NOVI, MICH. — Revitalist LLC has signed a 3,765-square-foot office lease at Americore Office Center in Novi. The company specializes in treatments for pain management and mental health. Andrew Bower and Steve Eisenshtadt of Friedman Real Estate represented the tenant in the lease transaction. The landlord was not disclosed. Constructed in 1987, Americore Office Center rises three stories and spans 25,500 square feet.
TEMPE, ARIZ. — Strategic Office Partners has acquired a two-building office property located at 2114 and 2116 S. Freedom Way in Tempe. Boyer Co. sold the asset for $132 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller. According to CBRE, the sale is the highest priced and largest office transaction year-to-date in 2021 within the region. Bryan Taute and Charlie von Arentschildt of CBRE served as leasing agents for the property, securing the current tenant on a long-term basis. Totaling 300,000 square feet, the newly constructed buildings are situated within the 60-acre Rio2100 business park. The four-story office properties feature two parking structures, a commercial kitchen and 14- to 16-foot deck-to-deck ceiling heights. Freedom Financial Network fully occupies the two buildings.
IVINS CITY, UTAH — D.A. Davidson’s Special District Group has successfully priced and closed $106 million of limited tax general obligation bonds for the 278-acre Black Desert Public Infrastructure District (PID). The proceeds will fund Black Desert Resort at Entrada, a commercial and residential resort in Ivins City. Black Desert Resort at Entrada will offer 148 hotel rooms; 299 hotel condominium units; a 200-acre, 19-hole golf course; miles of nearby trails; a wellness spa; and 46,160 square feet of retail and restaurant space. The property will also feature 32 single-family estates, 783 condominium units and approximately 214,000 square feet of commercial space, with the amenities of the resort center available for full-time residents. The first phase of development is expected to create 500 new jobs and future long-term employment opportunities. Construction on the first phase commenced in 2020 and full buildout of the commercial and residential resort is slated for 2027. The development is being undertaken by Enlaw LLC, a Delaware limited liability company that is primarily owned by Reef Capital Partners.
BURBANK, CALIF. — GPI Cos. has acquired a medical office building, located at 2701 W. Alameda Ave. in Burbank, from a private real estate investor for $23.9 million, or $468 per square foot. The 50,986-square-foot building was 90.4 percent leased to 22 medical tenants, with most of the space occupied by doctors on staff at Providence Saint Joseph Medical Center. Mark Shaffer, Anthony DeLorenzo, Chris Bodnar, Lee Asher, Gerard Poutier and Cody Chiarella of CBRE represented the seller in the deal.
WHEAT RIDGE, COLO. — SCL Health has selected NexCore to develop Clear Creek Crossing Medical Office Building on the Lutheran Medical Campus in Wheat Ridge. The five-story, 130,000-square-foot facility will be the first medical office building on the new 28-acre hospital campus, which will replace SCL Health’s existing Lutheran Medical Center 3.5 miles away. Construction began in June for the new campus, which will be part of the planned 100-acre Clear Creek Crossing mixed-use development at the southwest corner of State Highway 58 and Interstate 70. NexCore plans to break ground on the medical office building in late 2022, with completion slated for early 2024. The new facility will include SCL Health outpatient clinics and services, as well as an ambulatory surgical center.
UPPER MARLBORO, MD. — Capital Lighting and Supply LLC and development partner Trammell Crow Co. have broken ground on a 362,880-square-foot, Class A office and warehouse build-to-suit facility in Upper Marlboro. Construction is slated for completion in the fourth quarter of 2022. Located at 8711 Westphalia Road, the new facility will feature over 40,000 square feet of office space with a training center, corporate offices and a will-call for local pickup. The warehouse component of the building includes 30-plus-foot bays for storage and features a distribution center automation technology. The facility will be located adjacent to the Capital Lighting and Supply’s current location and is meant to accommodate the firm’s 240 employees. Capital Lighting and Supply received conditional loans from both the Maryland Department of Commerce and Prince George’s County to support the project. MGMA Architects is serving as the architect, while Glen Arm Construction Co. is the general contractor.
ATLANTA — Cousins Properties has signed Visa to a long-term, 123,000-square-foot lease at 1200 Peachtree St. in Midtown Atlanta. Visa, a multinational financial company based in Foster City, Calif., is expected to create about 1,000 new jobs in the region over the next several years as the company establishes a permanent office in Atlanta. Visa is slated to occupy the property by the fourth quarter of 2022. Atlanta-based real estate investment trust Cousins Properties acquired 1200 Peachtree in 2019 from Norfolk Southern Corp. When Norfolk Southern moves out of 1200 Peachtree and into its new building at the end of this year, Cousins Properties will redevelop the property for multi-tenant use. The redevelopment project will include renovations of the ground floor to create both indoor and outdoor amenities.
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.