Office

Cushman & Wakefield Negotiates $9M Sale of Executive Commons Office Property in Sacramento

by Amy Works September 21, 2022

SACRAMENTO, CALIF. — Cushman & Wakefield has arranged the off-market sale of Executive Commons, a two-story office building in Sacramento. 350 University Partnership sold the asset to Sacramento-based Bardis & Miry Development for $9 million. Located at 350 University Ave., the property features 47,000 square feet of multi-tenant office space. At the time of sale, the building was 95 percent leased. Kevin Partington and Ben Corfee of Cushman & Wakefield represented the seller in the transaction.

September 21, 2022

Acquisitions Loans Office Washington Western

Pearlmark Receives $7M Mezzanine Loan for Northview Center Office Building in Lynnwood, Washington

by Amy Works September 21, 2022

LYNNWOOD, WASH. — Chicago-based Pearlmark has received a $7 million mezzanine debt investment as part of its purchase of Northview Center, an office property in Lynnwood. The 182,009-square-foot building is close to a new light rail station that will provide easy access to downtown Seattle. The investment was made on behalf of Pearlmark Mezzanine Realty Partners V LP. Prime Finance provided the senior loan. Nitze-Stagen is the manager for the borrower. Bill Swackahmer of Pearlmark arranged the transaction.

September 21, 2022

Acquisitions Nevada Office Western

CBRE Negotiates $5.1M Sale of Two-Building Office, Industrial Property in Las Vegas

by Amy Works September 21, 2022

LAS VEGAS — CBRE has brokered the sale of two freestanding commercial buildings at 2829 Losee Road in Las Vegas. Bob Beylik acquired the asset from Jaramillo Trust for $5.1 million. Built in 1989, the property includes a 4,500-square-foot office space and a 10,000-square-foot industrial warehouse facility on a 3.4-acre secured plot. The two buildings are located near the Interstate 15 interchange, North Fifth Street and Cheyenne Avenue. Tyler Ecklund and James Griffis of CBRE represented the seller in the deal.

September 21, 2022

Market Reports Office Texas Texas Market Reports

Demographic Trends Point to Strong Recovery for Texas Office Markets

by Taylor Williams September 21, 2022

By Brett Merz, senior vice president, KBS Texas continues to be a top state for job and population growth as its low cost of living and business-friendly policies attract companies and residents from other parts of the country. As such, many commercial real estate owners and operators are recognizing the state’s potential for increased leasing activity in the second half of 2022 and throughout 2023. The portfolio of KBS, which has long been investing in these markets, currently contains 16 office assets in these cities, and we continue to evaluate opportunities to acquire more that align with our investment strategy. Based on 30 years of experience in acquiring and operating premier office assets throughout Texas and beyond, here are a few trends we anticipate continuing for the remainder of 2022 and into next year. Rising In-Migration Major Texas markets including Austin, Dallas-Fort Worth (DFW), Houston and San Antonio are likely to remain magnets for in-migration. Residents are moving to these markets in search of a more affordable quality of life, which is aided by the absence of a state income tax. In addition, companies are seeking office space in a region with business-friendly tax policies. Austin, in particular, continues to …

September 21, 2022

Georgia Loans Office Southeast

Lightstone Capital Provides $27M Refinancing of Office Building in Atlanta’s Cumberland-Galleria District

by John Nelson September 20, 2022

ATLANTA — Lightstone Capital has provided a $27 million loan for the refinancing of 2000 Riveredge Parkway, a 12-story, 240,000-square-foot office building in Atlanta’s Cumberland-Galleria submarket. The Florida-based borrower, Mainstreet Capital Partners, will use the financing to refinance existing debt and fund future leasing costs. Ed Coco and Matt Casey of JLL arranged the financing on behalf of Mainstreet. Situated near the Chattahoochee Nature Center, the property was about 50 percent occupied at the time of the financing to 20 tenants, including Aetna, Atlas Roofing, VITAS Healthcare and Diamond Crystal Brands. The building has 24/7 security, a recently added fitness center with showers and lockers, conferencing facilities, a renovated deli, private balconies, attached structured deck parking and a tenant lounge. Mainstreet Capital plans to use the loan proceeds to upgrade the parking deck terrace, complete multiple spec suites, update the restrooms and make minor mechanical updates.

September 20, 2022

Kansas Leasing Activity Midwest Office

Sethmar Transportation Signs 20,000 SF Office Lease at Aspiria in Overland Park, Kansas

by Kristin Harlow September 20, 2022

OVERLAND PARK, KAN. — Sethmar Transportation has signed a 20,000-square-foot lease at the Aspiria office campus in Overland Park. Sethmar expects to take occupancy of its new headquarters space in October. The company will maintain operations in Colorado, Arkansas and Illinois. The Overland Park office will house approximately 50 employees focused on providing freight forwarding and logistics solutions. Jim Gates of JLL represented Sethmar. Occidental Management owns Aspiria, which is a redevelopment of the former Sprint campus.

September 20, 2022

Florida Market Reports Office Southeast Southeast Market Reports

Activity in Orlando’s Office Market is Fueled by Flight to Quality, Tech Industry

by John Nelson September 20, 2022

The Orlando office market is finally seeing positive absorption across all major submarkets. An impressive second quarter recorded 122,423 square feet of positive absorption, bringing the total for the first half of the year to 156,778 square feet. As companies have been making decisions on their return to the office, the Orlando market has seen increased activity with numerous large, long-term leases signed, predominantly fueled by smaller local users and corporate relocations from other markets. Kimley-Horn’s relocation and expansion to 60,000 square feet in downtown Orlando marked one of the largest transactions in the past five years. While still up 20 basis points year-over-year, total vacancy saw its first drop in the last four quarters. Vacancy was consistently holding at 13.3 percent from third-quarter 2021 until it fell 30 basis points this quarter to 13 percent. The major driver of the drop was vacant sublease space being withdrawn or leased. Although firms are still seeking sublease route for their office space, we believe more space will be given back in the near term. We are seeing an increased pattern of flight to quality, where corporate users are focusing their attention on submarkets and assets that provide higher quality workplaces and …

September 20, 2022

Leasing Activity New York Northeast Office

Blue Owl Capital Signs 137,660 SF Office Lease at 375 Park Avenue in Manhattan

by Taylor Williams September 19, 2022

NEW YORK CITY — Global alternative asset manager Blue Owl Capital has signed a 137,660-square-foot office lease at 375 Park Avenue, a 38-story building in Manhattan. Known as The Seagram Building, 375 Park Avenue’s crowning amenity is a $25 million wellness center known as The Playground that houses an array of fitness facilities. Mark Weiss of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Riguardi, Paul Glickman, Cynthia Wasserberger and Ben Bass of JLL represented the landlord, RFR Realty.

September 19, 2022

Leasing Activity New York Northeast Office

Holiday Farms Opens 20,000 SF Grocery Store in Franklin Square, New York

by Taylor Williams September 19, 2022

FRANKLIN SQUARE, N.Y. — Locally based grocer and caterer Holiday Farms Supermarket has opened a 20,000-square-foot store in the Long Island community of Franklin Square. Holiday Farms, which now operates six stores, occupies a space at Franklin Plaza that was previously leased to grocer King Kullen. Other tenants at the center include Rite Aid, Greek Xpress, Baskin-Robbins, Memory Nails and Olivetto Pizzeria. Cary Fabrikant of Breslin Realty represented the tenant in the lease negotiations. Robert Delavale, also with Breslin Realty, represented the undisclosed landlord.

September 19, 2022

Camino-Al-Norte-Office-Park-North-Las-Vegas-NV

Acquisitions Nevada Office Western

CBRE Arranges $5M Sale of Six Camino Al Norte Office Park Buildings in North Las Vegas

by Amy Works September 19, 2022

NORTH LAS VEGAS, NEV. — CBRE has arranged a $5 million sale of six grey shell office buildings within Camino Al Norte Office Park in North Las Vegas. Totaling 33,800 square feet, the assets were sold to five private buyers. Michael Hsu, Roy Fritz and Kellie Ortiz-Thompson of CBRE represented the Las Vegas-based seller and developer, NDL Group, in the transactions. The sales included six single-story, freestanding buildings at 5115, 5119, 5145, 5155, 5191 and 5195 Camino Al Norte. The properties were designed for medical and professional use. The buildings at 5115 and 5119 Camino Al Norte were completed in 2020 and offer approximately 5,000 square feet each. The remaining four buildings were completed in 2022 and offer approximately 6,000 square feet each.

September 19, 2022

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