Office

Graco Opens New 538,000 SF Facility in Dayton, Minnesota

by Kristin Harlow September 26, 2022

DAYTON, MINN. — GRACO Inc. (NYSE: GGG), a manufacturer of fluid handling equipment, has opened its new 538,000-square-foot facility in Dayton, a northern suburb of Minneapolis. The building, which houses office and factory space, marks Graco’s fourth campus in Minnesota. Graco, working with Impact Power Solutions, is investing in solar energy with the new building. The company added a 1.4-megawatt solar array, consisting of more than 3,100 solar panels on the roof of the building. Over the next 30 years, the solar array is expected to offset more than 23,000 tons of carbon dioxide. The project team included McGough as general contractor, HGA as architect and Tegra Group as project manager.

September 26, 2022

Acquisitions California Industrial Office Western

BLT Enterprises Expands California Holdings with Seven-Building Acquisition for $130M

by Amy Works September 23, 2022

SANTA MONICA, CALIF. — Santa Monica-based-BLT Enterprises has purchased seven industrial and creative office properties throughout Los Angeles County, Orange County and San Diego County, Calif., for a total of $130 million. The acquisitions total nearly 270,000 square feet of buildings on more than 18 acres of land. Names of the sellers were not released. The properties include: A 49,307-square-foot creative office building located at 621 Hawaii St. in El Segundo and fully leased to Nexon America Inc., South Korea’s largest video game developer. A 10,400-square-foot warehouse at 7748 Industry Ave. in Pico Rivera. A 10,246-square-foot warehouse at 2901 Thornton Ave. in Burbank, which is fully leased to Reno Hardware. A 6,900-square-foot creative office building at 6368 Arizona Circle and an 8,100-square-foot creative office building, both in Los Angeles. A 12,620-square-foot warehouse located at 3539 Howard Way in Costa Mesa. A 175,000-square-foot distribution facility on 11.1 acres at 1 Viper Way in Vista.

September 23, 2022

Acquisitions California Healthcare Office Western

CBRE Arranges $44.5M Acquisition of Pacific Professional Building Medical Office Property in San Francisco

by Amy Works September 23, 2022

SAN FRANCISCO — CBRE has negotiated the purchase of the fee simple interest of Pacific Professional Building, a 132,000-square-foot medical office building in San Francisco. Pan-Med Enterprises, a collection of doctors that occupies and operates practices at the property, acquired the underlying land out of a ground lease for $44.5 million. Mike Taquino, Kyle Kovac, Alec Haley and Giancarlo Sangiacomo of CBRE Capital Markets represented the buyer in the deal. Additionally, Mike Walker and Brad Zampa of CBRE’s Debt & Structured Finance team secured the $44.5 million, 10-year, fixed-rate, non-recourse loan to finance the purchase of the fee simple interest and repayment of the existing leasehold loan from a middle-market East Coast bank. Located at 2100 Webster St., Pacific Professional Building is a five-story medical office with an outpatient radiology lab, testing labs, pharmacy and health resource center. The building is 97 percent leased and was completely renovated in 2021.

September 23, 2022

Development Florida Office Southeast

Kaufman Lynn Completes $144M Overhaul of JM Family Headquarters in South Florida

by John Nelson September 23, 2022

DEERFIELD BEACH, FLA. — Kaufman Lynn Construction has completed a major overhaul of JM Family Enterprises’ corporate headquarters in Deerfield Beach. The $144 million project was finished in 41 months and comprises three new 88,061-square-foot office buildings; a 29,500-square-foot dining facility; 309,573-square-foot parking garage; 6,500-square-foot energy plant; a welcome center; and a hardscape package valued at $12 million. The renovations also included installing rooftop solar farms, heat-reducing electrochromic glass and an irrigation system using rainwater-collecting cisterns. About 1,200 staffers at JM Family, a privately held automotive distributor, were able to continue working during the replacement, which Kaufman Lynn managed with design partner PGAL Architects.

September 23, 2022

Leasing Activity Office Texas

BW Energy Signs 68,000 SF Office Headquarters Lease in Houston

by Taylor Williams September 23, 2022

HOUSTON — BW Energy has signed a 68,000-square-foot office headquarters lease in Houston’s Memorial City district. The locally based oil and gas firm will occupy the top three floors at 9753 Katy Freeway, a 190,000-square-foot building that is under construction and slated for a second-quarter 2023 completion. Brad MacDougall and Warren Alexander represented the landlord, MetroNational, in the lease negotiations. Griff Bandy of Partners represented the tenant.

September 23, 2022

Development Midwest Office Ohio

Unispace Completes 262,500 SF Office for Bread Financial in Columbus, Ohio

by Kristin Harlow September 23, 2022

COLUMBUS, OHIO — Design and construction firm Unispace has completed Bread Financial’s new 262,500-square-foot office space in Columbus. Bread Financial is a financial services company that provides flexible lending and saving solutions. Unispace collaborated with Bread Financial on the overall design, which includes LED lighting, various workspaces and an outdoor space. Despite supply chain delays, Unispace completed the project on time and on budget.

September 23, 2022

Acquisitions Illinois Midwest Office

Marcus & Millichap Brokers $6.7M Sale of Hartford Business Centre in Bensenville, Illinois

by Kristin Harlow September 23, 2022

BENSENVILLE, ILL. — Marcus & Millichap has brokered the $6.7 million sale of the Hartford Business Centre in the Chicago suburb of Bensenville. The 66,853-square-foot office complex sold at nearly full list price. The property’s three single-story buildings were constructed in 1975 and 1985 and renovated in 2022. At the time of sale, the property was 97 percent leased. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor. Avison Young represented the buyer, a local private investment fund.

September 23, 2022

Illinois Leasing Activity Midwest Office

Eversheds Sutherland Signs 21,000 SF Office Lease in Chicago

by Kristin Harlow September 23, 2022

CHICAGO — Law firm Eversheds Sutherland has signed a 21,000-square-foot office lease for the top floor of 227 West Monroe Street, a building commonly known as The Franklin. Since first opening a Chicago office in 2019, Eversheds Sutherland has grown to 16 attorneys in the city. The Franklin recently underwent renovations and is LEED Gold certified. Eric Feinberg, John Goodman and Isabel Preskill of Savills represented Eversheds Sutherland.

September 23, 2022

Arizona Market Reports Office Western Western Market Reports

Reimagined Class A Office Projects Lead Phoenix’s Road to Recovery

by Jeff Shaw September 23, 2022

By Phil Breidenbach, Senior Executive Vice President, Colliers Class A landlords are answering the call from tenants for captivating workplaces. These re-imagined environments are drawing businesses to buildings and invigorating absorption in the market. Greater Phoenix office vacancy fell to 13.5 percent at mid-year, which was a 0.6 percent drop from last quarter and 0.7 percent lower than mid-year 2021. This number also sits 1.6 percent below the national average. While 287,000 square feet of new product was delivered, more than 587,000 square feet was absorbed. This is evidence the workforce is finding its way back to the office, if not full-time at least a few days a week. The refreshing surge in absorption is driven by companies coming to the best and newest buildings — redefining Class A with amenities that compel the workforce back into the office. New buildings like 100 Mill and Cavasson are two great examples. The first, 100 Mill, was completed in the second quarter and is more than 90 percent preleased. The building will feature next-level common areas and best-in-class meeting and lounge areas. The flight to quality trend has evolved into a flight to experience trend. Companies are finally coming to grips with the reality that how they …

September 23, 2022

Leasing Activity Office Texas

Chicago Title Signs 20,000 SF Office Lease at The Quad in Uptown Dallas

by Taylor Williams September 22, 2022

DALLAS — Chicago Title has signed a 20,000-square-foot lease as the inaugural tenant at The Quad, a 345,000-square-foot office and retail building in Uptown Dallas that is being developed by Stream Realty Partners. Ryan Evanich and Marissa Parkin internally represented the landlord in the lease negotiations. Campbell Henry of Lincoln Property Co. represented Chicago Title. The 12-story building is scheduled for an early 2024 completion.

September 22, 2022

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