Office

Avison Young Arranges $14.4M Sale of Atlantic Business Park in Raleigh

by John Nelson November 20, 2015

RALEIGH, N.C. — Avison Young has brokered the $14.4 million sale of Atlantic Business Park, a two-building, 10-acre office campus located at 4401 and 4501 Atlantic Ave. in north Raleigh. The office campus totals 114,365 square feet and was fully leased at the time of sale to tenants such as Advance Auto Parts Inc., City of Raleigh Police Department and Regional Acceptance Corp., a division of BB&T. Braxton Anthony and Gary Lyons of Avison Young’s Raleigh office represented the sellers, SJ Co. LLC and SJ1 Co. LLC, in the transaction. William Allen of Trinity Partners represented the buyers, 4401 Atlantic Avenue LLC and 4501 Atlantic Avenue LLC.

November 20, 2015

Market Reports Multifamily Office Texas Texas Market Reports

San Antonio Wins the Race with Consistency, Diversified Economy

by Haisten Willis November 20, 2015

The story of the tortoise and the hare can be used to describe the major metros throughout Texas. In recent years, Austin has sprung to life while San Antonio has developed slow and steady. Most recently, however, it appears San Antonio’s office market has received a jolt — the second quarter of 2015 saw three to four times more activity than historic averages indicate — and San Antonio now boasts its lowest vacancy rate since 2008. With a 3.4 percent unemployment rate, San Antonio ranks third on the list of major metropolitan cities across the country with the lowest unemployment rates, trailing only Austin at 3 percent and Salt Lake City at 3.1 percent. These numbers are indicative of a much larger picture of San Antonio. Uniquely positioned to capture the spillover of tech companies and supporting businesses from Austin, its neighbor, San Antonio’s low rental rates for both Class A and B office space along with stable infrastructure make it a viable, attractive alternative for many major businesses looking to expand. But where in San Antonio is all this activity erupting? San Antonio’s newest residents are interested in one area, and you need look no further than the central …

November 20, 2015

Industrial Mixed-Use New York Northeast Office

IRG Purchases 2 Million SF Pfizer Campus in Pearl River, N.Y.

by Amy Works November 20, 2015

PEARL RIVER, N.Y. — Industrial Realty Group (IRG) has acquired the more than 2 million-square-foot Pfizer campus in Pearl River, located 20 miles north of Manhattan. IRG plans to transform the 200-acre campus into a dynamic mixed-use, multi-tenant campus, which will bring businesses and job opportunities to Rockland County. The acquisition includes approximately 38 buildings of laboratory, manufacturing, office and support buildings. Pfizer will retain and operate 500,000 square feet and lease back approximately 1.2 million square feet from IRG. Terms, including sales price, of the acquisition were not released. IRG plans to transform the 2 million-square-foot Pfizer campus in Pearl River, N.Y., into a mixed-use, multi-tenant campus.

November 20, 2015

California Office Western

Clarion Partners Buys Pacific Technology Park in San Diego for $90M

by Nellie Day November 19, 2015

SAN DIEGO — Clarion Partners has purchased Pacific Technology Park, a 544,352-square-foot office park in San Diego, for a reported $90 million. The park is located at 9389-9477 Waples Street in the Sorrento Mesa submarket. Pacific Technology Park was 80 percent leased at the time of sale. Notable tenants include Thermo Fisher, Qualcomm, Novartis, DirectMed, True Temper, Raytheon, Cintas and Tritech. Clarion represented itself, while Jeffrey Cole, Jeff Chiate and Ed Hernandez of Cushman & Wakefield represented the seller, CBRE Global Investors.

November 19, 2015

200-Precision-Dr-425-Privet-Road-Horsham-PA

Industrial Loans Northeast Office Pennsylvania

HFF Arranges $28M in Refinancing for Two-Building Portfolio in Suburban Philadelphia

by Amy Works November 19, 2015

HORSHAM, PA. — HFF has arranged a $28 million loan for the refinancing of a two-building portfolio in Horsham, a suburb of Philadelphia. The borrower was an affiliate of Endurance Real Estate Group LLC. The 10-year loan, which features a fixed rate, was provided by Silverpeak Real Estate Finance. Loan proceeds will be used to refinance existing debt. The portfolio includes 200 Precision Drive, a 126,500-square-foot facility with 63,000 square feet of warehouse space, 49,400 square feet of office space and a 14,200-square-foot laboratory; and 425 Privet Road, a 120,290-square-foot property fully leased to Teva Pharmaceuticals. 200 Precision Drive is leased to Finisar Corp., C&D Technologies and DrugScan. Ryan Ade and Campbell Roche of HFF represented the borrower in the financing.

November 19, 2015

Massachusetts Mixed-Use Multifamily Northeast Office Retail

Senate Construction Completes Phase II of Mixed-Use Project in Massachusetts

by Amy Works November 19, 2015

GROTON, MASS. — Senate Construction Corp. has completed the second phase of construction at Boynton Meadows, a mixed-use development in Groton. The second phase consists of eight townhomes, ranging in size from 2,000 square feet to 2,500 square feet with additional walkout and basement space. The first phase of the project, which was completed in 2012, included mixed-use office and retail space, including a yoga studio, bakery and dental office, and the third phase, slated to begin soon, will include seven residential units. Developed by Mount Laurel Development the overall project includes the restoration of a historic, colonial structure, the addition of retail space and the construction of 15 townhouse units overlooking Gibbet Hill. Maugel Architects designed the mixed-use project, which was financed by Bank of New England.

November 19, 2015

Office Southeast Virginia

Akridge, Ronald D. Paul Cos. to Redevelop Metro DC Property into Trophy Office Building

by John Nelson November 19, 2015

TYSONS, VA. — Akridge and the Ronald D. Paul Cos. have acquired 1690 Old Meadow Road in Tysons, a Virginia suburb of Washington, D.C., for $7.6 million. The pair plans to redevelop the existing 13,000-square-foot training facility for GEICO into a 250,000-square-foot office building. Upon completion, the 11-story project will sit atop a five-story parking garage and offer ground-floor retail space and on-site amenities such as a conference facility, in-building wireless, a restaurant and a landscaped terrace with common space and bocce ball courts. The property sits directly across the street from the McLean Metro Station and planned Wegmans grocery store. KGD Architecture is designing the redevelopment. The sale of 1690 Old Meadow Road resulted from a tri-party agreement with GEICO and Merritt Properties. GEICO is relocating its current training facility to a new build-to-suit facility in Merritt’s Ashbrook business park in Ashburn, Va. Jeff Groh and Michael Blyumin of JLL represented GEICO, and Joseph Svatos of Akridge represented the buyers in the transaction. Andrei Ponomarev of Akridge represented GEICO in the development and construction phase of the project.

November 19, 2015

Office Texas

Partnership Acquires 801 Barton Springs, Plans 90,500 SF Office Building

by Haisten Willis November 19, 2015

AUSTIN, TEXAS — A partnership between Austin-based Generational Commercial Properties and Houston-based HTZ Investments has purchased a 34,000-square-foot site located at 801 Barton Springs in Austin. The site, located between Bouldin Avenue and South First Street on Barton Spring Road, is currently a parking lot occupied by food trucks. The new owners will construct an office building featuring 90,500 square feet of office space and 1,800 square feet of retail. Four stories of office will sit atop four-and-a-half levels of parking. Generational Commercial is the project’s developer. The design incorporates central core network technology, which allows tenants to control lights, temperatures, security and other building features from a computer or at home. Austin-based architecture firm Runa Workshop will design the building to LEED Silver standards. A site development permit from the city of Austin has been secured, and construction is slated to commence in the first half of 2016. AQUILA Commercial will lease the building. Rob Wendt with Centric Commercial represented the seller, and Reagan Smith with SRI Commercial represented the buyer in the transaction. This is the partnership’s first investment in Austin.

November 19, 2015

Office Texas

Vista Mason Creek Sells Site to Mercantil Commercebank in West Houston

by Haisten Willis November 19, 2015

HOUSTON — Vista Mason Creek Ltd. has sold a one-acre site to Mercantil Commercebank NA in west Houston. The property is located at the northeast corner of I-10 West and Merchant’s Way in Mason Creek Corporate, a 110-acre business park located at the northeast corner of I-10 and Mason Road. Mercantil Commercebank will build a full-service branch bank at the location. Dennis Johnston of Vista Brokerage Services represented the seller, and Nick Hernandez and Chace Henke of Transwestern represented the buyer.

November 19, 2015

Office Texas

Cushman & Wakefield Arranges 22,709 SF Office Lease in Metro Dallas

by Haisten Willis November 19, 2015

PLANO, TEXAS — Foxworth Galbraith Lumber Co. has leased 22,709 square feet of office space in Preston Park Financial Center located at 4965 Preston Park Blvd. in Plano. Clint Madison and Rodney Helm with Cushman & Wakefield represented the landlord, Griffin Partners. Janice Peters of Hudson Peters Commercial represented Foxworth Galbraith Lumber Co.

November 19, 2015

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