Office

Menlo Equities Buys Thistle Landing Office Park in Phoenix

by Nellie Day October 22, 2015

PHOENIX — An affiliate of Menlo Equities LLC has purchased the remaining three buildings of Thistle Landing office park in Phoenix for an undisclosed sum. The park is located at 4801, 4805 and 4811 E. Thistle Landing Drive. Thistle Landing includes four Class A office buildings. The park was built in 1998. Menlo had previously purchased the initial building. The park is fully leased to Fiserv Inc., United Healthcare, DISH Network and OptumRx. Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield represented the seller, Torchlight Investors LLC.

October 22, 2015

Market Reports Michigan Midwest Midwest Market Reports Office

Resurgence of Downtown Grand Rapids Is Occurring on Many Fronts

by Christina Cannon October 22, 2015

Downtown Grand Rapids is booming with commercial real estate activity, and it’s coming from many directions. The combination of new residential units, restaurants, bars and a variety of entertainment options is leading people to not only live downtown, but also work and play downtown. Activity in the downtown office market — including office leases, new mixed-use construction and new retail — has increased over the last couple of years, and there is no sign of it slowing down. The overall office vacancy rate in the central business district (CBD) decreased from 9.4 percent in the first quarter to 8.25 percent in the second quarter. While Class A office space has performed well in recent quarters, there was a slight increase in the vacancy rate during the second quarter. As for Class B space, we observed a sizable decrease in the vacancy rate, from 10.1 percent in the first quarter to 8.5 percent in the second quarter. As a whole, the CBD office market experienced positive absorption of 74,293 square feet during the second quarter. Rental rates stabilized in the second quarter after increasing for the past several quarters. Meanwhile, some new construction and planned construction is hitting the market at …

October 22, 2015

Office Texas

CBRE Arranges Relocation of CareReview’s Headquarters in Arlington

by Haisten Willis October 21, 2015

ARLINGTON, TEXAS — CBRE has arranged the headquarters relocation of CareReview from Arlington Downs Tower, located at 2225 E. Randol Mill Road, to Brookhollow Two at 2221 E. Lamar Blvd. in Arlington. The third-party insurance review company’s new headquarters spans 10,695 square feet and will more than double its current space. Richmond Collinsworth of Bradford Cos. represented the tenant, and Bryan Graham of CBRE represented the landlord, Brookhollow II Holdings.

October 21, 2015

Loans New York Northeast Office

Meridian Capital Arranges $130 Million in Financing for Two NYC Office Buildings

by Jaime Lackey October 21, 2015

NEW YORK CITY — On behalf of a New York City-based sponsor, David Hayum of Meridian Capital Group has negotiated $130 million in permanent financing to refinance two office properties located in Midtown Manhattan. A regional balance sheet lender provided the $130 million, seven-year financing package, which features an interest rate of 3.88 percent. The properties are located at 15 West 47th Street and 22 West 48th Street, just south of Rockefeller Center in Midtown Manhattan, and are encumbered by a $75 million mortgage and a $55 million mortgage, respectively. 15 West 47th Street is a premier diamond exchange building, and both properties have a concentration of diamond and jewelry manufacturers, wholesalers and retailers.

October 21, 2015

Indiana Industrial Loans Midwest Minnesota Office

Associated Bank Provides Two Loans Totaling $35.2M for Projects in Indiana and Minnesota

by Christina Cannon October 21, 2015

COLUMBUS, IND. AND MAPLE GROVE, MINN. — Associated Bank has provided two loans totaling $35.2 million for projects in Indiana and Minnesota. In the first project, LandMark Group Cos. took out a construction loan for a 391,355-square-foot manufacturing and distribution facility in Columbus, Ind. The second loan for $6.9 million was awarded to an affiliate of Westminster Capital to acquire and reposition a 97,368-square-foot office building located at 6820 N. Wedgewood Road in Maple Grove, Minn. The Class A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford, a Fortune 500 company. The investment and insurance giant consolidated operations at an existing office in Bloomington, Minn., and did not extend its lease. Edward Notz, senior vice president of Associated Bank, managed the transactions.

October 21, 2015

Market Reports New York Northeast Northeast Market Reports Office

The New York City Office Market is Booming

by Jaime Lackey October 21, 2015

New York City is booming. The local economy is the strongest it has ever been, with total employment numbers reaching all-time highs totaling over 4.2 million jobs through May 2015. This has led to a strong office market performance during the first six months of 2015, as office-using employment continues to grow, up 2.5 percent over the past 12 months. Demand for space continues to keep availability below 10 percent, and at 9.6 percent, Manhattan availability is down 50 basis points from last year. Despite minimal increases in Manhattan overall asking rents, up only 2.9 percent year-over-year through June, some submarkets are exceeding previous record-high asking rents from 2008. The demand from creative and tech tenants looking for space in Midtown South over the past few years has pushed asking rents up 19.1 percent above all-time highs. Downtown overall average asking rents have reached historical highs this year as well, and at $57.78 per square foot, rents are 10.3 percent higher than the previous highs in 2008. Most of this increase can be attributed to new construction at the World Trade Center site. Despite this, Midtown overall asking rents are still 5.3 percent off historical highs from 2008. Throughout Midtown, …

October 21, 2015

Michigan Midwest Office

Friedman Brokers Sale of 142,295 SF Office Building in Southfield, Michigan

by Christina Cannon October 20, 2015

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 142,295-square-foot office building in Southfield, a northwestern suburb of Detroit, for an undisclosed price. Wulin Realty purchased the building known as Nine Mile Crossing from an undisclosed seller. Located at 17515 W. Nine Mile Road, the property consists of a 12-story, Class B office building and a two-story parking structure. Nine Mile Crossing was built in 1969 and was renovated in 2012. Features of the building include an on-site sundry shop, vending machines and a hair salon. The property is situated on 5.7 acres. Rich Deptula of Friedman represented both parties in the transaction. Friedman will continue to lease and manage the building for the new owners.

October 20, 2015

Illinois Midwest Office

Avison Young Arranges Lease Renewal for 141,000 SF Building in Business Park near Chicago

by Christina Cannon October 20, 2015

BUFFALO GROVE, ILL. — Avison Young has arranged a 141,000-square-foot lease for a business building in Buffalo Grove, a Chicago suburb. Plexus Corp. has signed a long-term lease renewal for the property located at 2400 Millbrook Drive. Plexus occupies the entire building. The building is located in the Millbrook Business Center, a 70-acre development. Amenities of the Millbrook Business Center include on-site management, ponds, a walking and jogging path and volleyball courts. Brett Kroner, Keith Puritz, Eric Fischer and Michael Scadron of Avison Yong represented the tenant. Bruce Hecktman of Avison Young represented the landlord, Millbrook Properties.

October 20, 2015

California Office Western

Casey Brown Co. Buys San Diego Union-Tribune Property for $52M

by Nellie Day October 20, 2015

SAN DIEGO — The Casey Brown Co. has purchased the San Diego Union-Tribune property for $52 million. The asset is located at 350 Camino de la Reina in the San Diego submarket of Mission Valley. The property contains a 170,000-square-foot office building and a 190,000-square-foot industrial building that formerly served as the newspaper’s printing facility. Casey Brown plans to upgrade the existing office building into an amenity-rich, Class A corporate campus. The industrial building is currently being evaluated for alternative uses. The site was also recently entitled for 200 apartment units. The seller, Doug Manchester, was the former publisher of the Union-Tribune. CBRE will handle leasing the property.

October 20, 2015

Arizona Industrial Office Western

Harsch Buys Two Office/Industrial Buildings in Tucson

by Nellie Day October 20, 2015

TUCSON, ARIZ. — Harsch Investment Properties has purchased an office and flex industrial portfolio in Tucson for an undisclosed sum. The portfolio includes two buildings that total 190,000 square feet. The acquisition consists of the 60,000-square-foot Butterfield Corporate Plaza office/R&D flex property and the Tucson Airport Center, a 130,000-square-foot project with office and industrial tenants. Both properties are situated near Tucson International Airport and Interstate 10. CBRE’s Bill DiVito and Jesse Blum acted as the leasing agents for both properties. The seller was not named.

October 20, 2015

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