Office

North Beacon Capital Buys Cole Center Office Building in Golden, Colorado for $32.7M

by Amy Works September 15, 2022

GOLDEN, COLO. — North Beacon Capital has acquired Cole Center, a recently renovated office building at 1687-1707 Cole Blvd. in Golden, which is in the Denver West region. Bancroft Capital and Viking Partners sold the asset for $32.7 million. Renovated in 2021, the four-story Cole Center features 155,610 square feet of multi-tenant office space. On-site amenities include an outdoor plaza with covered seating, 201 subterranean parking spaces, a new fitness center with showers and lockers, and on-site bike storage. At the time of sale, the property was 88 percent leased with 75 percent of the tenants being investment grade. Larry Thiel and Jason Schmidt of JLL Capital Markets represented the seller in the transaction.

September 15, 2022

Loans New Jersey Northeast Northmarq Office

Northmarq Arranges $26.4M Acquisition Loan for Hoboken Parking Garage

by Taylor Williams September 15, 2022

HOBOKEN, N.J. — Northmarq has arranged a $26.4 million acquisition loan for the Hudson Tea Parking Garage in Hoboken. Built in 2004 by multifamily developer Toll Brothers (NYSE: TOL), the eight-story structure spans 389,984 square feet and houses 1,250 parking spaces. Daniel Karp of Northmarq arranged the fixed-rate financing on behalf of the borrower, Boston-based LAZ Parking Realty Investors. The loan carried a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule.

September 15, 2022

Acquisitions California Healthcare Office Western

CBRE Negotiates $19.5M Sale of Medical Office Building in San Jose

by Amy Works September 15, 2022

SAN JOSE, CALIF. — CBRE has arranged the sale of 625 Lincoln Avenue, a medical office building in San Jose. The Sobrato Organization sold the asset to El Camino Health, the current tenant, for $19.5 million. El Camino Health uses the 35,272-square-foot medical office building for urgent and primary care. Scott Prosser, Joe Moriarty, Jack DePuy, Mike Taquino, Kyle Kovac and Alec Haley of CBRE represented the seller in the deal.

September 15, 2022

Leasing Activity New Jersey Northeast Office

Archer & Greiner Signs 22,382 SF Office Lease Renewal in Hackensack

by Taylor Williams September 15, 2022

HACKENSACK, N.J. — Law firm Archer & Greiner PC has signed a 22,382-square-foot office lease renewal at Court Plaza, a 335,000-square-foot office complex located at 35 Main St. in Hackensack. Amenities at the three-building complex include a fitness center, cafeteria and a conference room, as well as an onsite bank, dry cleaning service and car detailing shop. Stephen Jennings internally represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Jack Fatigati of Morford & Dodds Realty represented the tenant.

September 15, 2022

California Development Loans Office Western

Parkview Financial Funds $35M Loan for CMNTY Culture Campus Development Project in Hollywood

by Amy Works September 14, 2022

LOS ANGELES — Parkview Financial has provided a $35 million loan to CMNTY Culture for the acquisition of a land assemblage situated at the northeast corner of the intersection of Sunset Boulevard and Highland Avenue in Los Angeles’ Hollywood district. The site comprises four contiguous parcels totaling 1.88 acres at 1518-1836 N. Highland Ave. and 6751-6767 W. Sunset Blvd. One parcel at 6767 W. Sunset Blvd. was purchased in July 2021 for $9.1 million. Parkview provided the loan to facilitate the acquisition of the three remaining parcels, which were recently purchased for $44 million. Once fully rezoned and entitled, the ownership plans to construct CMNTY Culture Campus that will include two towers – one 13 stories and one 14 stories – totaling approximately 500,000 square feet of creative office and studio/production space with six subterranean parking levels. The four parcels consist of U-shaped land that currently features a strip retail center, live performance venue, plant nursery and two surface parking plots. The owner plans to demolish the buildings for the new development. HKS Architects is serving as project architect and Oakland-based Hood Design Studio is serving as landscape designer.

September 14, 2022

Healthcare Loans Office Oregon Western

CIT Provides $50.8M Refinancing for Providence Family Wellness Center in Hillsboro, Oregon

by Amy Works September 14, 2022

HILLSBORO, ORE. — CIT, a division of First Citizens Bank, has provided a $50.8 million loan to Seavest Healthcare Properties for the refinancing of Providence Family Wellness Center and Medical Office Building in Hillsboro. CIT’s healthcare finance unit provided the financing. Providence Family Wellness Center is a newly delivered, 118,000-square-foot medical office building and wellness center. Providence Health & Services – Oregon, a subsidiary of Providence St. Joseph, leases the building. The property offers clinical space for services, including primary care, pediatrics, behavioral health, sports medicine, women’s health, dermatology, cardiology, urgent care, diagnostics imaging, lab, rehabilitation and sports therapy. Additionally, the building features a comprehensive active wellness center complete with indoor warm water and outdoor lap pools.

September 14, 2022

Acquisitions Civic Massachusetts Northeast Office

Colliers Brokers $7.6M Sale of Civic Building in Boston’s Back Bay Area

by Taylor Williams September 14, 2022

BOSTON — Colliers has brokered the $7.6 million sale of an 8,350-square-foot civic building located at 136 Newbury St. in Boston’s Back Bay neighborhood. Kendin Carr, Caleb Hudak and John Real of Colliers represented the seller, Modern School of Fashion, in the transaction. The undisclosed buyer plans to convert the building into a contemporary office space.

September 14, 2022

Leasing Activity Office Southeast Tennessee

Law Firm Signs 100,000 SF Office Lease at One22One Tower in Nashville

by John Nelson September 14, 2022

NASHVILLE, TENN. — Bradley Arant Boult Cummings LLP has signed a long-term lease to move its Nashville office to One22One, a new high-rise office building located at 1221 Broadway in the city’s Gulch district. The locally based law firm plans to occupy 100,000 square feet of office space across the top four floors by late 2023. The tenant retained Savills for its search for new office space. The developer and landlord, Brentwood, Tenn.-based GBT Realty, delivered the $140 million, 24-story tower last month. Featured amenities at One22One include outdoor space for business and social gatherings, a fitness center and retail space. FirstBank occupies 52,000 square feet of office space on floors 13 and 14 that will include the headquarters of FB Financial Corp. (NYSE: FBK), the parent company of FirstBank.

September 14, 2022

Acquisitions Development Multifamily Office Southeast Virginia

AREP Acquires 200,000 SF Office Building in Old Town Alexandria, Plans Multifamily Conversion

by John Nelson September 13, 2022

ALEXANDRIA, VA. — American Real Estate Partners (AREP) has acquired 1101 King Street, a 200,000-square-foot office building in Old Town Alexandria, a historic neighborhood in metro Washington, D.C. The McLean, Va.-based investor purchased the office condominiums within the building simultaneously from seven individual owners for an undisclosed price. AREP plans to convert the property to 200 apartments, with 17,500 square feet of commercial space on the ground floor, as well as amenities including a club room, fitness center and a rooftop terrace. The firm restructured the office leases to allow for the conversion program and is keeping existing retail tenants Orangetheory Fitness and Paris Baguette throughout the redevelopment process. AREP has selected Cooper Carry to lead the project redevelopment design and RD Jones for the interior work. Construction is set to begin in July 2023.

September 13, 2022

Acquisitions Office Southeast Virginia

JLL Arranges Sale of 115,563 SF Office Building in Chantilly, Virginia

by John Nelson September 13, 2022

CHANTILLY, VA. — JLL has arranged the sale of Independence Center II, a 115,563-square-foot office building located at 15040 Conference Center Drive in Chantilly. Jim Meisel, Matt Nicholson, Andrew Weir, Dave Baker and Kevin Byrd of JLL marketed the property on behalf of the seller, Tritower Financial Group. The buyer and sales price were not disclosed. Independence Center II is situated in Northern Virginia’s cyber-intelligence hub of Westfields. Completed in 2006, the property is fully leased to tenants that have invested in high-value infrastructure upgrades, including SCIF (Sensitive Compartmented Information Facility) rooms, data centers and backup generators. The property is proximate to Route 28, I-66, Route 50, Dulles Toll Road and Dulles International Airport.

September 13, 2022

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