Office

Cushman & Wakefield Arranges Sale of 1.7 MSF Normandale Lake Office Park Near Minneapolis

by Taylor Williams July 11, 2022

BLOOMINGTON, MINN. — Cushman & Wakefield has arranged the sale of Normandale Lake Office Park, a 1.7 million-square-foot complex in the southern Minneapolis suburb of Bloomington. The price was not disclosed, but the property sold for $370 million when last it traded hands in 2014, according to the Star Tribune. David Knapp, Jeremiah Olsen, Tom O’Brien, Avery Ticer, Sam Maguire, Dan Phoel and Adam Spies of Cushman & Wakefield represented the seller, a partnership between insurance giants MetLife Investment Management and Allstate, in the transaction. The buyer was New York City-based Opal Holdings. Normandale Lake Office Park consists of five buildings that were developed between 1983 and 2009. The structures vary in height from 11 to 17 stories and range in size from 242,598 to 467,016 square feet. Amenities include a wellness center, fitness center with locker rooms, multiple conference rooms, heated executive parking structures and walking and biking trails. In addition, the development offers several services for tenants, such as a floral shop, childcare center, car wash and hair salon. Normandale Lake Office Park is also home to a fine dining restaurant, two casual dining concepts and a Caribou Coffee location. At the time of sale, the property was 91 …

July 11, 2022

Acquisitions California Civic Development Office Western

Partnering With Parents Buys Office Park in Oceanside for $11.8M, Plans Conversion to Charter School Campus

by Amy Works July 8, 2022

OCEANSIDE, CALIF. — Sunrise Capital has completed the disposition of a vacant office campus situated on six acres at 1305-1320 Union Plaza Court in Oceanside. Partnering With Parents, doing business as The Classical Academies, acquired the asset for $11.8 million. The buyer, an organization of tuition-free California public charter schools in North San Diego County, plans to convert the four-building, 99,968-square-foot office park into a school campus. Peter Curry, Jason Kimmel and Tim Winslow of Cushman & Wakefield represented the seller, while Jon Walters and Jim Benson of Kidder Mathews represented the buyer in the deal.

July 8, 2022

Acquisitions Office Texas

Colliers Brokers Sale of 180,030 SF Office Building in North Houston

by Taylor Williams July 8, 2022

HOUSTON — Colliers has brokered the sale of a 180,030-square-foot office building located at 450 Gears Road in North Houston. The eight-story building, which was originally constructed on 4.5 acres in 1984, includes a four-story parking garage and a conference center. David Carter, Doug Pack and Sam Hansen of Colliers represented the seller in the transaction. Evens Grandoit of Krueger Real Estate represented the buyer. Both parties requested anonymity.

July 8, 2022

Acquisitions Office Southeast Virginia

KBS Sells Redwood Plaza Office Campus in Fairfax, Virginia for $23M

by John Nelson July 7, 2022

FAIRFAX, VA. — KBS has sold Redwood Plaza I, II and III, a three-building office complex spanning 207,000 square feet in Fairfax. Arlington, Va.-based Network Realty Partners purchased the metro D.C. assets from KBS for $23 million. Jim Meisel, Matt Nicholson, Andrew Weir, Kevin Byrd and Dave Baker of JLL brokered the transaction. KBS has owned the Redwood Plaza buildings for more than 20 years and recently renovated the assets with new lobbies, a conference center, catering kitchen and community pantry and coffee. The campus also now includes a tenant lounge that offers arcade games, shuffleboard, free Wi-Fi, craft beer on tap and a 24-hour café.

July 7, 2022

Leasing Activity Office Texas

Cheniere Energy Signs 151,490 SF Office Headquarters Lease in Downtown Houston

by Taylor Williams July 7, 2022

HOUSTON — Cheniere Energy Inc. has signed a 151,490-square-foot office lease for its new global headquarters at Texas Tower, a 47-story building in downtown Houston. The space spans floors 12 through 16 and includes 16,000 square feet of private outdoor gardens and amenity areas. Chris Oliver, Trey Strake and David Guion of Cushman & Wakefield represented Cheniere in the lease negotiations. Michael Anderson, also with Cushman & Wakefield, represented the landlord, a joint venture between Hines and Ivanhoé Cambridge. The 1.2 million-square-foot tower is now 70 percent leased following deals with laws firms Vinson & Elkins, McGuireWoods and DLA Piper.

July 7, 2022

Development Florida Office Southeast

SHVO to Develop 250,000 SF Office Building in Miami Beach

by John Nelson July 6, 2022

MIAMI BEACH, FLA. — SHVO, a New York City-based development and investment firm, plans to develop a 250,000-square-foot office building in Miami Beach. The firm, along with finance partner Deutsche Finance America, recently acquired an assemblage at 1656-1680 Alton Road and 1677 West Ave. near Lincoln Road for $39.3 million. Designed by Foster + Partners, the new office building will be branded The Alton and will feature 300 feet of frontage on Alton Road, terraced outdoor rooms and large windows offering panoramic views. SHVO and Foster + Partners recently collaborated on Transamerica Pyramid Center, a luxury office redevelopment in San Francisco. The design team for The Alton also includes locally based Kobi Karp Architects. No construction timeline was disclosed.

July 6, 2022

Leasing Activity Office Texas

NAI Partners Negotiates 23,652 SF Office Lease in Houston’s Memorial City District

by Taylor Williams July 6, 2022

HOUSTON — NAI Partners has negotiated a 23,652-square-foot office lease at 945 Bunker Hill Road in West Houston. The property is located within the 300-acre Memorial City mixed-use development. Griff Bandy of NAI Partners represented the tenant, locally based oil and gas firm BW Energy USA Management, in the lease negotiations. Brad MacDougall and Warren Alexander of MetroNational represented the landlord on an internal basis.

July 6, 2022

Acquisitions California Office Western

MC Strauss Buys 88,522 SF Lomas Pacific Office Park in San Diego

by Amy Works July 6, 2022

SAN DIEGO — Brixton Capital has completed the sale of Lomas Pacific I & II, a two-building office park in the Kearny Mesa area of San Diego. San Diego-based MC Strauss Co. bought the property for $22.8 million. Scripps Health, Q.E.D. and Patenaude & Felix A.P.C. are tenants at the 88,522-square-foot asset, which is located at 9619 Chesapeake Drive and 9444 Farnham St. At the time of sale, the property was 84.4 percent leased. After acquiring the property in 2015, Brixton renovated the asset, including repainting the exterior, upgrading the landscaping and remodeling all the lobbies and common areas. The company also addressed deferred maintenance and modernized building operating systems. Rick Reeder, Brad Tecca, Bill Cavanaugh and Mike Novkov of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal. Bill Cavanagh, Duncan Dodd and Mike Novkov of Cushman & Wakefield also provided leasing advisory.

July 6, 2022

Acquisitions Florida Office Southeast

Pebb Enterprises, Contrarian Capital Acquire Boca Raton Offices for $29.9M

by John Nelson July 5, 2022

BOCA RATON, FLA. — A partnership between Pebb Enterprises and Contrarian Capital Management has purchased Meridian Office Center, two single-tenant net-leased office buildings situated within The Park at Broken Sound in Boca Raton. Christian Lee, Marcos Minaya and Sean Kelly of CBRE Capital Markets, represented the seller, Ivy Realty, in the $29.9 million transaction. Cross Country Healthcare occupies the 70,406-square-foot building located at 6551 Park of Commerce Blvd., and Lexis Nexis occupies the 61,274-square-foot building located at 6601 Park of Commerce Blvd. Professional Bank provided acquisition financing for the deal. Meridian Office Center is Pebb’s third acquisition within the 700-acre Park at Broken Sound development, which is situated off I-95.

July 5, 2022

Acquisitions Office South Carolina Southeast

Marcus & Millichap Arranges $16.9M Sale of North Charleston Office Building

by John Nelson July 5, 2022

NORTH CHARLESTON, S.C. — Marcus & Millichap has arranged the sale of North Rhett Executive Center, a 64,800-square-foot office building located at 5617 N. Rhett Ave. in North Charleston. An out-of-state buyer purchased the building for $16.9 million. Ani Paulson and Pearce Vogler of Marcus & Millichap represented the undisclosed seller in the transaction. Built in 2008 near the Joint Base Charleston and Charleston International Airport, North Rhett Executive Center is anchored by the Department of Defense.

July 5, 2022

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