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Wilmore-Center-Wheat-Ridge-CO
AcquisitionsColoradoHealthcareOfficeRetailWestern

DPC Development Co. Sells Retail, Medical Office Property Near Denver for $10.2M

by Amy Works

WHEAT RIDGE, COLO. — DPC Development Co. has completed the disposition of Wilmore Center, a mixed-use building located at 7615 and 7777 W. 38th Ave. in Wheat Ridge. T-2 Ventures acquired the asset for $10.2 million. Originally built in the early 1980s, Wilmore Center features 52,743 square feet of retail and medical office space. At the time of sale, approximately 93 percent of the property was occupied by a mix of service and medical-oriented businesses. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield’s Denver office represented the seller in the transaction.

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AcquisitionsMichiganMidwestOffice

Bedrock Acquires Former UAW-GM Training Center in Detroit

by Kristin Harlow

DETROIT — Dan Gilbert’s Bedrock has acquired The ICON, a 420,000-square-foot facility in Detroit that formerly served as the home of the UAW-GM training center. The purchase price was undisclosed, but the vacant property previously traded hands for $34 million in November 2020, according to Crain’s Detroit Business. In addition to office and training space, the property includes 880 parking spaces, a 375-seat auditorium and direct access to Detroit’s East Riverfront. Located at 200 Walker St., the facility is adjacent to a 500,000-square-foot office building at 300 River Place that Bedrock also owns.

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AcquisitionsMidwestNebraskaOffice

Three-Building Office Portfolio in Omaha Trades Hands for $30.7M

by Kristin Harlow

OMAHA, NEB. — A local family trust has sold a portfolio of three office buildings totaling 169,183 square feet in Omaha for $30.7 million. The portfolio includes: a 21,368-square-foot building at 2323 171st St.; a 47,815-square-foot property at 2425 S. 171st St.; and a 100,000-square-foot asset at 13609 California St. The properties are situated within Omaha’s Suburban West Dodge and Lakeside Hills submarkets. Steve Sheppard and Dan Fishburn of CBRE represented the seller. The portfolio sold to three undisclosed buyers.

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AcquisitionsFloridaOfficeSoutheast

Integra, Constellation Group Trade Office Building in Miami Beach for $26.5M

by John Nelson

MIAMI BEACH, FLA. — Miami-based Integra Investments, in partnership with Miami-based Constellation Group, has sold 1674 Meridian, a 31,979-square-foot office building in Miami Beach for $26.5 million or $828 price per square foot. The buyer was not disclosed. Integra Investments and Constellation Group acquired 1674 Meridian in August 2019 for $10.1 million. Over the course of their ownership, the firms completed building renovations including new HVAC systems, touchless elevators and face temperature camera telecoms. The Class A office building also includes 5,505 square feet of retail space. The five-story building is located one block from Lincoln Road, Miami Beach’s pedestrian-only, high street promenade with dining, retail and entertainment options.

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AcquisitionsNew YorkNortheastOffice

Boston Properties Acquires Midtown Manhattan Office Building for $300M

by Taylor Williams

NEW YORK CITY — Boston Properties (NYSE: BXP) has acquired 350 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan. Enterprise Asset Management sold the 20-story building for approximately $300 million. The new ownership plans to implement a capital improvement program to enhance building systems, work suites and common areas. Boston Properties also secured a $220 million loan for the refinancing of the existing debt attached to the property.

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5-Becker-Farm-Road-Roseland-New-Jersey
AcquisitionsNew JerseyNortheastOffice

CBRE Negotiates $16M Sale of Office Building in Roseland, New Jersey

by Taylor Williams

ROSELAND, N.J. — CBRE has negotiated the $16 million sale of a 121,667-square-foot office building in the Northern New Jersey community of Roseland. At the time of sale, the property was 91 percent leased to tenants in the cybersecurity, legal and financial services sectors. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented the seller, a partnership between Northlight Capital Partners and Accordia Realty, in the transaction. The team also procured the buyer, New York-based investment firm Aresco Management.

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DevelopmentOfficeTexas

Hillwood to Develop 135,000 SF Spec Office Building at Alliance Town Center in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Hillwood will develop a 135,000-square-foot speculative office building within the 900-acre Alliance Town Center development in Fort Worth. Hillwood Commons II is the first of two planned sister buildings and will be expandable to up to 270,000 square feet. The building will feature increased air filtration, bipolar ionization systems, touchless doors, electric vehicle charging stations and connectivity to the outdoors via the Alliance Town Center trail network and park system. Completion is slated for February 2023.

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CoStar
DevelopmentOfficeSoutheastVirginia

CoStar Group Plans 1 MSF Corporate Campus Expansion in Richmond

by Julia Sanders

RICHMOND, VA. — CoStar Group Inc., a Washington, D.C.-based provider of online real estate marketplaces, information and analytics, plans to expand its research and technology center in Richmond to exceed 1 million square feet campus. The new corporate campus is expected to bring together over 3,000 employees focused on next generation technology, research and development, marketing, sales and operations in support of the real estate industry. Over the next five to 10 years, the planned growth would make CoStar Group the largest technology company and one of the largest private employers in Richmond, according to the company. The planned corporate campus, situated on the James River, will comprise 750,000 square feet across two new planned buildings, combined with CoStar’s current building at 501 S. 5th St. The campus is expected to include a new 26-story LEED Platinum-certified office tower and a six-story, mass timber building to be used as a multipurpose campus hub for employee and community amenities. Amenities at the CoStar campus will include conference space, fitness and wellness amenities, an auditorium, 50,000 square feet of occupiable green roof terraces, shops and a variety of restaurants and dining options, as well as over 2.7 acres of outdoor green space. …

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3114 Croasdaile
AcquisitionsNorth CarolinaOfficeSoutheast

Pickett Sprouse Brokers $3.4M Sale of Office Building in Durham for Healthcare Conversion

by Julia Sanders

DURHAM, N.C. — Durham-based Pickett Sprouse Commercial Real Estate has brokered the $3.4 million sale of 3114 Croasdaile Drive, an office building in Durham that will be redeveloped into a new Veterans Outpatient Clinic. The 45,000-square-foot office building is situated on 3.7 acres just off Interstate 85. Jerry Gambill of Pickett Sprouse represented the seller, an entity doing business as HBR Properties LLC, in the sale of the property to the buyer, an entity doing business as VAF 3114 Croasdaile Drive LLC. Pickett Sprouse, which offers commercial real estate brokerage and property management services, is the commercial real estate division of West & Woodall Real Estate.

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AcquisitionsConnecticutHealthcareNortheastOffice

CBRE Negotiates $19.4M Sale of Three Commercial Buildings in Westport, Connecticut

by Taylor Williams

WESTPORT, CONN. — CBRE has negotiated the sale of two medical office buildings and a boutique office building in Westport, located in the southern coastal part of the state, for a combined $19.4 million. Locally based investment firm HB Nitkin purchased the healthcare assets, which were 89 percent leased at the time of sale, while Greenhouse Offices purchased the third property. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Richard Gatto, Fahri Ozturk and Travis Langer of CBRE represented the seller, Leifer Properties, in the deals. CBRE also procured the buyer in the first transaction.

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