Office

TIER REIT Invests $20M to Renovate Bank of America Plaza in Charlotte

by John Nelson January 26, 2016

CHARLOTTE, N.C. — TIER REIT, a Dallas-based REIT, has invested $20 million to renovate Bank of America Plaza, a 40-story, Class A office tower located at the intersection of Trade and Tryon streets in Charlotte. The 891,000-square-foot tower is 92 percent leased to tenants such as Bank of America, Alston & Bird, Shumaker Loop & Kendrick and SCOR Global Life Americas. The renovation includes expanding and renovating the main building lobby and adding close to 20,000 square feet of street-level retail space. The design team includes Charlotte-based architect Redline Design Group, project manager Tracy Haynie of Trinity Partners and general contractor Rodgers Builders. Rhea Greene of Trinity Partners handles leasing for the office tower, and Mike Lucier of CBRE handles leasing for the tower’s retail portion.

January 26, 2016

Accenture Credit Services Building Charlotte

North Carolina Office Southeast

Cushman & Wakefield Brokers $7.4M Sale of Office Building in Charlotte

by John Nelson January 26, 2016

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $7.4 million sale of the Accenture Credit Services Building, a 60,447-square-foot, single-tenant office building in Charlotte. The single-story office building is located at 8336 Forest Point Blvd. within the Forest Park mixed-use development. Rob Cochran and Jared Londry of Cushman & Wakefield’s Charlotte-based capital markets group represented the undisclosed seller in the transaction. The buyer was a private investor.

January 26, 2016

Loans Midwest Office Wisconsin

Walker & Dunlop Completes $32.3M Refinancing Loan for Office Property Near Madison

by Christina Cannon January 26, 2016

MIDDLETON, WIS. — Walker & Dunlop Inc. has completed a $32.3 million refinancing loan for an office property in Middleton, approximately six miles west of Madison. Spectrum Brands, a global consumer products company that includes brands such as George Foreman and Black + Decker, is using the capital to refinance the construction loan for its headquarters, which was built in 2013. The 222,000-square-foot building is four stories. The loan was structured with a five-year term, a 79 percent loan-to-value and a debt service coverage ratio of 1.44.

January 26, 2016

Illinois Midwest Office

Foresite Realty Partners Brokers Sale of Six-Building Office Property in Chicago Suburb

by Christina Cannon January 26, 2016

NORTHBROOK, ILL. — Foresite Realty Partners LLC has brokered the sale of a six-building office complex in Northbrook, approximately 25 miles northwest of Chicago, for an undisclosed price. Northbrook Court Professional Plaza, located at 1535 Lake Cook Road, totals 74,040 square feet and was constructed between 1979 and 1981. A mix of medical and professional office tenants occupy the buildings. The buyer was a Midwest value-add office investment company, and the seller was undisclosed. Ryan Nelson and Greg Nieder of Forsite Realty represented the seller in the transaction.

January 26, 2016

Office Texas

Moody Rambin Negotiates Office Lease in Houston

by Haisten Willis January 25, 2016

HOUSTON — Houston Medical Records has renewed 8,742 square feet of office space at the Norfolk Tower building located at 2211 Norfolk St. in Houston. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building owner, The Realty Associates Fund IX. Travis Taylor with Lee & Associates represented the tenant in negotiations.

January 25, 2016

Burger King 5707 Blue Lagoon Drive Miami

Florida Office Southeast

Burger King Leases New Corporate Headquarters in Miami Build-to-Suit Project

by John Nelson January 25, 2016

MIAMI — Burger King will move its corporate headquarters to a new build-to-suit office project in Miami. The fast-food giant will be the sole occupant of a 150,000-square-foot, Class A office building located on a five-acre lot at 5707 Blue Lagoon Drive in Miami’s Airport West office submarket. The building will be situated within the Waterford at Blue Lagoon office park. The Hogan Group will develop the standalone office building to include panoramic views and several employee amenities. The five-story office building will also feature a parking deck for employee parking. The Tampa-based developer expects to wrap up construction by the third quarter of 2018. Patrick Duffy and Jon Bourbeau of Newmark Grubb Knight Frank represented Burger King in the build-to-suit lease deal. Duffy and Bourbeau negotiated lease terms with Stephen Smith of The Hogan Group.

January 25, 2016

New York Northeast Office

Cushman & Wakefield Negotiates $90M Sale of Office Building in Downtown Brooklyn

by Amy Works January 22, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of an office building located at 9 DeKalb Ave. in downtown Brooklyn. JDS Development and The Chetrit Group acquired the 70,000-square-foot landmark property, which was delivered vacant, for $90 million in an all-cash transaction. The five-story property, which previously operated as a bank with offices on the upper floors, features 315,000 square feet of transferrable development rights. The air rights can be put to use at a neighboring development site or used to build out the maximum envelope of the property to 450,000 square feet. Bob Knakal, James Nelson and Stephen Palmese of Cushman & Wakefield handled the transaction. The name of the seller was not released.

January 22, 2016

Industrial Massachusetts Northeast Office

R.W. Holmes Realty Co. Brokers $2.3M Sale of 44,950 SF Office/Warehouse Facility in Massachusetts

by Amy Works January 22, 2016

NATICK, MASS. — R.W. Holmes Realty Co. has arranged the sale of a 44,950-square-foot office/warehouse property located at 245 W. Central St. in Natick. Snap-One Corp. sold the property to South Natick Partners LLC for $2.3 million. Situated on 2.5 acres, the property features four tailboard doors, one drive-in loading dock and 100 parking spaces. Craig Johnston of R.W. Holmes Realty represented the seller, while Eric Brosler of MetroWest Commercial Real Estate represented the buyer in the transaction.

January 22, 2016

New York Northeast Office

Kalmon Dolgin Affiliates Arranges $1.8M Sale of Commercial Property in Brooklyn

by Amy Works January 22, 2016

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the sale of a commercial property located at 384 Hendrix St. in Brooklyn’s Brownsville/East New York neighborhood. HRS NY Realty acquired the 13,200-square-foot property from NY PCC for $1.8 million. The buyer plans to renovated the building, which was most recently used as healthcare offices, for commercial office use. The building features 12-foot ceilings, gas heat and a full sprinkler system. Allison Chambers of KDA represented the seller, while Joel Kohn and Avrum Lieber of KDA represented the buyer in the transaction.

January 22, 2016

Office Texas

Trigate Capital Purchases Northbelt Office Center II in Houston

by Haisten Willis January 22, 2016

HOUSTON — TriGate Capital has purchased Northbelt Office Center II, a two-story office building located at 785 Greens Parkway in Houston. C-III Asset Management, which took control of the property via foreclosure in April 2014, sold the office building. The property totals 124,000 square feet and is 68 percent occupied. The building is expected to be less than 50 percent occupied following a planned tenant move-out in mid-2016. TriGate has invested capital to reposition the building, including exterior and interior renovations. TriGate purchased the property without an operating partner and has hired Transwestern for third-party leasing and management services.

January 22, 2016

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