BYRON CENTER, MICH. — Nonprofit World Renew has opened a new headquarters at 8970 Byron Commerce Drive in Byron Center, about 13 miles south of Grand Rapids. World Renew works to end global poverty through food security, economic livelihoods, peace building and health. The organization also repairs homes after natural disasters and provides shelter, food and water to those who have lost their homes. The new headquarters is situated within a 31,000-square-foot building constructed by Pinnacle Construction. World Renew previously worked out of two separate spaces. Kristen Moore of Colliers West Michigan assisted the organization in securing its new space.
MIDLAND PARK AND FAIR LAWN, N.J. — Azarian Realty Co. has signed two new office leases in Northern New Jersey. Two therapy groups have respectively leased 1,196 and 2,331 square feet in Midland Park and Fair Lawn. Kevin Pelio and James Azarian of Azarian Realty represented both parties in the first set of lease negotiations. The duo also represented the landlord in the second deal, while Nupur Darji of Sure Sell Real Estate represented the tenant.
By Jerry Holdner, Southern California Region Lead, Avison Young The Greater Los Angeles office sector is experiencing a fragmented and slow recovery post-pandemic as the fallout is being addressed in various ways by office tenants, investors and owners. The first quarter of 2022 ended with a 15.4 percent office vacancy rate, which was up from 15 percent at the end of 2021. It is also up from the previous high of 13.1 percent that was recorded in 2010. We started to see several companies require their employees to return to work at least in some capacity in the first quarter, which typically included a hybrid schedule. With gas prices soaring and an extremely competitive job market, hybrid situations have been significant bargaining chips for employers to attract and retain employees. That said, we don’t see leasing demand returning to pre-COVID levels for at least 12 to 24 months or longer. Office occupiers have and will continue to evaluate both their short- and long-term occupancy strategies. With all indicators pointing to hybrid work remaining indefinitely, office users are seeking to reduce their footprints. This typically involves a flight to quality as office rents are low and concessions are consistently on the table for new leases …
LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of 80 West Self Storage, a 445-unit facility in Longview, located about 120 miles east of Dallas. The facility spans 76,814 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured a privately held investment group as the buyer. Both parties requested anonymity.
AUSTIN, TEXAS — Dallas-based investment firm Arc Capital Partners has acquired Westview, a 100,166-square-foot office building located at the corner of 12th and Guadalupe streets in downtown Austin. The recently renovated property was 93 percent leased at the time of sale. Amenities include a café, conference room, fitness center, bike lockers and a rooftop terrace. Andrew Levy, Todd Savage, Kelsey Shebay and Jeff Coddington of JLL represented the seller, Dallas-based Prescott Group, in the transaction. Jeff Sause, Casey Wenzel and Matthew Ctvrtlik, also with JLL, arranged acquisition financing on behalf of Arc Capital Partners.
CLEVELAND — Industrial Commercial Properties (ICP) has acquired a 235,000-square-foot Class A office building in downtown Cleveland for an undisclosed price. Built by The Plain Dealer Publishing Co. in 2001 for its newspaper staff, the property is located at 1801 Superior Ave. within the city’s Superior Arts District. The building has been marketed for multi-tenant use in more recent years. Rob Roe of JLL represented the seller, Advance Ohio, an affiliate of The Plain Dealer Publishing Co. ICP has been diversifying its portfolio over the last few years to include office, retail and mixed-use.
COLORADO SPRINGS, COLO. — SRS Real Estate Partners has arranged the sale of a medical retail property located at 1910 Lelaray St. in Colorado Springs. A Colorado-based private investor sold the asset to a West Coast-based investor for $10.6 million. Built in 2009 on 2.1 acres, the property features 19,187 square feet of medical office space. Liberty Dialysis, a subsidiary of Fresenius, and Pikes Peak Nephrology fully occupy the two-tenant building. Stephen Sullivan, Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller in the deal.
OAK BROOK, ILL. — Oak Brook-based Ace Hardware is relocating its headquarters to The Reserve, the former McDonald’s campus in the Chicago suburb of Oak Brook. Ace has been headquartered in Oak Brook since 1974. Ace plans an extensive interior renovation of the space before it takes occupancy in summer 2023. The lease was for 250,000 square feet, according to Crain’s Chicago Business. For the first time, Ace’s more than 1,100 Oak Brook-based employees will be housed in a single building. Employees will enjoy amenities such as an onsite cafeteria, fitness center, outdoor terraces, access to walking trails and an indoor, heated parking garage. There are more than 5,500 locally owned and operated Ace stores in roughly 65 countries.
NEW YORK CITY — Mulligan Security, a provider of technology-based security services, has signed a 9,087-square-foot office lease at 7 Penn Plaza in Manhattan. The lease term is 10 years. Originally constructed in 1921, the 17-story, 411,000-square-foot building sits at the nexus of the Chelsea and Hell’s Kitchen neighborhoods. David Hollander and David Katz of CBRE represented Mulligan Security in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis. Mulligan plans to relocate from its current space at 2 Penn Plaza in August.
PHOENIX — New York-based Time Equities has purchased Paradise Village Office Park in Phoenix from Sterling Equities and Lincoln Property Co. for an undisclosed price. Located at 11811 N. Tatum Blvd., the five-story property offers 268,516 square feet of Class A office space. The building features an extensive glass façade, a five-story atrium lobby, tenant lounge, conference and training center and a yoga/fitness room. At the time of sale, the asset was 72 percent leased to a mix of national, regional and local tenants. Barry Gabel and Chris Marchildon of CBRE represented the sellers, which co-owned the property for more than 13 years. CBRE’s Sean Spellman and Corey Hawley, leasing agents for the site, also assisted in the sale.