Office

Marcus & Millichap Brokers $3.8M Sale of 19,910 SF Medical Office Property in Suburban Columbus

by Christina Cannon October 12, 2015

GAHANNA, OHIO — Marcus & Millichap has arranged the sale of a 19,910-square-foot medical office property in Gahanna, a Columbus suburb. The Stonybrook Medical Center sold for $3.8 million. John P. Reehil of Marcus & Millichap represented the undisclosed seller. Michael Barron, Dan Burkons, Josh Wintermute, Richard Lattro and Jordan Marshall represented the undisclosed buyer. The property, located at 5175 Morse Road, is 77 percent occupied. Tenants include Ohio State University Otolaryngology, COPCP, Smith Facial Plastics and Advanced Dental.

October 12, 2015

Illinois Midwest Office

Sterling Bay to Develop 207,000 SF Office Build-to-Suit in Chicago for C.H. Robinson

by Christina Cannon October 12, 2015

CHICAGO — Sterling Bay has unveiled plans to develop a 207,000-square-foot office building in Chicago. The build-to-suit property is located at 1511 W. Webster in the Lincoln Park neighborhood. Sterling Bay acquired the 4.1-acre site earlier this year and will be the developer and manager of the property. The three-story building will become the new headquarters for C.H. Robinson, which has signed a 15-year lease for the entire property. The relocation will provide C.H. Robinson, the largest logistics company in Chicago, with 47,000 more square feet than it occupies in its current lease at 1840 N. Marcey St. Occupancy is slated for late 2018.

October 12, 2015

New Jersey Northeast Office

Nestlé Health Science to Occupy 180,000 SF at New Jersey Center of Excellence

by Amy Works October 12, 2015

BRIDGEWATER, N.J. — Nestlé Health Science has signed a long-term lease to occupy 180,000 square feet of space at the New Jersey Center of Excellence in Bridgewater. Nestlé Health Science, a health-science company engaged in the development of innovative nutritional therapies, will occupy a building that previously served as a research center within the former Sanofi U.S Research and Development Campus. Since acquiring the campus, the joint partnership of Advance Realty and CrossHarbor Capital Partners has fully repositioned the site and turned it into a premier research and development campus. The interior fit-out for the new space will begin before the end of this year, with the move-in slated for July 2016.

October 12, 2015

Office Texas

Harwood International to Develop New Office Tower in Dallas

by Haisten Willis October 9, 2015

DALLAS —Harwood International has announced it will develop a new office tower known as 2850. Designed by Dallas-based HDF, the Class A office tower features 22 floors totaling 228,000 square feet. It will be the ninth development in the master-planned district of Harwood. The ground level of the building will include over 12,000 square feet of retail and restaurant space with adjacent gardens and outdoor seating. The gardens are continued on the ninth level with 20,000 square feet of green roof terraces. The building is topped off with 11,000 square feet of office space and two roof gardens. The 18-block district of Harwood has building rights to over 12 million square feet of condominium, office, retail, and multifamily developments.

October 9, 2015

Midwest Office Ohio

Marcus & Millichap Arranges $4.4M Sale of Medical Office Building in Columbus Suburb

by Christina Cannon October 9, 2015

PICKERINGTON, OHIO — Marcus & Millichap has arranged the sale of a 12,539-square-foot medical office building for $4.4 million in Pickerington, a Columbus suburb. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the seller, Stage Equity Partners LLC. Charlie Hampton III of Marcus and Millichap represented the undisclosed buyer in the transaction. Pediatric Associates is the tenant.

October 9, 2015

Illinois Midwest Office

Bradford Allen, Essex Broker $4.2M Sale of 27,000 SF Office Building in Chicago

by Christina Cannon October 9, 2015

CHICAGO — Bradford Allen Realty Services and Essex Realty Group have brokered the sale of a 27,000-square-foot office building located at 925 W. Chicago Ave. for $4.2 million. Laurence Elbaum of Bradford Allen and Jason Fishleder of Essex represented the seller, Gamla Cedron Group. The buyer was undisclosed. The three-story building was 66 percent occupied at the time of sale. Tenants include The Lab Dance Studio and Proline Golf. The loft building was originally built in 1905 and was renovated in 2013.

October 9, 2015

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

Port, Diverse Economy Drive Growth in Corpus Christi Real Estate Market

by Haisten Willis October 9, 2015

When people come to Corpus Christi, many of them expect to find a community that has been devastated by the downturn caused by the oversupply of cheap oil and gas. They expect a community with rising unemployment and vacant buildings. Based on the past, they would be correct. However, Corpus Christi and the Coastal Bend have been experiencing a major transformation of their economy, which is now much more diverse. This is partly because of the leadership, hard work and vision of its people, and partly because of good luck caused by the infrastructure that had been put in place by the Port of Corpus Christi. This infrastructure was at the right place at the right time. The Port of Corpus Christi has always been a driving force and major contributor to the economy of Corpus Christi. The port’s leaders knew that if they didn’t make some major changes, they would not remain competitive. The Port of Corpus Christi is the fifth largest port in the U.S. in total tonnage. However, because of the depth of the port channel and the height of the harbor bridge which crosses over the port, the newer, larger ships could not enter the port. …

October 9, 2015

Loans Office Southeast Virginia

HFF Secures $30M Loan for Class A Office Building in Tysons Corner District

by John Nelson October 9, 2015

MCLEAN, VA. — HFF has secured a $30 million bridge loan for a 152,000-square-foot, Class A office building located at 1550 Westbranch Drive in the Tysons Corner area of McLean. Completed in 2001, the six-story building is fully leased to MITRE Corp., a not-for-profit organization, through late 2016. Amenities at 1550 Westbranch include a conference center and break-out area, fitness center with shower facilities, café and a 470-space covered parking garage. Daniel McIntyre led HFF’s debt placement team in arranging the three-year, floating-rate loan through EagleBank on behalf of the borrowers, affiliates of Griffith Properties LLC and Reubenstein Partners. The loan has two one-year extension options and is being used to finance the acquisition and repositioning of 1550 Westbranch.

October 9, 2015

Loans New York Northeast Office

New York REIT Receives $325M in Financing for Office Building in Times Square

by Amy Works October 9, 2015

NEW YORK CITY — New York REIT Inc. has closed on a $325 million in refinancing for 1440 Broadway, an office building located steps away from Times Square. The 25-story building features 755,679 square feet of office space. The completion of the financing is another step in the company’s strategic initiatives plan to build a best-in-class Manhattan real estate portfolio for the benefit of its shareholders.

October 9, 2015

Loans New York Northeast Office Retail

The Singer & Bassuk Group Receives $80M Loan for Office, Retail Property in NYC

by Amy Works October 9, 2015

NEW YORK CITY — The Singer & Bassuk Organization (SBO) has received $80 million in permanent financing for 501 Madison Avenue, a 30-story office and retail property owned by heirs of Cornelius Vanderbilt III. The loan is the last phase of a three-part series of interim, construction and permanent financing, which SBO first started to arrange in 2013, that aggregate to more than $160 million for the 200,000-square-foot asset. The property has undergone numerous renovations, including a new façade for the first- and second-floor retail spaces; new building entrance, lobby, elevators, windows, and cooling tower; electrical-system upgrades; and revitalized multi-tenant common areas. Tenants at the property include Carlo Pazolini, Oscar Heyan Inc., Randi Rahm, Innisfree M&A Inc. and The World Jewish Congress Foundation. The loan was provided by AXA Equitable Life Insurance Company.

October 9, 2015

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