Office

Newmark Brokers $129M Sale of Raytheon Office Campus in Woburn, Massachusetts

by Taylor Williams February 11, 2022

WOBURN, MASS. — Newmark has brokered the $129 million sale of a two-building, 440,130-square-foot office campus in the northern Boston suburb of Woburn that is leased to defense contractor Raytheon. The campus includes research and development space, as well as a fitness center, full-service cafeteria, conference facilities and two parking garages. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Atlanta-based Piedmont Office Realty Trust, in the transaction. The team also procured the undisclosed buyer.

February 11, 2022

Acquisitions Office South Carolina Southeast

Two Capital Partners Sells Park 37 Office Campus in Greenville for $53.3M

by Julia Sanders February 10, 2022

GREENVILLE, S.C. — Atlanta-based Two Capital Partners has sold Park 37, a nine-building office campus, for $53.3 million. Jared Londry, Mack Freudenstein and Alex Olofson of Stream Realty Partners represented Two Capital in the transaction. The buyer was a private partnership. Park 37 is located at the intersection of Interstates 85 and 385 and is close to downtown Greenville and the Greenville-Spartanburg International Airport. The property was 76 percent leased at the time of sale to tenants including Transcom, Majorel and Hargrove. Park 37 was built between the 1970s and 1990s and was renovated in 2019. The renovated campus now features a fitness center, 8,000-square-foot conference center, tenant lounge and an onsite restaurant and catering kitchen. Additionally, the property has undergone technology upgrades including keycard access systems and digital lobby directories.

February 10, 2022

Acquisitions Florida Office Southeast

Marcus & Millichap Brokers Sale of 59,070 SF Office Building in Plantation, Florida

by Julia Sanders February 10, 2022

PLANTATION, FLA. — Marcus & Millichap has brokered the $12.7 million sale of Plantation Corporate Center, a 59,070-square-foot office property located in Plantation. Alex Zylberglait and Michael Crocchiola of Marcus & Millichap represented the seller, Germany-based Rüger Holding. Zylberglait and Crocchiola of Marcus & Millichap also represented the buyer, Coral Springs, Fla.-based MMB Commercial Properties Co. Inc. Plantation Corporate Center was built in 1985 and renovated in 2019. The property was 88 percent leased at the time of sale. Located at 2 S. University Drive on 3.2 acres, the property is situated on a signalized corner of West Broward Boulevard and South University Drive. The property is also located directly across from Westfield Broward Mall.

February 10, 2022

Acquisitions Arizona Loans Office Western

Gantry Arranges $15.5M Acquisition Financing for Office Building in Chandler, Arizona

by Amy Works February 10, 2022

CHANDLER, ARIZ. — Gantry has secured $15.5 million in financing for the acquisition of a three-story office building located at 3377 S. Price Road in Chandler. Workpliciti, a Chandler-based co-working space provider, anchors the 83,000-square-foot property. Craig Hoebing, Chad Metzger and Kevin Valenzuela of Gantry arranged the loan for the borrower, a private investor. Avana Cos. provided the five-year loan, which features a fixed rate and 25-year amortization schedule with no pre-payment penalties.

February 10, 2022

Loans Office Texas

Thorofare Capital Provides Loan for Refinancing of Dallas Office Portfolio

by Taylor Williams February 10, 2022

DALLAS — Los Angeles-based Thorofare Capital has provided a loan of an undisclosed amount for the refinancing of a portfolio of 13 office buildings in the Dallas Design District. The buildings are newly converted and renovated flex office properties, and the borrower, Quadrant Investment Properties, plans to use some of the proceeds to complete renovations over the next few months Brian Carlton and Jim Curtin of JLL placed the loan with Thorofare Capital on behalf of Quadrant.

February 10, 2022

Acquisitions Maine Northeast Office

RAM Cos. Acquires 74,000 SF Office Complex in South Portland, Maine

by Taylor Williams February 10, 2022

SOUTH PORTLAND, MAINE — The RAM Cos., an investment firm based in Maine, has acquired a three-building, 74,000-square-foot office complex in South Portland. Jessica Estes and Drew Sigfridson of Boulos Co. represented the seller, an entity doing business as 341 Park LLC, in the transaction. Howard Goldenfarb, Todd Goldenfarb and Mark Campbell internally represented RAM Cos., which acquired the asset through its affiliate, Mile Market Investments. The new ownership plans to implement a value-add program and rebrand the complex as Atlantic Place Commerce Center. The property was fully leased at the time of sale.

February 10, 2022

Market Reports Michigan Midwest Midwest Market Reports Office

Office Downsizing Trend in Detroit Will Likely Continue in 2022

by Kristin Harlow February 10, 2022

A lot has changed in the world since the beginning days of the COVID-19 pandemic in early 2020. Fast forward to November 2021 and the world is a very different place. Over 46 million people have been infected in the United States alone with over 750,000 deaths officially attributed to the virus. Most businesses have been forced to shut down in-person work for some period of time and many have instituted remote work programs until the beginning of 2022. The real question on everyone’s mind is when will we return to normal and more specifically, what will the new normal look like? Although we will most certainly have to deal with the aftereffects of COVID-19 and any variants that surface, there is light at the end of the tunnel. To date, approximately 427 million doses of the vaccine have been administered with over 192 million people fully vaccinated. Recently, Pfizer announced that it has developed an easy-to-administer COVID-19 pill, which when used in combination with a widely used HIV drug, can cut the risk of hospitalizations or death by 89 percent in high-risk adults who have been exposed to the virus. Given the combination of vaccinations, natural immunity for those …

February 10, 2022

Acquisitions Illinois Midwest Office

Sovereign Partners Acquires 25-Story Office Tower in Itasca, Illinois

by Kristin Harlow February 9, 2022

ITASCA, ILL. — Sovereign Partners LLC has acquired Two Pierce Place, a 25-story office tower in Itasca. Piedmont Office Realty Trust sold the asset for approximately $24 million, according to Crain’s Chicago Business. The 489,876-square-foot property is situated within the 300-acre Hamilton Lakes Business Park. Two Pierce Place was built in 1991 and formerly served as the headquarters of Gallagher Insurance. Crain’s reports that the building is now more than 60 percent vacant. Amenities include a deli, sundry shop, fitness center, tenant lounge, covered parking and access to lakes and walking trails. Matthew Schoenfeldt of JLL arranged acquisition financing through an insurance company.

February 9, 2022

Development Leasing Activity North Carolina Office Southeast

CBRE to Occupy 24,535 SF Office at Vantage South End in Charlotte

by Julia Sanders February 8, 2022

CHARLOTTE, N.C. — Dallas-based CBRE has signed a lease to relocate its office to Vantage South End, a 635,000-square-foot mixed-use campus in Charlotte. The firm will relocate approximately 100 employees to a 24,535-square-foot space on the second floor of the Vantage South End’s east tower, which is located at 1120 South Tryon St. The company will change offices in the fourth quarter. The West Tower of the property was completed in 2021 and the new East Tower will be completed in the third quarter of 2022. The new office is part of CBRE’s Workplace360 initiative, which is the Dallas-based company’s approach to workplace strategy. The strategy is designed to promote employee flexibility, mobility and productivity. Workplace360 offices feature several workplace settings, including both collaborative and private spaces that employees can self-select to accommodate their hour-by-hour needs. Vantage South End includes two 11-story office towers connected by more than an acre of outdoor greenspace. The property’s amenities include outdoor terraces and seating, a wellness and fitness center, tenant event and training center, 55,000 square feet of restaurants and amenity spaces and a planned boutique hotel. The property’s West Tower is occupied by tenants including Lending Tree and Grant Thornton. Vantage South …

February 8, 2022

Acquisitions Midwest Minnesota Office

Bridge Investment Group Purchases 508,590 SF Office Property in Hopkins, Minnesota

by Kristin Harlow February 8, 2022

HOPKINS, MINN. — Bridge Investment Group has purchased Excelsior Crossings in Hopkins near Minneapolis for an undisclosed price. The 508,590-square-foot office property, located on Excelsior Boulevard, consists of two Class A buildings that are each seven stories tall. Developed in 2008, Excelsior Crossings is 91 percent leased and recently underwent a $1.5 million amenity enhancement program. Bridge plans to invest an additional $6 million in capital and tenant improvements, including upgrades to the courtyard and common areas, kitchen, lobbies and elevator corridors. Current tenants include Element Fleet, Digi International and U.S. Bank’s Home Mortgage Division headquarters, which fully leases one of the buildings. Tom O’Brien of Cushman & Wakefield represented the seller, Colony Capital. Bridge Commercial Real Estate LLC, Bridge’s office operating company, will oversee capital improvements and management.

February 8, 2022

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