Office

CBRE Investment Management Acquires Sylvan Supply Mixed-Use Development in Nashville

by Julia Sanders January 26, 2022

NASHVILLE, TENN. — CBRE Investment Management, on behalf of the Strategic Partners U.S. Value 9 fund, has acquired Sylvan Supply, an eight-building, 193,663-square-foot mixed-use development in Nashville. The sellers are the project’s developers: FCP and Third & Urban. The sales price was not disclosed. Originally built in 1959, Sylvan Supply was formally used as a specialty wood mill. Between 2018 and 2020, the site was redeveloped by FCP and Third & Urban. Now, the property includes about 158,000 square feet of creative office space and 36,000 square feet of retail space. The property was 61 percent leased at the time of sale to five restaurants and a variety of other retail tenants, including a brewery, fitness studio and a salon. In addition to creative office space, Sylvan Supply offers a common area, Wi-Fi and numerous outdoor plazas for retail and dining, in addition to private patios for office tenants. The site offers abundant parking for tenants and visitors. Located at 4101 Charlotte Ave. on a 7.8-acre site, Sylvan Supply is situated less than four miles from downtown Nashville.

January 26, 2022

Acquisitions California Office Western

Woodstock Development Buys One Bay Plaza Office Building in Burlingame, California for $108M

by Amy Works January 26, 2022

BURLINGAME, CALIF. — Woodstock Development has purchased the remaining ownership stake in One Bay Plaza, a nine-story, Class A office building located on the Bayshore waterfront in Burlingame. With the completion of the transaction, valued at $108 million, Woodstock is now the 100 percent owner of the property. Located at 1250 Bayshore Highway, the property features 196,000 rentable square feet, plus approximately 12,000 square feet of lower-level amenity space. The building is currently 85 percent leased to more than 35 tenants, including Alaska Airlines, Cushman & Wakefield, BTIG and Acco Brands. Woodstock first purchased the property with Iron Point Partners in June 2019. Since 2019, Woodstock has implemented a renovation of building, including new lobbies, restrooms and corridors. Additionally, the company retained Mark Cavagnero Associates to design a 12,000-square-foot amenity area, including conference rooms, collaboration rooms, ping pong, fitness room with showers and lockers, and a social pantry. Eastdil Secured represented Woodstock Development and Iron Point in the transaction.

January 26, 2022

Acquisitions New York Northeast Office Retail

KPG Funds, LaSalle Buy Manhattan Commercial Building, Plan Redevelopment

by Taylor Williams January 26, 2022

NEW YORK CITY— Locally based private equity firm KPG Funds and LaSalle Global Partner Solutions have purchased 480 Broadway in Manhattan’s SoHo neighborhood with plans to redevelop the property into a boutique office building with retail space. The new ownership purchased the building in conjunction with 155 Spring, a nearby office and retail asset, from Maryland-based REIT Vornado Realty Trust (NYSE: VNO). The redevelopment will include rebranding the building as 40 Crosby.

January 26, 2022

Acquisitions Office Southeast Tennessee

IPA Arranges Sale of 85,569 SF Office Property in Metro Nashville

by Julia Sanders January 25, 2022

MURFREESBORO, TENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Stonegate Corporate Center, an 85,569-square-foot office building in Murfreesboro. Joe Massa, Anthony Lunceford and Michael Grenaway of IPA represented the undisclosed seller and procured the undisclosed buyer in the transaction. The sales price was not disclosed. Built in 2005, Stonegate Corporate Center was 94 percent leased at the time of sale to tenants including Regional Information Sharing Systems, Baird and Northwest Mutual. Additionally, the property is anchored by The Department of Veteran Affairs, which occupies about 35 percent of the property’s total rentable square footage. Located at 1639 Medical Center Parkway, Stonegate Corporate Center is situated across from Ascension Saint Thomas Rutherford Hospital. The property is also 34.3 miles south of downtown Nashville and 35.4 miles from Franklin.

January 25, 2022

Indiana Leasing Activity Midwest Office

Raytheon Intelligence & Space Leases 86,965 SF Office Building in Indianapolis

by Kristin Harlow January 25, 2022

INDIANAPOLIS — Raytheon Intelligence & Space has leased Lakefront 6, an 86,965-square-foot office building located at 3939 Priority Way in Indianapolis. Rubenstein Partners LP owns the building, which is part of Lakefront at Keystone, a 1 million-square-foot office park surrounding a 38-acre lake. Raytheon is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. Employees at the Lakefront 6 building will work on the development of advanced sensors, cyber and software solutions. Rubenstein and Strategic Capital Partners acquired Lakefront at Keystone in 2017 and embarked on a multimillion-dollar capital improvement plan to include both indoor and outdoor amenity spaces. Tammy Faulk and John Robinson of JLL represented the landlord in the lease. Mike Semler and Brendan O’Shaughnessy of Cushman & Wakefield represented the tenant. Jim Postweiler of Newmark is currently marketing Lakefront 6 for sale.

January 25, 2022

Acquisitions Office Texas

Restaurant Properties Group Negotiates Sale of 85,000 SF Office Building in Metro Dallas

by Taylor Williams January 25, 2022

RICHARDSON, TEXAS — Dallas-based Restaurant Properties Group has negotiated the sale of Atrium at North Creek, an 85,000-square-foot office building located at 2929 N. Central Expressway in the northeastern Dallas suburb of Richardson. According to LoopNet Inc., the property was built in 1983 and renovated in 2001. Andy Anderson of Restaurant Properties Group represented the buyer, a limited liability company, in the transaction. Tom Strohbehn of Younger Partners represented the seller, a limited partnership.

January 25, 2022

Acquisitions New Jersey Northeast Office

CBRE Negotiates $260.6M Sale of Sanofi Headquarters in Bridgewater, New Jersey

by Taylor Williams January 25, 2022

BRIDGEWATER, N.J. — CBRE has negotiated the $260.6 million sale of a 675,000-square-foot office complex in the Northern New Jersey community of Bridgewater. The property houses the North American headquarters of French pharmaceutical giant Sanofi, which has committed to the building through 2032. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale and Michael Monahan of CBRE represented the seller, American Finance Trust, in the transaction. The team also procured the buyer, California-based AVG Partners.

January 25, 2022

Colorado Development Healthcare Office Restaurant Retail Western

Evergreen Devco Plans Three Buildings at Nine Mile Corner Mixed-Use Project in Erie, Colorado

by Amy Works January 25, 2022

ERIE, COLO. — Evergreen Devco has broken ground for three buildings at Nine Mile Corner, a mixed-use project in Erie. Located at the southwest corner of U.S. 287 and Arapahoe Road, Nine Mile Corner consists of approximately 26 acres of retail, 12 acres of multifamily and 10 acres of open space. The project is a public-private partnership between Evergreen, the Town of Erie and the Town of Erie Urban Renewal Authority. The under-construction properties are two multi-tenant buildings, totaling 18,000 square feet, and an 8,000-square-foot UCHealth medical office building. Waner Construction is the serving as general contractor and G3 Architecture is serving as architect for the three buildings. Completion is slated for third-quarter 2022.

January 25, 2022

Acquisitions California Healthcare Office Western

IPA Brokers Sale of 41,191 SF Shasta Orthopedics Medical Office Building in Redding, California

by Amy Works January 25, 2022

REDDING, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Shasta Orthopedics Medical Office Building in Redding. Terms of the transaction were not released. Anthony Lunceford, Joe Massa and Michael Grenaway of IPA represented the undisclosed seller and buyer in the deal. Adam Christofferson served as Marcus & Millichap’s broker of record in California. The Shasta Orthopedics Medical Office Building features 41,191 square feet of space and is within a two-mile radius of Shasta Regional Medical Center, Mercy Medical Center Redding and Vibra Hospital of Northern California.

January 25, 2022

Georgia Leasing Activity Office Southeast

Airbnb to Open New Offices in West Midtown Atlanta

by Julia Sanders January 24, 2022

ATLANTA — Airbnb, a San Francisco-based lodging company, plans to open a new technical hub in the West Midtown neighborhood of Atlanta. Dubbed Atlanta Tech Hub, the new office will be situated within Encore, a 50,000-square-foot space inside SJC Ventures’ Interlock mixed-use project at the corner of 14th Street and Howell Mill Road. Situated about three miles from Georgia State University and one mile from Georgia Tech, Airbnb’s office space is scheduled to open later this year. Encore is a creative loft and mixed-use office space that is dedicated to technology startup growth and expansion. Airbnb’s initial office will be 5,000 square feet with eventual plans to move to a bigger space later on. Georgia Advanced Technology Ventures, an affiliate of the Georgia Tech, is managing Airbnb’s new offices. In the beginning of 2021, Airbnb first announced it was opening a new hub in Atlanta but did not disclose what part of the city. The lodging company says it hopes to add new high-skilled technical and non-technical jobs at the tech hub. According to research by Oxford Economics, in 2019, Airbnb guest spending in Atlanta supported 3,400 jobs, including 1,200 jobs in the restaurant business. The company also says it …

January 24, 2022

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