Office

Simone Development to Complete $35M Redevelopment of Historic Boyce Thompson Institute in Yonkers

by Jaime Lackey June 17, 2015

YONKERS, N.Y. — Simone Development Cos. is redeveloping the former Boyce Thompson Institute property in northwest Yonkers into an 85,000-square-foot mixed-used complex. The property, which is located at the intersection of North Broadway and Executive Boulevard, will be rebranded as the Boyce Thompson Center and will include office space for business and medical use as well as retail stores, banking and two restaurants. The property — once home to a horticulture research center — was built in the 1920s, and Simone plans to restore the property to its original character. The property has remained abandoned for 40 years, with the main building and greenhouses falling into disrepair. Simone’s redevelopment plan includes construction of a new 18,000-square-foot addition that will resemble the existing 52,000-square- foot structure. A glass “greenhouse” will connect the new building with the existing building and will house an information gallery honoring the Boyce Thompson legacy. A two-level 15,000-square-foot, freestanding building will be built at the corner of Executive Boulevard and Executive Plaza; St. John’s Riverside Hospital in Yonkers has signed a lease for this space to be used for medical offices. The entire $35 million project is expected to require 20 months to complete.

June 17, 2015

Illinois Midwest Office

A+E Networks Inks 9,306-Square-Foot Lease in Chicago

by Katie Sloan June 17, 2015

CHICAGO — MB Real Estate Services Inc. has arranged a 9,306-square-foot lease renewal on behalf of A+E Networks, a joint venture of Disney-ABC Television Group and Hearst Corp. The property is located at 111 East Wacker Drive in the East Loop of Chicago. Nikki Kern of JLL represented building ownership, and Boris Yelyashov and Christine Torres of MB represented A+E Networks in the transaction.

June 17, 2015

Midwest Minnesota Mixed-Use Office Retail

Cushman & Wakefield | NorthMarq to Market 42-Acre Redevelopment in Edina

by Katie Sloan June 17, 2015

EDINA, MINN. — Pentagon Revival LLC has selected Cushman & Wakefield | NorthMarq (CWN) to market a 42-acre future multi-use redevelopment in Edina. The site, formerly known as Pentagon Park, is located at the northeast intersection of Highway 100 and I-494. The proposed redevelopment plan, named The Link, will include 1.4 million square feet of Class A office and medical space and 60,000 square feet of retail, alongside a new hotel and structured parking. The city of Edina approved the redevelopment in May 2014. CWN’s Bob Revoir, Peter Fitzgerald and Tate Krosschell will be in charge of leasing at The Link.

June 17, 2015

Office Texas

HFF Arranges $41.5M Construction Loan for 7-Eleven Headquarters in Metro Dallas

by Haisten Willis June 16, 2015

IRVING AND DALLAS, TEXAS — HFF has secured a $41.5 million construction-to-permanent loan for the 325,000-square-foot corporate headquarters of 7-Eleven, which is under construction in the Cypress Waters master-planned community in Irving and Dallas. HFF worked on behalf of Billingsley Co. to secure the 12-year loan through Pacific Life Insurance Co. The new mid-rise office campus for 7-Eleven’s corporate headquarters is within Billingsley’s Cypress Waters master-planned community, a 1,000-acre waterfront development with office, multifamily and retail space in the central part of the Dallas-Fort Worth Metroplex. The campus will be situated on 21.6 acres at Beltline and I-635 in Irving. Cullen Aderhold, Trey Morsbach and Chad Russell led the HFF team in arranging the loan.

June 16, 2015

Office Retail Texas

Coldwell Banker Commercial Arranges Sale of Commercial Site in Metro Dallas

by Haisten Willis June 16, 2015

ARLINGTON, TEXAS — A local investor has acquired a commercially zoned 30,000-square-foot lot in Arlington. The site at 2317 W. Arkansas Lane is close to the Pantego-Arlington line and zoned for office, retail and select shop uses. Nearly 14,000 vehicles per day travel the north-south artery, used by local residents looking to avoid freeway congestion. Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW in Arlington represented the seller, the Schnitzer Grandchildren’s Trust. Steve Turnbow of MGM Equity Partners in Dallas handled negotiations for the buyer, TPS Family LP.

June 16, 2015

California Office Western

Huntington Beach Medical Campus Buildings Change Hands

by Nellie Day June 16, 2015

HUNTINGTON BEACH, CALIF. – Blue Sky HB LLC has purchased a few structures at Huntington Beach Medical Campus for $7.8 million. The acquisition includes a 19,288-square-foot surgery center, a 29,398-square-foot medical office building and a four-level parking structure. The building is located at 17752-17762 Beach Blvd. The campus includes Huntington Beach Hospital, Huntington Beach Diagnostic Imaging & Breast Center and Huntington Professional Tower and Pharmacy. Tenants within the campus include Quest Diagnostics, Beach Pediatrics, Surf City Pediatrics and other medical offices. The seller, KO’s HB Medical Building, was represented by Tom Nguyen of NAI Capital.

June 16, 2015

Market Reports Office Washington Western Western Market Reports

Seattle’s CBD Gains in Popularity With Office Users

by Nellie Day June 16, 2015

The Seattle office market has been a shining example of strength and solidity. Compared to the U.S. job rate, which expanded by 2.4 percent over the past year to drop the unemployment rate to just 5.5 percent, the Seattle-Tacoma-Bellevue Metropolitan Statistical Area is looking good. Seattle added jobs at a rate of 3.1 percent in the first quarter of 2015. It also saw employment gains in every category. The unemployment rate remained in line with the U.S. rate at 5.5 percent. Construction led all job sectors with 12.6 percent growth, followed by professional and business services at 4.2 percent. The Seattle Central Business District office market showed continued improvement as the overall vacancy rate declined by 2.8 percentage points on a year-over-year basis. Asking rents continued to climb in all submarkets with an overall increase of 4 percent, while Class A rents increased by 5.6 percent. Making tech giants feel at home is nothing new to the Seattle area. The largest lease of the past quarter was Facebook’s 274,000-square-foot deal at Dexter Station. With a planned delivery of May 2015, Dexter Station will be a 10-story, 345,992-square foot office building located in the flourishing Lower Queen Anne/Lake Union submarket. Facebook …

June 16, 2015

New Jersey Northeast Office Retail

Tulfra Buys 225,000-Square-Foot Mixed-Use Building in Totowa, New Jersey

by Jaime Lackey June 15, 2015

TOTOWA, N.J. — Rochelle Park, N.J.-based Tulfra Real Estate has purchased Totowa Business Center, a 225,000-square-foot, Class A mixed-use building at 930 North Riverview Dr. in Totowa from a New York-based investment group for $13 million. The property was constructed in 1962 and redeveloped in 1998. It is located on 17.38 acres at Interstate 80 and routes 46 and 23. Tulfra plans more than $5 million of improvements for the property, which includes the 105,000-square-foot, two-story mixed-use portion fronting on Riverview Drive and a 120,000-square-foot section facing on Taft Road, as well as 800 parking spaces. The Riverview space will be retrofitted to attract technical, quasi-retail and recreational tenants. According to the company, the 65,000-square-foot first floor encompasses four units of that would work for tenants such as child and adult daycare, a gym or fitness center, kids’ amusements, or other retail-type recreational uses. The 40,000-square-foot second floor would work well for training, trade and polytechnic schools, an art gallery, or mini-storage. The one-story section of the building houses tenants Tyco, RDD and Passaic County.

June 15, 2015

Connecticut Northeast Office

CBRE Brokers $16.73M Sale of Office Building in Shelton, Connecticut

by Jaime Lackey June 15, 2015

SHELTON, CONN. — CBRE Group has arranged the $16.73 million sale of 6 Armstrong Rd. in Shelton on behalf of an entity controlled by Marcus Partners Inc. New York-based Windsor Management Corp. purchased the property, a 163,287-square-foot office building located between exits 11 and 12 off Route 8. The property was 87 percent leased at the time of sale. Occupancy increased from the 50 percent mark 12 months earlier, thanks to a $2.2 million capital investment program that included HVAC, restrooms, lobby and common area upgrades as well as expanded parking. Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties team negotiated the transaction; CBRE also procured the buyer.

June 15, 2015

Sunrise Corporate Plaza Sawgrass International Corporate Park

Florida Office Southeast

Stiles Buys Office Building in Broward County for $18.9M

by John Nelson June 15, 2015

SUNRISE, FLA. — Stiles has purchased Sunrise Corporate Plaza, a three-story, Class A suburban office building, for $18.9 million. Developed in 1999, the 106,648-square-foot office building is located at 1300 Sawgrass Corporate Parkway within Sawgrass International Corporate Park in Sunrise, a town in Broward County. The asset was fully leased at the time of sale to tenants such as MacNeill Group and MEDNAX Services. Fort Lauderdale-based Stiles purchased the property through Stiles Property Fund, the company’s value-add real estate fund. Mike McDonald of Eastdil Secured represented the seller, FDG Sunrise Corporate Plaza, an affiliate of Florida East Coast Industries. Following the acquisition, Stiles will lease and manage the asset.

June 15, 2015

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