Office

Madison Realty Capital Acquires The Brooklyn Whale Building for $82.5M

by Amy Works August 13, 2015

NEW YORK CITY — Madison Realty Capital has acquired The Brooklyn Whale Building, located at 14 53rd St. in Brooklyn’s Sunset Park neighborhood, for $82.5 million. The seven-story building offers 400,000 square feet of industrial space. Currently 79 percent occupied, the property is nearing the completion of a more than $8 million renovation program to fully reposition the building into a state-of-the-art office hub. The seller initiated the capital expenditure program and Madison Realty plans to add substantially more to the building’s renovation plans as it assumes ownership. Built in 1918 by E.W. Bliss, the property served as the headquarters for the Whale Oil Co. Renovations to the building include the installation of energy-efficient windows, new elevators, a new roof and improved power infrastructure, as well as the addition of a new lobby with concierge desk along with spaces for amenity shops and restroom facilities. Aaron Jungreis of Rosewood represented both the buyer and undisclosed seller in the off-market transaction.

August 13, 2015

Kansas Midwest Office

Tower Properties Unveils Plans to Renovate, Revitalize 6601 College Blvd. Building in KC

by Jonathan Mehall August 13, 2015

OVERLAND PARK, KAN. — Tower Properties will completely renovate and revitalize the 6601 College Boulevard building, when engineering and consulting firm Black & Veatch vacates the premises at the end of this year. The $20 million project will include a new glass façade, updated mechanical systems and new interior finishes and amenities. The renovation is expected to position the six-story, 101,000-square foot office building constructed in 1979 as one of the upper-echelon properties in the Overland Park office market. Tower Properties has hired RMTA Architects to design the improvements, and Jonkman Construction to renovate the building’s interior and exterior. The building’s mechanical systems will be designed by SNS Engineering and will be completely modernized. Construction will begin in January 2016, and Tower anticipates the renovated building will be available for occupancy in the fall of 2016. Tower Properties has retained Rollie Fors and Adam Tilton, both senior partners with Colliers International, to market the building. New tenants will benefit from the extensive natural light throughout the building and collaborative exterior green space, says Tilton. According to the Kansas City Business Journal, Black & Veatch is consolidating a total of 700 employees into a single 175,000-square-foot space at Overland Park Xchange, …

August 13, 2015

Michigan Midwest Office

Friedman Arranges 11,754 SF Office Lease in Southfield, Mich.

by Jonathan Mehall August 13, 2015

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has arranged an 11,754-square-foot office lease at Nine Mile Crossing, located at 17515 W. Nine Mile Road, Suite 600, in Southfield, a Detroit suburb. The landlord, TNHYIF TRS INC., leased the space to Language Center International Inc. (LCI), which teaches English as a second language. Established in 1987, the private language school provides citizens, immigrants and non-immigrants with language training for academic or personal purposes. Nine Mile Crossing is 12-story, 140,417-square-foot building that was constructed in 1969. Rick Tabbi of Friedman represented the landlord in the transaction.

August 13, 2015

District of Columbia Loans Office Southeast

Capital One Closes $110M Loan to Refinance Office Building in D.C.

by John Nelson August 13, 2015

WASHINGTON, D.C. — Capital One has closed a $110 million non-recourse bridge loan for the refinancing of a six-story office building located at 64 New York Ave. in Washington, D.C. Capital One served as sole lead agent, sole bookrunner and administrative agent for the loan. Capital One provided the loan on behalf of the borrower, a property fund managed by Brookfield Asset Management. The office building is primarily leased to the Washington, D.C., government, according to Capital One.

August 13, 2015

California Loans Office Western

Britannia Business Center III in Pleasanton Receives $27.4M Loan

by Nellie Day August 13, 2015

PLEASANTON, CALIF. — Britannia Business Center III, a 191,000-square-foot office and R&D portfolio in Pleasanton, has received $27.4 million in acquisition financing. The portfolio is located at 5870 Stoneridge Drive. The center contains about 125,000 square feet of office space and 66,000 square feet of research and development facilities. This space is situated in three non-contiguous buildings. The R&D portion is fully occupied by contact lens developer CooperVision. The non-recourse loan was secured by Steven Buchwald and Lexington Henn of Mission Capital Advisors’ Debt & Equity Finance Group on behalf of Ridge Capital Investors. The firm’s Will Sledge, Patrick Arnold and Gregg Applefield executed the $35.1 million sale.

August 13, 2015

CSRT’s new 11-story corporate headquarters in downtown Cedar Rapids

Industrial Iowa Market Reports Midwest Midwest Market Reports Multifamily Office Retail

Cedar Rapids Rises to Commercial Real Estate Challenge Following Major Flood

by Jeff Shaw August 13, 2015

In the April 2014 edition of Heartland Real Estate Business, I pointed out that the recovery from the historic 2008 flood was nearing completion in Cedar Rapids, a city of approximately 129,000 residents. The last of the damaged city facilities, a recreation center in the Time Check neighborhood on the city’s northwest side, has been demolished. Taking its place will be a new 17,000-square-foot recreation center currently under construction. In July, the Cedar Rapids City Council approved the $600 million flood protection system alignment on both sides of the Cedar River; all the flood system funding plan is now in place, except for the federal appropriation of $78 million pending approval in Congress. Three sections of flood protection are complete or under construction. The National Civic League recognized this feat in 2014 when it named Cedar Rapids as a recipient of the All-America City Award, which recognizes communities that overcome citywide challenges and achieve uncommon results. (The National Civic League is a nonprofit organization that advocates for transparency, effectiveness, and openness in local government.) The city’s strong recovery following the devastating flood in 2008 is evident by the accolades it has received from a variety of media outlets and interest …

August 13, 2015

New York Northeast Office

Savanna Completes Sale of 31 Penn Plaza to Vanbarton Group

by Amy Works August 12, 2015

NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of 31 Penn Plaza to Vanbarton Group LLC for an undisclosed sum. Located at 132 W. 31st St., the 18-story property features 444,000 square feet of office space. Savanna acquired the property in 2011 and completed a $20 million renovation, including redesigning the lobby, security infrastructure and entrance, modernizing the elevators, restoring the façade, upgrading coming areas and adding retail amenities. During the period Savanna owned the property, the firm entered into 260,000 square feet of lease agreements with tenants that included Friedman’s, Pennsylvania Six and Dee Daa. Douglas Harmon, Adam Spies, Joshua King, Adam Donegar and Michael Saclarides of Eastdil Secured represented Savanna in the transaction. Christopher Price and Adam Kopald of Goodwin Procter served as the seller’s counsel for the sale.

August 12, 2015

Connecticut Northeast Office

Press/Cuozzo Arranges Long-Term Office Lease at Hamden Center II

by Amy Works August 12, 2015

HAMDEN, CONN. — Press/Cuozzo Commercial Services has brokered the long-term lease of 2,664 square feet of office space at Hamden Center II in Hamden. FC USA Inc., the parent company of GOGO Worldwide Vacations, will occupy the space at 2321 Whitney Ave. Stephen Press of Press/Cuozzo represented the landlord, while Steve Inglese of The New Haven Group represented the tenant in the transaction.

August 12, 2015

Office Texas

Hartman XX Purchases Office Building in Metro Houston

by Haisten Willis August 12, 2015

HOUSTON — Ashford Crossing LLC, an affiliate of Hartman Short Term Income Properties XX, has purchased the Ashford Crossing II office building in Houston. The property is a 158,451-square-foot, six-story office building located at Dairy Ashford Road and Whittington Drive on the southern edge of the energy corridor and the northern border of the Westchase submarket. Ashford Crossing II was built in 1983 and has been institutionally owned and managed since 2002. The property is 87 percent leased to a mix of tenants, including Rignet, a provider of communications, networks and collaborative applications for the oil and gas industry. H. Dan Miller and Marty Hogan of HFF represented the seller in the transaction. Dave Wheeler, Julian Kwok and Russell Turman of Hartman represented the buyer, Hartman Ashford Crossing LLC.

August 12, 2015

Maryland Office Southeast

St. John Properties to Build Office Building in Metro Baltimore

by John Nelson August 12, 2015

ANNAPOLIS JUNCTION, MD. — St. John Properties Inc., in partnership with Somerset Construction Co., has revealed plans for the development of a new 100,000-square-foot office building at 10170 Junction Drive in Annapolis Junction, roughly 18 miles south of Baltimore. The new four-story property will be located within Annapolis Junction Town Center, a mixed-use transit-oriented development situated adjacent to the Savage Maryland Rail Commuter Rail (MARC) station. The project represents the office component of the development, which will also contain 416 luxury apartment homes, a 150-room hotel, 17,450 square feet of retail space and the recently completed MARC Station with a 700-space commuter parking garage. Southern Management Corp. and Somerset Construction Co. are developing the residential and retail portions of Annapolis Junction Town Center and are seeking a partner for the hospitality component. St. John Properties is constructing the office building to satisfy LEED Silver specifications for Core and Shell. The exterior of the building will comprise brick and glass and will feature 25,000-square-foot floorplates. St. John Properties plans to deliver the property in fall 2016. The company recently assumed control of this project, which was formerly being developed by Corporate Office Properties Trust.

August 12, 2015

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