Office

Cushman & Wakefield Arranges $7.4M Sale of Loma Starr Medical Office Property in San Diego

by Amy Works November 28, 2022

SAN DIEGO — Cushman & Wakefield has facilitated the sale of Loma Starr, a two-building office and medical office property at 3051-3055 Rosecrans St. and 3065 Rosecrans Place in San Diego’s Midway District. Loma Starr LLC, a private investor group, sold the asset to Crown Point Systems for $7.4 million. Totaling 28,630 square feet, the recently renovated property was 91.7 percent leased at the time of sale. The buyer plans to occupy space at the property for its own offices. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield’s Private Capital Group in San Diego represented the seller, while Bret Morriss of Cast Capital represented the buyer in the transaction.

November 28, 2022

Loans New York Northeast Office

Newmark Arranges $150M Loan for Refinancing of Midtown Manhattan Office Building

by Taylor Williams November 28, 2022

NEW YORK CITY — Newmark has arranged a $150 million loan for the refinancing of 295 Fifth Avenue, a 19-story, 710,000-square-foot office building in Midtown Manhattan. Dustin Stolly, Jordan Roeschlaub, Christopher Kramer, Nick Scribani, Ben Kroll and Holden Witkoff of Newmark arranged the financing on behalf of the borrower, a partnership between Tribeca Investment Group, Meadow Partners and PGIM Real Estate. Deutsche Bank provided the loan. The sponsor will use a portion of the proceeds to fund capital improvements such as a remodel of the lobby and an overhaul of the building’s windows, elevators and HVAC systems.

November 28, 2022

Acquisitions Midwest Minnesota Office

Bridge Investment Group Acquires 343,000 SF Office Building in St. Louis Park, Minnesota

by Kristin Harlow November 28, 2022

ST. LOUIS PARK, MINN. — Bridge Investment Group’s subsidiary Bridge Office Fund has acquired 10 West End in the western Minneapolis suburb of St. Louis Park. The sales price was undisclosed. The Class A office building rises 11 stories and spans 343,000 square feet. Ryan Cos. US Inc. sold the property in conjunction with The Excelsior Group and Sotarra LLC. The building opened in January 2021. Amenities include a bike room, onsite parking, electric vehicle charging, a fitness center and sky deck. The property is the first Class A office building constructed in the submarket in the last 18 years, according to Ryan. Tom O’Brien, Avery Ticer, Dan Phoel and Jeff Altenau of Cushman & Wakefield represented Ryan in the sale. Bridge now owns more than 1.4 million square feet of commercial real estate space in the Minneapolis market.

November 28, 2022

Illinois Leasing Activity Midwest Office

CBRE Negotiates Six Leases Totaling 54,183 SF at Office Building in Chicago’s West Loop

by Kristin Harlow November 23, 2022

CHICAGO — CBRE has negotiated six leases totaling 54,183 square feet at 609 W. Randolph St., a speculative office building that was completed in March in Chicago’s West Loop. The property is now 63 percent leased. A national technology company leased 21,339 square feet. The other lease signings included New Markets Trading, NTT DATA, Global Real Estate Fund, Confidential Financial Services and Valenti Builders. Jason Houze of CBRE represented ownership, Vista Property.

November 23, 2022

Acquisitions Nevada Office Western

Patriot Real Estate Holdings Buys 110,974 SF Marnell Corporate Center Office Building in Las Vegas

by Amy Works November 23, 2022

LAS VEGAS — Nashville, Tenn.-based Patriot Real Estate Holdings has purchased Marnell Corporate Center V (MCC5), a five-story, Class A office building within Marnell Corporate Center in Las Vegas. The name of the seller and acquisition price were not released. Located at 6720 Via Austi Parkway, the asset features 110,974 square feet of multi-tenant office space. The building was constructed in 2007. Patriot Real Estate acquired MCC3, a 71,378-square-foot office building, and MCC4, a 93,702-square-foot office building, from Dornin Investment Group in summer 2022 and spring 2018, respectively. The Marnell Corporate Center is a seven-building, 736,000-square-foot, Class A, master-planned business campus. Marlene Fujita Winkel, Rick Reeder, Brad Tecca, Emily Brun and Alex Casingal of Cushman & Wakefield represented the seller in the transaction.

November 23, 2022

Acquisitions Office South Carolina Southeast

Highland Ventures Purchases Boutique Office Building in Downtown Charleston for $16.8M

by John Nelson November 22, 2022

CHARLESTON, S.C. — Highland Ventures has purchased 174 Meeting, a 47,113-square-foot boutique office building in historic downtown Charleston. Cobalt Property Group sold the property to Highland for $16.8 million. Matt Smith, Patrick Gildea, Grayson Hawkins, Robert Hardaway, Charles Carmody and Ryan Carmody of CBRE represented the seller in the transaction. Insite Properties advised Highland Ventures. Built in 2014 near the intersection of Meeting and Market streets, 174 Meeting was fully leased at the time of sale to tenants including Truist Bank, Thrive Co-Working, Stifel Financial Corp. and Evening Post Industries. The property features three levels of office space above a ground-level bank, lobby and parking.

November 22, 2022

Development Illinois Industrial Midwest Office

Skender Breaks Ground on 37,000 SF Expansion for Greater Chicago Food Depository

by Kristin Harlow November 22, 2022

CHICAGO — Skender has broken ground on a 37,000-square-foot expansion of the Greater Chicago Food Depository. The food bank on Chicago’s Southwest Side provides food for families and individuals at risk of food insecurity. The new structure at 4100 W. Ann Lurie Place will add onto the food bank’s existing two-story warehouse and office. Plans call for a commercial kitchen for meal preparation and packaging as well as a demonstration kitchen for nutrition education. The Greater Chicago Food Depository aims to produce and distribute 2.5 million prepared meals annually to community members. Completion is slated for early 2024. Partners by Design is the project architect. This latest expansion as well as renovations that were completed in 2019 are phases of the Nourish Project, which was driven by a $75 million capital campaign.

November 22, 2022

Loans Office Texas

JLL Arranges $39.7M Loan for Refinancing of North Austin Office Complex

by Taylor Williams November 22, 2022

AUSTIN, TEXAS — JLL has arranged a $39.7 million loan for the refinancing of Bridgepoint Plaza, a 178,061-square-foot office complex in North Austin. The property comprises two buildings on an 8.8-acre site. The amenity package consists of a fitness center, basketball court, pickleball court, outdoor seating and dining areas, a conference facility and structured parking for 580 vehicles. Wally Reid and Jayme Nelson of JLL arranged the loan through Argentic on behalf of the borrower, Spire Real Estate Partners. Bridgepoint Plaza was 78 percent leased at the time of the loan closing.

November 22, 2022

Acquisitions Arizona Office Western

Cushman & Wakefield Brokers $14.5M Office Building Sale in Phoenix

by Amy Works November 22, 2022

PHOENIX — Cushman & Wakefield has arranged the sale of a single-tenant office building in Phoenix’s Camelback Corridor. McCarthy/MRL Properties Arizona sold the asset to a joint venture between Crowne Point Equity, Corsair Management and A-1 Legacy Properties for $14.5 million. Located at 6225 N. 24th St., McCarthy Building Cos. fully occupies the three-story, 41,982-square-foot building. The property features a shaded garden-level patio with picnic tables; outdoor cooking and seating; multiple conference, break and recreation/game rooms; and a fully equipped kitchen. Eric Wichterman and Mike Coover of Cushman & Wakefield’s private capital team, in collaboration with Mark Seale of Avison Young, represented the seller in the transaction.

November 22, 2022

Acquisitions Colorado Industrial Office Western

CBRE Negotiates Sale of 65,000 SF Inverness Business Park in Englewood, Colorado

by Amy Works November 22, 2022

ENGLEWOOD, COLO. — CBRE has arranged the sale of Inverness Business Park at 35 Inverness Drive East in Englewood, a southeast suburb of Denver. Terms of the transaction were not released. Teledyne Technologies, a manufacturer of air quality monitoring instrumentation and software, fully leases the 65,000-square-foot property, which it has occupied since 2004. Built in 1980, the multi-use building has a single-story warehouse and a two-story office space. The warehouse space includes a loading dock with five overhead rolling doors. The property also features a tenant cafeteria area and outdoor patio space. Patrick Devereaux, James Brady and Campbell Davis of CBRE represented the undisclosed seller in the deal. The name of the buyer was not released.

November 22, 2022

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