Office

M&M Arranges Sale of 26,735 SF Office Property in Houston

by Haisten Willis November 17, 2015

HOUSTON — Marcus & Millichap has arranged the sale of Devon Office Park, a 26,735-square-foot building located in Houston. Derek Hargrove and Justin Miller of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Houston-based private investor. Juan Cuevas, a senior associate in Marcus & Millichap’s Houston office, secured the buyer, an out-of-state private investor utilizing a 1031 tax-deferred exchange. Devon Office Park is located at 17300 El Camino Real in Houston.

November 17, 2015

Mack-Cali Acquires 196,000 SF Office Building in New Jersey’s Metropark for $53.1M

by Amy Works November 17, 2015

EDISON, N.J. — Mack-Cali Realty Corp. has acquired an office building located at 333 Thornall St. within Metropark in Edison. The 196,000-square-foot property, known as Metroview, sold for $53.1 million; the name of the seller was not disclosed. The company plans to integrate its existing building at 343 Thornall St. with the new acquisition through the construction of an interconnected, landscaped walkway, to create an approximately 400,000-square-foot campus. On-site amenities include a terraced, outdoor seating area and exercise components. The building was 96 percent leased at the time of sale.

November 17, 2015

New Jersey Northeast Office

Onyx Equities, Rubenstein Partners Complete $20M Renovation of 30 Montgomery Street in Jersey City

by Amy Works November 17, 2015

JERSEY CITY, N.J. — Onyx Equities and Rubenstein Partners has completed the $20 million renovation of 30 Montgomery Street in Jersey City. The 15-story, 320,000-square-foot building has been transformed into a state-of-the-art, Class A property with an additional 8,000 square feet of retail space. Improvements include a complete replacement of windows, a high-efficiency HVAC system, installation of a backup generator, a new executive conference center, modern finishes in the common areas and the addition of a ground-level, urban retail amenity, which includes a 15-foot vaulted ceiling at the front entrance and possible outside, café-style seating. Vericon Construction served as the lead contractor, while Environetics designed the building’s new features as the architect of record for the project, which took 11 months.

November 17, 2015

Michigan Midwest Office

Colliers Completes Sale of Two Buildings in Downtown Ann Arbor

by Christina Cannon November 17, 2015

ANN ARBOR, MICH. — Colliers International has arranged the sale of two attached office buildings in downtown Ann Arbor to Wickfield Properties for an undisclosed amount. The Barden family sold both buildings, located at 307-311 N. Main St., which span a total of 8,943 square feet. The Ann Arbor Credit Bureau, which formerly occupied the space, is relocating to a property it acquired at 2090 S. Main St. A ballet studio has begun occupying the building at 307 N. Main St., and Atwell LLC will occupy the building at 311 N. Main St. Jim Chaconas and Brendan Cavender of Colliers International represented both parties in the transaction. Chaconas and Cavender also represented the Ann Arbor Credit Bureau in the purchase of its new building at 2090 S. Main St.

November 17, 2015

Illinois Midwest Office

Lagestee-Mulder Purchases 54,000 SF Office Property in Chicago Suburb

by Christina Cannon November 17, 2015

BURR RIDGE, ILL. — Lagestee-Mulder has purchased a 54,000-square-foot office property in Burr Ridge, a southwest suburb of Chicago, for an undisclosed amount. Burr Ridge Office Center includes 14 office suites and was 94 percent leased at the time of sale. The property is located at 361 S. Frontage Road. Lagestee-Mulder has acquired, leased constructed and developed commercial real estate in metro Chicago for more than 25 years. Alissa Adler and John Homsher of Podolsky | Circle CORFAC International represented the seller in the transaction, a private investment group. Don Price of Lagestee-Mulder represented the buyer.

November 17, 2015

Office Texas

Stream Realty Partners Completes 101,000 SF Office Building in San Antonio

by Haisten Willis November 16, 2015

SAN ANTONIO — Stream Realty Partners has completed an office development called One51 Office Centre. The speculative two-story, 101,000-square-foot office building is located in San Antonio’s Westover Hills submarket. Located at the south side of Highway 151, the Class A office building stretches across 8.3 acres. The property, owned and developed by Stream Realty, offers access to Highway 151, 50,000-square-foot plates, 615 parking spaces and green space with mature trees. Stream Realty’s Ryan Harrison and Carolyn Hinchey Shaw will lease the office property. Westover Hills houses 15 corporate campuses.

November 16, 2015

Loans Office Texas

NorthMarq Arranges $2.9M Acquisition Financing for Dallas Arts Center

by Haisten Willis November 16, 2015

DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged a $2.9 million acquisition loan for Dallas Arts Center, a 66,000-square-foot office property located at 2030 Main St. in Dallas’ central business district. The transaction was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

November 16, 2015

Office Texas

Boxer Property Negotiates Lease Renewal in Houston

by Haisten Willis November 16, 2015

HOUSTON — Boxer Property has concluded long-term lease negotiations on a lease renewal of more than 11,500 square feet with Bee Busy Learning Academy at 9896 Bissonnet St. in Houston. Shay Calhoun negotiated the agreement on behalf of Boxer Property and worked with Bee Busy in the lease renewal process. 9896 Bissonnet St., located in southwest Houston, spans six stories with 108,229 square feet of office space for rent. The building is located between the 610 Loop and suburbs including Sugar Land, Missouri City and Stafford. Nearby amenities include the Westchase Business District and Memorial Hermann Southwest Hospital. Bee Busy Learning Academy is a 501(c) (3) nonprofit organization.

November 16, 2015

Illinois Industrial Midwest Office

Colliers Arranges 55,251 SF Flex Lease in Chicago Suburb

by Christina Cannon November 16, 2015

FRANKLIN PARK, ILL. — Colliers International has arranged a 55,251-square-foot, long-term flex lease for Tax Air Freight. The 142,447-square-foot building is located at 10700 Waveland Ave. in Franklin Park, a northwest suburb of Chicago. Tax Air Freight will join two other tenants and will bring the facility to 100 percent occupancy. The building is situated on 8.2 acres and offers immediate access to I-294. Tax Air Freight’s facility includes 3,500 square feet of office space, 23 dock positions, 27 trailer stalls and room for 14 truck-parking stalls. Tax Air Freight will occupy the space starting March 2016. Tom Rodeno of Colliers International represented Tax Air Freight in the transaction. Jim Estus of Colliers International represented the landlord, CenterPoint Properties.

November 16, 2015

Mixed-Use Multifamily Northeast Office Pennsylvania Retail

The Waterfront Development Co. Breaks Ground for $400M Mixed-Use Development in Allentown

by Amy Works November 13, 2015

ALLENTOWN, PA. — The Waterfront Development Co. has broken ground for a $400 million mixed-use development along the western banks of the Lehigh River in Allentown. Spanning 26 acres, the project will include six office buildings, including the 157,498-square-foot 615 Waterfront Drive and the 131,457-square-foot 645 Waterfront Drive; three residential complexes, totaling 425 market-rate apartments; three parking structures; a main street and half-mile River Walk. Additionally, each of the 12 new buildings will offer retail and restaurant space. The development company comprises Jaindl Properties LLC, Dunn Twiggar Company LLC and Michael Dunn Co. LTD. Site-wide infrastructure is slated to take approximately 18 months, though building construction will be phased in and begin at any time during that timeframe. The project is expected to take approximately eight years for full build-out.

November 13, 2015

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