Office

Padma Laxmi LLC Acquires Medical Office, Industrial Portfolio in Southern California for $43.6M

by Amy Works October 16, 2020

TUSTIN AND SAN DIEGO, CALIF. — Padma Laxmi LLC has purchased a medical office property in Tustin and an industrial facility in San Diego for a total consideration for $43.6 million. An affiliate of Cress Capital sold the medical office asset located at 2742 Dow Ave. in Tustin. Built in 1979, the two-story property features 51,588 square feet of medical office space. Doctor’s Best, a nutritional supplement company, occupies the entire building under a sublease from Orange County-based MemorialCare. Anthony DeLorenzo, Gary Stache, Bryan Johnson, Todd Tydlaska and Doug Mack of CBRE represented the seller, while Richard Schwartz of Colliers International and Jim DeRegt of Lee & Associates represented the buyer. Additionally, Padma Laxmi purchased an 85,824-square-foot industrial facility located at 10054 Old Groove Road in San Diego’s Scripps Ranch neighborhood. Manscaped, a start-up online shaving company, will occupy the property, which was vacant at the time of acquisition. Originally built in 1971, the facility was renovated in 2018. Trevor Damyan of CBRE’s downtown Los Angeles office arranged a $28.3 million, 10-year, fixed-rate loan for the acquisition of both properties on behalf of the buyer.

October 16, 2020

Development Massachusetts Mixed-Use Multifamily Northeast Office Top Stories

Millennium Partners Secures $775M Construction Financing for Mixed-Use Tower in Downtown Boston

by Katie Sloan October 16, 2020

BOSTON — Millennium Partners Boston, a local arm of developer Millennium Partners, has secured $775 million in construction financing from Cale Street Investments for Winthrop Center, a $1.3 billion mixed-use development located in downtown Boston. Upon completion, the project is expected to feature 812,000 square feet of Class A office space; 572,000 square feet of residential space including 321 luxury residential units; and a 24,000-square-foot common area featuring a fitness center, game room, coffee bar, cafe and lounge space. “Securing the construction loan from Cale Street Investments — an unprecedented investment given the global pandemic — assures that Winthrop Center will remain on schedule for completion in 2022,” says Christopher Jeffries, founder of Millennium Partners. “From its inception, human-centric design, sustainability and flexible workspaces have formed the foundation of Winthrop Center. With innovation a core part of Boston’s DNA, the city is the perfect home for this building.” The project was designed by Handel Architects to provide ample access to natural light and elevated indoor air quality in response to the COVID-19 pandemic. The development will seek LEED Gold certification for its residential units and LEED Platinum certification for its office space upon completion, which is slated for 2022. Founded …

October 16, 2020

Florida Leasing Activity Office Southeast

Cresa Negotiates 10,566 SF Office Sublease Within Brickell City Centre in Miami

by Alex Tostado October 15, 2020

MIAMI — Cresa has negotiated a 10,566-square-foot office sublease for Pillsbury Winthrop Shaw Pittman LLP (Pillsbury) in Miami’s Brickell City Centre. Pillsbury, which focuses on the technology and media, energy, financial services, and real estate and construction sectors, has occupied the space at 600 Brickell Ave. since 2017 and will now lease the space until at least 2025. The office space, which is located on the 31st floor, features private restrooms, a conference room, break room with kitchen and a large multipurpose interior with workstations. Bob Orban of Cresa represented the subtenant in the transaction. Nick Wigoda, Clay Sidner and Brandon Shores of Newmark Knight Frank (NKF) represented the tenant, Global Specialty Metals Inc., in the transaction. Brickell City Centre features a 500,000-square-foot, open-air shopping center; a 40,000-square-foot food hall; and five million square feet of office, residential and hotel space in Miami’s Brickell district.

October 15, 2020

Development Industrial Midwest Missouri Office

Contegra Construction Completes 367,000 SF Headquarters for Melton Machine in Missouri

by Kristin Harlow October 15, 2020

WASHINGTON, MO. — Contegra Construction Co. has completed building a new headquarters and manufacturing facility for Melton Machine & Control Co. in Washington, about 50 miles west of St. Louis. The 367,000-square-foot project more than doubles the size of the company’s existing 154,000-square-foot operations. The development includes a 74,000-square-foot corporate office, training and conference space, and is designed to improve collaboration and support with nearby subsidiary Computech Manufacturing Co. The headquarters is situated on 42 acres within Heidmann Industrial Park. Joining Contegra on the project team were Gray Design Group, 21 Design Group, Case Structural Engineering, RJP Electric, Wiegmann Associates, Heggemann Plumbing, Bi-State Fire Protection and Washington Engineering & Architecture. Melton designs and builds automated welding systems for a variety of industries. The company employs 132 workers and plans to add another 20 employees at the new facility.

October 15, 2020

Acquisitions Healthcare Life Sciences New Jersey Northeast Office

NKF Negotiates Sale of 181,210 SF Life Sciences Facility in Warren, New Jersey

by Taylor Williams October 15, 2020

WARREN, N.J. — Newmark Knight Frank (NKF) has negotiated the sale of a 181,210-square-foot life sciences facility in Warren that is fully leased to Celgene/Bristol Myers Squibb. Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz and Dan Reider of NKF represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the transaction. The team also procured the buyer, Thor Equities. The property recently underwent a value-add program that included a new roof and HVAC upgrades.

October 15, 2020

California Development Mixed-Use Multifamily Office Western

CLG Completes Final Phase of $120M G8 Mixed-Use Development in Los Angeles

by Amy Works October 15, 2020

LOS ANGELES — California Landmark Group (CLG) has completed the final phase of G8, a mixed-use development in Los Angeles’ Marina del Rey neighborhood. The $120 million project includes 228 apartments and 25,000 square feet of creative office space. Situated in the Marina Arts District, G8 offers a mix of single, one-, two- and three-bedroom floor plans ranging in size from 550 square feet to 1,500 square feet, with 23 units earmarked as affordable and 68 designated as co-living suites. The community features 18,000 square feet of exterior common areas, including a public pocket park, swimming pool, spas and an 8,000-square-foot rooftop deck with outdoor grills and lounge seating. G8 also offers more than 10,000 square feet of shared indoor workspaces, a private movie theater, game room, fitness center and a yoga/stretching studio. Additionally, the project includes street-level creative office space designed as a colorful arrangement of cargo shipping containers. With this development, CLG has delivered nine mixed-use projects, totaling nearly 1 million square feet of residential and commercial space, to the Marina del Rey neighborhood.

October 15, 2020

Acquisitions Industrial Office Oregon Western

Smartcap Buys Nike-Occupied Flex Warehouse Near Portland for $12.2M

by Amy Works October 15, 2020

BEAVERTON, ORE. — Smartcap, a Seattle-based real estate investment firm, has purchased The Cortez Building, a warehouse and office property located at 701 SW 158th Ave. in Beaverton, a suburb eight miles west of Portland. An undisclosed seller sold the asset for $12.2 million. Nike Inc. occupies the 73,200-square-foot flex property through April 2025. The apparel company has leased the building since its delivery in 1994. Keith Young of Kidder Mathews and Denis Mehigan of The Mehigan Co. represented the buyer in the transaction.

October 15, 2020

Development New York Northeast Office

Extell Development Begins Lease-Up of 441,600 SF Harlem Headquarters Office Building

by Taylor Williams October 14, 2020

NEW YORK CITY — Locally based firm Extell Development has begun the lease-up of Harlem Headquarters, a 441,600-square-foot office building located at 180 E. 125th St. between Third and Lexington avenues in Harlem. Gensler designed the property, which also houses 50,000 square feet of retail space. Amenities include a rooftop terrace, bicycle storage space, locker rooms and showers and other outdoor gathering spaces. Harlem Headquarters also features floor-by-floor direct expansion air-conditioning units, four passenger elevators, one dedicated service elevator and one retail service elevator. Cushman & Wakefield is handling leasing of the project, completion of which is slated for 2022.

October 14, 2020

Development Industrial Midwest Nebraska Office

McCarthy Converts Old Warehouse into 220,000 SF Headquarters for Elliott Equipment in Omaha

by Kristin Harlow October 14, 2020

OMAHA, NEB. — McCarthy Building Cos. has completed the conversion of a decades-old warehouse into a headquarters, manufacturing facility and showroom for Elliott Equipment Co. in Omaha. The 220,000-square-foot project includes a renovated 26,000-square-foot office building originally constructed in 1982 and a modernized 194,000-square-foot warehouse originally built in 1977. Elliott has consolidated manufacturing operations that had been spread out across five buildings in different locations across Omaha. Founded in Omaha in 1948, Elliott specializes in designing and manufacturing cranes, trucks and aerial platforms.

October 14, 2020

Acquisitions Office Southeast Virginia

NKF Arranges $87.5M Sale of Office Campus in Metro D.C.

by Alex Tostado October 14, 2020

FALLS CHURCH, VA. — Newmark Knight Frank (NKF) has arranged the $87.5 million sale of two office buildings located at 3170 and 3180 Fairview Park in Falls Church. The seller, an affiliate of Boston-based Marcus Partners, completed a renovation at the property this year. The upgrades included adding 25,000 square feet of amenity space, an outdoor terrace, firepit, 100-person auditorium, 100-person conference facility and a fitness center. The assets were 98 percent leased at the time of sale to tenants including General Dynamics Information Technology, Capital Caring Health, Sheet Metal Workers’ National Pension Fund and Balfour Beatty. The leases have a weighted average of 11 years remaining. The asset is situated 15 miles west of downtown Washington, D.C. James Cassidy, Jud Ryan and Cliff Cummings of NKF represented the seller in the transaction. Joe Donato and Kassi Saridakis of NKF worked with the buyer, Vanderbilt Office Properties, on the financing of the acquisition. Terms of the financing were not disclosed.

October 14, 2020

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