GRAND PRAIRIE, TEXAS — Dallas-based Proterra Properties has purchased four acres in Grand Prairie, located roughly midway between Dallas and Fort Worth, for the development of a 110,000-square-foot office and warehouse building. The property will be able to accommodate one or two tenants and will feature 32-foot clear heights, 30 dock doors, 130-foot truck court depths and an ESFR sprinkler system. Completion is slated for 2022.
BOSTON — JLL has brokered the $74.6 million sale of a 102,727-square-foot office building in Boston’s Seaport District that will soon be converted to a life sciences facility. The nine-story building at 51 Melcher St. was originally constructed in 1916 as a concrete masonry warehouse and renovated in 2013. Coleman Benedict, Scott Carpenter and Mike Shepard of JLL represented the seller, Zurich Alternative Asset Management, and procured the buyer in the transaction. JLL has also been retained to lease the property on behalf of the new ownership.
PHILADELPHIA — Real estate technology firm Compass Inc. has signed a 17,239-square-foot office lease at 1430 Walnut St. in Philadelphia. Built in 2015, the property also houses tenants such as The Cheesecake Factory and Verizon Innovation Center. Craig Scheuerle and Matthew Guerrieri of Newmark represented the landlord and developer, Midwood Investment & Development, in the lease negotiations. Joshua Meltzer and Jay Joyce of Savills Inc. represented the tenant.
CAMBRIDGE, MASS. — Moderna (NASDAQ: MRNA) has broken ground on the Moderna Science Center, a 462,000-square-foot research and development facility located at 325 Binney St., less than one mile from the company’s global headquarters in the Boston-area community of Cambridge. The biotechnology company is a pioneer in the usage of messenger RNA (mRNA) for therapeutics and vaccines, including one of the earliest and most effective vaccinations against the COVID-19 virus. Moderna plans to use this site to advance its pipeline of mRNA research, which includes 37 programs currently in development and 22 ongoing clinical studies. Alexandria Real Estate Equities Inc. is developing the property, which will include custom scientific spaces for research and development, as well as collaborative office space. JLL represented Moderna in the acquisition of the development site. The project is targeting LEED Platinum certification and is scheduled for completion in 2023. “We have been located in Massachusetts since our founding more than 10 years ago and are proud to be based here,” says Stéphane Bancel, CEO of Moderna. “As we advance our mRNA platform and science, our new science center will integrate digital-first scientific research and development labs along with space for innovation and co-creation with our …
LOS ANGELES — A joint venture between New York-based LIVWRK and Daniel Kotzer of Los Angeles has purchased a historic 63,100-square-foot property in Los Angeles’ Art District for $20 million. The partnership will transform the two-building asset, located at 800-810 Traction Ave., into an office and lifestyle project called AtTraction. Construction on the renovations is slated to begin this week, with completed scheduled for early 2023. Upon completion, AtTraction will be a five-story building, plus a basement, totaling 53,400 square feet. Floors will range between 7,500 square feet to 10,700 square feet with ceilings ranging from 10 feet to 15 feet. The property at 810 Traction Ave. will be a two-story building, plus basement, totaling 9,700 square feet. Each building will also offer the potential for ground-level retail. The building at 800 Traction Ave. will feature a rooftop patio deck and the building at 810 Traction Ave. will offer a private gated patio space. Additionally, there is a private parking lot serving both buildings. The building originally housed the Joannes Brothers Co., a coffee, tea and spice processor and wholesaler, followed in the mid 1950s by the Los Angeles Desk Co. Mike Condon Jr., McKenna Gaskill and Brittany Winn of …
WARREN, N.J. — Newmark has arranged the $19 million sale of two office buildings totaling 140,000 square feet in Warren, located about 30 miles outside New York City. At the time of sale, the properties were 81 percent leased to R&D, technology, product development, distribution, assembly and office users. Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz and Dan Reider of Newmark represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the transaction. The team also procured the undisclosed buyer.
CHANDLER, ARIZ. — Fullerton Properties has completed the sale of Chandler Business Center, multi-tenant industrial/flex property in Chandler. Portland, Ore.-based ScanlanKemperBard acquired the asset for $19.1 million, or $178.68 per square foot. Situated on 10.6 acres at 6150 W. Chandler Blvd., the 106,892-square-foot property was fully leased at the time of sale. Commercial Properties/CORFAC International’s Leroy Breinholt, Cori Sposi and David Bean represented the seller and buyer in the transaction.
ALLEN, TEXAS — MD7, a provider of mobile infrastructure consulting services, has signed a 25,000-square-foot office lease in the northeastern Dallas suburb of Allen. The firm is relocating its headquarters from San Diego to One Bethany West, which is located on the 17-acre Watters Creek campus. The move is expected to bring about 200 new jobs and $6.8 million in capital investment to the regional economy.
By Alexandra Loye, Senior Vice President, Healthcare & Life Sciences Services, Colliers Despite global and domestic market challenges from the pandemic, Phoenix continues to shine amongst its competitive Western cities. With Maricopa County being the fastest-growing county in the U.S., Phoenix offers employers a diverse, educated workforce, business-friendly environment and affordable housing options. Arizona’s economy is booming and experiencing record revenue growth, as well as personal income growth. From 2019 to 2020, Arizona led the nation (tied with Montana) in the category of highest personal income growth with a 7.1 percent increase. The state is also projected to add 325,000 jobs in the next 12 months. Phoenix’s life sciences industry has gained significant momentum during the past 12 months, with no slowdown in sight. The Phoenix Biomedical Campus (PBC) in downtown Phoenix is ground zero for life sciences development and tenant activity. The 30-acre campus is currently occupied by Arizona State University, the University of Arizona, Northern Arizona University, Translational Genomics Research Institute (TGen), OncoMyx Therapeutics, Calviri, Vidium Animal Health, and Exact Sciences, which recently acquired Paradigm Diagnostics and Ashion Analytics. The PBC is the ideal environment when it comes to collaboration and innovation for life sciences tenants. The 227,000-square-foot, …
Principal Real Estate Investors Sells 148,652 SF Lincoln Plaza Office Campus in Bellevue, Washington
BELLEVUE, WASH. — Des Moines, Iowa-based Principal Real Estate Investors has completed the disposition of Lincoln Plaza, an office campus located at 11225, 11235 and 11245 SE Sixth St. in Bellevue. New Rock Acquisition purchased the 148,652-square-foot asset for an undisclosed price. Situated on 9.1 acres, the three-building property was 90 percent occupied by 20 tenants at the time of sale. Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan and Chais Lowell of CBRE Capital Markets represented the seller in the deal. Brad Zampa and Mike Walker of CBRE arranged acquisition financing for the buyer. Scott Davis and Tim Owens, also of CBRE, will continue to handle leasing under the new ownership.