Office

CIM Group Sells Strata Wynwood Mixed-Use Development in Miami

by John Nelson March 22, 2022

MIAMI — CIM Group, a commercial real estate developer, owner and lender based in Los Angeles, has sold Strata Wynwood, a mixed-use development in Miami’s Wynwood district. The buyer and sales price were not disclosed. The recently completed development spans a full city block and comprises two 12-story towers totaling 257 apartments, 27,040 square feet of retail space and an onsite parking garage with 474 spaces. CIM Group and co-developer One Real Estate Investment, a privately owned real estate investor and developer based in Miami, opened the property in October. Situated along North Miami Avenue and bounded by 22nd and 23rd streets, Strata Wynwood’s two towers feature retail space on the ground levels, three floors of offices and eight floors of apartments. “We were able to seamlessly blend these elements into an exceptionally functional and architecturally appealing property that enhances the dynamic Wynwood District,” says Shaul Kuba, co-founder and principal of CIM Group. Strata Wynwood’s apartments range from studios to three-bedroom units. Residential amenities include a 24-hour fitness center, swimming pool with cabanas, lounge areas, grilling stations, open-air theater, music room and coworking spaces. The apartments, offices and retail space feature floor-to-ceiling windows that maximize natural light. Additionally, locally based …

March 22, 2022

Acquisitions Healthcare Nevada Office Western

JLL Income Property Trust Buys South Reno Medical Center in Nevada for $14.6M

by Amy Works March 21, 2022

RENO, NEV. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has purchased South Reno Medical Center, a medical office property in Reno, for $14.6 million. Redeveloped in 2016, the more than 32,000-square-foot property is 100 percent leased to two orthopedic groups, with a weighted average lease term of just under 10 years. The name of the seller was not released.

March 21, 2022

Loans Office Texas

CIM Group Provides $73M Refinancing of Legacy Commons Office Campus in Plano

by Taylor Williams March 21, 2022

PLANO, TEXAS — CIM Group, a Los Angeles-based lender and owner-operator, has provided a $73 million loan for the refinancing of Legacy Commons, a 287,044-square-foot office campus located north of Dallas in Plano. The property, which was originally constructed in 1998 as the headquarters for Dr. Pepper, comprises three buildings and an undeveloped 5.3-acre site within the Legacy master-planned development. The borrower, a partnership between Taconic Capital Advisors and Champion Partners, acquired Legacy Commons in 2019 and subsequently implemented $10 million in capital improvements. The campus now features a renovated lobby and main entrance, as well as an outdoor courtyard and amphitheater, lounge and meeting area and a fitness center.

March 21, 2022

Acquisitions New Jersey Northeast Office Top Stories

Vision Properties, Hana Alternative Asset Management Acquire 70 Hudson Street Office Building in Jersey City for $300M

by Jeff Shaw March 21, 2022

JERSEY CITY, N.J. — Vision Properties and Hana Alternative Asset Management have acquired 70 Hudson Street, a 431,281-square-foot office building located on the Hudson River in Jersey City. A joint venture between Danish institutional investor PFA Pension and Spear Street Capital sold the 12-story asset for $300 million. Built in 2000 and recently renovated with a new lobby and elevators, the asset is less than a block away from both the Paulus Hook river taxi station offering passage to several locations in Manhattan and the PATH light rail stations offering transit to Manhattan and New Jersey. It is only 1.5 miles from the Holland Tunnel as well. There is a Citibike bicycle rental station onsite and its waterfront location grants panoramic views of Lower Manhattan as well. Ground-floor retail tenants include CVS/pharmacy, bakery and restaurant Maman and a gym. Three floors of parking above the lobby and retail areas provide 226 parking spaces. According to the property website, only one 26,650-square-foot suite is currently available to rent, while the rest of the building is fully leased. Cushman & Wakefield’s David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin, along with local leasing …

March 21, 2022

Development Georgia Office Southeast

PCCP, Portman Holdings to Develop 143,500 SF Office Property in Atlanta’s Old Fourth Ward

by Julia Sanders March 18, 2022

ATLANTA — PCCP LLC and Portman Holdings have formed a joint venture with plans to develop O4W Office, a 143,500-square-foot boutique office building in Atlanta’s Old Fourth Ward district along the Atlanta BeltLine’s Eastside Trail. Construction is slated to be complete by the summer of 2023. O4W Office will include three stories of offices, 6,900 square feet ground-floor retail space and two levels of parking. Building amenities will feature a coffee bar, bicycle and scooter storage, restrooms with showers, outdoor terraces and 11,000 square feet of outdoor space. Located at 667 Auburn Ave., the office development is situated three miles south of Midtown and two miles east of downtown Atlanta. Nearby retail to the project includes Krog Street Market and Ponce City Market, which both are walkable along the BeltLine and include food halls and shops.

March 18, 2022

Development Office Texas

Stream Realty Partners Breaks Ground on 350,000 SF Office Project in Uptown Dallas

by Taylor Williams March 18, 2022

DALLAS — Stream Realty Partners has broken ground on The Quad, a 350,000-square-foot project in Uptown Dallas that will consist of a 335,000-square-foot office building and 15,000 square feet of retail and restaurant space. Office amenities will include a fitness center, rooftop terrace, club lounge, conference center and a full acre of outdoor space. Stream acquired the 3.8-acre site, which also houses a 131,000-square-foot office building, in 2019. Delivery of the new space is slated for early 2024. Colby Mueck, Jim Curtin, De’On Collins, Rex Cruz and Kristi Leonard of JLL arranged an undisclosed amount of construction financing through MSD Partners, the investment advisory firm of tech magnate Michael Dell, on behalf of Stream Realty Partners.

March 18, 2022

Sorrento-Ridge-Research-Park-San-Diego-CA

Acquisitions California Life Sciences Office Western

Sterling Bay, Harrison Street Acquire Sorrento Ridge Research Park in San Diego for $34M

by Amy Works March 18, 2022

SAN DIEGO — Sterling Bay and Harrison Street have entered into a joint venture to purchase Sorrento Ridge Research Park, located at 6150 Nancy Ridge Drive in San Diego’s Sorrento Mesa submarket, for $34 million. The name of the seller was not released. Totaling 60,000 square feet, Sorrento Ridge Research Park is a fully vacant former office building, which was built in 1987 and renovated in 2021. The buyers plan to convert the property into a mix of Class A lab and creative office space. All lab space will include scientific research necessities such as fume hoods; lab benches with compressed air and vacuum; deionized water stations; piping for natural gas; and the option to add lab furniture, fixtures and equipment, if needed. The project is expected to undergo redevelopment improvements starting this year, with expected delivery to future tenants in 2023.

March 18, 2022

Indiana Leasing Activity Midwest Office

Spot Signs 42,500 SF Lease for New Office in Indianapolis

by Kristin Harlow March 18, 2022

INDIANAPOLIS — Spot Freight Inc., a logistics company, has signed a 42,500-square-foot lease at Capital Center for its second office in downtown Indianapolis. Spot will occupy the 11th and 12th floors of the newly renovated building and plans to hire more than 200 employees in Indianapolis by 2023. Completion of the tenant’s new office space is slated for the fourth quarter of this year. Mike Semler of Cushman & Wakefield represented Spot. The building owner, Zeller, has invested more than $8 million to renovate Capital Center. Spot’s current headquarters at 141 S. Meridian St. will continue to house the sales and service divisions of the company. Spot currently employs more than 400 employees in the U.S., with additional offices in Charlotte, N.C., and Tempe, Ariz.

March 18, 2022

Acquisitions New York Northeast Office

B6 Real Estate Arranges $12.3M Sale of Midtown Manhattan Office Building

by Taylor Williams March 18, 2022

NEW YORK CITY — Locally based brokerage firm B6 Real Estate Advisors has arranged the $12.3 million sale of a 15,550-square-foot office building located at 8 E. 41st St. in Midtown Manhattan. The eight-story building includes 1,550 square feet of retail space. Christopher Cavorti of The Corcoran Group represented the buyer, Piyush Golia, in the transaction. Brock Emmetsberger, Zachary Redding and Marshall Dickson of B6 Real Estate Advisors, along with Nancy Cibrano of The Wings Group, represented the seller, Meir Levy.

March 18, 2022

Loans New York Northeast Office Retail

Emerald Creek Provides $9.3M Loan for Refinancing of Office, Retail Building in Scarsdale, New York

by Taylor Williams March 18, 2022

SCARSDALE, N.Y. — New York City-based bridge lender Emerald Creek Capital has provided a $9.3 million loan for the refinancing of a 14,225-square-foot office and retail building in Scarsdale, located north of the city. The property was fully leased at the time of the loan closing. Jeff Seidler of Emerald Creek Capital originated the financing. The borrower was not disclosed.

March 18, 2022

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