Office

Chicago’s Bradley Business Center Trades Hands for Nearly $100M

by Kristin Harlow November 19, 2021

CHICAGO — Bradley Business Center, an office and industrial complex on Chicago’s North Side, has traded hands. The sales price was nearly $100 million, according to Crain’s Chicago Business. The 23-acre property consists of four buildings totaling 466,871 square feet. The asset is 97 percent leased to 21 tenants. Cody Hundertmark, Tom Sitz, David Knapp, Mike Tenteris, Adam Tyler and Jim Carpenter of Cushman & Wakefield represented the seller, a private venture led by Hansen Realty Group. Hines Global Income Trust Inc. was the buyer.

November 19, 2021

Georgia Loans Office Southeast

Ready Capital Closes Loan for 131,000 SF Office Property in Suwanee, Georgia

by Julia Sanders November 18, 2021

SUWANEE, GA. — Ready Capital has closed a $14.6 million loan for the acquisition, renovation and stabilization of a four-suite, 131,000-square-foot office property in Suwanee, about 33.4 miles north of Atlanta. The name and address of the property was not disclosed. Ready Capital closed the non-recourse, interest-only loan that features a floating interest rate, 48-month term and one extension option. The financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement an exterior capital improvement plan to address deferred maintenance and improve curb appeal.

November 18, 2021

Acquisitions Arizona Office Western

Cushman & Wakefield Brokers $14.5M Sale of Palm Valley Office Park III Near Phoenix

by Amy Works November 18, 2021

GOODYEAR, ARIZ. — Cushman & Wakefield has arranged the sale of Palm Valley Office Park III, a multi-tenant, Class A office property in Goodyear. Southern California-based Pacifica Palm Valley Center LLC sold the building to Greenwich, Conn.-based Goodyear 1626 LLC for $14.5 million. Built in 2007 on 5.2 acres, the three-story Palm Valley Office Park III features 60,436 square feet of office space. The asset is located at 1626 N. Litchfield Road. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller, while Mike Kitlica of Cushman & Wakefield represented the buyer in the transaction.

November 18, 2021

Development Illinois Life Sciences Midwest Office

Skender Starts Interior Buildout of Lab, Office Space for Hazel Technologies in Chicago

by Kristin Harlow November 18, 2021

CHICAGO — Skender has started the interior buildout of a two-story, 50,000-square-foot lab and office space for Hazel Technologies at 320 N. Sangamon, a new 13-story building being developed by Tishman Speyer and Mark Goodman & Associates in Chicago’s Fulton Market. Hazel, a USDA-funded technology company developing solutions to extend the shelf life of fresh produce, will move from its current location at Illinois Tech’s University Technology Park in the Bronzeville neighborhood. Hazel plans to double its local workforce to 70 employees in the coming year. The buildout includes space for both research and lab support, as well as 10,000 square feet of administrative and office space and 5,000 square feet of collaboration space. CBRE is the tenant representative, Perkins & Will is the architect and Cosentini Associates is the engineer. Completion is slated for spring 2022.

November 18, 2021

Loans New York Northeast Office

PCCP Provides Loan for Refinancing of 36-Story Manhattan Office Tower

by Taylor Williams November 18, 2021

NEW YORK CITY — Los Angeles-based PCCP LLC has provided a loan of an undisclosed amount for the refinancing of 80 Broad Street, a 36-story office tower in Manhattan’s Financial District. The 423,777-square-foot building was originally constructed in 1931 and includes 12,385 square feet of retail space and private terraces on select floors. Ken Ziebelman, Grant Frankel and Ethan Pond of Eastdil Secured arranged the loan on behalf of the borrower, a joint venture between New York City-based Broad Street Development and Invesco Real Estate. Since 2018, ownership has invested more than $9 million in capital improvements to the property.

November 18, 2021

Market Reports Midwest Midwest Market Reports Nebraska Office

Lincoln Office Market Assesses Amount of ‘Shadow Space’

by Kristin Harlow November 18, 2021

Historically, Lincoln, Nebraska, has been a resilient Midwestern city. Home to state and county governments and the University of Nebraska-Lincoln, it has weathered past economic ups and downs and provided steady growth close to 2 percent each year. As COVID-19 restrictions ease, people are gradually returning to shop and find entertainment downtown, and new construction continues to rise above Lincoln’s skyline. Interestingly, the last time this many cranes were visible downtown was during the last economic downturn. It has been remarked that during that time, Lincoln “built its way out of the recession.” Now, many building projects are helping to maintain the resiliency of our economy during these challenging times. Prominent projects, proposed or initiated prior to the pandemic, continue to move forward. Examples include a proposed 15-story, 300,000-square-foot mixed-use building by Chicago-based Argent Group housing 200 residential units. Omaha-based White Lotus Development plans a $54 million redevelopment of the Pershing Auditorium block, a vacant city-owned venue. White Lotus would bring 100 affordable housing units with a wellness center, childcare center, retail, community green space and potentially a new city library. Other notable projects include a $21 million renovation of a 100-year-old, seven-story Atrium Building by new local owners. Pushing …

November 18, 2021

Company News Features Heartland Feature Archive Hospitality Industrial Mixed-Use Multifamily Northeast Feature Archive Office Retail Southeast Feature Archive Texas & Oklahoma Feature Archive Western Feature Archive

Forecast Survey: What’s Your Take on Commercial Real Estate in 2022?

by John Nelson November 18, 2021

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2022, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2022 to trends in deal volume to your outlook for interest rates. The results of our 11th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

November 18, 2021

Acquisitions Alabama Office Southeast

Fairway, Pope & Land Acquire Brookwood Office Center in Birmingham for $55M

by Julia Sanders November 17, 2021

BIRMINGHAM, ALA. — A partnership between Birmingham-based Fairway Investments LLC and Atlanta-based Pope & Land Enterprises Inc. has acquired Brookwood Office Center, an office building located in Birmingham spanning nearly 170,000 square feet. Atlanta-based Preferred Apartment Communities Inc. sold the property to the partnership for $55 million. Built in 2007, Brookwood Office Center is fully-occupied and is anchored by Kinder Morgan, a Houston-based energy infrastructure company. Other tenants include Surgical Care Affiliates, an outpatient surgery provider; Merrill Lynch, a financial services firm; and PricewaterhouseCooper (PwC), a financial consulting firm. The property also houses two storefronts including O’Henry’s Coffees and JoS.A.Bank. The property has 896 total parking spots. Colliers will retain property management and leasing under the new ownership. Located at 569 Brookwood Village, the office building is situated adjacent to the Brookwood Village Mall and Macy’s. The property is also located near retailers such as The Fresh Market grocery store, Verizon Wireless, Target, Dunkin’ and Five Guys. Fairway Investments and Pope & Land have worked together for more than 20 years on projects to develop and enhance commercial real estate throughout the Southeast.

November 17, 2021

California Company News Net Lease Office Western

Realty Income Completes Spin-Off of Orion Office REIT

by Amy Works November 17, 2021

SAN DIEGO AND BALTIMORE — Realty Income Corp. (NYSE: O) has completed the spin-off of substantially all of its office assets into Orion Office REIT Inc. (NYSE: ONL), a new, independent, publicly traded REIT. Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the United States. The portfolio is leased primarily on a single-tenant, net-lease basis to creditworthy tenants. Under the terms of the spin-off, Realty Income stockholders received one share of Orion common stock for every 10 shares of Realty Income common stock held as of the record date of Nov. 2, 2021. Wells Fargo Securities served as lead financial advisor, Moelis & Co. served as financial advisor and Latham & Watkins LLP acted as legal advisor to Realty Income in connection with the spin-off. Realty Income is based in San Diego, while the spin-off, according to SEC filings, is based in Baltimore.

November 17, 2021

Loans Office Texas

CBRE Investment Management Provides $66.3M Acquisition Loan for Dallas Office Campus

by Taylor Williams November 17, 2021

DALLAS — A fund sponsored by CBRE Investment Management has provided a $66.3 million acquisition loan for The Plaza at Solana, a 366,000-square-foot office campus located in the Southlake/Westlake submarket of Dallas. The three-building property was recently renovated and includes 21,000 square feet of retail and restaurant space. Cullen Aderhold of JLL arranged the debt on behalf of the borrower, Boston-based Albany Road Real Estate Partners. The floating rate loan has an initial term of three years and can be extended up to an additional two years.

November 17, 2021

Newer Posts

Older Posts