Office

WALTERS GROUP COMPLETES CONSTRUCTION OF 8,000 SF OFFICE BUILDING

by admin January 13, 2014

HADDONFIELD, N.J. — The Walters Group, a residential and commercial real estate developer, has completed construction on its new 8,000-square-foot, Class A office building in Haddonfield. The new facility is located at 21 E. Euclid Ave., about 10 miles east of Philadelphia. Walters Group has relocated its Marlton offices to the new two-story building, taking the entire second floor. The law firm of Del Duca Lewis has also relocated its offices from Cherry Hill to the new location occupying space on the first floor. The Walters Group is the developer of the building and will jointly own and manage the building with Del Duca Lewis. Additional tenant space is available, ranging from 1,200 square feet to 4,000 square feet.

January 13, 2014

AT&T EXPANDS, RENEWS 104,508 SF LEASE IN ARLINGTON HEIGHTS

by admin January 10, 2014

ARLINGTON HEIGHTS, ILL . — AT&T Wireless has signed a lease renewal and expansion for 104,508 square feet of office space at 95 W. Algonquin Road in Arlington Heights, a northwest suburb of Chicago. AT&T moved into the building in the mid 1990s and currently occupies 80,000 square feet for its business solutions support group. The 138,000-square-foot property is now fully leased. Jason Wurtz, Linda Garske and Michael Flynn with NAI Hiffman’s office services group represented the building’s owner, CBRE Global Investors, in the transaction. George Kotrogiannis and Kurt Kittner of Jones Lang LaSalle represented AT&T.

January 10, 2014

Northeast Office

HFF CLOSES $42M SALE OF CLASS A OFFICE BUILDING IN BRISTOL

by admin January 10, 2014

BRISTOL, CONN. — HFF has closed the $42 million sale of 383 Middle Street, a 410,174-square-foot, Class A office building in Bristol. HFF marketed the property on behalf of the seller, Winstanley Enterprises LLC. Inland Real Estate Acquisitions Inc. purchased the property, which is fully leased to a sports entertainment company. Renovated in 2004, the property features a new cafeteria, new building systems and a data center. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Steve Simonelli led the HFF investment sales team representing the seller. The property is situated on 36.9 acres in the Southeast Bristol Business Park, about 14 miles southwest of downtown Hartford.

January 10, 2014

Office Texas

2GR EQUITY, DOMINUS JV BUYS 82,000 SF OFFICE ASSET IN ARLINGTON

by admin January 10, 2014

ARLINGTON, TEXAS — A joint venture between 2GR Equity and Dominus Commercial has acquired an 82,000-square-foot office building in Arlington. New ownership plans approximately $700,000 in capital improvements to the five-story property, which is located on Pioneer Parkway about three miles south of AT&T Cowboys Stadium. Dallas-based Dominus will provide leasing and management services for the asset.

January 10, 2014

Office Southeast

CASSIDY TURLEY ARRANGES SALE OF OFFICE TOWER IN BALTIMORE

by admin January 9, 2014

BALTIMORE — Cassidy Turley has brokered the sale of a 25-story office tower located at 36 S. Charles St. in Baltimore’s CBD. Los Angeles-based Laurus Corp. purchased the 294,274-square-foot office building from AREA 16B Associates LP. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller in the transaction.

January 9, 2014

Office Southeast

CBRE ARRANGES SALE, FINANCING FOR MEDICAL/OFFICE CAMPUS

by admin January 9, 2014

JUPITER, FLA. — CBRE has arranged the sale and financing of the Jupiter Medical and Technology Park, located at 1701 Military Trail in Jupiter. The buyer, Hollywood, Fla.-based POH Jupiter Ownership LLC, purchased the 185,000-square-foot campus for $30.7 million. CBRE arranged $26 million in acquisition financing for the buyer through RAIT Financial Trust, a Philadelphia-based REIT and bridge lender. The seller, Jupiter RE Investments LLC, is the real estate holding company affiliated with Florida Turbine Technologies, which occupies 34 percent of the medical/office campus. Nearly half of the property is occupied by GE Medical Systems, a subsidiary of GE Healthcare. The CBRE professionals involved in the transaction include Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Christian Lee, Robert Smith, Charles Foschini and Jason Hochman.

January 9, 2014

Office Southeast

LAW FIRM SIGNS LEASE AT WELLS FARGO CENTER IN MIAMI

by admin January 9, 2014

MIAMI — GrayRobinson, a law firm with 280 attorneys and 11 offices in Florida, is relocating its Miami office to Wells Fargo Center in downtown Miami. Wells Fargo Center is a 750,000-square-foot, Class A office tower located near Interstate 95 and Brickell Bridge. Taylor & Mathis signed the law firm to a 35,358-square-foot office lease on the 31st and 32nd floors. GrayRobinson is expected to move into its new office space in January 2015. Brian Gale and Ryan Holtzman of Taylor & Mathis represented the landlord, MetLife, in the lease transaction. Barbara Liberatore Black of Cresa South Florida represented GrayRobinson.

January 9, 2014

Midwest Office

GLOBAL LAW FIRM SIGNS 15-YEAR LEASE AT KEY TOWER IN CLEVELAND

by admin January 9, 2014

CLEVELAND, OHIO — Columbia Property Trust Inc. has signed a 15-year lease with BakerHostetler for 115,615 square feet of space at Key Tower in downtown Cleveland. BakerHostetler, a global law firm, will lease five floors of the 57-story office tower beginning in January 2016. Columbia Property Trust has owned the Class-A office tower and attached 10-story historic building since December 2005. The 1.3-million-square-foot property also serves as the namesake headquarters of KeyCorp., the holding company for KeyBank, which in 2013 signed a 15-year lease extension for 37 percent of Key Tower. Jerry Banks and Darik Afshani, vice presidents of asset management at Columbia Property Trust, and Douglas Miller, Cindy Greiner and John Klayman of Jacobs Real Estate Services, represented Columbia Property Trust in the transaction. Sherry Cushman of Cushman & Wakefield and Doug Leary of CBRE represented BakerHostetler.

January 9, 2014

Midwest Office

GRANDBRIDGE CLOSES $1M SALE OF MINNESOTA OFFICE BUILDING

by admin January 9, 2014

BROOKLYN CENTER, MINN. — Grandbridge Real Estate Capital has closed the $1 million sale of Brookdale Towers, a 61,853-square-foot office building in Brooklyn Center, a northern suburb of Minneapolis. Tony Carlson of Grandbridge Real Estate Capital represented the seller, an institutional lender, which had previously foreclosed on the property. Carlson also arranged the acquisition financing for a local buyer. The property was 25 percent occupied at the time of the sale. The new owner plans to improve the property by addressing deferred maintenance and enhancing building aesthetics.

January 9, 2014

Office Texas

M&M BROKERS SALE OF 97,522 SF OFFICE BUILDING IN AUSTIN

by admin January 9, 2014

AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of The Jefferson, a 97,552-square-foot office building in Austin. The property is occupied by healthcare and other professional tenants including Seton Healthcare, which leases 24 percent of the facility, and Austin Radiological Association, which leases 14 percent of the facility. Located at 1600 W. 38th St., the building is in proximity to three area hospitals, including Seton Medical Center, Seton Shoal Creek Hospital and Heart Hospital. John Smelter of Marcus & Millichap represented the seller, Velocis Jefferson LP. Healthcare Realty Trust Inc. purchased the asset at a cap rate of approximately 7 percent.

January 9, 2014

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