SCHAUMBURG, ILL. — RSM, a provider of audit, tax and consulting services focused on the middle market, has signed a 22,256-square-foot office lease at Schaumburg Towers in the Chicago suburb of Schaumburg. RSM plans to relocate from 20 N. Martingale Road in the fourth quarter of this year. Schaumburg Towers is now 73 percent leased. The two-building office complex spans 882,000 square feet. Owner American Landmark Properties has invested more than $20 million in property upgrades since 2017. Steve Kling and David Florent of Colliers represented ownership in the lease transaction. Rick Schuham of Savills represented RSM.
KANSAS CITY, MO. — Commercial real estate firm Hunt Midwest will take occupancy of the entire second floor of Corrigan Station II in Kansas City beginning this summer. The newly constructed office building rises three stories and spans 22,910 square feet at 1881 Main St. Hunt Midwest will utilize the space as a satellite office for its main headquarters, which is located in SubTropolis, an underground business park in Kansas City. Copaken Brooks owns Corrigan Station II, which offers direct access to one of the city’s streetcar stops. John Coe and Ryan Biery of Copaken Brooks represented ownership, while Hunt Midwest was represented by its management team.
Red Oak Provides $10M Loan for Refinancing of Industrial, Office Property in Bloomfield, Connecticut
BLOOMFIELD, CONN. — Michigan-based lender Red Oak Capital Holdings has provided a $10 million loan for the refinancing of an industrial and office property located in the northern Hartford suburb of Bloomfield. South Campus at Gillette Ridge comprises a 435,853-square-foot office building, a 101,652-square-foot warehouse and a 40,688-square-foot flex building on a 50.8-acre site. Amenities include a fitness center, conference center, full-service kitchen and a cafeteria. The undisclosed sponsor plans to use a portion of the proceeds to fund capital improvements.
DALLAS — A joint venture between Acram Group, an investment firm formerly known as JMC Holdings, and New York City-based alternative investment group Oak Hill Advisors has purchased Spectrum Center, a 614,000-square-foot office complex in North Dallas, for $114.3 million. The sales price equates to roughly $185 per square foot. Spectrum Center consists of two 12-story buildings. According to LoopNet Inc., the property offers amenities such as a fitness center, courtyard and an onsite restaurant, while users also have access to services such as banking, dry cleaning and daycare. Todd Savage of JLL represented the seller, Granite Properties, in the transaction. Jim Curtin and Ryan Pollack, also with JLL, represented the joint venture. Miami-based Rialto Capital provided an undisclosed amount of acquisition financing for the deal.
DALLAS — Dallas-based CBRE has brokered the $91 million sale of an eight-building medical office portfolio across four states in the Southeast and Texas. A joint venture between Chicago-based Remedy Medical Properties and Boca Raton, Fla.-based Kanye Anderson Real Estate purchased the properties. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Cole Reethof, Sabrina Solomiany and Zach Holderman of CBRE represented the seller, Los Angeles-based Spruce Healthcare, in the transaction. The 177,000-square-foot portfolio includes five properties in Florida and one each in Texas, North Carolina and Tennessee. The portfolio was fully leased at the time of sale with 11 years of weighted average lease terms remaining. Two-thirds of the overall tenancy features orthopedics, oncology and imaging practices. Other specialties include ophthalmology and dermatology, both of which include ambulatory surgery centers.
CHICAGO — Transwestern Real Estate Services has negotiated two lease expansions at 191 North Wacker Drive in Chicago’s West Loop. The 37-story office tower spans 733,759 square feet. Qualtrics, a software company for employee and customer experience, expanded its lease from 25,600 square feet to 51,200 square feet. Skills for Chicagoland’s Future, a nonprofit focused on increasing the economic mobility of unemployed and underemployed talent, also increased its lease from 3,828 square feet to 13,290 square feet. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Allianz Real Estate and JHUSA. Evan Djikas of Colliers represented Qualtrics, while Jon Milonas and Brandon Green of CBRE represented the nonprofit. Ownership plans to complete significant capital improvements to the property this year, including a renovated lobby, refreshed tenant lounge and upgraded fitness center.
CINCINNATI — Baxters Food Group has signed a 15,202-square-foot office lease for the last full floor available at The Strietmann Center in Cincinnati’s Over-the-Rhine district. The office will serve as Baxters’ new North American headquarters, but the company will still retain its location at 4700 Creek Road in Blue Ash, Ohio. The Strietmann Center, located at 231 W. 12th St., features a rooftop conference and event center. Michelle Klingenberg of JLL represented ownership, Grandin Properties. Josh Niederhelman of CURO BRKG represented Baxters. Other tenants in the building include Astronomer Inc., Contact CI, NaviStone, Gyro and Saatchi & Saatchi X.
WESTWOOD, MASS. — A partnership between two New York City-based investment firms, Outshine Properties and Jadian Capital, has acquired a 164,695-square-foot office building in the southern Boston suburb of Westwood with plans to convert the property to a life sciences facility. The sales price was $32 million. The four-story building is currently 73 percent leased to seven tenants. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, L&B Realty Advisors, in the transaction. William Sleeper, also with Newmark, arranged acquisition financing for the deal through J.P. Morgan. The new ownership expects to deliver 140,000 square feet of prebuilt lab space in the second quarter of 2023.
FORT LAUDERDALE, FLA. — CBRE has arranged the sale of Cypress Creek Business Park, two office and flex buildings totaling 55,825 square feet in Fort Lauderdale. Adler Development Acquisitions LLC purchased the property for $5.6 million. Tom O’Loughlin, Larry Genet and Michael Oretsky of CBRE represented the seller, Mississippi-based EastGroup Properties, in the transaction. Located at 6555 Powerline Road, the two buildings have multiple suites ranging from 2,000 square feet to 4,000 square feet. Constructed in 1985, the property received recent capital upgrades, including new roofs, landscaping, renovated suites, exterior LED lighting and striped and sealed parking lots. The property is situated close to Interstate 95 and the Florida Turnpike (State Road 91).
CHICAGO — Cawley Chicago has arranged the sale of a 16,350-square-foot office building on the northern border of Chicago’s Fulton Market district for $2.8 million. The two-story brick, steel and timber building is located at 451 N. Racine Ave. Zach Pruitt and Nicholas Schaefer of Cawley represented the seller, an entity doing business as 1005 N California LLC. Marco Federow of MK Asset Management represented the buyer, advertising agency The Times.