Office

Cushman & Wakefield Arranges $12.4M Sale-Leaseback for HomeSmart’s Office Headquarters in Scottsdale

by Amy Works June 29, 2021

SCOTTSDALE, ARIZ. — Cushman & Wakefield has brokered the sale-leaseback of a single-tenant corporate headquarters facility in Scottsdale. A New York-based entity doing business as ABCJ LLC acquired the asset for $12.4 million. HomeSmart fully occupies the 36,497-square-foot building, which is located at 8388 Hartford Drive. The two-story building features creative-style office space, high-tech conference rooms, an exercise gym, locker rooms, large kitchen and dining area and a lounge with a full bar and pool table. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Phoenix office brokered the transaction. Michael Kitlica, also with Cushman & Wakefield, served as leasing advisor for the deal. HomeSmart is a tech-centric real estate residential brokerage firm with offices around Arizona.

June 29, 2021

Acquisitions California Office Western

Mulberry Capital Sells Multi-Tenant Office Building in Commerce, California for $12M

by Amy Works June 29, 2021

COMMERCE, CALIF. — Mulberry Capital has completed the disposition of an office property located at 5100 S. Eastern Ave. in Commerce. Khosh Properties LLC purchased the asset for $12 million. The two-story building features 46,980 square feet of office space, an upgraded lobby, energy-efficient solar panels and surface and structured parking. Roland Corp., a Japanese manufacturer and distributor of high-end electronic musical instruments, electronic equipment and software, anchors the three-tenant property, which has served as the company’s U.S. headquarters since 1999. Ryan Plummer, Sean Fulp and Mark Schuessler of Newmark, along with Tony Naples of Lee & Associates, represented the seller in the transaction.

June 29, 2021

Acquisitions Office Washington Western

Marcus & Millichap Brokers $3.8M Sale of Office Building in Kennewick, Washington

by Amy Works June 29, 2021

KENNEWICK, WASH. — Marcus & Millichap has arranged the $3.8 million sale of CCH Executive Suites, an office property located at 1030 N. Center Parkway in Kennewick. Tyler Nicholes of Marcus & Millichap represented the buyer and seller, both undisclosed private investors, in the deal. Built in 2015, the 22,252-square-foot office is occupied by the area’s top executive suites business, providing a variety of professional office amenities to more than 90 tenants.

June 29, 2021

Acquisitions Georgia Office Southeast

Office Properties Income Trust Acquires Twelve24 Office Property in Metro Atlanta for $195M

by Julia Sanders June 29, 2021

DUNWOODY, GA. — Office Properties Income Trust (OPI) has acquired Twelve24, a 345,917-square-foot, Class A office property in Dunwoody, for $195 million. Trammell Crow Co. was the developer and seller. Will Yowell, Will Pike and Devon Huseman of CBRE brokered the sale, which sold to OPI at a 6.3 percent cap rate. Twelve24 is 96 percent leased to Insight Global for its corporate headquarters and 98 percent leased overall, with a weighted average lease term of 14.2 years. Located at 1224 Hammond Drive, the property includes direct access to MARTA. Built in 2021, the property’s amenities include a fitness center, outdoor patio, café, ground-floor retail and a total of 1,023 parking spaces. The property is within Atlanta’s Central Perimeter submarket which is a home to Fortune 500 headquarters for Mercedes-Benz USA, State Farm and Nasdaq. OPI is a real estate investment trust (REIT) focused on owning, operating and leasing properties. OPI is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, Mass.

June 29, 2021

Leasing Activity Office Texas

FDIC Signs 163,000 SF Office Lease in Dallas Arts District

by Taylor Williams June 29, 2021

DALLAS — The Federal Deposit Insurance Corp. (FDIC) has signed a 163,000-square-foot office lease at Plaza of the Americas, a mixed-use development in the Dallas Arts District that consists of two 25-story towers, a Marriott-branded hotel and 20 retail and restaurant outlets. Keith Lavey, Victoria Abbasi, Charles Dilks, Matt Johnston, Kurt Stout, Connor Faught, Travis Ewert and Mary Stoner with Colliers International represented the tenant in the lease negotiations. Kim Brooks, Justin Miller, Paul Wittorf and Laney Underwood of Transwestern represented the landlord, a partnership between M-M Properties Inc and a fund managed by New York-based Clarion Partners.

June 29, 2021

Acquisitions Office Texas

JLL Negotiates Sale of 106,168 SF Office Building in Webster, Texas

by Taylor Williams June 29, 2021

WEBSTER, TEXAS — JLL has negotiated the sale of Galaxy II, a 106,168-square-foot office building in Webster, located southeast of Houston. Built in 2009, the five-story complex was fully leased at the time of sale to tenants including United Fire Group, IBI Group and APNetwork. Marty Hogan and Rick Goings of JLL represented the seller, an entity doing business as Houston-MDL LLC, and procured the buyer, an investment group led by TRC Capital Partners LLC. James Brolan of JLL arranged a five-year, fixed-rate acquisition loan through Independent Financial on behalf of the new ownership.

June 29, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $43M Sale of MetLife-Occupied Office Building in Tampa

by Julia Sanders June 29, 2021

TAMPA, FLA. — Cushman & Wakefield has arranged the $43 million sale of Preserve VII, a 115,000-square-foot, Class A office building located at 18216 Crane Nest Drive in Tampa. Situated within a corporate office park called Highwoods Preserve, the four-story building is 100 percent leased to MetLife Corp., whose lease runs through October 2031. The building includes large windows and structured parking with a parking ratio of 4.5 per 1,000 square feet. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz, Ryan Jenkins and Robert Elms of Cushman & Wakefield represented the seller, Highwoods Properties Inc., in the transaction. New York City-based Sentinel Real Estate Corp. acquired the property.

June 29, 2021

Leasing Activity New York Northeast Office

Fashionphile Signs 60,000 SF Office Lease in Manhattan

by Taylor Williams June 29, 2021

NEW YORK CITY — Fashionphile, a California-based provider of resale services for women’s apparel and accessories, has signed a 60,000-square-foot office lease at the Starrett-Lehigh Building in the Chelsea neighborhood of Manhattan. The building encompasses 2.3 million square feet of office and retail space and a full city block along 11th and 12th avenues and 26th and 27th streets. Jason Frazier and Jesse de la Rama of CBRE represented the tenant in the lease negotiations. Dan Birney and Denise Rodriguez represented the landlord, RXR Realty, on an internal basis along with Jeffrey Fischer, Evan Haskell, Mary Ann Tighe and Sacha Zarba of CBRE. The lease term was 10 years, and the asking rent was $70 per square foot.

June 29, 2021

Loans New York Northeast Office Top Stories

SL Green Receives $3B Loan for Refinancing of One Vanderbilt Office Building in Manhattan

by Taylor Williams June 29, 2021

NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received a $3 billion loan for the refinancing of One Vanderbilt, a 1.7 million-square-foot office tower in the East Midtown neighborhood of Manhattan. Designed by Kohn Pederson Fox Associates and located across the street from Grand Central Station, One Vanderbilt rises 77 stories and 1,401 feet, making it the tallest building in Midtown Manhattan. SL Green developed the property, which carried a price tag of $3.3 billion, in partnership with Houston-based Hines and the National Pension Service of Korea. One Vanderbilt includes 10,000 square feet of ground-floor retail and restaurant space. In terms of tenant amenities, the building features a 30,000-square-foot space with meeting areas, a club-style lounge, curated food offerings and an outdoor terrace that faces Grand Central. A consortium of financial institutions led by Wells Fargo and Goldman Sachs provided the debt, which was structured with a 10-year term and all-in fixed interest rate of approximately 2.94 percent. Other lenders that contributed to the financing included Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan Chase, Barclays Capital Real Estate Inc. and Citi. Chatham Financial acted as an advisor …

June 29, 2021

Acquisitions Arizona Office Western

REM Investment Group Buys Multi-Tenant Office Complex in Tucson for $2.7M

by Amy Works June 28, 2021

TUCSON, ARIZ. — REM Investment Group has purchased Grant Road Place, a multi-tenant office property located in Tucson. Entities doing business as Shenitzer Family Trust U/T/A, the Pepper Trust U/T/A and WV LLC sold the asset for $2.7 million. Located at 5625-5687 E. Grant Road, the property features 20,057 square feet of office space. Richard Kleiner of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.

June 28, 2021

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