Office

Remedy Medical, Kayne Anderson Acquire 13-Property Medical Office Portfolio for $131M

by Katie Sloan January 5, 2023

CHICAGO AND BOCA RATON, FLA. — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired a 13-property medical office portfolio for $131 million. The portfolio spans 300,328 square feet across eight states, including a medical building in Clarksville, Tenn.; a two-story, 28,218-square-foot building leased to Precision Spine Care in Tyler, Texas; a building occupied by Optum-Marsh in Indianapolis; a property occupied by an orthopedic practice named the Jordan Young Institute in Virginia Beach, Va.; and a 14,170-square-foot, two-story building leased to Halo Chico Breast Center in Chico, Calif. JLL brokered the acquisition of the portfolio from an undisclosed seller. Each of the buildings is fully leased on a long-term basis to medical practices including orthopedics, gastroenterology, radiology, imaging and surgery. “The properties in the portfolio are ideally located in strong, growing markets with excellent demographics,” says Peter Westmeyer, founder and CEO of Remedy. “The Clarksville medical building, for example, is located in close proximity to Nashville — an area experiencing significant growth. The Precision Spine practice in Tyler is one of the few spine and pain management practices in the area, enabling it to garner significant market share. All of this bodes well for the …

January 5, 2023

Acquisitions California Healthcare Office Western

AdelFi Credit Union Sells Imperial Mariner Office Campus in Brea, California for $80M

by Amy Works January 4, 2023

BREA, CALIF. — AdelFi Credit Union has completed the disposition of Imperial Mariner, a four-building office and medical office campus in Brea. Healthcare Property Advisors acquired the campus for $80 million. The 288,189-square-foot Imperial Mariner was built between 2002 and 2008. At the time of sale, the property was 89 percent leased to 15 companies, including St. Jude Heritage Medical Group, NCH Management, EMart America and AdelFi, which will continue to occupy a portion of the campus under a short-term leaseback. The campus is situated on 17.4 acres at 915-975 W. Imperial Highway and 950 Mariner St. The site’s zoning allows for further medical office development or future redevelopment into industrial use. Blake Bokosky, John Chun, Louis Tomaselli and John Andreasen of JLL Capital Markets represented the seller in the deal. Additionally, John Chun, Sam Godfrey and Anthony Sardo of JLL’s debt advisory team advised HPA on a $44 million acquisition loan with Farmers & Merchants Bank.

January 4, 2023

Acquisitions California Industrial Office Western

Newmark Negotiates $37M Sale of Office, Industrial Campus in Burbank, California

by Amy Works January 4, 2023

BURBANK, CALIF. — Newmark has arranged the sale of 2777 North Ontario Street, an office and industrial campus in Burbank. A joint venture between Washington Capital Management, on behalf of its client, and SSV Properties sold the asset to Montana Avenue Capital for $37 million. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Kolcum of Newmark represented the seller in the transaction. Totaling 127,140 square feet, the two-story office and industrial campus is 71 percent leased to entertainment and media-related companies. Eikon, a post-production firm, occupies 79,312 square feet in the office component, while Iron Mountain occupies 47,828 square feet of the industrial space. The campus recently underwent a $7 million renovation, including a revitalized common area, updated HVAC and MEP systems, a seismic retrofit, remodeled bathrooms, resurfaced parking, operable windows and skylights, and new landscaping and hardscaping, as well as revitalized branding and color scheme.

January 4, 2023

Acquisitions Mixed-Use Office Retail Southeast Tennessee

Arrow Retail Sells 454,843 SF Eastgate Shopping Center in Memphis

by John Nelson January 4, 2023

MEMPHIS, TENN. — Arrow Retail, a Dallas-based investment firm, has sold Eastgate Shopping Center, a 454,843-square-foot mixed-use property located at 835 S. White Station Road in Memphis. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller in the transaction. An affiliate of Gulf Coast Commercial Group purchased the property for an undisclosed price. Situated between downtown Memphis and Germantown, Eastgate comprises 388,489 square feet of retail space and 66,354 square feet of office space. Tenants include The Fresh Market, T.J. Maxx, buybuy Baby, Dollar Tree, Ross Dress for Less, Burlington, Five Below, Michaels, Rack Room Shoes, Tuesday Morning, Plato’s Closet, DXL Men’s Apparel, Firestone, Firehouse Subs and Mellow Mushroom Pizza Bakers. Eastgate’s office component was about 50 percent leased at the time of sale to a diverse mix of tenants.

January 4, 2023

Development Georgia Leasing Activity Mixed-Use Office Southeast

MARTA Signs 130,000 SF Office Lease at Uptown Atlanta’s East Tower

by John Nelson January 4, 2023

ATLANTA — The Metropolitan Atlanta Rapid Transit Authority (MARTA) has signed a 130,000-square-foot office lease at Uptown Atlanta, a 47-acre mixed-use development in Atlanta’s Lindbergh neighborhood. Rubenstein Partners is redeveloping Uptown Atlanta, which is anchored by the Lindbergh Center MARTA Station and home to MARTA’s headquarters. MARTA is moving its Capital Programs, Expansion and Innovation (CPEI) Group to the project’s East Tower. About 540 MARTA employees are relocating to occupy four floors at Uptown Atlanta from 2400 Piedmont Road. Uptown Atlanta features 100,000 square feet of street-level retail space, greenspace and art, as well as 1 million square feet of Class A office space. Rubenstein recently completed the reimagination of the 35,000-square-foot office atrium to include modern amenities and collaborative spaces. Skillshot Media, an esports provider, recently relocated its headquarters to the project and regularly activates the high-tech atrium with global esports events. Rubenstein plans to complete the redevelopment this fall.

January 4, 2023

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 59,530 SF Office Building in Tampa

by John Nelson January 3, 2023

TAMPA, FLA. — CBRE has brokered the sale of Palm Court at Hidden River, a 59,530-square-foot, single-story office building located at 8600 Hidden River Parkway in Tampa. Dale Peterson, Joe Chick, Kristen McFarland Hagen, Courtney Snell and Nick Sharpe of CBRE represented the seller, Continental Capital Partners, in the transcation. Built in 1989, the property is located within Hidden River Corporate Park, a 513-acre master-planned development. A private, Orlando-based real estate investment company purchased the building for an undisclosed price.

January 3, 2023

Acquisitions New Jersey Northeast Office

JLL Negotiates $88M Sale of Office Building in Parsippany, New Jersey

by Taylor Williams January 3, 2023

PARSIPPANY, N.J. — JLL has negotiated the $88 million sale of 300 Kimball, a 430,000-square-foot office building located in the Northern New Jersey community of Parsippany. Built in 2001 and renovated in 2013, the property sits on a 9.3-acre site within a larger development known as The Center at Morris County and was 87 percent leased at the time of sale. Amenities include a fitness center, tenant lounge, conference center, putting green and golf simulator, walking trails and a cafeteria. Kevin O’Hearn, Jose Cruz, Jeremy Neuer and Peter Kim of JLL represented the seller, Sovereign Partners LLC, in the transaction. The buyer was regional investment firm Signature Acquisitions, which also owns the adjacent building, 100 Kimball.

January 3, 2023

Acquisitions Office Washington Western

Providence Sells 484,039 SF Office Portfolio in Renton, Washington to Seattle Children’s Hospital for $84M

by Amy Works January 3, 2023

RENTON, WASH. — Providence has completed the disposition of the two-building Southgate Campus and four-building Valley Office Park in Renton. Seattle Children’s Hospital acquired the assets for a total of $84 million. Totaling 484,039 square feet, the portfolio includes: Southgate I, a 114,186-square-foot building at 2201 Lind Ave. SW Southgate II, a 160,853-square-foot property at 2001 Lind Ave. SW Valley Office Park, a 209,000-square-foot asset at 1801 Lind Ave. SW Valley Office Park is the current local headquarters of Providence and includes a Pacific Medical Group multi-specialty clinic. Garth Hogan, Kevin Shannon and Cavan O’Keefe of Newmark represented the seller in the transaction.

January 3, 2023

Peninsula-Life-Science-Center-Gemini-Rosemont

Acquisitions California Life Sciences Office Western

Gemini Rosemont Buys Peninsula Life Science Center in Burlingame, California for $59.3M

by Amy Works December 23, 2022

BURLINGAME, CALIF. — Gemini Rosemont Commercial Real Estate has acquired Peninsula Life Science Center in Burlingame from Sansome Street Advisors and Gordon Brothers for $59.3 million in an all-cash transaction. The acquisition was fully funded in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Located at 1828 El Camino Real, the eight-story building features 65,804 square feet of office space. At the time of sale, the property was 98 percent leased and anchored by three life sciences tenants. Built in 1974 and most recently renovated in 2022, the property features floor-to-ceiling windows, an above-market parking ratio and a nearby BART train stop. Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield represented the sellers, while Gemini Rosemont was self-represented in the transaction. David Wilson, a property manager with Gemini Rosemont, will manage the asset.

December 23, 2022

Development Florida Leasing Activity Office Southeast

Kirkland & Ellis Signs 115,000 SF Office Lease at 830 Brickell in Miami

by John Nelson December 23, 2022

MIAMI — Law firm Kirkland & Ellis has signed a lease at 830 Brickell, a 55-story office building located in downtown Miami’s Brickell district. The firm will occupy a six-floor, 115,000-square-foot space at the property, which was developed by OKO Group and Cain International. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlord in the lease negotiations. Neil Goldmacher, Mitchell Millowitz and Ryan Rosalsky of Newmark and Kevin Kushner of CBRE represented Kirkland & Ellis. Other tenants at the building, which is expected to be 100 percent leased at the time of opening early next year, include Citadel, CI Financial, Microsoft, Thoma Bravo, AerCap and Marsh Insurance. Amenities at the office tower will include a rooftop bar/lounge and restaurant, a health and wellness center, conferencing facilities, an outdoor terrace, cafés and street-level retail space. Adrian Smith + Gordon Gill acted as architect for the project, with interiors by Italian firm Iosa Ghini Associati.

December 23, 2022

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