Office

Robust Absorption and a Record Deal Bode Well for Atlanta’s Office Sector

by John Nelson January 10, 2021

Commercial real estate sentiment has returned to pre-pandemic levels, according to NAIOP’s fall 2021 survey. Those views are good news for the commercial real estate industry generally, and the metro Atlanta office market is helping to provide some impressive specifics behind the rising optimism. At 2 million square feet of office space, Atlanta led the country in positive absorption in third-quarter 2021, approximately 700,000 square feet ahead of No. 3 market New York City, according to Colliers International research. Atlanta’s relatively low costs, attractive weather, growing demographics and educated labor force are big advantages for the city’s economy and office market. Metro Atlanta ranked No. 8 for year-over-year job growth in August among the largest U.S. metro areas with an increase of 124,300 new jobs, according to the U.S. Bureau of Labor Statistics. Atlanta recorded an unemployment rate of 3.1 percent that month for the market, 210 basis points lower the national figure. Atlanta also ranks No. 8 nationally for tech talent, according to CBRE, with total tech occupations having increased 15.2 percent from 2015 to 2020. Savills cited Atlanta’s highest growth rate for technology-related graduates in the country, a big draw for innovative companies looking to relocate to or …

January 10, 2021

Acquisitions Office Texas

Younan Properties Acquires 455,000 SF Office Building in Houston’s Energy Corridor

by Taylor Williams January 8, 2021

HOUSTON — Younan Properties Inc., a Los Angeles-based subsidiary of global private equity firm Younan Co., has acquired Two Westlake Park, a 455,000-square-foot office building located in Houston’s Energy Corridor. The building was constructed on 5.4 acres in 1982 and is situated within Westlake Park, an office development that spans more than 2.8 million square feet across 58 acres. Dan Miller and Marty Hogan of JLL represented the seller, PIMCO, in the transaction. Younan Properties was self-represented.

January 8, 2021

Chandler-Corporate-Center-II-Chandler-AZ

Arizona Development Office Western

VanTrust Completes Construction of 118,000 SF Chandler Corporate Center II in Arizona

by Amy Works January 8, 2021

CHANDLER, ARIZ. — VanTrust Real Estate has completed the construction of Phase II at Chandler Corporate Center in Chandler. Situated on 12 acres at 4100 W. Chandler Blvd., the 118,000-square-foot speculative office building complements the property that was developed in the first phase. The first-phase building was leased to Allstate Insurance and subsequently sold to Strategic Office Partners in 2019. Designed by Butler Design Group of Phoenix, the building features a two-story glass entrance, 58,000-square-foot floor plates and an abundance of glass. Stevens-Leinweber Construction served as general contractor for the project, which Colliers International is marketing for lease.

January 8, 2021

Acquisitions Colorado Life Sciences Office Western

Tritower Financial Group Sells 151,384 SF Pfizer Life Sciences Campus in Boulder to Invesco Real Estate

by Amy Works January 8, 2021

BOULDER, COLO. — Tritower Financial Group has completed the disposition of 3200 Walnut, a four-building interconnected campus located at 1825, 1865, 1885 33rd St. and 3200 Walnut St. in Boulder. Invesco Real Estate acquired the asset for an undisclosed price. The tenant — formerly Array BioPharma, which Pfizer acquired in 2019 — has occupied the 151,384-square-foot campus for 19 years. John Jugl of Newmark represented the seller in the deal.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Meridian Buys 187,690 SF El Dorado Medical Plaza in Tucson

by Amy Works January 8, 2021

TUCSON, ARIZ. — Meridian, in partnership with an institutional investor, has acquired El Dorado Medical Plaza for an undisclosed price. Located at 1400 N. Wilmot Road, the three-story property features 187,690 square feet of Class B medical office space, plus surgery and hospital services. Meridian plans to implement a renovation program for the property, with completion slated for the end of 2021. Ben Tashakorian, David Benjamin, Trent Carvolth, Bradley Peters and Kelly O’Dea of Marcus & Millichap represented the seller, Houston-based Clarion Properties. Meridian was self-represented in the deal.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Arranges $4.8M Sale of Adelante Healthcare Plaza in Peoria, Arizona

by Amy Works January 8, 2021

PEORIA, ARIZ. — Newmark has negotiated the sale of Adelante Healthcare Plaza, a two-tenant medical and retail building located at 15525 N. 83rd Ave. in Peoria. A 1031 exchange investor acquired the asset from a private seller for $4.8 million. Adelante Healthcare and MacMedia occupy the 15,566-square-foot property, with Adelante Healthcare as the anchor tenant. Newmark describes the property as medtail, a term for traditional retail centers that include a heavy mix of medical tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Geoffrey Turbow of CBRE represented the buyer.

January 8, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Jamestown Sells 50 Percent Interest in 1.4 MSF Office, Life Sciences Building in Boston

by Taylor Williams January 7, 2021

BOSTON — Jamestown LP has sold a 50 percent interest in The Innovation & Design Building, a 1.4 million-square-foot office and life sciences property in Boston’s Seaport District. Jamestown originally purchased the building in 2013 and has since invested more than $200 million in its revitalization, with construction of additional office and lab space scheduled to begin later this year. The property now serves as a business hub for companies including Reebok and Autodesk, as well as life sciences users like Ginkgo Bioworks and Living Proof. The buyer was Related Fund Management, the investment management affiliate of Related Cos. and its Boston office, Related Beal. Robert Griffin, Edward Maher, Samantha Hallowell and Dominick Romano of Newmark brokered the deal, which represents a $710 million recapitalization.

January 7, 2021

Leasing Activity New York Northeast Office

Three Apparel Companies Sign Office Leases Totaling 35,458 SF in Manhattan

by Taylor Williams January 7, 2021

NEW YORK CITY — Three apparel companies have signed office leases totaling 35,458 square feet at 463 Seventh Ave., a 22-story building in Manhattan’s Garment District. Sensual Inc. signed a lease for 23,785 square feet, A.W. Chang Corp. renewed its lease for 8,936 square feet and Blue Duck Trading Ltd. signed a 2,737-square-foot renewal. David Levy of Adams & Co. Real Estate represented the landlord, Arsenal Co., in all three sets of lease negotiations. Built in 1925, 463 Seventh Ave. is located within Penn Plaza and recently underwent a multimillion-dollar renovation.

January 7, 2021

Acquisitions Midwest Office Ohio

Cooper Group Brokers $10.7M Sale of Two-Building Office Portfolio in Suburban Cleveland

by Kristin Harlow January 7, 2021

NORTH OLMSTED, OHIO — Cooper Commercial Investment Group has brokered the $10.7 million sale of Millennium Place East & West, a two-building office portfolio in North Olmsted, a western suburb of Cleveland. The two buildings span nearly 140,000 square feet and are approximately 68 percent occupied. Moen is the anchor tenant. Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. A private investor was the buyer. The sales price represents a cap rate of 9.4 percent.

January 7, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $15.3M Sale of Office Campus in South Florida

by Alex Tostado January 7, 2021

COOPER CITY, FLA. — Cushman & Wakefield has arranged the $15.3 million sale of The Centre at Stirling & Palm, a two-building office campus in Cooper City. The assets span 64,436 square feet and were 94 percent leased at the time of sale to tenants including BS Hair Shop, Progressive Insurance, Embassy Loans and Sushi Sago. The property is situated at 9900 and 10000 Stirling Road, 25 miles north of downtown Miami. Scott O’Donnell, Greg Miller, Mike Ciadella, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, The Centre at Stirling & Palm Inc., in the transaction. Jason Hochman of Cushman & Wakefield arranged $9.5 million in acquisition financing through an undisclosed lender on behalf of the buyer, an entity doing business as 9900 Building LLC.

January 7, 2021

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