Office

CBRE Global Investors Fund Buys 11-Building Office Park in Miami

by John Nelson October 17, 2014

MIAMI — A fund sponsored by CBRE Global Investors has acquired Airport Corporate Center, a 45-acre, 11-building office park located adjacent to Miami International Airport. The campus is located at 7200-7665 Corporate Center Drive and includes more than 1 million square feet of space, which was 78.6 percent leased at the time of sale. CBRE Global Investors plans to upgrade the campus with the firm’s 5-Star Worldwide service and amenity program, including the addition of conference centers and a fitness center. The buyer is also planning to renovate building interiors and exteriors and upgrade the property’s landscaping.

October 17, 2014

Office Texas

HFF Arranges Sale and Financing of Summit Office Park in Fort Worth

by Haisten Willis October 16, 2014

FORT WORTH — HFF has arranged the sale and financing for Summit Office Park, a two-building, 242,482-square-foot, Class A office complex in Fort Worth. HFF marketed the property on behalf of the seller, Prescott Group. Pennybacker Capital purchased the asset and HFF secured acquisition financing on behalf of the buyer. ViewPoint Bank provided the seven-year loan. Summit Office Park is located near I-30, just west of downtown Fort Worth. The eight-story buildings, located at 1200 and 1300 Summit Ave., are 95 percent leased and span 120,396 square feet and 122,086 square feet, respectively. Travis Anderson and Steve Heldenfels led HFF’s debt placement team.

October 16, 2014

New Jersey Northeast Office

CBRE Brokers Sale of a New Jersey Office Building

by Amy Works October 16, 2014

HADDON TOWNSHIP, N.J. — CBRE Inc. has brokered the sale of the Wells Fargo Building, located at 600 W. Cuthbert Blvd. in Haddon Township. National Financial Realty – East Coast Portfolio LLC sold the property for $2.98 million. The 75,937-square-foot office building was constructed in two phases. A two-story bank branch was completed in 1965, and a six-story attached office building was completed in 1976. Wells Fargo is the sole tenant. Wells Fargo vacated the two-story bank branch property, which is currently available for lease. Jim Pasquarella and Bill Tourtellotte of CBRE represented the seller in the transaction.

October 16, 2014

California Office Western

Regus Leases Space at Topaz in Downtown San Pedro

by Nellie Day October 16, 2014

SAN PEDRO, CALIF. – Regus has leased more than 15,000 square feet at Topaz in Downtown San Pedro. The Class A office tower is located at 222 West Sixth Street. The flexible workplaces provider will use this space as an expansion of its South Bay operations, which serve Long Beach, Palos Verdes and the 190th Street Corridor. Regus represented itself in this transaction, while the landlord, Jupiter Holdings, was represented by CBRE’s Tim Vaughan, Dave Smith and Mike Harry.

October 16, 2014

California Office Western

Citadel Servicing Corp. Expands, Renews at Irvine Spectrum Office Plaza

by Nellie Day October 16, 2014

IRVINE, CALIF. – Citadel Servicing Corporation has leased 14,588 square feet at the Irvine Spectrum Office Plaza. The plaza is located at 15707 Rockfield in Irvine. It is currently 58 percent leased. This renewal and expansion nearly tripled Citadel’s original space at this location. The new lease runs through 2018. The non-qualified mortgage products provider was represented by Oliver Fleener of PM Realty Group. The landlord, PRES Companies, was represented by its own Adam Espinoza.

October 16, 2014

California Office Western

Radiology Partners Leases Office Space in El Segundo

by Nellie Day October 16, 2014

EL SEGUNDO, CALIF. – Radiology Partners has leased 12,443 square feet of office space in El Segundo. The space is located at 2101 El Segundo Blvd. It was previously occupied by Raytheon Space and Airborne Systems. The integrated radiology practice management company plans to occupy the space next month. It is expanding from its 5,000-square-foot space, which is also in El Segundo. Radiology Partners was represented by Jacob Bobek of Avison Young’s Downtown Los Angeles office. The landlord, Bixby Land Company, was represented by CBRE.

October 16, 2014

Massachusetts Northeast Office

KS Partners, Oaktree Capital Acquire Three-Building Office Park

by Amy Works October 15, 2014

ANDOVER, MASS. — A joint venture between KS Partners and Oaktree Capital Management has acquired Brickstone Square, a three-building office park located in Andover. Originally constructed between 1919 and 1934 as the world headquarters for American Woolen Company, the three buildings are located at 100, 200 and 300 Brickstone Square and total more than 1 million square feet. In 1986, the property was renovated and converted into office space. On-site amenities include a full-service cafeteria, fitness center, on-site daycare center, convenience store and more than 3,000 parking spaces. Kerry Olson Hawkins, Jason Levendusky and Jake Borden of CBRE/New England have been selected to lease the property.

October 15, 2014

New Jersey Northeast Office

NAI Hanson Arranges Sale of Hackensack Office Building

by Amy Works October 15, 2014

HACKENSACK, N.J. — NAI James E. Hanson has arranged the sale of an office building in Hackensack. AZA Property purchased the 12,000-square-foot building, which is located at 126 State St., for an undisclosed price. The buyer is relocating from Manhattan. Dominic Fittizzi and Michael Walters of NAI Hanson represented the seller, Pisarri, McEnroe & Carerii, in the transaction.

October 15, 2014

North Carolina Office Southeast

Beacon Partners Breaks Ground on Five-Story Office Building in Charlotte

by John Nelson October 15, 2014

CHARLOTTE, N.C. — Beacon Partners has broken ground on a new five-story, Class A office building located at 1616 Camden Road at the corner of Camden Road and Kingston Avenue in Charlotte’s South End submarket. The property, known as 1616 Center, will feature 10,000 square feet of retail space on the ground floor and 65,000 square feet of office space on the four floors above. Construction began on Oct. 14, which included the demolition of two existing buildings on the site. The project’s construction is estimated to wrap up in the third quarter of 2015. Architect David Furman of Centro Cityworks designed the property to feature a fitness center, locker rooms, a pedestrian plaza, patio space for the restaurants and retail space on the ground floor and an executive conference room overlooking the East/West Lynx Light Rail line. Boatsman Gillmore Wagner has signed a 12,000-square-foot lease at 1616 Center. The design team includes general contractor Edifice and architect Axiom. Charles Swanson and Kristy Venning of Beacon Partners will handle leasing 1616 Center’s office space, and Aaron Ligon of Ligon Commercial Real Estate will handle leasing the project’s retail space.

October 15, 2014

Florida Office Southeast

Investors Purchase 4.5 Acres of Commercial Space in Historic Downtown Pensacola

by John Nelson October 15, 2014

PENSACOLA, FLA. — One Palafox Place LLC, a group of investors managed by Robert Switzer, has entered into a purchase agreement to acquire a block of commercial space in the Palafox Historic District in downtown Pensacola. The 4.5-acre city corner is bound by Garden, Palafox, Romana and Baylen streets. The purchase includes a parking lot on the west side of Baylen Street and the historic Blount and Brent buildings. One Palafox Place LLC is purchasing the properties from Durnford Enterprises Ltd., which purchased the city block in 1980. The new ownership plans to honor all current tenants’ leases and contracts for their full term.

October 15, 2014

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