ADDISON, LAS COLINAS AND RICHARDSON, TEXAS — CREA Investments, a privately held real estate investment services firm, has acquired three office buildings in the Dallas area. The properties include The Belvedere,in Addison, The Meridian in Las Colinas and 2929 NCX in Richardson. Cushman & Wakefield will handle leasing and management services for all three properties. The Belvedere, which features 141,180 square feet of Class A office space, will undergo renovations to corridors, restrooms and the building lobby. The asset also offers 100 percent structured parking. The Meridian, which features 100,359 square feet of office space, will undergo renovations to all corridors, restrooms and a tenant lounge, as well as building systems. Capital improvements also include the addition of spec suites on two floors. 2929 NCX features 85,089 square feet of office space. Since the acquisition, renovations to the lobby, corridors, and restrooms have been completed. Spec suites ranging from 1,500 square feet to 2,000 square feet are also under construction. In addition, the building has been repainted.
MEDFORD AND BURLINGTON, MASS. — The Davis Companies has selected Margulies Perruzzi Architects to revitalize and reposition two office building properties. The architectural and interior design firm will upgrade the main entrance, lobby and common areas of One Cabot Road in Medford and One Burlington Business Center in Burlington. Constructed in 1989, One Cabot Road is a 400,000-square-foot office building featuring a full-service cafeteria, fitness facility, abundant power and emergency systems and a generous parking ratio, including 170 executive spaces inside the building. The property is currently 94 percent leased, with approximately 30,000 square feet available and 130,000 square feet becoming available in 2017. One Burlington Business Center is a four-story, 176,000-square-foot office building located adjacent to the Lahey Hospital and Medical Center. The building is occupied by Lahey Hospital and Medical Center and Silverink Communications, among others.
WESTPORT, CONN. — Coastal Construction Group LLC has acquired a mixed-use property located at 785 Post Road East in Westport. Situated on 2.5 acres, the 5,000-square-foot property sold for $1.2 million. The buyer plans to use the building for additional office space. Jon Angel of Angel Commercial represented the seller, George Essenfeld Trustee and Lewis Meriwether, in the transaction.
RALEIGH, N.C. — Federal Capital Partners (FCP), along with joint venture partner Strategic Capital Partners (SCP), has acquired a development site near the I-40 and I-540 intersection in Raleigh. The joint venture partners have selected Brasfield & Gorrie to construct a new office building known as Forty540 at the development site, which is located in Raleigh’s RTP/I-40 office submarket. The five-story office building will span 198,481 square feet and will feature 41,000-square-foot floorplates for prospective tenants. FCP and SCP have retained Edward Pulliam, Brad Corsmeier and Lee Clyburn of CBRE|Raleigh to lease the office project. Brasfield & Gorrie expects to deliver Forty540 in the first quarter of 2017.
BANNOCKBURN, ILL. — GlenStar Properties has acquired a 420,613-square-foot office complex in Bannockburn, approximately 30 miles northwest of Chicago, for an undisclosed amount. Bannockburn Lakes is a Class A complex that is comprised of four buildings that are located at 2333, 2345, 2355 and 2201 Waukegan Road. The complex was previously owned by two different entities. Wells Fargo Bank sold buildings I, II and IV. Lonestar sold building III. GlenStar has plans for a $10 million capital improvement plan that includes renovating restrooms and common areas, repaving the parking lots, adding new signage and enhancing landscaping. GlenStar will also build a new amenity center that will feature food service, a tenant lounge, fitness center and conference center.
MILWAUKEE AND OCONOMOWOC, WIS. — Siegel-Gallagher has completed the sale of two properties in separate transactions in Wisconsin. In the first transaction, Worthington Properties LLP purchased a 52,250-square-foot industrial property from Brandt/Quirk Realty Co. for an undisclosed price. The property is located at 1880 Executive Drive in Oconomowoc, approximately 35 miles west of Milwaukee. In the second deal, Andover Portland Avenue Associates LLC acquired the Riverfront Plaza, a 108,718-square-foot office building. RFP Office LLC sold the property located at 1110 N. Old World Third St. for an undisclosed price. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher brokered both transactions.
After six painful years, vacancy is finally declining in the Orlando office market. Effects of the Great Recession on real estate markets have been thoroughly examined here before, but outside factors that have played such a prominent role in reshaping the office market are creating significant impact. These changes might appear to be negative, but they will ultimately prove positive. Quantum advances in communication and data storage, new attitudes regarding workplace culture, workspace sharing centers and virtual offices have stirred the submarkets that comprise the greater Orlando area. While they are affecting all sectors of commercial real estate, they are felt most acutely in the office markets, slowing employment growth and corporate expansion, which have always powered the rate of change in quarter-to-quarter vacancy declines. Cloud-based data storage and paperless transaction platforms have shrunk the size of private offices with file storage rooms. Text messaging, email and file sharing platforms such as Dropbox have reduced the need for face-to-face meetings and demand for conference rooms and private offices. Real estate closings that once involved several parties in a conference room are antiquated now. Over the past five years, staffed reception areas have given way to scaled down waiting salons with …
MERRIMACK, N.H. — CBRE/New England has arranged the sale of an office building located at 21 Manchester St. in Merrimack. HCOP Merrimack, a joint venture between Novaya Real Estate Ventures and Bradstreet & Chandler, sold the property, which included 4.1 acres of land, to an undisclosed buyer for $3.8 million. The 41,000-square-foot building is part of the three-building Heron Cove Office Business Park, which is situated on 15 acres. Roger Dieker and Michael Tamposi of CBRE/NE represented the seller, while Michael Ciummei and Brian Tisbert of JLL represented the buyer in the transaction.
ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided $3.5 million in financing to Bivona Child Advocacy Center in Rochester. The financing includes construction and permanent loans, as well as a historic tax credit investment in the rehabilitation of the non-profit’s new location at The Skalny Building, previously known as the Old Stone Warehouse. Located at 1 Mount Hope Ave., the 30,000-square-foot building will house many of the non-profit’s partner agencies, including law enforcement, Child Protective Services, prosecutors, medical professionals, social workers, therapists and advocates. NH Architecture provided architectural services and CP Kelly & Associates served as general contractor for the project, which opened in September.
HOUSTON AND STAFFORD, TEXAS — Brennan Investment Group LLC has acquired a six-building industrial portfolio totaling 132,997 square feet in Houston and Stafford. The buildings are located at 8600 to 8850 Jameel Road in Houston, and 12705 S. Kirkwood Road in Stafford. The properties consist of office and warehouse space.