Office

NAI Capital Arranges $11.6M Sale of Office Building in Vernon, California

by Amy Works July 29, 2020

VERNON, CALIF. — NAI Capital has negotiated the sale of an office property located at 3375 E. Slauson Ave. in Vernon. An undisclosed buyer acquired the building for $11.6 million, or $294 per square foot. Built in 2006 on a 77,389-square-foot lot, the two-story building features 39,409 square feet of flex office space. The property features a high-end corporate office build-out, two passenger/freight elevators, a secured parking lot, full kitchen with lunch room and a training room. Philip Attalla, David Moore and Amber Leigh with NAI Capital represented the undisclosed seller in the deal.

July 29, 2020

Development Office Retail Texas

Triten, Catlyn Capital to Develop 216,500 SF Office, Retail Project in Dallas’ Prestonwood Area

by Taylor Williams July 28, 2020

DALLAS — A partnership between Texas-based Triten Real Estate Partners and Catlyn Capital will develop Work/Shop, a 216,500-square-foot office and retail project in the Prestonwood neighborhood of Dallas. The project will consist of two office buildings totaling 135,000 square feet and 81,500 square feet of ground-level retail space fronting Belt Line Road. The office and retail components will be connected by an outdoor plaza and green space totaling 30,000 square feet. O’Brien Architects is the project architect, and Venture Commercial Real Estate and Holt Lunsford Commercial will handle leasing for the retail and office portions of the project, respectively. Funding is in place, and the development team is in the process of securing various permits.

July 28, 2020

Leasing Activity Office Texas

PCS Software Signs 25,772 SF Office Lease at CityWest in Houston

by Taylor Williams July 28, 2020

HOUSTON — PCS Software Inc., a Houston-based software management firm that serves the transportation and logistics industries, has signed a 25,772-square-foot office lease at the 35-acre CityWest campus in Houston. J.P. Hutcheson represented the landlord, Parkway, in the lease negotiations on an internal basis. Jay Kyle and Bob Parsley of Colliers International represented the tenant.

July 28, 2020

Market Reports New Mexico Office Western Western Market Reports

Office Market Remains Steady in Albuquerque

by Jeff Shaw July 28, 2020

By Jordan Shipley, Associate Broker, Allen Sigmon Real Estate Group Lease rates are up and vacancy is down, two important things all landlords want to hear. For office landlords in New Mexico, these are two promising trends that have continued for the past few quarters to round out 2019. Average asking rates in Albuquerque came in at $18.76 per square foot, full service, according to Collier’s fourth-quarter 2019 Albuquerque office market report. Colliers also noted this was the first time average market rates have stayed above $18 per square foot for three consecutive quarters. This is currently the highest-recorded asking rate on record for the market. Office users that are relocating are shrinking their overall space with fewer hard-wall offices and more collaborative work areas. With this trend comes ability to use tenant improvement money in different ways than simply walling off an office for each employee. Some of this money can now be spent on amenities like coffee bars, modern finishes, and wellness features, such as showers for those who bike to work or exercise at lunch. Collaboration is also extending beyond the demising walls of the office space as mixed-use projects become more popular. Winrock Town Center and Uptown Tower, two …

July 28, 2020

Acquisitions Loans Nevada Office Western

Moonwater Capital Receives $35M in Equity for Purchase of NV Energy Pearson Office Building in Las Vegas

by Amy Works July 28, 2020

LAS VEGAS — Los Angeles-based Dekel Capital has arranged $35 million in debt equity on behalf of Moonwater Capital for its acquisition of the NV Energy Pearson Building, an office building in Las Vegas. Located at 6226 W. Sahara Ave., the four-story property features 262,000 square feet of office space. NV Energy has been the sole tenant of the corporate headquarters building since it was constructed in 1983. The public utility, wholly owned by Berkshire Hathaway Energy, provides a wide range of services throughout the state of Nevada. In additional to raising joint venture equity for the Las Vegas-based borrower, Dekel arranged $23.8 million in long-term, fixed-rate, first mortgage debt from a West Coast-based regional bank. The borrower acquired the property as a core-plus asset to add to its office portfolio in the Las Vegas market, which totals approximately 700,000 square feet of commercial office space.

July 28, 2020

Acquisitions California Office Western

Colony Capital Sells Commerce Square Business Park in Riverside, California for $14M

by Amy Works July 28, 2020

RIVERSIDE, CALIF. — Colony Capital has divested of Commerce Square Business Park, a four-building office portfolio located at 1550 Marlborough Ave. and 1737, 1777 and 1989 Atlanta Ave. in Riverside. An undisclosed buyer acquired the asset for just over $14 million. At the time of sale, the 128,912-square-foot business park was 90 percent leased to 14 tenants ranging in size from 1,395 square feet to 23,000 square feet. Tenants include Level 3 Communications (Century Link), T-Mobile, Honeywell International and the State of California. Kevin Shannon, Ken White, Sean Fulp, Scott Schumacher and Ryan Plummer of Newmark Knight Frank represented the seller. The buyer was self-represented in the transaction.

July 28, 2020

Acquisitions California Lee & Associates Office Western

Lee & Associates Brokers Acquisition of 23,125 SF Office Building in Costa Mesa, California

by Amy Works July 28, 2020

COSTA MESA, CALIF. — Lee & Associates has arranged the sale of an office building located at 3545 Howard Way in Costa Mesa. Sovereign Lending Group acquired the property from Davies-Torrance Trust for $5.1 million. Built in 1986, the two-story building features 23,125 square feet of office space. The buyer intends to occupy the building. Allen Basso of Lee & Associates Irvine represented the buyer, while Eric Tse of Kidder Mathews represented the seller in the deal.

July 28, 2020

Leasing Activity Maine Northeast Office

BerryDunn Signs 87,906 SF Lease for New Office Headquarters in Portland, Maine

by Taylor Williams July 27, 2020

PORTLAND, MAINE — Accounting and consulting firm BerryDunn has signed an 87,906-square-foot office lease for its new headquarters at 2211 Congress Street in Portland. The company will relocate from 100 Middle Street, where it has operated for the last 30 years, beginning in early 2021. Chris Paszyc and Jessica Estes of The Boulos Company represented BerryDunn in the site selection and lease negotiations. Drew Sigfridson, Craig Young and Jon Rizzo of Boulos worked with Tim Stewart of Cushman & Wakefield to represent the landlord, insurance provider Unum. The building is set to undergo a capital improvement program that will include the build-out of a fitness center and micro-market.

July 27, 2020

Acquisitions Georgia Office Southeast

TerraCap Acquires Two Office Buildings in Metro Atlanta for $27.6M

by Alex Tostado July 27, 2020

MARIETTA AND NORCROSS, GA. — TerraCap Management LLC has acquired Cobb Corporate Center in Marietta and Northwood Commons in Norcross for a combined $27.6 million. The two properties comprise eight single-story buildings totaling 297,000 square feet. Cobb Corporate Center was 80 percent leased at the time of sale and Northwood Commons was 53 percent leased. Cobb Corporate Center is located at 400 Franklin Gateway SE, 17 miles northwest of downtown Atlanta. Northwood Commons is situated at 5000 Peachtree Industrial Blvd., 23 miles northeast of downtown Atlanta. TerraCap has hired Lincoln Property Co. to handle leasing efforts and to manage the properties. Tom Shafer and John Hinson of CBRE-Atlanta represented the undisclosed seller in the transaction. Bridge Debt Strategies Fund Manager and the CBRE-Atlanta debt team provided acquisition financing on behalf of the buyer.

July 27, 2020

Leasing Activity Office Southeast Virginia

Family Insight PC Signs 9,926 SF Office Lease in Richmond

by Alex Tostado July 27, 2020

RICHMOND, VA. — Family Insight PC, an organization that helps treat mental health and substance use disorders, has signed a 9,926-square-foot lease within One Paragon Place in Richmond. The building is located at 6800 Paragon Place, eight miles northwest of downtown Richmond. The landlord is Map Ground Lease Owner LLC. John Jay Schwartz of The Man with Square Feet represented the tenant in the transaction.

July 27, 2020

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