WASHINGTON, D.C. — A partnership between Garfield Investments and Broad Creek Capital has acquired a 285,000-square-foot, eight-story office building located at 300 M St. SE in Washington, D.C.’s Navy Yard district. The seller and sales price were not disclosed. Bradley Allen of Eastdil brokered the transaction. Situated two blocks from the Navy Yard Metro Station and opposite the Washington Navy Yard, the property was 53 percent leased at the time of sale to tenants including defense firms and subcontractors of the U.S. Navy. The office building includes a 7,000-square-foot conference facility, fitness center, 24-hour security and 304 underground parking spaces. Garfield and Broad Creek have selected Greg Tomasso of Avison Young to handle leasing at 300 M.
Office
MCB Breaks Ground on $44M Civic Project at Reservoir Square Development in West Baltimore
by John Nelson
BALTIMORE — MCB Real Estate has broken ground on a $44 million civic project within Reservoir Square, a $170 million mixed-use development in West Baltimore. The four-story, 63,000-square-foot project is for the new location of the Mayor’s Office of Employment Development (MOED) and will comprise advanced career skills-building classrooms, collaborative workspaces and upgraded technology learning labs. The construction timeline was not released. Reservoir Square is located along the 600-850 block of West North Avenue, a site that once housed a blighted mall and public housing. The development is a partnership between MCB, Atapco Properties and MLR Partners. Other partners include the City of Baltimore, the Maryland Department of Housing and Community Development, the Maryland Economic Development Corp., P3 –Foundation Inc. and the Neighborhood Impact Investment Fund.
Marcus & Millichap Brokers Sale of 31,701 SF Multi-Tenant Office Building in San Jose, California
by Amy Works
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of 1054 South De Anza Boulevard, a three-story multi-tenant office property in San Jose. The asset sold for $9.7 million. Yuri Sergunin, Vince Schwab and J.J. Taughinbaugh of Marcus & Millichap represented the undisclosed seller, while Simon Chen of Buffalo RE represented the undisclosed buyer in the deal. Constructed in 1985 on 1.2 acres, the 31,701-square-foot property features an atrium, elevator access and ample parking. At the time of sale, the building was 75 percent occupied.
HAUPPAUGE AND ISLANDIA, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $42.5 million CMBS loan for the refinancing of the 400,000-square-foot Crossroads Office Portfolio on Long Island. The portfolio consists of 13 buildings in Hauppauge and Islandia that were constructed between 1984 and 1989. Tenants include Stifel, Nicolaus & Co., Massachusetts Mutual Life Insurance Co., Flushing Bank and Bankers Conseco. Bryan Manz and Emil DePasquale of BBCP arranged the financing, which carried a 10-year term and a 55 percent loan-to-value ratio, through Morgan Stanley on behalf of the borrower, The Crest Group.
FalconEye Ventures Acquires 755,000 SF Scottsdale Quarter Mixed-Use Project in Arizona, Plans $100M in Improvements
by Amy Works
SCOTTSDALE, ARIZ. — FalconEye Ventures has purchased Scottsdale Quarter, an open-air mixed-use development in Scottsdale, for an undisclosed price. The asset offers 755,000 square feet of retail, dining and office space. Current tenants include Apple, Restoration Hardware, lululemon, Jenni Kayne, Veronica Beard, Dominick’s Steakhouse and True Food Kitchen. As part of the acquisition, FalconEye plans to implement a $100 million capital improvement program to the property. The program will focus on tenant curation, infrastructure enhancements and experiential retail concepts designed to differentiate the property. Implementation is scheduled to commence in late 2025, with phased execution designed to minimize operational disruption to existing tenants. FalconEye has retained Vestar to be a strategic partner and oversee operations at the property. FalconEye is a real estate investment company founded by tech entrepreneur George Kurtz in 2020.
TUCSON, ARIZ. — Gantry has secured a $16.7 million permanent loan to refinance Plaza Colonial, an office and retail property in Tucson. Located at 2840-2890 E. Skyline Drive and 6375 N. Campbell Ave., Plaza Colonial offers 83,869 square feet of retail and office space spread across four buildings. Patrick Barkley and Chad Metzger of Gantry represented the borrower, a private real estate investor. An institutional balance sheet lender provided the five-year, fixed-rate loan, which features full-term interest-only payments. Gantry will service the loan.
FENTON, MO. — JLL has negotiated five new office leases totaling more than 120,000 square feet at 1400 S. Highway Drive in Fenton near St. Louis. The building is now 95 percent leased. The tenants come from a wide range of industries, with Delta Dental being the largest lease at 69,000 square feet. The Maritz family, a local owner, is the landlord. The family’s company, Maritz, also operates on the campus.
NEEDHAM, MASS. — Locally based investment firm Riverside Properties has purchased a 135,272-square-foot office building in Needham, about 20 miles southwest of Boston. The three-story building at 160 Gould St. offers an outdoor socialization area and a former full-service cafeteria. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper, Joseph Alvarado and Casey Valente of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured Riverside Properties as the buyer.
NEW YORK CITY — Newmark has arranged a 30,000-square-foot office lease at 1185 Avenue of the Americas in Midtown Manhattan. The tenant, SURMOUNT, a commercial real estate services company focused on net-leased assets, will relocate from 275 Madison Avenue to the entire 30th floor of the building. David Falk, Jason Greenstein and Justin Pollner of Newmark represented the tenant in the lease negotiations. Newmark’s Brian Waterman, Scott Klau, Brent Ozarowski, Kevin Sullivan and David Waterman, alongside internal agents Howard Tenenbaum and Gary Rosen, represented the landlord, SL Green.
SAN DIEGO — Juniper Ridge Partners has acquired Bay Bridge Center in San Diego from Jon and Donna Stockholm Trust for $10.4 million. Located at 1943-1995 Main St., Bay Bridge Center offers 38,300 square feet of mixed-use flex space. The five-building, multi-tenant asset is situated on 2.1 acres in San Diego’s Harbor/Downtown submarket. At the time of sale, Bay Bridge Center was fully leased to six tenants, including San Diego County Schools and Wrensilva, a high-end audio manufacturer. The property features 400 feet of frontage on Main Street and Harbor Drive, secure yard areas and proximity to a San Diego Trolley stop with immediate access to Interstate 5. Chris Holder, Mark Lewkowitz and Will Holder of Colliers represented the buyer and seller in the deal.