Office

CBRE Arranges Sale of 56,300 SF Office Building in Marina del Rey, California

by Amy Works March 14, 2022

MARINA DEL REY, CALIF. — CBRE has brokered the sale of an office building located at 5005 McConnell Ave. in Marina del Rey. Montana Avenue Capital Partners sold the asset to a joint venture between Los Angeles-based HATCHspaces, Denver-based NexCore Group and Nuveen Real Estate. Terms of the transaction were not released. The 56,300-square-foot property underwent a full renovation since Montana Avenue Capital Partners acquired it in 2018. Armata Pharmaceuticals, a biotechnology company on pathogen-specific bacteriophage therapeutics for antibiotic-resistant and difficult-to-treat bacterial infections, leased the entire property starting in 2021. Mike Longo, Todd Tydlaska, Sean Sullivan, Greg Grant, Jeff Pion, Michelle Esquivel and Andrew Riley of CBRE represented the seller in the deal.

March 14, 2022

Market Reports Nevada Office Western Western Market Reports

Reno Office Leasing, Development Bounce Back

by Jeff Shaw March 14, 2022

By Patrick Riggs, Senior Advisor, Office, Dickson Commercial Group The leasing market in Reno/Sparks is back on track following a strong end to 2021. The fourth quarter of 2021 concluded with an impressive 145,558 square feet of positive net absorption. This was the third straight quarter of positive net growth. Panasonic Energy stole the headlines in the quarter four with its 95,000-square-foot lease of 645 E. Plumb Lane in Reno’s central submarket. However, demand in the smaller office spaces under 5,000 square feet continues to be the driving force in this rebound. Local and regional companies with more flexibility to maneuver the pandemic were rewarded in 2020 and 2021 by capitalizing on aggressive landlord concessions. We are starting to see these concessions being rolled back as demand continues and vacancy nears pre-pandemic levels. The 2021 Reno sales market bounced back from 2020 with increases across the board in overall volume, price per square foot and number of sales. Both volume and the number of sales nearly doubled year over year. Average sales pricing is coming in at $300 per square foot, while new build-to-suit construction is over $400 per square foot with no slowdown in sight. Owner-users and office investors have been …

March 14, 2022

Acquisitions North Carolina Office Southeast

Stream Realty Arranges Sales of Two Office Buildings in Research Triangle Region

by Julia Sanders March 11, 2022

DURHAM AND MORRISVILLE, N.C. — Dallas-based Stream Realty Partners has arranged the sale of two multi-tenant office buildings in the Research Triangle area. Continental Capital Partners, which has an office in Charlotte, sold the two properties to Texas-based Woodside for an undisclosed price. Jared Londry, Mack Freudenstein and Alex Olofson of Stream Realty Partners represented the seller in the transaction. The two buildings are Park40 Plaza in Durham and RDU Center II in Morrisville. Located at 1000 Park Forty Plaza Drive, Park40 Plaza spans 122,311 square feet. Located at 3131 RDU Center Drive, RDU Center II totals 61,606 square feet. Park40 Plaza and RDU Center II offer easy access to Interstate 40, Research Triangle Park, Raleigh-Durham International Airport and cities including Raleigh, Cary and Chapel Hill.

March 11, 2022

Illinois Leasing Activity Midwest Office

Two New Tenants Sign Leases at Concourse Chicago Office Property

by Kristin Harlow March 11, 2022

CHICAGO — Two new tenants have signed leases at The Concourse Chicago office property, which is owned and managed by Berger Asset Management. The Ministry of Foreign Affairs of El Salvador leased 5,965 square feet and expects to take occupancy this summer. The tenant is relocating and expanding its Chicago office from a Michigan Avenue location. GEI Consultants, a national engineering and environmental consulting firm, leased 8,006 square feet. The firm is relocating from Vernon Hills, Ill. Concourse Chicago, which spans 165,000 square feet across 12 single-story buildings, is now 90 percent occupied. Steve Chrastka and Jason Wurtz of NAI Hiffman are the leasing agents for the property. Tom Hanson of Hanson Commercial Real Estate represented the Ministry of Foreign Affairs of El Salvador, while Jordan Rovito and Jonathan Metzl of Cushman & Wakefield represented GEI Consultants.

March 11, 2022

Development New York Northeast Office

Rockpoint Completes Renovation of 1700 Broadway Office Building in Midtown Manhattan

by Taylor Williams March 11, 2022

NEW YORK CITY — Boston-based private equity firm Rockpoint has completed the renovation of 1700 Broadway, a 627,747-square-foot office building in Midtown Manhattan. Designed by Fogarty Finger and BR Design Associates, the renovation included a lobby upgrade, the installation of new dispatch elevators and the delivery of new tenant amenities. In addition, Rockpoint has recently executed several new leases at 1700 Broadway, including corporate advisory firm M3 Partners LP (13,000 square feet) and Alton Aviation Consultancy (4,900 square feet). Newmark represented Rockpoint in those deals.

March 11, 2022

Acquisitions California Office Western

LPC West, TriGate Capital Acquire 420,000 SF Square on Main Office Campus in Orange, California

by Amy Works March 11, 2022

ORANGE, CALIF. — LPC West, the West Coast arm of Lincoln Property Co., has partnered with TriGate Capital to purchase The Square on Main, a multi-building office campus located at the intersection of Main Street and La Veta Avenue in Orange. Totaling 420,000 square feet, the five-building asset was 96.5 percent occupied by 13 tenants, including the Orange County Transportation Authority and Western Dental, both tenants of more than 25 years. The 7.2-acre campus includes two 12-story buildings, one six-story building and two one-story buildings, as well as a large parking structure. Additionally, the site offers full transit accessibility, with access to the 22 and 57 freeways and numerous airports within 40 miles. LPC West plans to implement a variety of sustainability upgrades and overall operational enhancements throughout the property to help boost efficiency and limit its environmental footprint.

March 11, 2022

Acquisitions Healthcare Idaho Office Utah Western

Livingston Street Capital Sells Two Medical Office Buildings in Idaho, Utah for $14.4M

by Amy Works March 11, 2022

HAYDEN, IDAHO, AND LAYTON, UTAH — An affiliate of Livingston Street Capital has completed the disposition of two medical office properties, totaling 31,500 square feet, in Idaho and Utah. AEI Net Lease Portfolio 19 DST acquired the assets for $14.4 million. The properties, which include a 15,000-square-foot building at 8300 N. Cornerstone Drive in Hayden and a 16,500-square-foot building at 781 Heritage Park Blvd. in Layton, are both fully leased to BioLife Plasma Services, which collects the plasma that is processed into plasma-based therapies.

March 11, 2022

Acquisitions Development Industrial Office Texas

Welcome Group Buys Land in San Antonio for 135,000 SF Industrial Flex Project

by Taylor Williams March 10, 2022

SAN ANTONIO — Houston-based development and investment firm Welcome Group has purchased 7.6 acres in San Antonio for the construction of a industrial flex project that could span as much as 135,00 square feet. The site is located within the 350-acre Connection Industrial Park master-planned development, in between distribution centers occupied by Amazon and Dollar General. Michael Kent of Stream Realty Partners represented the seller in the land deal. A construction timeline was not disclosed.

March 10, 2022

Development Florida Office Retail Southeast

Patrinely, USAA Begin Renovations at 263,000 SF Office, Retail Center in Metro Miami

by Julia Sanders March 10, 2022

CORAL GABLES, FLA. — Patrinely Group has begun renovations at Columbus Center, a 263,000-square-foot office and retail complex in Coral Gables. USAA Real Estate, Columbus Center’s majority owner, has partnered up with Patrinely Group to remodel the building’s common areas. Renovations will include updating the front entrance and main lobby, activating the outdoor terrace and modernizing the conference centers. Patrinely Group assumed property management operations at the property in 2020. The firm also oversees leasing, along with Maggie Kurtz, Kevin Gonzalez and Jake Freeman of CBRE. Located at 1 Alhambra Plaza, Columbus Center is situated 5.3 miles from downtown Miami, 3.1 miles from the University of Miami and 4.7 miles from Miami International Airport. The property is also situated 11.9 miles from Miami Beach.

March 10, 2022

Loans Maryland Office Southeast

JLL Secures $38.5M Acquisition Financing for Office Property in Rockville, Maryland

by Julia Sanders March 10, 2022

ROCKVILLE, MD. — JLL Capital Markets has secured $38.5 million in acquisition financing for District IV, a 240,000-square-foot office building in Rockville. Michael Gigliotti, Robert Tonnessen and Brian Buglione of JLL secured the financing on behalf of the borrower, BLT Green Hollow, a partnership between Building and Land Technology and Green Hollow Capital Partners, along with Banyon Street Capital. New York City-based Ladder Capital provided the financing. Built in 2007, District IV is part of the recently rebranded District at King Farm, which includes four properties totaling over 750,000 square feet of office and retail space. Current tenants include cell therapy company Autolus, Sucampo Pharmaceuticals and MUFG Investor Services. The District at King Farm is situated along King Farm Boulevard within the 430-acre, master-planned King Farm Park located near the Shady Grove Metro station and the Interstate 270 technology corridor. Located at 805 King Farm Blvd., District IV is situated 19.1 miles from Washington, D.C. and 19.5 miles from the University of Maryland. The project is also near retail centers such as Shady Grove Center, Rio at Washingtonian and Downtown Crown. The partnership’s plans include comprehensive lobby improvements and upgrades to amenities and foodservice offerings. The partnership also plans to …

March 10, 2022

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