Office

Arbah Capital, Hampshire Stateside Purchase 226,548 SF Office Building in Orlando

by Julia Sanders October 19, 2021

ORLANDO, FLA. — Arbah Capital, in partnership with Hampshire Stateside, has purchased a 226,548-square-foot office building in Orlando. Mike Davis, Rick Brugge, Zach Eicholtz and Rick Colon of Cushman & Wakefield arranged the sale on behalf of the buyer. CBRE represented the seller, Real Capital Solutions, in the transaction. The sales price was not disclosed. Jason Hochman and Ron Granite of Cushman & Wakefield secured $35.1 million in acquisition financing through a regional bank. Located at 11842 Corporate Blvd., the four-story building features open floor plates, a full kitchen with seating, multiple breakrooms, conference and training rooms, lake views and access to hotels, restaurants, retail and housing. Built in 2003, the property is currently fully leased.

October 19, 2021

Illinois Leasing Activity Midwest Office

Farmer’s Business Network Signs 43,000 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow October 19, 2021

CHICAGO — Farmer’s Business Network (FBN) has signed a 43,000-square-foot office lease at 1320 W. Fulton St. in Chicago’s Fulton Market district. The company will take occupancy of the entire third and fourth floors. Originally built in 1916 to house a Chicago Fire station, the building spans 121,000 square feet. Jeff Newcom and Holly Duran of Colliers Chicago represented FBN in the lease. FBN is an ag-tech platform and farmer-to-farmer network with a mission to help reduce the cost of production and maximize value of farmers’ crops.

October 19, 2021

Acquisitions Office Texas

Partners Group, Accesso Sell 120,599 SF Office Building in Uptown Dallas

by Taylor Williams October 19, 2021

DALLAS — Global investment firm Partners Group and Florida-based Accesso have sold 2626 Cole, a 120,599-square-foot office building in the Uptown/Turtle Creek area of Dallas. The partnership acquired the building in 2014 and implemented a value-add program. Current tenants include WorkSuites, Republic Editorial and Annandale Capital. Andrew Levy, Todd Savage and Parker McCormack of JLL represented Partners Group and Accesso in the transaction. Metro Seattle-based Talon Private Capital purchased the asset for an undisclosed price.

October 19, 2021

Development New Hampshire Northeast Office

Kane Co. Completes 91,000 SF Office Building in Portsmouth, New Hampshire

by Taylor Williams October 19, 2021

PORTSMOUTH, N.H. — Locally based development and investment firm The Kane Co. has completed construction of a 91,000-square-foot office building at 145 Maplewood Ave. in Portsmouth, located in the southern coastal part of the Granite State. New Hampshire-based firm PROCON handled design and construction of the project, which includes ground-floor retail space. Tenants include Heinemann Publishing, Steward Partners and Sentient Decision Science.

October 19, 2021

Acquisitions California Office Western

Bioscience Properties, Harrison Street Acquire Two-Building Office Property in San Diego for $41.3M

by Amy Works October 18, 2021

SAN DIEGO — Bioscience Properties and Harrison Street have purchased Sorrento Heights, a two-building office asset in San Diego, for $41.3 million. The seller was a fund managed by DRA Advisors LLC in partnership with Cypress Office Properties. Located at 9980 and 10020 Huennekens St., Sorrento Heights features 92,875 square feet of office space spread across two two-story buildings, an open breezeway, outdoor seating and tenant parking. At the time of sale, the property was 68 percent vacant, as the property’s largest tenant has placed the entirety of the 10020 Huennekens Street building on the market for sublease. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the seller in the transaction.

October 18, 2021

Acquisitions Florida Office Southeast

CBRE Arranges $57.5M Sale of Offices at Plantation Walk in South Florida

by Julia Sanders October 18, 2021

PLANTATION, FLA. — CBRE has arranged the $57.5 million sale of Offices at Plantation Walk, a 173,193-square-foot office building in Plantation, to Vision Properties. Christian Lee, José Lobón and Marcos Minaya of CBRE, along with Jay Adams of Newmark, represented the seller, Encore Capital Management, in the transaction. Adams also handles the leasing for the property. Offices at Plantation Walk is a seven-story office building located within the Plantation Walk, a $350 million, 27-acre mixed-use development that includes a hotel, approximately 131,000 square feet of retail space and 404 multifamily units. Offices at Plantation Walk, which was 92 percent leased at the time of sale, has a five-story parking structure with a parking ratio of five spaces per 1,000 square feet. The office building recently underwent a $15 million renovation, which included a redesigned lobby, new windows, elevator modernization, new bathrooms, new corridors and modern tenant buildouts.

October 18, 2021

Acquisitions Mississippi Office Southeast

Concord Capital Acquires Majority Stake in 75,000 SF Office Building in Ridgeland, Mississippi

by Julia Sanders October 18, 2021

RIDGELAND, MISS. — Concord Capital LLC has acquired a 58 percent controlling interest in 300 Concourse, a 75,000-square-foot, three-story office building in Ridgeland. First National Bankers Bank, Glacier Holdings LLC and FEI Building LLC sold their stakes to Concord Capital for an undisclosed price. Concord Capital purchased three of the office building’s five condominiums. Located at 300 Concourse Blvd., 300 Concourse is situated within Colony Park, a 430-acre, mixed-use property with four office campuses, a 95-acre neighborhood development, two hotels and a 500,000-square-foot retail center. Built in 2007, 300 Concourse includes tenants such as Hub International, an insurance brokerage company, Wells Marble & Hurst, a law firm and First National Bankers Bank, a commercial bank. Concord Capital is the acquisition and development arm for commercial real estate industry veterans Breck Hines, Ted Duckworth and John Michael Holtmann. Concord and its affiliates also own the 200, 400 and 600 Concourse buildings. With the acquisition of 300 Concourse, the company’s total owned square footage in the Colony Park development spans 237,000 square feet. Leigh Pace of Hancock Whitney Bank originated acquisition financing, and Robert Hutchison of Butler Snow LLP provided legal counsel for Concord Capital in the transaction.

October 18, 2021

Acquisitions California Office Top Stories Western

IRA Capital Acquires Live Nation Headquarters Building in Beverly Hills for $153M

by Taylor Williams October 18, 2021

BEVERLY HILLS, CALIF. — IRA Capital, a private equity firm based in Southern California, has acquired The Post, an office complex in Beverly Hills, for $153 million. The seller was not disclosed. The 102,500-square-foot property serves as the headquarters of promotion and ticketing company Live Nation Entertainment (NYSE: LYV), which occupies 92 percent (94,300 square feet) of the space. The U.S. Postal Service occupies the other 8 percent (8,200 square feet) of the four-story building. The Post underwent a $44 million capital improvement program in 2019 to reposition the building to attract more creative office users. The project incorporated an open-floor workspace that features 22-foot ceilings, an open stairway and outdoor patio spaces. “The property’s irreplaceable location and thriving tenant align with IRA’s investment thesis of pursuing best-in-class properties,” says Samir Patel, IRA Capital’s co-founder. “Despite the impact of COVID-19 on the live entertainment sector, the industry is now experiencing record-setting volumes.” The stock price of Live Nation, which employs more than 44,000 people worldwide, opened at $100.80 per share on Monday, Oct. 18, up nearly 100 percent from $54.59 per share a year ago. IRA Capital, which expects to exceed $1 billion of commercial acquisitions by the end of …

October 18, 2021

Florida Leasing Activity Office Southeast

JLL Arranges 22,495 SF Office Lease with Global Law Firm in Downtown Miami

by Julia Sanders October 15, 2021

MIAMI — JLL has arranged an office lease for Reed Smith, an international law firm, for 22,495 square feet within Southeast Financial Center in downtown Miami. Barbara Liberatore Black and Jeff Gordon of JLL represented Reed Smith in the lease negotiations. Eric Groffman and Cameron Tallon, also with JLL, represented the landlord, Ponte Gadea Biscayne. Reed Smith, which is moving from Miami’s Brickell district, will be located on the 26th floor of Southeast Financial Center. The law firm first came to Miami in 2017 and now has 30 offices worldwide. The firm’s Miami office is home to lawyers whose practices focus on commercial disputes, entertainment and media, finance, insurance recovery and international arbitration. Situated in Miami’s central business district (CBD), Southeast Financial Center spans 1.2 million square feet and 55 stories, making it the city’s largest office tower, according to JLL. The office tower features a 30,000-square-foot outdoor plaza and café and dining options. The tower is situated less than a mile from Interstate 95.

October 15, 2021

Acquisitions Illinois Life Sciences Midwest Office

JLL Arranges Sale, Financing of Life Sciences Portfolio in Skokie, Illinois

by Kristin Harlow October 14, 2021

SKOKIE, ILL. — JLL Capital Markets has arranged the sale and financing of a two-building life sciences portfolio within The Illinois Science + Technology Park in Skokie, about 15 miles north of downtown Chicago. The portfolio spans 286,184 rentable square feet and is home to global life sciences brands and university-affiliated, venture-backed startups. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Nick Psyllos of JLL represented the seller, American Landmark Properties, which acquired the buildings in 2016 and renovated them. The JLL team also procured the buyer, Chicago-based Singerman Real Estate. Danny Kaufman and Lucas Borges of JLL led financing efforts on behalf of the buyer. Max Zwolan and Scott Brandwein of JLL also supported the transaction and will continue to handle leasing for the new owner. The sales price and loan amount were not provided.

October 14, 2021

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