Office

SHVO to Develop 250,000 SF Office Building in Miami Beach

by John Nelson July 6, 2022

MIAMI BEACH, FLA. — SHVO, a New York City-based development and investment firm, plans to develop a 250,000-square-foot office building in Miami Beach. The firm, along with finance partner Deutsche Finance America, recently acquired an assemblage at 1656-1680 Alton Road and 1677 West Ave. near Lincoln Road for $39.3 million. Designed by Foster + Partners, the new office building will be branded The Alton and will feature 300 feet of frontage on Alton Road, terraced outdoor rooms and large windows offering panoramic views. SHVO and Foster + Partners recently collaborated on Transamerica Pyramid Center, a luxury office redevelopment in San Francisco. The design team for The Alton also includes locally based Kobi Karp Architects. No construction timeline was disclosed.

July 6, 2022

Leasing Activity Office Texas

NAI Partners Negotiates 23,652 SF Office Lease in Houston’s Memorial City District

by Taylor Williams July 6, 2022

HOUSTON — NAI Partners has negotiated a 23,652-square-foot office lease at 945 Bunker Hill Road in West Houston. The property is located within the 300-acre Memorial City mixed-use development. Griff Bandy of NAI Partners represented the tenant, locally based oil and gas firm BW Energy USA Management, in the lease negotiations. Brad MacDougall and Warren Alexander of MetroNational represented the landlord on an internal basis.

July 6, 2022

Acquisitions California Office Western

MC Strauss Buys 88,522 SF Lomas Pacific Office Park in San Diego

by Amy Works July 6, 2022

SAN DIEGO — Brixton Capital has completed the sale of Lomas Pacific I & II, a two-building office park in the Kearny Mesa area of San Diego. San Diego-based MC Strauss Co. bought the property for $22.8 million. Scripps Health, Q.E.D. and Patenaude & Felix A.P.C. are tenants at the 88,522-square-foot asset, which is located at 9619 Chesapeake Drive and 9444 Farnham St. At the time of sale, the property was 84.4 percent leased. After acquiring the property in 2015, Brixton renovated the asset, including repainting the exterior, upgrading the landscaping and remodeling all the lobbies and common areas. The company also addressed deferred maintenance and modernized building operating systems. Rick Reeder, Brad Tecca, Bill Cavanaugh and Mike Novkov of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal. Bill Cavanagh, Duncan Dodd and Mike Novkov of Cushman & Wakefield also provided leasing advisory.

July 6, 2022

Acquisitions Florida Office Southeast

Pebb Enterprises, Contrarian Capital Acquire Boca Raton Offices for $29.9M

by John Nelson July 5, 2022

BOCA RATON, FLA. — A partnership between Pebb Enterprises and Contrarian Capital Management has purchased Meridian Office Center, two single-tenant net-leased office buildings situated within The Park at Broken Sound in Boca Raton. Christian Lee, Marcos Minaya and Sean Kelly of CBRE Capital Markets, represented the seller, Ivy Realty, in the $29.9 million transaction. Cross Country Healthcare occupies the 70,406-square-foot building located at 6551 Park of Commerce Blvd., and Lexis Nexis occupies the 61,274-square-foot building located at 6601 Park of Commerce Blvd. Professional Bank provided acquisition financing for the deal. Meridian Office Center is Pebb’s third acquisition within the 700-acre Park at Broken Sound development, which is situated off I-95.

July 5, 2022

Acquisitions Office South Carolina Southeast

Marcus & Millichap Arranges $16.9M Sale of North Charleston Office Building

by John Nelson July 5, 2022

NORTH CHARLESTON, S.C. — Marcus & Millichap has arranged the sale of North Rhett Executive Center, a 64,800-square-foot office building located at 5617 N. Rhett Ave. in North Charleston. An out-of-state buyer purchased the building for $16.9 million. Ani Paulson and Pearce Vogler of Marcus & Millichap represented the undisclosed seller in the transaction. Built in 2008 near the Joint Base Charleston and Charleston International Airport, North Rhett Executive Center is anchored by the Department of Defense.

July 5, 2022

Acquisitions Colorado Industrial Office Western

NAI Highland Brokers $2.8M Sale of Office/Industrial Portfolio in Colorado Springs

by Amy Works July 5, 2022

COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of a two-building office and industrial portfolio, located at 1120-1140 Moreno Ave. in Colorado Springs. The asset traded for $2.8 million. The terms of the transaction were not disclosed. Situated on 2.2 acres, the property consists of a 10,187-square-foot office building and a 3,200-square-foot industrial building. Randy Dowis and Bob Garner of NAI Highland handled the transaction.

July 5, 2022

Development Industrial Northeast Office Pennsylvania

Westrise Capital Completes 60,000 SF Redevelopment Project in Pittsburgh

by Taylor Williams July 5, 2022

PITTSBURGH — Developer Westrise Capital has completed Launchpad, a 60,000-square-foot redevelopment project located in between Pittsburgh’s downtown and West Oakland areas. The site at 304 Jumonville St., which previously housed an industrial laundry facility that served a local hospital, can now support office, technology, life sciences, research and development or light manufacturing and assembly uses. JLL is marketing the property for lease.

July 5, 2022

Acquisitions Florida Office Southeast Top Stories

CP Group, DRA Advisors Acquire 47-Story Office Tower in Downtown Miami

by John Nelson July 5, 2022

MIAMI — A joint venture between CP Group and DRA Advisors has purchased Miami Tower, a 47-story office tower located at 100 SE Second St. in downtown Miami. The seller is USPO Miami LLC, an entity established by Sumitomo Corp. of America, which purchased Miami Tower in 2016. The sales price was not disclosed, but South Florida Business Journal reports the tower traded for $163.5 million, a significant decrease from the $220 million price tag Sumitomo paid six years ago. Built in 1987 as offices for CenTrust Bank, Miami Tower spans 636,000 square feet and features a tiered glass façade and an exterior LED lighting system. The property features 37 floors of offices, 10 levels of parking, street-level retail space, an onsite Miami Metromover station, sky terrace and a 13,100-square-foot event lobby on the 11th floor. The new ownership plans to make significant capital improvements at Miami Tower, which was 67 percent leased at the time of sale. Transwestern, which handled leasing at Miami Tower under the previous owner, recently executed leases with firms including AST & Science, World Wide Express, LKLSG, ABKD Group, Best Buddies, AWE Medical Group and Pardo Jackson Gainsburg PL totaling more than 40,000 square feet. …

July 5, 2022

Development Office Washington Western

Patrinely Group, Dune Real Estate Partners Break Ground on 484,000 SF Office Tower in Downtown Bellevue

by Amy Works July 1, 2022

BELLEVUE, WASH. — Patrinely Group, in partnership with affiliates of Dune Real Estate Partners, has broken ground on FOUR106, an office tower in downtown Bellevue. The 21-story building will feature approximately 484,000 rentable square feet of office space with average floor plate sizes of 24,000 rentable square feet, along with 6,500 square feet of street-level retail space. FOUR106 will feature a fully equipped fitness center with shower and locker facilities, hands-free entries, delivery dispatch, hands-free elevators and hands-free restrooms. The project is designed to meet LEED Gold standards for core and shell. The project team includes CollinsWoerman, Mortenson Construction, DCI and Gensler. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group are leasing FOUR106 on behalf of Patriney Group and Dune.

July 1, 2022

Acquisitions Arizona Development Office Western

George Oliver Acquires Biltmore Commerce Center in Phoenix, Plans $52M Renovation

by Amy Works July 1, 2022

PHOENIX — Phoenix-based George Oliver has purchased Biltmore Commerce Center, a landmark office building in Phoenix’s Camelback Corridor. A joint venture between Lincoln Property Co. and Oaktree Capital Management sold the asset for an undisclosed price. Located at 3200 E. Camelback Road, the 260,878-square-foot Biltmore Commerce Center features a three-story central atrium, large floorplates, multiple common areas and outdoor amenity spaces, conference facilities and a bronze-colored metal building exterior. George Oliver will deploy more than $52 million in capital improvements at the three-story building. George Oliver Design leads the architectural team. Ryan Timpani of JLL wills serve as the project’s leasing broker, while Arcadia Management Group will serve as the onsite property manager. Ben Geelan and Will Mast of JLL represented the sellers in the deal.

July 1, 2022

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