Office

BH Properties Buys Office, Industrial Portfolio in Phoenix for $22.8M

by Nellie Day May 10, 2015

PHOENIX – BH Properties has acquired a three-property office and industrial portfolio in the Phoenix area for $22.8 million. The portfolio, known as DMC Portfolio, contains two office buildings and an industrial park that total 230,524 square feet. The 65,857-square-foot Tempe Commerce Park is located at 7420 S. Kyrene Road in Tempe. The 62,115-square-foot ADP Building is located at 7474 W. Chandler Blvd. in Chandler. The 102,552-square-foot Ocotillo Business Center is located at 7910, 7970 and 8060 S. Kyrene Road in Tempe. The portfolio was 72.2 percent occupied at the time of sale. The seller, Buchanan Street Partners, was represented by DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan.

May 10, 2015

Office Texas

M&M Arranges Sale of Medical Office Building in Dallas

by Haisten Willis May 8, 2015

DALLAS — Marcus & Millichap has arranged the sale of Northpoint Medical Arts, a 116,875-square-foot multi-tenant medical office building in Dallas. Ron Hebert of Marcus & Millichap’s Dallas office represented the seller, Q Northpoint LP. The buyer, Gregory Interests LLC, was represented and procured by Trinity Interests, a Dallas-based commercial property management firm. The facility is located at 12606 Greenville Ave. near the intersection of I-635 and Greenville Avenue near Central Expressway. The two-story Northpoint Medical Arts building was built on five acres in 1979. Tenants include Concorde Career College, Northpoint Pediatrics, Preston Village Pharmacy, ROSA of North Dallas LLC, Texas Health Recourses, University of Texas Southwest Medical Center and Vivere Health Dallas LLC.

May 8, 2015

Georgia Office Southeast

Porsche Opens New $100M Experience Center, Headquarters in Atlanta

by John Nelson May 8, 2015

ATLANTA — Porsche Cars North America (PCNA) has opened its new $100 million Porsche Experience Center (PEC) and headquarters in Atlanta. The 27-acre complex, which is located at the northeast corner of Hartsfield-Jackson Atlanta International Airport, is the largest investment ever outside Germany for the sports car manufacturer. The facility is complete with a driver development track, classic car gallery, restoration center, human performance center, driving simulator lab and a fine dining restaurant. The property’s business center features 13,000 square feet of conference and event space. An estimated 30,000 guests are expected to visit the PEC each year. PCNA has called the Atlanta area home since 1998. PCNA is now joined by Porsche Financial Services, Porsche Business Services, Porsche Consulting and Mieschke Hofmann & Partners, with all five entities housed at the new facility. Roughly 450 employees will be based at the new headquarters, over 100 of whom fill positions that are new to Georgia.

May 8, 2015

North Carolina Office Southeast

HFF Brokers $107.8M Sale of Office Tower in Downtown Charlotte

by John Nelson May 8, 2015

CHARLOTTE, N.C. — HFF has brokered the $107.8 million sale of 101 Independence Center, a 565,694-square-foot, Class A office tower in downtown Charlotte. The 20-story tower is located at the intersection of Trade and Tryon streets, roughly two blocks from the CTC Lynx light rail station, and is connected to the adjacent Charlotte Center City Marriott hotel. Built in 2001, the building features a concierge, food court, restaurants, three-story atrium and three-story underground parking garage. The property was 82.2 percent leased at the time of sale to office and retail tenants such as Bank of America; Northeastern University; Clifton Larson Allen LLP; G4S Solutions; Grier Furr and Crisp PA; Robinson, Bradshaw and Hinson; Smith Moore Leatherwood LLP; Newk’s Eatery; Starbucks Coffee; Uptown Sundries; Subway; Tin Tin Box & Noodles and Showman’s. Ryan Clutter, Zachary Drozda, Kelly Kuykendall and Ryan Eklund of HFF represented the seller, KBS Real Estate Investment Trust, and its asset manager, Gramercy Property Trust Inc. A joint venture between LRC Properties and an undisclosed capital source purchased 101 Independence Center free and clear of existing debt.

May 8, 2015

Massachusetts Northeast Office Retail

226 Causeway Holdings LLC Sells Six-Story Office/Retail Property for $92M

by Amy Works May 8, 2015

BOSTON — 226 Causeway Holdings LLC has completed the disposition of an office and retail property located at 226 Causeway in downtown Boston. The six-story Class A property sold for $92 million. The 192,890-square-foot property is 92 percent leased to a variety of tenants and anchored by two divisions of TripAdvisor, Oxfam America’s headquarters, the headquarters of the NBA’s Boston Celtics and Stantec. The property recently underwent a $1.7 million capital improvements program, including a complete lobby renovation, updated common areas and new building signage. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller in the transaction. The name of the buyer was not released.

May 8, 2015

Connecticut Northeast Office

Cushman & Wakefield Brokers Sale of 300,000 SF Office Campus in Connecticut

by Amy Works May 8, 2015

STAMFORD, CONN. — Cushman & Wakefield has brokered the sale of Airport Campus, a two-building office campus located at 113 King Street in Stamford. MBIA sold the property for an undisclosed price to a joint venture between affiliates of Steven Wise Associates LLC and the Manocherian family. Situated on 38 acres, the campus comprises a 110,000-square-foot building and a 190,000-square-foot property, as well as approvals to expand the facility by more than 240,000 square feet. The campus features a 250-person cafeteria; fitness center; auditorium and video conference center; 17 conference rooms; three meeting rooms; walking trails; tennis, basketball and volleyball courts; and facilities for a sundry shop, ATM, dry cleaner and professional mailroom. Thomas O’Leary, Maureen O’Boyle and Gerry Lees of Cushman & Wakefield represented the seller in the transaction. The buyer has retained Trip Hoffman, Matthew Lisk and Mike McCarthy of Cushman & Wakefield as leasing agents for the property.

May 8, 2015

Healthcare New York Northeast Office

GHP Office Realty Launches $6M Renovation at Northern Westchester Executive Park

by Amy Works May 8, 2015

YORKTOWN, N.Y. — GHP Office Realty LLC has launched a $6 million renovation program at Northern Westchester Executive Park, a 26-acre office park in Yorktown. The parks consists of the a 68,000-square-foot medical office property at 2649 Strang Blvd. and a 150,000-square-foot technology/medical/laboratory/call center at 2651 Strang Blvd. Renovations at 2649 Strang Blvd. will include a state-of-the-art fitness center, a café and upgraded common areas. Renovations at 2651 Strang Blvd. will include the interior demolition of 100,000 square feet of flex, office, medical, lab, technology and call center, and the installation of new windows and heating and ventilating systems. Current tenants at the park are ENT & Allergy Associates, Hudson Valley Hematology, North Shore-Long Island JHS, Northern Westchester County Dental, Hudson Valley Oral Surgery, Dialysis Clinic Inc. and Mercy College’s Yorktown Campus.

May 8, 2015

Office Texas

Planned Community Developers Acquires Property in Metro Houston

by Haisten Willis May 7, 2015

SUGAR LAND, TEXAS — Planned Community Developers has acquired a five-acre lakefront site in Sugar Land for the development of a Class A office building with structured parking and a planned 134-room hotel. The site is within walking distance of dining, shopping, residential and medical properties, including Whole Foods Market, 14 restaurants, Lifetime Fitness and 320 town homes, patio homes and lifestyle garden homes.

May 7, 2015

Florida Office Southeast

Marcus & Millichap Brokers $42M Sale of Two Office Buildings in Coconut Grove

by John Nelson May 7, 2015

COCONUT GROVE, FLA. — Marcus & Millichap has brokered the sale of two office buildings in Coconut Grove: Bayview Executive Plaza and Continental Plaza. The total sales price for the two assets is $42 million. Located at 3225 Aviation Ave., the 57,155-square-foot Bayview Executive Plaza has a tenant roster including Femwell Group Health Inc., Wolfberg Alvarez & Partners and Pinchasik Yelen Muskat Stein LLC. Located at 3250 Mary St., the 80,380-square-foot Continental Plaza is leased to tenants such as The Downs Law Group and HealthSun Health Plans Inc. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the undisclosed seller and procured the buyer, Allegra Holding.

May 7, 2015

Massachusetts Northeast Office

Vantage Builders Completes Headquarters Renovations for Casa Systems

by Amy Works May 7, 2015

ANDOVER, MASS. — Vantage Builders Inc. has completed a 23,000-square-foot renovation for Casa Systems Inc.’s headquarters at 100 Old River Road in Andover. The renovation project include the redevelopment of the second and third floors of the building to allow Casa to expand its footprint from the first floor. Designed by McGuinness Group, the new space features 22 offices, room for 97 workstations, four conference rooms, a 16-person boardroom and a 60-person presentation room that doubles as a lunchroom. The building now features an open area, high-end millwork, translucent partitions and a glass staircase connecting the second and third floors. Union Office Interiors furnished the finished space.

May 7, 2015

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