Office

Carter, PCCP Purchase 10-Story Office Building in Midtown Atlanta

by John Nelson July 20, 2015

ATLANTA — A joint venture between Carter and PCCP LLC has purchased 715 Peachtree, a 10-story office building adjacent to the Fox Theater in Midtown Atlanta. Originally constructed as a regional headquarters for J.C. Penney, the building was most recently occupied by Bank of America. The property has remained vacant since 2012. Carter and PCCP purchased the asset in an off-market transaction from a Washington, D.C.-based investor. The sales price was undisclosed, but the Atlanta Business Chronicle reports that the sales price is expected to be more than $40 million. Carter has retained CBRE to market 715 Peachtree and ASD | SKY for design services. The joint venture is planning to make capital improvements to the property’s façade, lobby and common spaces.

July 20, 2015

Office Southeast Tennessee

Maddox Property Brokers $6.7M Sale of Suburban Office Building in Knoxville

by John Nelson July 20, 2015

KNOXVILLE, TENN. — Maddox Property Management & Sales Inc. has brokered the $6.7 million sale of Century Park Building I, a 51,604-square-foot, Class A suburban office building in Knoxville. The property is located at the intersection of Interstate 40/75 and Pellissippi Parkway. Steve Maddox and Brandon Clark of Maddox Property represented the buyer and seller in the off-market transaction. The office building’s tenant roster includes University of Phoenix, New Horizons Learning Center and the Institute for Female Pelvic Medicine. Additionally, Functional Pathways LLC will soon relocate its headquarters to the top floor of Century Park. Maddox Property took over management of Century Park earlier this year and will continue to lease and manage the property moving forward.

July 20, 2015

Office Texas

DTZ Arranges 88,000 SF Lease Extension in Dallas Office Tower for Law Firm

by Haisten Willis July 17, 2015

DALLAS — Hunton & Williams, a corporate law firm, has signed a long-term lease extension at the downtown Dallas skyscraper known as Fountain Place, according to Goddard Investment Group. The 58-story glass building is located in the Dallas Arts District, a hub of performing arts, dining and entertainment venues. Johnny Johnson and Lauren Napper of DTZ represented the landlord in the transaction. Larry Toon, Elizabeth Cooper, Jeremy McGowan and Brad Selner of JLL represented the tenant in the 88,000-square-foot lease.

July 17, 2015

Industrial Office Retail Texas

NAIOP Names Majestic Realty 2015 Developer of the Year

by Haisten Willis July 17, 2015

DALLAS — NAIOP has selected Majestic Realty Co. as its 2015 Developer of the Year. Headquartered in Southern California, with regional offices throughout the United States, Majestic is the largest privately held industrial developer in the country. Majestic completed nine new buildings in the past year, adding more than 6 million square feet and increasing its ownership portfolio to 78 million square feet. Majestic also recently completed a 2,000-acre land acquisition in Laredo, Texas. Majestic’s services include land acquisition, entitlement, design/construction, finance, leasing and property management.

July 17, 2015

Loans Multifamily New Jersey Northeast Office

NorthMarq Capital Arranges $51.8M Refinancing for Excelsior II in New Jersey

by Amy Works July 17, 2015

HACKENSACK, N.J. — NorthMarq Capital has arranged $51.8 million in refinancing for Excelsior II, a multifamily and commercial property located at 170 Prospect Ave. in Hackensack. The property features 267 multifamily residences and 11 professional spaces. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through its seller-servicer relationship with Freddie Mac.

July 17, 2015

Office Texas

NAI Hiffman, NAI Partners Form Joint Venture to Serve Houston, Austin and San Antonio

by Haisten Willis July 16, 2015

HOUSTON, AUSTIN AND SAN ANTONIO — NAI Hiffman and NAI Partners will be working together to bring a combined operations platform to the Houston, Austin and San Antonio markets. Operating as NAI Partners Investor Services, the joint venture combines the brokerage and management platforms of both firms to bring service to more institutional clients. Houston-based NAI Partners provides clients brokerage experience in the Central Texas market; Chicago-based NAI Hiffman operates a property management platform.

July 16, 2015

Industrial Office Texas

California Clothing Manufacturer Relocating to Austin

by Haisten Willis July 16, 2015

AUSTIN, TEXAS — Fashion Forms, a producer of specialty bras and accessories in the U.S., Canada and Europe, is relocating to northwest Austin from Ventura, Calif., in August. Founded by Ann Deal in 1993, Fashion Forms produces products that aim to help women wear any look with comfort, confidence and style. The company holds 14 patents and 18 trademarks for designs and Fashion Forms products are sold in more than 9,000 stores worldwide. The firm will move into a mix of office and warehouse space totaling 90,000 square feet at McNeil 1, located at 12317 Technology Blvd. Mark Emerick, John Barksdale and Darryl Dadon of CBRE’s Austin office represented the landlord, PS Business Parks. Fashion Forms represented itself in lease negotiations. McNeil 1 is now 79 percent leased.

July 16, 2015

Illinois Industrial Midwest Office

GlenStar Begins Rooftop Construction on Chicago Board of Trade Building

by Jonathan Mehall July 16, 2015

CHICAGO — Owner and developer GlenStar Properties has begun construction on a new rooftop terrace on the 23rd floor of the Chicago Board of Trade Building complex. The 4,300-square-foot deck will be located on the east side of the south building. It will accommodate up to 150 guests and feature a 20-foot illuminated water wall with bubblers, a 10-foot illuminated planter with bubbler, Cozumel curver sofas and sectionals, leather benches and wood deck tiling. The project is slated for completion later this year. Since acquiring the building, GlenStar has embarked on a significant capital campaign aimed at breathing new life into the landmark property and attracting a more diverse tenant base.

July 16, 2015

District of Columbia Office Southeast

Skanska USA to Build, Develop $116M Office Building in D.C.

by John Nelson July 16, 2015

WASHINGTON, D.C. — Skanska USA plans to break ground on a new 11-story, Class A office building in Washington, D.C.’s Capitol Riverfront submarket. Skanska will build and develop the 236,806-square-foot property, as well as invest $116 million into the project. The property will include ground-floor retail space and four levels of below-grade parking. Construction manager Skanska USA Building is aiming for LEED Gold certification for the project. Construction will begin later this summer and is scheduled to be completed in the fourth quarter of 2017.

July 16, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Besen & Associates Brokers $6.5M Property Sale for Mixed-Use Project in Queens

by Amy Works July 16, 2015

NEW YORK CITY — Besen & Associates has brokered the sale of a commercial property located 124-22 Queens Blvd. in the Kew Gardens district of Queens. The property sold for $6.5 million, or $664 per existing square foot and $154 per buildable square foot. Built in 1948, the two-story building consists of two ground-floor retail spaces and two office spaces on the upper floor. The buyer plans to demolish the existing structure and construct a mixed-use development, including residential, retail and office space, on the site. Amit Doshi of Besen & Associates represented the seller, while Ronnie Shaban, also of Besen & Associates, represented the buyer in the transaction. The names of the seller and buyer were not released.

July 16, 2015

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