Office

Avison Young Negotiates Sale of 181,631 SF Office Building in Metro St. Louis

by Kristin Harlow August 20, 2021

DES PERES, MO. — Avison Young has negotiated the sale of a 181,631-square-foot Class A office building at 12800 Corporate Hill Drive in Des Peres, just west of St. Louis. The sales price was undisclosed. The six-story property, built in 1984 and renovated in 2020, is fully occupied on a long-term basis by Centene Corp. The building features 30,000-square-foot floor plates and a three-story parking garage that can accommodate nearly 1,000 vehicles. Erik Foster and Mike Wilson of Avison Young represented the seller, a regional institutional asset manager. Sovereign Capital was the buyer.

August 20, 2021

Acquisitions Office Texas

Colliers Negotiates Sale of 25,133 SF Office Building in Grapevine, Texas

by Taylor Williams August 20, 2021

GRAPEVINE, TEXAS — Colliers International has negotiated the sale of a 25,133-square-foot office building located near Dallas-Fort Worth International Airport in Grapevine. The property was fully occupied at the time of sale. Cody Payne of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

August 20, 2021

Lake-Pointe-Corporate-Centre-West-Valley-City-UT

Acquisitions Office Utah Western

Felton Properties Sells 182,121 SF Lake Pointe Corporate Centre Near Salt Lake City

by Amy Works August 20, 2021

WEST VALLEY CITY, UTAH — Portland, Ore.-based Felton Properties has completed the sale of Lake Pointe Corporate Centre, a two-building suburban office campus located in West Valley City. A partnership between Advanced Medical Properties and George Urban Properties acquired the asset for an undisclosed price. Kevin Shannon, Ken White, Rick Stumm, Bryce Blanchard and Steve Walton of Newmark represented the seller in the deal. David Milestone and Brett Green, also of Newmark, secured acquisition financing for the buyer. Located at 2850 and 2875 S. Decker Lake Drive, the property consists of 182,121 square feet of industrial space. At the time of sale, the asset was 97 percent leased to a roster of nationally recognized tenants. Since 2018, the property has undergone significant capital upgrades, including fully renovated lobbies, digital tenant directors, fitness center enhancements, elevator modernizations, prominent signage, refurbished restrooms and corridors, and tenant interior improvements.

August 20, 2021

Development Illinois Midwest Office

Sterling Bay Breaks Ground on 200,000 SF Office, Retail Building in Chicago’s Fulton Market

by Kristin Harlow August 19, 2021

CHICAGO — Chicago-based real estate development firm Sterling Bay has broken ground on 345 N Morgan, a 200,000-square-foot office and retail building in Chicago’s Fulton Market. Sterling Bay acquired the development site in 2014 and originally intended to break ground in March 2020, but the project was halted due to COVID-19. Designed by Eckenhoff Saunders Architects, the building will feature private outdoor terraces, a 5,000-square-foot roof deck, bar and lounge, fitness center, coworking library and high-tech conference spaces. The construction timeline is 13 months, enabling tenants to move in as early as September 2022. Skender and JLL Construction are building the project. Sterling Bay secured roughly $100 million in combined construction loans from senior lender Bank OZK and mezzanine lender PCCP.

August 19, 2021

Acquisitions Massachusetts Northeast Office Retail

Quaker Lane Capital, Alcion Ventures Buy 63,000 SF Office, Retail Building in Boston

by Taylor Williams August 19, 2021

BOSTON — A partnership between investment firm Quaker Lane Capital and Boston-based private equity group Alcion Ventures has purchased a 63,000-square-foot boutique office and retail building located at 110 Canal St. within Boston’s North Station submarket. The building features exposed brick walls, lofty ceilings and open floor plates. CBRE has been tapped to market the property to creative office users.

August 19, 2021

Acquisitions Arizona Industrial Office Western

Colton Commercial Brokers $8.5M Sale of Two-Building Ace Asphalt Property in Phoenix

by Amy Works August 18, 2021

PHOENIX — Colton Commercial has arranged the sale of the Ace Asphalt facility, a two-building property located at 3030 S. 7th St. in Phoenix. OP 3030 7th Property acquired the asset from Aceland LLC for $8.5 million. Situated on 29.4 acres, the property includes a 27,682-square-foot office building and an 11,788-square-foot service building. Ace Asphalt will continue its current lease at the site. Dan Colton of Colton Commercial represented the seller, while Pat Harlan of JLL’s Phoenix office represented the buyer in deal.

August 18, 2021

Life Sciences Market Reports Office Oregon Western Western Market Reports

Portland Office Demand Returns as the City Reopens

by Jeff Shaw August 18, 2021

By Tim Harrison, Research Manager, JLL After one the strictest and longest shelter-in-place orders in the nation, Oregon is officially back open for business and all signs point to a strong recovery in Portland. People are travelling again, with airline passengers through Portland International Airport totaling more than 1 million in May. This represents about 63 percent of the normal 2019 monthly average, according to the Port of Portland’s aviation stats. Perhaps most importantly, people are returning to the downtown core for both business and pleasure with weekly visits through Pioneer Mall — the center of downtown — up to about 70 percent of 2019’s average weekly visits, per Placer.ai. This optimism is transferring to the office market, where Portland leasing activity is up more than 33 percent year over year. The recovery is being led by industries old and new. Out in the suburbs, Portland’s largest apparel companies are expanding on campus, while new leases were signed by Lululemon and On-Running in newer creative spaces on the urban fringe. Portland’s life sciences sector is approaching a critical mass as Bay Area company Twist Biosciences entered the market by absorbing 215,000 square feet. Meanwhile, Vancouver, Wash.-based AbSci raised more than …

August 18, 2021

Loans Northeast Office Pennsylvania

PCCP Provides $80M Loan for Refinancing of Philadelphia Office Building

by Taylor Williams August 18, 2021

PHILADELPHIA — PCCP LLC has provided an $80 million senior loan for the refinancing of 123 South Broad Street, a 705,500-square-foot office building located within Philadelphia’s Center City district. The 30-story building was originally constructed in 1928 and is currently leased to a roster of 92 tenants. The borrower was a joint venture between SSH Real Estate, Quilvest Capital Partners and Young Capital. Ryan Ade and Jim Cadranell of JLL arranged the financing. Ownership will use a portion of the proceeds to fund capital improvements, including the addition of amenities like a fitness center, rooftop deck and shared conference space.

August 18, 2021

Leasing Activity New Jersey Northeast Office

PIM Brands Opens New 111,000 SF Office Headquarters in Park Ridge, New Jersey

by Taylor Williams August 18, 2021

PARK RIDGE, N.J. — PIM Brands Inc., a manufacturer of fruit snacks and related products, has opened a new global headquarters in Park Ridge, a borough located in Bergen County. The single-tenant building previously housed the headquarters of Hertz Corp. and recently underwent a $25 million renovation. The new 111,000-square-foot headquarters includes research and development space, tasting and sensory labs, graphics studios, retail plan-o-gram layout rooms and remote office and conference space. About 150 employees will work at the new office. The products of PIM Brands, which is part of The Promotion in Motion Family of Cos., include Welch’s Fruit Snacks, Sun-Maid Chocolate Raisins and Original Gummi FunMix.

August 18, 2021

Leasing Activity New York Northeast Office

Avison Young Debuts New 44,359 SF Office at 530 Fifth Avenue in Manhattan

by Taylor Williams August 18, 2021

NEW YORK CITY — Avison Young has debuted its new space for its New York City office on the third and fourth floors of 530 Fifth Avenue, a 26-story building in Midtown Manhattan. Global architecture firm Vocon designed the new office, and Avison Young’s project management team oversaw construction. The industrial-themed space features an open layout, exposed ceiling piping, a green wall in the reception area and both assigned desks and private offices. RXR Realty owns the building, which was originally constructed in 1957.

August 18, 2021

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