DALLAS — IH Capital LLC has opened its North Texas office at the Republic Center in downtown Dallas. The IH Capital Dallas office is led by Chance Johnson, who heads the company’s Southwest region CMBS lending platform. “I’m excited to open the Dallas office for IH Capital and expand its market presence throughout the Southwest region,” says Johnson. “I’m confident IH Capital’s local presence will result in a healthy deal flow and winning our fair share of business. Furthermore, boots on the ground locally will provide responsiveness with firsthand local market knowledge to serve our client needs throughout the South.”
HAMDEN, CONN. — Fantini & Gorga has arranged $12.9 million in first mortgage permanent financing for two medical office buildings in Hamden, a city in southeast Connecticut. Totaling 65,216 square feet, the properties are fully leased and occupied by regional and local medical practices. Casimir Groblewski of Fantini & Gorga arranged the refinancing with a major securitization lender for the borrower, a New England-based real estate developer and investor.
After a lackluster first quarter, the Southern New Hampshire office sector is showing strong potential as we head into the heart of 2015 and as the recovery that is firmly entrenched in major hubs like Boston begins to make its way to secondary markets. Notably, the trend toward reurbanization and the growing popularity of live/stay/play opportunities are driving activity in Portsmouth and promise to bolster activity in lagging submarkets like Manchester and Nashua. As companies increasingly gravitate to downtown locations, Portsmouth is seeing steady demand. In fact, its 3 million-square-foot office inventory boasts the lowest vacancy rate (11 percent) and highest average asking rents ($20.31 per square foot) of the six New Hampshire office submarkets tracked by Cushman & Wakefield. This vibrant seacoast city is the first New Hampshire market supporting speculative construction. Farley White built the 67,000-square-foot North Wing addition to 100 Arboretum Drive, bringing the building’s total to approximately 127,000 square feet. Our team serves as leasing agent for the property, where multiple deals are in the pipeline. At 249 Corporate Drive, the Katz Co. is building a 37,000-square-foot building and recently leased a significant portion of the space to Loftware Inc. Renovation, redevelopment and repurposing of older …
IRVING, TEXAS — Progressive Laboratories Inc. has sold a 35,050-square-foot office/warehouse in the Las Colinas submarket to Chris Weir Commercial Enterprises LLC for an undisclosed price. Las Colinas Distribution Center, located on 1.9 acres at 1909 Hereford Drive in Irving, is the second building in the past year Progressive Laboratories has sold to make way for its expansion, consolidation and relocation. Brock Wilson and Joe Santaularia of Dallas-based Bradford Commercial Real Estate Services represented the seller. The building was developed in 1977 and features 8,601 square feet of office space, 26,449 square feet of distribution space, six loading docks, 20-foot clear heights and a sprinkler system. Progressive Laboratories used 1031 exchange funds to acquire a 200,000-square-foot building less than one mile away. Dallas-based Chris Weir Commercial Enterprises, also executing a 1031 exchange, is planning to occupy the Hereford Drive building in October. Rick Medinis of NAI Robert Lynn represented the buyer.
ATLANTA — Delta Community Credit Union, the largest credit union in Georgia, has leased 79,000 square feet at Highwoods Properties’ Riverwood 200 in Atlanta’s Cumberland/Galleria submarket. The new lease follows Delta Community’s sale of its 78,151-square-foot office building at 1025 Virginia Ave. near Hartsfield-Jackson International Airport. The credit union will retain its retail space at the Virginia Avenue location. Kirk Diamond, April Parrish and Erin Smith of DTZ represented the credit union in the lease transaction. Jim Bacchetta and Mike Wells of Highwoods and Randy Holmes of Seven Oaks Co. represented Highwoods. Delta Community will relocate to Riverwood 200 upon completion of the 12-story, 299,000-square-foot office building, which is expected in mid-2017. With Delta Community’s lease signing, Riverwood 200 is now 66 percent pre-leased. The new Cumberland/Galleria office building is adjacent to the credit union’s existing office space at 3250 Riverwood Parkway. The two office buildings will be connected via a structured parking facility.
MIAMI — Uber Technologies Inc. and the South Florida Business Journal have leased office space at Brickell City Tower, a 33-story office building located at 80 S.W. 8th St. in downtown Miami. The 287,000-square-foot tower is one of the premier office assets in Miami’s Brickell Financial District. Transportation tech firm Uber has leased 9,333 square feet for its Miami headquarters, and South Florida Business Journal will occupy 6,373 square feet office at the tower. Both transactions are the first office leases in Miami for both companies. Additionally, existing tenants Lamex Agrifoods, Inlingua Language School and Verizon have finalized their lease renewals at Brickell City Tower. Danet Linares and Alexander Cahlin of Blanca Commercial Real Estate served as exclusive leasing agents for Brickell City Tower’s ownership for all five lease deals. Shay Pope of CBRE represented Uber; Tere Blanca of Blanca Commercial Real Estate and Chase Monroe of JLL represented the South Florida Business Journal; and Andres del Corral of Blanca Commercial Real Estate represented Inlingua Language School. The Lamex Agrifoods and Verizon leases did not involve co-brokers.
CHICAGO — Piedmont Office Realty Trust Inc. has signed Kraft Heinz Co. to a 170,000-square-foot lease at Aon Center, located at 200 E. Randolph St. in downtown Chicago. The new lease at the trophy tower extends through 2029. After recently completing the merger of Kraft Foods Group and H.J. Heinz Co., the global food and beverage giant will relocate its Chicago headquarters from Northfield, Ill., to five floors of the 83-story building. The company will be co-headquartered in Pittsburgh, Pa. Ned Franke and Steve Holmberg of Cushman & Wakefield represented the tenant in the transaction. Steve Smith and Mark Georgas of JLL, along with Tom Prescott and Alex Valente of Piedmont, facilitated negotiations on behalf of the owner.
WALTHAM, MASS. — Hobbs Brook Management LLC has completed the renovation and sustainable upgrade to an office building located at 610 Lincoln St. North in Waltham. Intended for single- or multi-tenant occupancy, the property features flexible floor plans, on-site dining, multiple amenities and access to the Forefront Conference Center. Designed by Margulies Perruzzi Architects, the renovated building includes 86,169 square feet of highly efficient office space on three floors, ample parking and front-desk security. The lobby features a two-story glass vestibule. Some 6,000 square feet of additional office space was created by lowering the building grade and moving mechanical equipment to the roof. Slated to achieve LEED Silver certification, the property, which is located within Hobbs Brooks Office Park, features a new HVAC system, windows, electrical systems and fireproofing. The project team includes Columbia Construction Company, Studio 2112, AHA Consulting Engineers, Souza True & Partners, H.W. Moore Associates and Entegra.
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.
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.