Office

Make-A-Wish Foundation of Arizona Buys Office Building in Scottsdale

by Nellie Day December 11, 2014

SCOTTSDALE, ARIZ. – Make-A-Wish Foundation of Arizona has purchased an 11,400-square-foot office building in Scottsdale for $1.9 million. The building is located at 2901 N. 78th Street, just outside the downtown area. The foundation plans to use this space for its new headquarters after the property undergoes a full remodel. The purchase was made through contributions from a large donor. The building’s former tenant, RevSolve, previously known as Collections Service Bureau, relocated to another office just a mile away this past July. Make-A-Wish was represented by CBRE’s Chris Marchildon and Barry Gabel. The seller, SPQR LLC, was represented by Kelly O’Dea of LevRose/TCN Worldwide.

December 11, 2014

California Office Western

Sarens Relocates to Bishop Ranch in San Ramon

by Nellie Day December 11, 2014

RAMON, CALIF. – Sarens has leased 7,355 square feet of space at Bishop Ranch in San Ramon. The Class A office space is located at 5000 Executive Parkway. The heavy lifting and engineered transport company will be relocating from the Marina Village office complex in nearby Alameda. Sarens recently transported the Endeavor space shuttle to Los Angeles. The company was represented by Gregg Hall of Cresa San Jose. The landlord, Sunset Development, represented itself in this transaction.

December 11, 2014

Indiana Market Reports Midwest Midwest Market Reports Multifamily Office

Resurgent Downtown Indianapolis Attracts Employers, Residents Alike

by Danielle Everson December 10, 2014

The nickname for Indianapolis, “Naptown,” is quickly fading in the rearview mirror as the city receives an increasing amount of recognition as one of the best places to live and work in America. Thanks to a unique combination of Hoosier hospitality, pro-business environment and amenities such as the Cultural Trail, Indianapolis has been named “One of the best new boom towns in the U.S.” by Forbes magazine and the “No. 3 Downtown in the U.S.” by Livability.com. With $1 billion in new projects on the horizon, it’s no surprise that downtown Indianapolis is making headlines. Indygo’s $37 million Downtown Transit Center, in close proximity to the Cultural Trail and Bike Hub, will serve pedestrians, cyclists and bus riders. A $26 million investment in a new Science and Engineering Lab at Indiana University-Purdue University Indianapolis will continue to encourage life sciences and technology careers. Plans also are in the works to revamp downtown’s iconic Monument Circle with space for events, an ice skating rink, sidewalk cafes and more. On the residential front, investments in excess of $400 million over the past five years have resulted in new housing for 4,000 additional residents. Downtown Residential Boom According to public/private partnership Downtown Indy, …

December 10, 2014

New York Northeast Office

North Shore-LIJ Buys 252,000 SF Office Building for $65M in Long Island

by Amy Works December 10, 2014

NEW YORK CITY — North Shore-LIJ has acquired 600 Community Drive in Long Island’s Manhasset for $65 million, or $260 per square foot. A partnership led by The Carlton Group’s Chairman Howard Michaels sold the property. Prior to the sale, the building’s ownership group made significant renovations to the property: achieved zoning approval to lease 80,000 square feet of the building for medical office use; approved and implemented a new renovation plans, including interior and improvements and a new façade entrance; and developed a solid pipeline of tenant activity, which allowed the property to become a multi-tenanted building. North Shore-LIJ has been a sub-tenant at the office building for the past eight years.

December 10, 2014

New Jersey Northeast Office

JV Begin $20M Redevelopment of 30 Montgomery St. in Jersey City

by Amy Works December 10, 2014

JERSEY CITY, N.J. — Onyx Equities and Rubenstein Properties has begun the redevelopment project at 30 Montgomery St., a 15-story, 320,000-square-foot office building in Jersey City. The $20 million redevelopment will bring the building, which was built in the early 1970s, up to modern standards and position it has a premiere office and retail property in Jersey City. The project includes a $5 million exterior window replacement program, enhanced streetscape, ground-floor retail expansion, refurbishment of the façade, modernization of the HVAC system, a new conference center, elevator landing and restroom renovations, and a new, expanded two-story entry lobby. Onyx and Rubenstein purchased the building earlier this year. Completion of the renovation is slated for mid-2015.

December 10, 2014

Loans Office Texas

NAI Robert Lynn Arranges Office Lease in Metro Dallas

by Haisten Willis December 10, 2014

ADDISON, TEXAS — NAI Robert Lynn’s office division has arranged a 7,017-square-foot office lease for Solutions by Text, an Addison-based company that identifies and streamlines communication efficiency for a number of businesses. Nick Lee of NAI Robert Lynn represented the tenant and secured the fifth-floor space with exterior building signage located at 15110 N. Dallas Pkwy.

December 10, 2014

New Jersey Northeast Office Retail

CBRE Group Arranges $8.4M Sale of New Jersey Office/Retail Property

by Amy Works December 10, 2014

PASSAIC, N.J. — CBRE Group Inc. has arranged the sale of an office and retail property located at 615-625 Main Ave. in Passaic. The 65,000-square-foot building sold for $8.4 million. The building, which includes a two-story parking garage, underwent a $5 million capital improvements program in 2007. Current tenants include Valley National Bank, which has been in the location for more than 40 years. Charles Berger and Elli Klapper of CBRE Tri-State Investments Properties represented the seller and procured the buyer, a long-time CBRE client, in the deal.

December 10, 2014

Midwest Office Retail Wisconsin

The Morgan Partners Arranges Sale of 8,000 SF Bank Property in Neenah, Wis.

by Danielle Everson December 10, 2014

NEENAH, WIS. — The Morgan Partners LLC has arranged the $760,000 sale of an 8,000-square-foot bank property in Neenah. CitizensFirst Credit Union of Oshkosh purchased the property located at 640 S. Green Bay Road. The buyer intends on renovating the building and opening to the public in spring 2015. Ed Bowen and Nicholas Lang of The Morgan Partners represented the buyer. Joe Kleiman and Dan Rosenfeld of Mid-America Real Estate-Wisconsin represented the seller, a regional bank.

December 10, 2014

Office Southeast Virginia

Federal Capital Partners Sells Arlington Office Building for $56.2M

by John Nelson December 10, 2014

ARLINGTON, VA. — Federal Capital Partners (FCP) has sold a 10-story, 182,832-square-foot office building located at 4040 N. Fairfax Drive in Arlington’s Ballston submarket for $56.2 million. The buyer, a joint venture between Lionstone Investments and Penzance, also holds an option to acquire the adjacent office building located at 4000 N. Fairfax Drive. The McMullin Revocable Family Trust, FCP’s partner and prior owner of 4040 N. Fairfax, has retained control of the property’s density rights, which will be sold separately to the Lionstone-Penzance venture. FCP entered into a partnership with the McMullin Family on the office building in July 2012 with a preferred equity investment. Since then, the partnership has fully renovated the office building and inked lease agreements with Marymount University and Virginia Heritage Bank, which is now known as Eagle Bank. Law firm McGuire Woods negotiated the transaction via a trust structure that separated the building from its additional density rights. Bill Collins and Jud Ryan of Cassidy Turley represented the buyer in the transaction.

December 10, 2014

California Office Western

San Mateo BayCenter Office Campus Receives $86M in Financing

by Nellie Day December 10, 2014

SAN FRANCISCO — San Mateo BayCenter, a 303,257-square-foot office campus in the Silicon Valley submarket of San Mateo, has received $86 million in financing. The Class A campus is located at 901 and 951 Mariners Island Blvd., and 999 Baker Way. San Mateo BayCenter is situated at the intersection of U.S. Highway 101 and Highway 92. The three-building campus was built in 1987. The campus is more than 98 percent leased to tenants like Marketo, Brightedge Technologies and Actuate. The floating-rate, post-acquisition financing was arranged by HFF’s Bruce Ganong, Jordan Angel and Walter Chui on behalf of Rockpoint Group. HFF also handled the property’s sale, which closed in September. The seller was Equity Office Properties.

December 10, 2014

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