Office

HFF Brokers Sale of 100,000 SF Office Building in Parsippany

by Amy Works August 5, 2015

PARSIPPANY, N.J. — Holliday Fenoglio Fowler (HFF) has arranged the sale of Halsey Corporate Center, an office building located at 90 E. Halsey Road in Parsippany. Stockbridge Capital Group sold the property to Boxer F3 LLC for an undisclosed price. The 100,000-square-foot building features a three-story, glass-enclosed atrium lobby and full-service cafeteria. At the time of sale, the property was leased to eight companies, including Chemtrade. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Andrew Scandalios of HFF represented the seller in the transaction.

August 5, 2015

Georgia Office Southeast

Grubb Properties Acquires Three Office Buildings in Atlanta’s Central Perimeter Submarket for $32.7M

by John Nelson August 5, 2015

ATLANTA — Grubb Properties has purchased three mid-rise office buildings in Atlanta’s Central Perimeter submarket from Atlanta Property Group for $32.7 million. The buildings, known as The Park at Perimeter Center East, total 284,500 square feet and are located north of I-285 and east of Ashford Dunwoody Road. Grubb Properties plans to invest $5.2 million in capital improvements for the office assets. This is the first office acquisition in the Atlanta area for Grubb Properties.

August 5, 2015

Midwest Minnesota Office

Colliers International Brokers Sale of River Park Plaza in St. Paul, Minn. to Cohen Equities

by Jonathan Mehall August 4, 2015

ST. PAUL, MINN. — Colliers International has brokered the sale of the River Park Plaza office building in St. Paul to Cohen Equities, a New-York based real estate firm. Cohen Equities acquired the 343,000-square-foot building at auction. The building sale closed on Friday, July 24. The property is located at 10 River Park Plaza along the Mississippi River. Comcast’s regional office is a main tenant of River Park. Bob Pounds of Colliers’ Minneapolis-St. Paul office represented LNR Property LLC, the seller of the building. In addition to managing the leasing for the building, Colliers has also been selected by Cohen Equities to manage the property. According to the Minneapolis/St. Paul Business Journal, the final bidding price on 10 River Park Plaza before the time of sale was $20.1 million

August 4, 2015

Mixed-Use Office Texas

Texas Children’s Pediatrics Signs on at Mixed-Use Development in Houston

by Haisten Willis August 4, 2015

HOUSTON — Texas Children’s Pediatrics has agreed to open a new pediatric center in The Boardwalk at Towne Lake in Houston. Texas Children’s Pediatrics will occupy the top floor of one of the four Boardwalk buildings. Located off Highway 290 and Barker Cypress Road, the mixed-use waterfront development offers retail and restaurant spaces, as well as a central green area for events and boat slips for lake access. The Boardwalk at Towne Lake serves as an amenity the 3,000 residents of Towne Lake, a 2,400-acre master planned community connected by a 300-acre recreational lake. Texas Children’s Pediatrics is the largest pediatric primary care network in the country with 50 practices throughout the Houston area. Boardwalk at Towne Lake’s four buildings feature 40,000 square feet of waterfront office space and 60,000 square feet of retail space.

August 4, 2015

Office Texas

Brandywine Realty Trust Acquires 1.1M SF Broadmoor Campus in Austin

by Haisten Willis August 4, 2015

AUSTIN, TEXAS — Brandywine Realty Trust has acquired the remaining interest in the Broadmoor campus located at 11501 Burnet Road in Austin. The acquisition provides full ownership of the seven-building, 66-acre, 1.1 million-square-foot office campus located directly adjacent to The Domain. The Broadmoor campus was developed for IBM, which has been the sole occupant and a joint venture partner with Brandywine and its predecessor company since the campus was developed in 1991. Brandywine has started developing a master plan to ensure an accelerated transition to a mixed-use, multi-tenant destination that will offer new amenities for workers in and around the campus. Brandywine has also launched the marketing campaign for two established buildings that will be available for lease by April 2016, providing 345,000 square feet of Class A office space for Austin’s new and expanding businesses.

August 4, 2015

Loans Office Texas

HFF Arranges Sale, Financing of Energy Square in Dallas

by Haisten Willis August 4, 2015

DALLAS — HFF has arranged the sale of and arranged financing for Energy Square, a 948,678-square-foot, Class A office project in Dallas. HFF marketed the property on behalf of the sellers, Lincoln Property Co., Champion Partners and Long Wharf Real Estate Partners. Energy Square was purchased by a partnership between GlenStar Properties and USAA Real Estate Co. The new owner was also assisted in securing floating-rate financing through Wells Fargo Bank by HFF. Energy Square consists of a 10.3-acre site containing three buildings, plus a one-acre development site zoned for a mixed-use development. The properties feature a fitness center, three conference centers, multiple food service options, Grub Burger Bar restaurant, an outdoor plaza and direct access to the DART Light Rail. Energy Square is 82 percent leased to tenants including New York Life Insurance Co., Davaco and Advanced Homecare. Located at 4925 and 4849 Greenville Ave. and 6688 N. Central Expressway, respectively, Energy Square is situated just off the North Central Expressway near Southern Methodist University north of downtown Dallas.

August 4, 2015

Arizona Market Reports Office Western Western Market Reports

Phoenix’s Office Market Encounters Slow, Steady Recovery

by Nellie Day August 4, 2015

After muddling through the post-recession with office vacancy rates stuck around 20 percent for the overall Phoenix office market, the office sector has begun to show elements of stabilization in the Valley of the Sun. The unemployment rate in Phoenix plummeted to 5 percent in April this year, down from more than 11 percent near the end of 2009. The overall office vacancy ended the first quarter of this year at 17.2 percent. Second quarter figures were not available at press time, but my colleagues and I think it will dip below 17 percent at mid-year. If it does, the vacancy rate will have dropped nearly 300 basis points over the previous 24 months. The submarkets with the lowest vacancy rates are the usual suspects in our marketplace: Scottsdale (11.2 percent), 44th Street Corridor (aka Camelback Corridor at 11.6 percent) and Tempe, which houses the main campus of Arizona State University (12.7 percent). The slow and steady recovery makes for a healthier market than boom and bust swings. Some of the region’s larger office occupiers have expanded in recent years, which account for a substantial amount of office space absorption. A short list of growing companies with significant footprints here …

August 4, 2015

Loans New Jersey New York Northeast Office Retail

Cronheim Secures $26.9M in Financing for Four Properties

by Amy Works August 4, 2015

JERSEY CITY, BRICK AND NEPTUNE, N.J., AND COBLESKILL, N.Y. — Cronheim Mortgage has secured $26.9 million in financing for four individual properties located in Jersey City, Brick, Neptune and Cobleskill. Each loan was structured on a 10/30 basis for affiliated entities of New York-based National Realty & Development Corp. The properties include Old Colony Square, a 100,073-square-foot retail center in Jersey City owned by Grand Street Realty; LHOP Holding LP’s 13-building Lions Head Office Park in Brick; two retail pads in Neptune owned by Red Baron Property Resources LP; and C.P. Plaza LP’s 24,500-square-foot retail center in Cobleskill. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the financing.

August 4, 2015

North Carolina Office Southeast

Beacon Partners Breaks Ground on Office Building in Midtown Charlotte

by John Nelson August 4, 2015

CHARLOTTE, N.C. — Beacon Partners has begun construction on 500 East Morehead, a 180,000-square-foot office building on Morehead Street in Midtown Charlotte. The property will be located next door to the Dowd YMCA and adjacent to the Carson Boulevard light rail station, Southend Rail Trail, Little Sugar Creek Greenway and Latta Park. Upon completion, the asset will feature 15,000 square feet of retail space targeted for a coffee shop, lunch restaurant and an upscale restaurant. The property will also feature a 1,000-square-foot Sky Terrace, three private outdoor terraces, a lounge area with TVs, on-site fitness center, conference centers and an attached parking deck. Charlie Swanson and Kristy Venning of Beacon Partners are the leasing agents for 500 East Morehead. The design team includes architect BB+M and general contractor Balfour Beatty. Beacon Partners expects to deliver the asset in November 2016.

August 4, 2015

Office South Carolina Southeast

DTZ Brokers Sale of Office Building in Columbia

by John Nelson August 4, 2015

COLUMBIA, S.C. — DTZ has brokered the sale of Crown Pointe, a Class A office building in Columbia. The property was fully leased at the time of sale to Allstate, CGI Technologies and Sharp Corp. Rob Cochran and Jared Londry of DTZ represented the seller, Charleston, S.C.-based Durlach Associates, in the transaction. The buyer, East West Capital, purchased the office building for an undisclosed amount. Crown Pointe is East West Capital’s first purchase in South Carolina.

August 4, 2015

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