Office

Colliers Negotiates $14.6M Sale of Fair Park Business Center in Milwaukee

by Kristin Harlow August 31, 2022

MILWAUKEE — Colliers has negotiated the sale of Fair Park Business Center in Milwaukee for $14.6 million. Located at 620 S. 76th St., the 119,971-square-foot property is fully leased to six office and flex industrial tenants. The building was originally constructed in 1948 with additions and renovations occurring between 2006 and 2014. Some of the tenants include Children’s Hospital of Wisconsin, Lesaffre Yeast Corp. and Upper Iowa University. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, SARA Investment Real Estate. A New York-based 1031 exchange investor was the buyer.

August 31, 2022

Acquisitions Development Life Sciences Massachusetts Northeast Office

Jumbo Capital, Apollo Global Buy Metro Boston Office Building for $21M, Plan Life Sciences Conversion

by Taylor Williams August 31, 2022

CANTON, MASS. — A joint venture between Jumbo Capital and Apollo Global Management has purchased a 79,000-square-foot office building in the southern Boston suburb of Canton for $21 million with plans to convert the property into a life sciences facility. The development team plans to redevelop the existing building and add a 46,460-square-foot manufacturing space. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged $57.7 million in acquisition and construction financing through Cambridge Savings Bank on behalf of the joint venture. Frank Petz, Matt Sherry, Brooke Howard and Rob Schlesinger, also with Colliers, brokered the sale of the property.

August 31, 2022

Acquisitions Connecticut Northeast Office

CBRE Brokers $16.5M Sale of Office Building in Westport, Connecticut

by Taylor Williams August 31, 2022

WESTPORT, CONN. — CBRE has brokered the $16.5 million sale of a 42,432-square-foot office building located at 33 Riverside Ave. in the southern coastal Connecticut city of Westport. The waterfront building rises five stories and was 91 percent leased at the time of sale. Jeffrey Dunne, Steve Bardsley, Jeremy Neuer, David Gavin and Travis Langer of CBRE represented the seller, an entity doing business as Abbey Road Riverside LLC, in the transaction. The team also procured the buyer, The Feil Organization.

August 31, 2022

Acquisitions Colorado Office Western

NorthPeak Brokers Sale of 19,323 SF Office Building in Fort Collins, Colorado

by Amy Works August 31, 2022

FORT COLLINS, COLO. — NorthPeak Commercial Advisors has arranged the sale of an office building located at 3555 Stanford Road in Fort Collins. The property traded for $3.3 million, or $171 per square foot. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the undisclosed seller in the deal. The name of the buyer was not released. The 19,323-square-foot building features 13 office suites.

August 31, 2022

Leasing Activity Office Texas

CBRE Negotiates 64,018 SF Office Lease at Westway Plaza in Houston

by Taylor Williams August 30, 2022

HOUSTON — CBRE has negotiated a 64,018-square-foot office lease at Westway Plaza, a 325,000-square-foot building located two miles northwest of Houston’s Energy Corridor. Kevin Saxe of CBRE represented the tenant, independent oil and gas provider Surge Energy, in the lease negotiations. Surge Energy is relocating from nearby Heron Lakes Office Park and adding 25,000 square feet to its corporate footprint. The move-in is scheduled for February 2023.

August 30, 2022

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $21.4M Sale of Metro Philadelphia Office Complex

by Taylor Williams August 30, 2022

CHERRY HILL, N.J. — Marcus & Millichap has brokered the $21.4 million sale of Cherry Hill Office Center, a five-building campus located outside of Philadelphia in Southern New Jersey. The buildings were constructed between 1968 and 1975 and total 183,731 square feet. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Cherry Hill Office Center was 90 percent leased at the time of sale.

August 30, 2022

Leasing Activity Massachusetts Northeast Office

Lifeline Signs 41,375 SF Office Lease in Marlborough, Massachusetts

by Taylor Williams August 30, 2022

MARLBOROUGH, MASS. — Lifeline Systems Co., a provider of medical alert devices and technology, has signed a 41,375-square-foot office lease in Marlborough, a western suburb of Boston. The tenant will relocate from nearby Framingham to the third floor of a 116,786-square-foot building at 200 Donald Lynch Blvd. in 2023. Kelleher & Sadowsky represented the landlord, Minardi Ltd., in the lease negotiations.

August 30, 2022

California Loans Office Western

Dollinger Properties Receives $97M in Financing for Office Building in Sunnyvale, California

by Amy Works August 30, 2022

SUNNYVALE, CALIF. — Gantry has arranged $97 million in permanent financing to retire construction debt for a four-story, LEED Gold-certified office building in Sunnyvale’s Perry Park office district. Located at 675 Almanor Ave., the property features 152,000 square feet of Class A office space. Tony Kaufmann of Gantry arranged the financing for the borrower, Dollinger Properties. The nonrecourse, balance-sheet loan is structured with two fundings. The permanent, interest-only loan was structured with flexible prepayment and term extension options. A life insurance company lender provided the capital and locked the borrower’s rate 90 days in advance of closing.

August 30, 2022

Acquisitions Colorado Office Retail Western

Kairos Investment, Harbor Associates Buy 91,027 SF The George Office Building in Denver

by Amy Works August 30, 2022

DENVER — A joint venture between Rancho Santa Margarita, Calif.-based Kairos Investment Management Co. and Harbor Associates has purchased The George, an office and retail property located at 820 16th St. in Denver. Terms of the transaction were not released. Constructed in 1906 and renovated in 2020, The George is an eight-story, 91,027-square-foot office building with ground-floor retail space. The asset recently received property improvements, including new conference areas, a new lounge, updated HVAC and bicycle storage.

August 30, 2022

Development Office Southeast Tennessee Top Stories

GBT Realty Opens $140M Office Tower in Nashville’s Gulch District

by John Nelson August 30, 2022

NASHVILLE, TENN. — GBT Realty Corp., a locally based commercial real estate developer, has opened One22One, a $140 million office tower in Nashville. Situated at 1221 Broadway in the city’s Gulch neighborhood, the building rises 24 stories and totals 373,000 square feet. FirstBank occupies 52,000 square feet of office space on floors 13 and 14 that will include the headquarters of FB Financial Corp. (NYSE: FBK), the parent company of FirstBank. Additional, soon-to-be-announced tenants have reserved 120,000 square feet of space, according to GBT Realty. One22One will also house an 11,000-square-foot restaurant, Chotto Matte, that will be situated on the first and second floors. The exterior of One22One features a glass façade and a porte-cochère (entryway), as well as an outdoor amenity deck overlooking downtown Nashville’s skyline. Interior amenities include an upscale fitness center with showers and lockers; tenant lounge with workspaces and a grab-and-go market; wellness room; and a conference facility. The property also features a nearly touchless elevator system, gateless parking technology and high-end, independent HVAC systems. Frank Thomasson, Taylor Hillenmeyer, Janelle Gallagher and Byran Fort are the exclusive listing agents for One22One, which has about 200,000 square feet of office space available to lease. An additional 1,700 …

August 30, 2022

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