SOUTHLAKE, TEXAS — A joint venture between two Dallas-based investment firms, Pillar Commercial and OliveMill Holdings, has purchased Pinnacle Point, an 81,259-square-foot flex property in Southlake, located in the northern-central region of the metroplex. Built in 2020, Pinnacle Point consists of three single-story buildings on a seven-acre site. Parker McCormack of JLL represented the undisclosed seller in the transaction. Security National Bank provided acquisition financing to the joint venture.
PHOENIX — LPC Desert West, Lincoln Property’s Co.’s (LPC) Southwest division, has completed the sale of 3131 and 3133 Camelback office buildings in Phoenix to an entity of Presson Corp., led by local investor Daryl Burton, for $72.1 million. Barry Gabel, Chris Marchildon and C.J. Osbrink of Newmark represented the seller in the deal. LPC will retain leasing and management duties for the Class A buildings. Totaling 295,401 square feet, the project spans two adjacent multi-story office buildings at 3131 and 3133 E. Camelback Road. 3131 Camelback is a four-story, 196,332-square-foot building, and 3133 Camelback is a three-story, 99,069-square-foot facility. The property also features an onsite parking garage.
BROOMFIELD, COLO. — St. John Properties has started construction of Simms Technology Park, an 81-acre mixed-use business community in Broomfield. Upon completion, the project will feature nearly 600,000 square feet of single-story and multi-story office and flex/research-and-development (R&D) space, as well as complementary retail amenities. The first phase of the park includes a single-story 41,000-square-foot office building and two flex/R&D buildings offering a total of nearly 70,000 square feet of space. Totaling just over 110,000 square feet, the three buildings are designed to achieve LEED certification. Completion of the three buildings is slated for summer 2024. In summer 2022, Broomfield City Council granted approval for St. John Properties to begin development activities on Simms Technology Park, a $125 million project at the intersection of North Simms Street and West 112th Avenue in Broomfield County, approximately 20 miles northwest of Denver. The Baltimore-based developer acquired the development site from Brocade Communications Systems LLC in 2020. In addition to the initial three buildings, St. John Properties is currently marketing the sale or ground lease of four pad sites, ranging from 1.5 acres to two acres, that can support various uses, including restaurants, convenient stores/gas stations and fast food. The final development is expected …
OVERLAND PARK, KAN. — TruHome Solutions, a financial services company offering mortgage lending services, has signed a 36,000-square-foot office lease at the Aspiria campus in Overland Park. The company plans to move in the first quarter of 2024, bringing 220 employees. Michael VanBuskirk and Trey DeRousse of Newmark Zimmer represented the tenant. Hunter Johnson of Occidental Management represented the landlord on an internal basis.
DALLAS — A partnership between two locally based developers, KDC and Pacific Elm Properties, will develop Parkside, a 500,000-square-foot office building that will be located at the corner of North Harwood Street and Woodall Rodgers Freeway in Uptown Dallas. Bank of America has committed to be the building’s anchor tenant with a 238,000-square-foot lease, and upon move-in, the building will become known as Bank of America Tower at Parkside. Construction is scheduled to begin before the end of the year, with delivery slated for the first half of 2027. Corgan is the project architect. Andy Leatherman of JLL represented Bank of America in the lease negotiations. Aarica Mims of KDC and Sara Terry of Pacific Elm Properties represented ownership on an internal basis.
ABILENE, TEXAS — General contractor Hoar Construction has opened a new office in the West Texas city of Abilene. The office, which is located at 104 Pine St. and is officially open for business, is the company’s fourth in Texas and 11th nationwide. Hoar Construction’s presence in the Abilene area began in 2006 when it was hired to renovate and expand Abilene Regional Medical Center.
NEW YORK CITY — LaCoste USA has signed an 18,364-square-foot office lease at 136 Madison Avenue in Midtown Manhattan. The French apparel and accessories retailer will occupy the entire penthouse floor of the 17-story, 300,000-square-foot building. Eric Deutsch, Jared Freede and Anthony Manginelli of CBRE, in conjunction with internal agent Freddie Majid, represented Lacoste USA in the lease negotiations. Mac Roos, Andrew Roos, Michael Cohen and Jessica Verdi of Colliers represented the landlord, Williams Equities. The move-in is scheduled for the second quarter of next year.
CHICAGO — Ferrero North America has opened its new Innovation Center and North America R&D Labs in Chicago. The 45,000-square-foot project, located in the historic Marshall Field & Co. building, brings together Ferrero’s R&D teams from throughout the U.S. and houses teams working on Keebler, Famous Amos, Mother’s, Fannie May and other brands. There are more than 150 employees. The investment further expands Ferrero’s footprint in Illinois. The company manufactures Butterfinger and Baby Ruth products at its plant in Franklin Park, and Keebler products on 110th Street in Chicago. The Ferrero manufacturing campus in Bloomington produces Crunch, 100 Grand and other products, and will soon include a new chocolate processing facility and a new Kinder Bueno production facility. Brookfield Properties operates the Marshall Field building, which is designated as a Chicago Landmark, a National Historic Landmark and has been listed on the National Register of Historic Places since 1978. In 2021, Brookfield completed a major restoration and overhaul to convert the former department store into a modern office building. The property rises seven stories and totals 636,000 square feet.
DALLAS — Law firm Munsch Hardt Kopf & Harr has taken occupancy of its 77,009-square-foot office space at Ross Tower, a 1.1 million-square-foot building located at 500 N. Akard St. in downtown Dallas. The firm relocated from floors 36, 38 and 39, where it leased space since 2005, to floors 40 through 42. The new lease term is 15 years, and the space features a variety of conference room layouts, a work café and an internal stairwell that connects all three floors. HPI Real Estate Services & Investments owns Ross Tower.
MIAMI — Dadeland Greenery LP, an entity sponsored by Orion Capital Partners, has purchased a mixed-use project located on an 8.4-acre site at 7700 N. Kendall Drive in Miami. The property, known as both Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail space attached to an eight-story, 84,913-square-foot office building. Major retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, The UPS Store and Jamba Juice. The buyer purchased the development from an entity doing business as Cofe ZM Dadeland LLC for $58 million, a price that is subject to an assumption of an existing $39 million mortgage. Orion Real Estate Group will manage the property and lease the retail space in cooperation with other brokers and tenant representatives. Fairchild Partners will continue to lease the office building. Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller in the transaction. John Crotty and Michael Fay of Avison Young’s Miami office consulted with both parties.