Emory Hill is handling leasing activities for the property.

February 2, 2016

Office Texas

Senderra RX Relocates, Expands Headquarters in Dallas

by Haisten Willis February 2, 2016

DALLAS — Senderra RX, a disease state management specialty pharmacy, has signed a long-term lease that will move its corporate office to Lake Highlands Tower, a Class A office building located at 9330 Lyndon B. Johnson Freeway in Dallas. Senderra RX will occupy 21,642 square feet of the 15-story office building, having outgrown its existing facility. Amenities at the property include a full-service bank, barber shop, dry cleaner, conference center and on-site security. Cushman & Wakefield’s Dan Harris and Craig Wilson represented Senderra RX in the transaction. Blake Shipley and Jay Bailey of JLL represented the landlord, Gregory & Malouf Interests.

February 2, 2016

Midwest Missouri Office

Revive Capital Development Acquires Office Building in St. Louis for Loft Apartment Conversion

by Christina Cannon February 2, 2016

ST. LOUIS, MO. — Revive Capital Development LLC has acquired a 270,000-square-foot office building in St. Louis for an undisclosed price. The development company plans to convert the nine-story building into loft apartments. 1706 Washington LLC sold the property that was previously occupied by CPI Corp., a portrait studio. The vacant building, constructed in 1912, is located at 1706 Washington Ave. John Warren of JLL represented the seller.

February 2, 2016

Midwest Office Wisconsin

Siegel-Gallagher Arranges 1,301 SF Office Lease in Elm Grove, Wisconsin

by Christina Cannon February 2, 2016

ELM GROVE, WIS. — Siegel-Gallagher has arranged a 1,301-square-foot office lease inside The Tradesman Building in Elm Grove, approximately 10 miles west of Milwaukee. Proactive Title Solutions LLC will occupy space at the building situated at 500 Elm Grove Road. The landlord of the property is Building Trades United Pensions Trust Fund. John Dulmes and Dan Walsh of Siegel-Gallagher brokered the transaction.

February 2, 2016

Georgia Office Southeast

Avison Young Brokers $30.1M Sale of 303,000 SF Office Building in Metro Atlanta

by John Nelson February 2, 2016

KENNESAW, GA. — Avison Young has arranged the $30.1 million sale of Chastain Center, a 303,000-square-foot office building located on Chastain Boulevard in Kennesaw’s Town Center submarket. Matt Tritschler, Steve Morgan and Stephanie Marion of Avison Young represented the seller, Parthenon Realty, in the transaction. The buyer was TerraCap Management LLC. Built in 1987, Chastain Center was 67 percent leased at the time of sale to tenants such as Aaron’s Inc., Applied Global Technologies, First Arkansas Bank & Trust/Card Assets and Markem-Imaje.

February 2, 2016

Office Utah Western

Price Human Services Building in Utah Changes Hands

by Nellie Day February 2, 2016

PRICE, UTAH – The Price Human Services Building, a 37,829-square-foot office building in Utah, has sold to an unnamed buyer. The price was not disclosed. The space is located at 475 West Price River Drive in Price. It is fully leased to tenants like the Utah Attorney General, the Utah Department of Workforce Services, the Utah Department of Family and Child Services, and the Utah Department of Rehabilitation Services. The seller, Fairbridge Properties, purchased the asset in 2013.

February 2, 2016

Office Texas

CBRE Capital Markets Brokers Sale of Office Property in Austin

by Jeff Shaw February 1, 2016

AUSTIN, TEXAS — CBRE Capital Markets has brokered the sale of Donley Plaza, a 69,547-square-foot office asset in Austin. Nashville-based OakPoint Real Estate and local partner Haverwood Management purchased the asset from a California-based partnership. Donley Plaza marks the fifth office acquisition in Austin for the OakPoint/Haverwood duo. Donley Plaza, located at 2201 Donley Drive in north-central Austin, was 65 percent occupied at the time of closing. The building was constructed in 1983 and renovated in 2013. The buyer has an opportunity to lease one full floor of the building in a location just east of the Domain, a mixed-use community. OakPoint and Haverwood are partnering with a local architecture firm to redevelop Donley Plaza for creative and tech-oriented users. Additionally, the new ownership group is in the early planning stages for a build-to-suit on the adjacent vacant site, which is being marketing to large corporate users seeking value office space in and around the North Austin/Domain submarket.

February 1, 2016

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