COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of a two-building office and industrial portfolio, located at 1120-1140 Moreno Ave. in Colorado Springs. The asset traded for $2.8 million. The terms of the transaction were not disclosed. Situated on 2.2 acres, the property consists of a 10,187-square-foot office building and a 3,200-square-foot industrial building. Randy Dowis and Bob Garner of NAI Highland handled the transaction.
PITTSBURGH — Developer Westrise Capital has completed Launchpad, a 60,000-square-foot redevelopment project located in between Pittsburgh’s downtown and West Oakland areas. The site at 304 Jumonville St., which previously housed an industrial laundry facility that served a local hospital, can now support office, technology, life sciences, research and development or light manufacturing and assembly uses. JLL is marketing the property for lease.
MIAMI — A joint venture between CP Group and DRA Advisors has purchased Miami Tower, a 47-story office tower located at 100 SE Second St. in downtown Miami. The seller is USPO Miami LLC, an entity established by Sumitomo Corp. of America, which purchased Miami Tower in 2016. The sales price was not disclosed, but South Florida Business Journal reports the tower traded for $163.5 million, a significant decrease from the $220 million price tag Sumitomo paid six years ago. Built in 1987 as offices for CenTrust Bank, Miami Tower spans 636,000 square feet and features a tiered glass façade and an exterior LED lighting system. The property features 37 floors of offices, 10 levels of parking, street-level retail space, an onsite Miami Metromover station, sky terrace and a 13,100-square-foot event lobby on the 11th floor. The new ownership plans to make significant capital improvements at Miami Tower, which was 67 percent leased at the time of sale. Transwestern, which handled leasing at Miami Tower under the previous owner, recently executed leases with firms including AST & Science, World Wide Express, LKLSG, ABKD Group, Best Buddies, AWE Medical Group and Pardo Jackson Gainsburg PL totaling more than 40,000 square feet. …
BELLEVUE, WASH. — Patrinely Group, in partnership with affiliates of Dune Real Estate Partners, has broken ground on FOUR106, an office tower in downtown Bellevue. The 21-story building will feature approximately 484,000 rentable square feet of office space with average floor plate sizes of 24,000 rentable square feet, along with 6,500 square feet of street-level retail space. FOUR106 will feature a fully equipped fitness center with shower and locker facilities, hands-free entries, delivery dispatch, hands-free elevators and hands-free restrooms. The project is designed to meet LEED Gold standards for core and shell. The project team includes CollinsWoerman, Mortenson Construction, DCI and Gensler. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group are leasing FOUR106 on behalf of Patriney Group and Dune.
PHOENIX — Phoenix-based George Oliver has purchased Biltmore Commerce Center, a landmark office building in Phoenix’s Camelback Corridor. A joint venture between Lincoln Property Co. and Oaktree Capital Management sold the asset for an undisclosed price. Located at 3200 E. Camelback Road, the 260,878-square-foot Biltmore Commerce Center features a three-story central atrium, large floorplates, multiple common areas and outdoor amenity spaces, conference facilities and a bronze-colored metal building exterior. George Oliver will deploy more than $52 million in capital improvements at the three-story building. George Oliver Design leads the architectural team. Ryan Timpani of JLL wills serve as the project’s leasing broker, while Arcadia Management Group will serve as the onsite property manager. Ben Geelan and Will Mast of JLL represented the sellers in the deal.
NATIONAL CITY, CALIF. — Commercial Asset Advisors has brokered the sale of an office property located at 22 W. 35th St. in National City. SCOS LP sold the building to Strong Tower LP for $6.3 million. Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the seller, while Shirley Kanamu and Valley Coleman of Pacific Coast Commercial represented the buyer in the deal. The property features 19,917 square feet of Class B office space with high visibility and convenient freeway access.
LUBBOCK, TEXAS — Coldwell Banker Commercial has arranged the sale of Pyramid Plaza, a 116,000-square-foot office building in Lubbock. A locally based investment group doing business as Pyramid Plaza Office Building LP purchased the building for an undisclosed price with plans to implement a value-add program. Jordan Wood and Taylor Tucker of Coldwell Banker represented the buyer in the transaction. Scott Womack and Darrell Betts of Avison Young represented the seller, Gemini Rosemont Real Estate.
TAMPA, FLA. — Colliers has arranged the sale of 115,899 square feet of office and retail space within Grand Central at Kennedy in Tampa’s Channel District. An affiliate of Maryland-based Mosaic Realty Partners purchased the shops and offices for $38.1 million, which is the largest retail transaction in Tampa’s core districts in terms of sales price, according to Colliers. In addition to the 60,329 square feet of retail space and 55,570 square feet of office space, the transaction includes a transfer of interest in the management for the property’s two parking garages that comprise 862 spaces. Grande Central at Kennedy was developed in 2007 and four tenants — retailers CVS/pharmacy and Crunch Fitness and office users Kraft Heinz Foods and Quality Carriers (a division of CSX Corp.) — occupied 80 percent of the gross leasable space at the time of sale. Other tenants include Massage Envy and several bars and restaurants, including Cena, City Dog Cantina, Pour House and Maloney’s Irish Pub. Grand Central at Kennedy also includes condos that were not part of the sale. Mike Milano, Nicholas Coccodrilli and Brandon Rapone of Colliers’ West Florida Retail Investment Team represented the seller, Mercury Advisors, the original developer of the …
GREENSBORO, N.C. — Highwoods Properties has sold Airpark East Office Park, a 298,037-square-foot office park situated along Albert Pick Road in Greensboro. Locally based investor Deep River Partners purchased the four-building office campus. The sales price was not disclosed, but Winston-Salem Journal reports the property traded for $20.3 million. The news outlet also reported Airpark East was 88.2 percent leased at the time of sale to tenants including Volvo Financial Services. Ben Kilgore of CBRE|Raleigh and Greg Wilson of CBRE|Triad represented Highwoods in the sales transaction. CBRE|Triad is the leasing agent of Airpark East, which features a conference center, café, walking trails, an amphitheater and wooded picnic areas.
HOUSTON — Third-party property management firm Asset Living has signed a 24,040-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. Dan Boyles of NAI Partners represented the tenant in the lease negotiations. Brad MacDougal and Warren Alexander of MetroNational represented the landlord on an internal basis