Office

Berkadia Secures Refinancing for San Marco East Plaza in Jacksonville

by Julia Sanders July 9, 2021

JACKSONVILLE, FLA. — Berkadia has secured the refinancing of San Marco East Plaza, an office and retail park in Jacksonville. Rebecca Van Reken and Alec Fox of Berkadia’s Orlando office secured the financing on behalf of the owner, Prescott Group. The Dallas-based borrower took ownership of San Marco East Plaza via foreclosure in March 2019, following the purchase of a defaulted $52 million note. Prescott Group completed a capital improvements plan that included new roofs, new green spaces and enhanced lighting. In 2020, RF Smart moved its headquarters to the property, which brought occupancy up to 94 percent. Then in March, Prescott completed the sale of the former Jacksonville Ice and Sportsplex to the Jacksonville Iceman and local investors who plan to spend over $11 million to renovate the ice center to a modern rink and training facility known as the “Igloo.” Other tenants at San Marco East Plaza include Baptist Health Wells Fargo, First American Title, Excel Church and The Edge Rock Gym. San Marco East Plaza features parking and outdoor green spaces with weekly food trucks offering lunches for office tenants. Berkadia secured the fixed-rate, non-recourse loan with Florida-based City National Bank. The property had previously been encumbered …

July 9, 2021

Connecticut Development Life Sciences Loans Northeast Office Top Stories

CBRE Arranges $180M Construction Loan for Life Sciences Development in New Haven, Connecticut

by Julia Sanders July 9, 2021

NEW HAVEN, CONN. — CBRE has arranged a $180 million construction loan for the development of a life sciences facility at 101 College Street in New Haven. The project will total 525,000 square feet and include office and biomedical lab space. The property is already over 70 percent pre-leased to tenants including BioLabs and Arvinas, which will move its headquarters to the property. Yale University will serve as the anchor tenant, occupying 125,000 square feet of space in the building and three of its 10 floors, according to Yale News. The lobby and first floor will include a combination of event space and retail offerings. A commercial bank led the financing with participation from Webster Bank. Heather Brown, Robert Borden and Grace Keating of CBRE arranged the loan on behalf of the developers on the project, Harrison Street and Winstanley Enterprises. “Arvinas’ exciting pipeline of therapies targeting oncology and neurodegeneration represents the type of groundbreaking research being done in Connecticut and New Haven, and we look forward to supporting their continued growth,” says Carter Winstanley, a principal at Winstanley Enterprises. “We are also honored that Yale has made a significant commitment within the building to continue its cutting-edge discovery and …

July 9, 2021

Acquisitions Office Retail Texas

CTO Realty Growth Buys Shops at Legacy North Retail Center for $72.5M

by Taylor Williams July 9, 2021

PLANO, TEXAS — Florida-based investment firm CTO Realty Growth Inc. (NYSE: CTO) has purchased The Shops at Legacy North, an approximately 236,000-square-foot office and retail center in Plano, for $72.5 million. The property was built on 12.7 acres in 2007 and was 83 percent leased across its office and retail components at the time of sale. The retail portion of the property consists of 121,496 square feet and houses tenants such as Capital Grille, Seasons 52, Mexican Sugar, Benihana and Ra Sushi. The office component spans 114,936 square feet and is home to users such as Unum, Technologent, Timmons Group, BRP and Shift Digital.

July 9, 2021

Acquisitions Colorado Office Western

Quiver Investments Negotiates $6.5M Sale of Synergy Corporate Center in Colorado Springs

by Amy Works July 9, 2021

COLORADO SPRINGS, COLO. — Denver-based Quiver Investments has arranged the sale of Synergy Corporate Center, an office building located in Colorado Springs. Great Western Foloh sold the asset to a Colorado-based investor group for $6.5 million, or $148 per rentable square foot. Located at 5225 N. Academy Blvd., the property features 44,256 rentable square feet. At the time of sale, the building was 90 percent occupied. John Witt and Ben Swanson of Quiver Investments represented the seller, while Riki Hashimoto of Newmark represented the buyer in the deal.

July 9, 2021

Acquisitions California Healthcare Office Retail Western

Matthews Arranges $5.4M Sale of Medical Office, Retail Building Near Los Angeles

by Amy Works July 9, 2021

SANTA FE SPRINGS, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a medical office and retail building located at 13063 Rosecrans Ave. in Santa Fe Springs, a suburb of Los Angeles. The property traded hands for $5.4 million. The names of the seller and buyer were not released. Fresenius Medical Care and TNV International, a wholesale distributor of bulk ingredients for the nutritional supplement industry, occupy the property. Jake Linksy and Simon Assaf of Matthews brokered the transaction.

July 9, 2021

Leasing Activity New Jersey Northeast Office

Round Table Studios Opens 40,000 SF Coworking Space in Berkeley Heights, New Jersey

by Taylor Williams July 9, 2021

BERKELEY HEIGHTS, N.J. — Round Table Studios, a provider of flexible and coworking solutions, has opened a 40,000-square-foot space in the Northern New Jersey city of Berkeley Heights. The space is located within The Park, a 185-acre mixed-use redevelopment. The space features configurable office suite studios, on-demand meeting rooms, a traditional coworking gallery and an upscale coworking library. Members also have access to The Park’s onsite amenities, including a 12,000-square-foot fitness center, biking and walking trails and a health clinic.

July 9, 2021

Development Georgia Office Southeast

KB Venture Partners to Redevelop Former Bailey-Johnson School in Alpharetta, Georgia

by Julia Sanders July 8, 2021

ALPHARETTA, GA. — KB Venture Partners will redevelop the former Bailey-Johnson School in Alpharetta into an adaptive reuse project comprising 156,048 square feet of creative Class A office space. The Bailey-Johnson School was built in 1950. The Bailey-Johnson School project will include the adaptive reuse of the 21,321-square-foot school building and the 19,234-square-foot gymnasium. The project marks the only adaptive reuse development in North Fulton, according to Cushman & Wakefield. The development also includes construction of a new 115,493-square-foot timber-frame building and a two-level parking structure. Property amenities will include outdoor gathering and green space, private patios for tenants, a lounge, shower/locker rooms and bike storage. Located at 154 Kimball Bridge Road, the property sits three blocks from Avalon, an 86-acre mixed-use development with anchors such as Whole Foods and Regal, as well as a 330-room hotel called The Hotel at Avalon. The Avalon has more than 20 dining options, retail and residential offerings. KB Venture Partners has hired Porter Henritze and John Zintak of Cushman & Wakefield to overseeing leasing at the project. ASD|SKY is the architect for the redevelopment.

July 8, 2021

Acquisitions Industrial Office Texas

West Star Arranges Sale of 305,000 SF Airport Commerce Park in Metro Houston

by Taylor Williams July 8, 2021

HUMBLE, TEXAS — Montgomery, Texas-based brokerage firm West Star Marketing Group has arranged the sale of Airport Commerce Park, a 305,000-square-foot office flex property in the northern Houston suburb of Humble. The property is situated on 16.3 acres at 5950 Sam Houston Parkway. Fort Worth-based Fort Acquisitions purchased the property from Houston-based Redhorn Capital for an undisclosed price. Tom Clarkson of West Star brokered the deal.

July 8, 2021

Acquisitions Industrial Office Texas

Bradford Negotiates Sale of 73,600 SF Parkway Business Center in Grand Prairie, Texas

by Taylor Williams July 8, 2021

GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate Services has negotiated the sale of Parkway Business Center, a 73,600-square-foot flex property in Grand Prairie. Shane Benner and Josh Meraz of Bradford represented the seller, a California-based entity doing business as WC Parkway Business Center LLC, in the transaction. Rich Young Jr. of Rich Young Cos. represented the buyer, a Los Angeles-based limited liability company. Parkway Business Center was 97 percent leased at the time of sale.

July 8, 2021

Illinois Leasing Activity Midwest Office

Platinum Home Mortgage Corp. Joins Tenant Lineup at Bell Works Chicagoland

by Kristin Harlow July 8, 2021

HOFFMAN ESTATES, ILL. — Platinum Home Mortgage Corp. (PHMC) has signed a 22,000-square-foot office lease at Bell Works Chicagoland in Hoffman Estates. The privately held mortgage company and national lender will occupy 16,000 square feet on the fourth floor and an additional 2,000 square feet on the second floor. Freedom Title Corp., an affiliated entity, will occupy 4,000 square feet on the second floor. PHMC plans to move into its new space this fall. Existing tenants at Bell Works Chicagoland include accounting firm CPA Advisors Group, mosquito control company Mosquito Hunters, and equity crowdfunding firm The Next Unicorn. Somerset Development is the owner and developer of the property, which is the adaptive reuse of the former AT&T campus. Steve King, Francis Prock and Darryl Silverman of Colliers International, along with Jeffrey Garibaldi Sr., Tara Keating and Lindsey Florio of The Garibaldi Group, serve as the leasing teams for the office space at Bell Works Chicagoland. Jason Simon of Colliers represented PHMC in its lease.

July 8, 2021

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