MORRISTOWN, N.J. — Cushman & Wakefield has brokered the $21.5 million sale of Morristown Plaza, a 122,103-square-foot office complex in Northern New Jersey. The development consists of two buildings on a 3.9-acre site. Gary Gabriel, David Bernhaut, Frank DiTommaso, Bill Baunach, Maia Sirabian, Andy Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. The buyer was Pentaurus Properties. The property, which was 92 percent leased at the time of sale, offers a fitness center, café and conference facilities.
CONROE, TEXAS — Locally based brokerage firm SVN | J. Beard Real Estate – Greater Houston has arranged the sale of an 8,320-square-foot office building in Conroe, about 40 miles north of Houston. The property was built in 1973. Linda Crumley of SVN | J. Beard represented the seller in the transaction. Brittany Jameson, also with SVN | J. Beard, represented the buyer, Milstead Properties LLC.
SAN JUAN CAPISTRANO, CALIF. — TailoredSpace is scheduled to open its newest location in San Juan Capistrano this September. The 14,000-square-foot space will be located at 27131 Calle Arroyo. TailoredSpace has targeted suburban communities with high per-capita income, easy freeway access and walkable retail amenities. TailoredSpace will be the first fully amenitized coworking operation in San Juan Capistrano, according to the company. This lack of supply has resulted in significant pre-leasing activity for the campus.
Five blocks doesn’t seem that far. It’s about a quarter of a mile, or 560 steps. But, it’s just a hair past convenient for today’s office workers. Now more than ever, tenants are seeking an office experience that is dynamic and energized with amenities. They want great options for coffee, lunch or happy hour that are steps away, not blocks. If it’s not right outside the office, it’s not close enough. In Atlanta, the Midtown submarket is still where the action is. In 2022, Midtown had 775,652 square feet of positive absorption, which was the highest in the metro according to Cushman & Wakefield. In keeping with the flight-to-quality trend, Atlanta leasing activity last quarter was dominated by Class A product, which accounted for 75.6 percent of all transactions. Most of this activity occurred in Midtown. With a Walk Score of 87, Midtown is Atlanta’s most walkable submarket. But even there, it’s the vertically integrated office developments that bring a new layer of urban density that are rising above the rest. Not only are they seeing more leasing demand, but they are also experiencing a constant hum of activity and energy due to immediate access to great retail and restaurants. …
CHARLOTTE, N.C. — Northpond Partners has acquired Chadbourn Mill, an adaptive reuse project underway at a 1930s-era textile mill located within Charlotte’s Mill District. Northpond purchased the property from Federal Capital Partners (FCP) for $12.5 million, with plans to develop retail and restaurant space. Renovations will include the addition of two 7,000-square-foot patios and the installation of garage doors on the 18,000 square feet of ground-floor retail space at the property’s main building. Plans also include the addition of a lawn adjacent to the secondary, 2,100-square-foot retail building. The corporate headquarters for software developer Ekos will continue to occupy the second floor of the main building. Southwick Architecture + Interiors will serve as architect, and White Point Partners remains a partner on the development. Construction is expected to be complete in 2024. Stream Realty Partners arranged the sale on behalf of FCP and White Point.
HOFFMAN ESTATES, ILL. — VIPAR Heavy Duty Inc., a truck parts distributor and service provider, has signed a 10,074-square-foot office lease at Bell Works Chicagoland in Hoffman Estates. VIPAR will relocate its team of 35 employees from Crystal Lake. Bell Works Chicagoland is the redevelopment of the former AT&T corporate campus undertaken by Inspired by Somerset Development. VIPAR is working closely with Inspired on the build-out of its space, which is slated for completion in August. Colliers represented VIPAR in the lease, while The Garibaldi Group represented ownership.
NEW YORK CITY — Locally based developer Dynamic Star has received approval from the New York City Council for Opus Point, a redevelopment that will convert the former Eagle Electric manufacturing facility in Queens into a 400,000-square-foot office property. Designed by SLCE Architects and redeveloped on a speculative basis, the 26-story complex will offer a variety of flexible workspace suites and spaces. Amenities will include a basketball court, fitness center, landscaped rooftop deck and conference facilities. Completion is slated for the second quarter of 2025. CBRE will market Opus Point for lease.
NEW YORK CITY — Architecture firm Hart Howerton has signed a 27,111-square-foot office lease renewal and expansion at 10 E. 40th St. in Midtown Manhattan’s Bryant Park neighborhood. The 48-story, 442,000-square-foot building is currently being renovated and has been rebranded as Tower 40. Ethan Silverstein, Theodora Livadiotis and Caroline Collins of Cushman & Wakefield represented the landlord, a partnership between Madison International Realty and Joseph P. Day Realty, in the lease negotiations. Alexander Ryan and Time Freydberg of CBRE represented the tenant.
DURHAM, N.C. — CBRE has brokered the $20.7 million sale of Duke Medical Plaza, a 60,192-square-foot, Class A medical office building located at 4709 Creekstone Drive in Durham. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reethof of CBRE’s U.S. Healthcare & Life Sciences Capital Markets practice represented the seller, Highwoods Properties, in the transaction. Ben Kilgore of CBRE | Raleigh and Patrick Gildea and Matt Smith of CBRE’s Charlotte office assisted in representing Highwoods. The buyer was not disclosed. Duke Medical Plaza was fully leased at the time of sale to Duke Health Integrated Practice, a subsidiary of Duke University Health System that recently signed a long-term lease extension. The facility serves as a full-service pediatric outpatient clinic offering 14 clinical pediatric services, including neurology, cardiology, endocrinology, gastroenterology, adolescent gynecology, oncology, rheumatology, nephrology, PT/OT/ST, pulmonary and onsite clinical laboratory and imaging.
CLEVELAND — KeyBank Institutional Advisors and KeyBank Community Development Lending and Investment (CDLI) have provided $30 million in financing to The Cleveland Foundation (TCF) for the construction of the 95,000-square-foot Midtown Collaboration Center in Cleveland. The center will be adjacent to TCF headquarters. KeyBank provided a $23.7 million loan, while KeyBank CDLI provided a $6.3 million equity investment in New Market Tax Credits. Partners in the project include Case Western Reserve University (CWRU), University Hospitals (UH), the Cleveland Institute of Art (CIA), Hyland Software and the Economic & Community Development Institute (ECDI). The center will house CRWU’s new Center for Population Health Research, UH’s new Diabetes Research and Wellness Center, CIA’s new interactive media lab, Hyland Software’s training center, ECDI’s small business administration lending center and women’s resource center, as well as a brewery and community-led music venue.