Office

Joint Venture to Redevelop 35,500 SF Warehouse in Metro Atlanta into Office Space

by Julia Sanders November 2, 2021

CHAMBLEE, GA. — A joint venture between Seven Oaks Co. LLC and Packard Capital LLC have plans to redevelop 2135 American Industrial Way, a 35,500-square-foot warehouse in downtown Chamblee. Slated for completion by June 2022, the two-acre site and single-story building will be redeveloped into creative office space. The 2135 American Industrial Way building, which served as a warehouse for an event rental company and an antique showroom that provided movie props, will include a 1,200-square-foot covered front patio, an outdoor beer garden-style seating area and a dedicated food truck parking place. The interior will feature a furnished lobby with roll-up garage doors connected to the front patio, façade windows, the ability to add exterior access points and the option to modify windows to allow for open and close functionality. Winter Construction Co. will serve as the general contractor, and Aileen Almassy and Andy Sumlin of Cushman & Wakefield will oversee leasing efforts. S/L/A/M Collaborative is the designer for the building. Kimley-Horn is completing the civil and engineering design work, and Atlantic Capital Bank is providing construction debt financing.

November 2, 2021

Acquisitions Affordable Housing California Development Life Sciences Mixed-Use Multifamily Office Top Stories Western

IQHQ Buys Site in Bay Area to Develop New Elco Yards Life Sciences Campus

by John Nelson November 2, 2021

REDWOOD CITY, CALIF. — IQHQ, a private life sciences developer and owner with offices in San Diego and Boston, has purchased a “shovel-ready” development site in the Bay Area town of Redwood City that is fully entitled for mixed-use. The firm plans to develop Elco Yards, a project that will feature four life sciences buildings and two residential communities, as well as green space open to the public. The four office buildings will span 600,000 square feet and include laboratory, meeting and research and development space. The buildings are designed to meet LEED Gold standards. “Elco Yards represents an iconic project in a thriving life sciences market with a proven track record of attracting top companies and diverse talent,” says Steve Rosetta, CEO of IQHQ. “We are excited to advance this project, which is fully entitled and well-positioned to address the unmet demand for premier lab space in the Bay Area.” The multifamily portion will include two communities totaling 540 units. IQHQ is partnering with Charleston, S.C.-based Greystar for the residential component, which will feature 147 income-restricted units, according to Redwood City Mayor Diane Howard. “We look forward to Greystar’s continuing involvement and the creation of much-needed housing in Redwood …

November 2, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers $12.3M Sale of Riverwalk Center Office Property in Jupiter, Florida

by Julia Sanders November 1, 2021

JUPITER, FLA. — Cushman & Wakefield has brokered the sale of Riverwalk Center, a 35,324-square-foot, Class A office building located in Jupiter. ESJ Capital Partners sold the property for $12.3 million. Anthony Librizzi of Cushman & Wakefield represented the buyer, an entity doing business as RJM Jupiter Riverwalk LLC, in the transaction. Librizzi will also oversee leasing at the property. Truist Wealth, a wealth management advisory firm, recently renewed a 10,930-square-foot lease at Riverwalk Center. Truist Wealth has been a tenant at the property since 2005. The new owner of the property will occupy the fifth floor. Located at 150 US Highway 1, Riverwalk Center sits within Jupiter Yacht Club, a master-planned, mixed-use development that includes five condominium buildings, a 23,150-square-foot retail and restaurant building and a protected marina. Built in 2003, the office property offers amenities such as garage parking.

November 1, 2021

Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector

by Sarah Daniels November 1, 2021

The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …

November 1, 2021

Acquisitions California Industrial Office Western

Lionstone Investments Sells Tasman Tech Office Campus in California for $170M

by Amy Works October 29, 2021

MILPITAS, CALIF. — Lionstone Investments has completed the sale of Tasman Tech, a 14-building office/R&D campus located at Tasman Drive and Interstate 880 in Milpitas. Washington Holdings acquired the asset for $170 million. Tasman Tech has undergone substantial renovation and capital investment by the seller to continue to attract tenancy. The renovations included the addition of on-site retail amenities, outdoor collaboration areas, a fitness center, building signage and ChargePoint vehicle chargers. Additionally, the campus is within a five-minute VTA Light Rail ride to the Milpitas BART station. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction.

October 29, 2021

Acquisitions California Office Western

Newmark Arranges $28M Sale of Office Building in Pomona, California

by Amy Works October 29, 2021

POMONA, CALIF. — Newmark has brokered the sale of 901 Corporate, a two-story office building located at 901 Corporate Center Drive in Pomona. Foremost Corporate sold the property to The Korda Group for $28 million, or $291 per square foot, in an off-market transaction. Lereta, a tax and flood services provider, occupies the 96,365-square-foot property. The building was constructed in 1989 and underwent an extensive tenant buildout in 2020. Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Brandon White of Newmark represented the seller, while Andrey Mindirgasov of Newmark represented the buyer in the deal.

October 29, 2021

Leasing Activity New York Northeast Office

Food52 Signs 42,000 SF Office Lease at Brooklyn Navy Yard

by Taylor Williams October 29, 2021

NEW YORK CITY — Food52, an e-commerce firm that supplies cookware, has signed a 42,000-square-foot office lease at Dock 72, a 675,000-square-foot office building located within the Brooklyn Navy Yard. The company will relocate from Manhattan’s Chelsea neighborhood to occupy the entire 13th floor of Dock 72 beginning in the second half of next year. Locally based owner-operator Rudin Development co-developed the property, which is surrounded by water on three sides, in partnership with Boston Properties (NYSE: BXP) and WeWork. Dock 72 offers amenities such as a rooftop conference center, ground-floor food hall, fitness and wellness center and an open lawn with a basketball court. Helen Paul and Rico Murtha of Cushman & Wakefield represented the tenant in the lease negotiations. Robert Steinman of Rudin, Andrew Levin of BXP, Joe Cirone, Ron Lo Russo and Patrick Dugan of Cushman & Wakefield and Sacha Zarba and Freddie Fackelmayer of CBRE represented ownership.

October 29, 2021

Development Hospitality Mixed-Use Office Restaurant Texas Top Stories

HALL Group Unveils Plans for $7B Mixed-Use Expansion at HALL Park Office Complex in Frisco, Texas

by Katie Sloan October 29, 2021

FRISCO, TEXAS — Dallas-based developer HALL Group has unveiled plans for the $7 billion mixed-use expansion of HALL Park, an existing 2.2 million-square-foot, 15-building office park located in Frisco. The full master plan will bring the development to 9.5 million square feet with a mix of office, hospitality, residential and retail uses. The $500 million first phase of development includes a Class A office tower, 154-key boutique hotel, 19-story luxury residential tower, a collection of 60 executive suites and a 10,000-square-foot food hall surrounding a community park. HKS Architects designed the 16-story office building, which will span 410,000 square feet. Amenities include 10,000 square feet of ground-level retail and restaurant space, a corporate lounge, fitness center, meeting space to accommodate upwards of 230 people, a seven-level parking garage and rooftop decks. Merriman Anderson Architects designed the 110,000-square-foot, full-service hotel component of the project, which will offer 13,000 square feet of indoor and outdoor event space, including a 3,000-square-foot ballroom; an outdoor swimming pool; gardens; a state-of-the-art fitness center; chef-driven restaurant and bar; and an expansive patio overlooking the community park. WDG Architecture designed the 331,529-square-foot residential tower with interiors by Dallas-based Waldrop + Nichols Studio. The community will offer one- …

October 29, 2021

Acquisitions California Life Sciences Office Top Stories

Longfellow Buys Nine Office Assets in San Diego for $315.4M, Plans Conversion to Life Sciences Campus

by Julia Sanders October 28, 2021

SAN DIEGO, CALIF. — Longfellow Real Estate Partners has acquired Luskin Business Park, a nine-property office portfolio totaling 371,281 square feet in San Diego. The sales price was $315.4 million. Longfellow plans to convert the assets into a massive life sciences campus. The properties are located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Road in the Sorrento Mesa submarket, a part of San Diego that is home to major corporations and has a high demand from life sciences tenants. All of the properties are two-story buildings that are zoned for office, light industrial and other commercial uses, including life sciences. Situated on a total of 20.6 acres, the portfolio has access to top San Diego research institutions, including Scripps Research, UC San Diego, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute. San Diego remains one of the top markets for life sciences demand, according to CBRE’s U.S. Life Sciences Midyear 2021 report. Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and Michael Leggett of JLL represented the seller, PS Business Parks, in the transaction. “This was a rare opportunity to acquire a life sciences redevelopment opportunity of scale in one of …

October 28, 2021

Illinois Leasing Activity Midwest Office

Datassential Leases 13,806 SF in Chicago’s Fulton Market

by Kristin Harlow October 28, 2021

CHICAGO — Datassential has leased 13,806 square feet of office space at 1201 W. Lake St. in Chicago’s Fulton Market district. The company helps food and beverage users develop, launch and sell new concepts by leveraging data. Datassential will move from 18 S. Michigan Ave. when the new lease commences in January. McCaffery and New York Life owns the 135,000-square-foot building, which was constructed in 2019. Dougal Jeppe of Colliers Chicago represented the tenant in the lease transaction. JLL’s Craig Coupe, Brad Despot and Mike Curran represented building ownership.

October 28, 2021

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