SCOTTSDALE, ARIZ. — CIM Group has funded a $95.6 million bridge loan for Stockdale Capital Partners for the firm’s Galleria Corporate Center in Scottsdale. Located at 4301-4343 N. Scottsdale Road, the asset features a 546,000-square-foot creative office building connected by a skybridge to a 10-story parking garage. The specific use of the funds was not disclosed.
IRVING, TEXAS — Michaels, a chain retailer that sells art supplies, hobby accessories and home décor goods, will relocate its office headquarters to a 123,740-square-foot space at Royal Ridge III in Irving. Michaels, which has operated out of Irving since 2002, will occupy the entirety of the Class A building. John Brownlee and Michael Williams of JLL represented the landlord, Accesso, in the lease negotiations. Jamie Jennings of Stream Realty Partners and Damian Rivera of ESRP represented Michaels. A timeline for the relocation was not disclosed.
CHICAGO — J.C. Anderson has been selected to complete a 150,000-square-foot office buildout for West Monroe Partners at 311 W. Monroe St. in Chicago. Founded in 2002, West Monroe Partners is a national consulting firm with seven offices throughout the country. The firm is relocating from 222 W. Adams St. J.C. Anderson will build out additional offices, open areas, phone rooms, conference rooms and collaborative work areas. The multi-floor project will include a break room on each floor as well as a reception area on the 14th floor and a new staircase leading up to the 15th floor. Completion is slated for October. The 15-story office building spans 382,490 square feet in Chicago’s Loop.
BRIDGEWATER, N.J. — Brother International Corp., a provider of home office and business products, has signed a 101,724-square-foot office lease extension at 200 Bridgewater Crossing on the western outskirts of New York City. Atlanta-based Piedmont Office Realty Trust owns the 299,000-square-foot building, which was built in 2002 and offers a café, fitness center, conference center and an onsite helipad. Andrew Zezas, Scott Lesh and Brian Davidson of JLL represented Brother International in the lease negotiations. William McCaffrey of Avison Young represented the landlord.
NEW YORK CITY — Elijah Equities has begun leasing The Warehouse, a 98,000-square-foot office building located at 520 W. 20th St. in Manhattan’s Chelsea neighborhood. The four-story property is a redevelopment of a former textile mill and features floor-to-ceiling windows, central heating and cooling on each floor and 18,000 square feet of outdoor terraces. Newmark Knight Frank is the exclusive leasing agent for the building.
LOS ANGELES — Western Studio Services has completed the disposition of its creative office and industrial campus at 4561 Colorado Blvd. in Los Angeles. A joint venture between Captiva Partners, Avalon Investment Co. and a private investor acquired the asset for an undisclosed price. The front 146,000-square-foot building has a mid-century modern design with two-story offices, ample warehouse space and a third-level upper deck and community room. The rear 43,000-square-foot facility features an open, clear-span footprint with high ceiling clearance. The seller formerly occupied the property. Matt Dierckman, David Harding, Greg Geraci and Billy Walk of CBRE represented the buyer and seller in the deal.
TITUSVILLE, FLA. — North American Properties (NAP) has acquired 21 acres in Titusville to develop industrial and office space. Phase I of the project will include 135,000 square feet of commercial space spread across multiple buildings. DAG Architects is the designer, NAI Talcor is handling sales and leasing, The Taproot Agency is serving as an advisor, Collins Brown Barkett Chartered is providing legal counsel and Atkins is the civil engineer. NAP expects to have Phase I ready to lease in the next 12 months, according to Shawn McIntyre, NAP Florida managing partner. A timeline for construction was not disclosed. The land is situated on the southeast corner of U.S. Highway 1 and NASA Causeway, seven miles west of the Kennedy Space Center. This is the first project in Florida’s Space Coast for the Cincinnati-based developer, which was attracted to the area’s concentration of global aerospace giants such as SpaceX, Blue Origin, Boeing, Lockheed Martin and United Launch Alliance.
MELVILLE, N.Y. — CBRE has negotiated the $32 million sale of the leasehold interest in a 202,225-square-foot office building located on Long Island in the city of Melville. The property is currently 87 percent leased. Jeff Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Philip Heilpern of CBRE represented the seller and building owner, RXR Realty, in the transaction. The team also procured The Feil Organization as the buyer.
CERRITOS, CALIF. — Nome Ventures, a Bay Area-based real estate investment firm, has acquired Cerritos Center Court, a Class A office building in Cerritos, for an undisclosed price. Located at 17777 Center Court Drive within the 125-acre master-planned Cerritos Central Business District, the eight-story building features 170,977 square feet of office space. At the time of sale, the property was 98 percent leased. Built in 2002, a 2018 renovation fully upgraded the lobbies, corridors, restrooms, electric vehicle charging stations and 680 parking spaces. The transaction is a leasehold sale as the building sits on a long-term ground lease owned by the City of Cerritos with more than 66 years remaining on the term. Todd Tydlaska, Sean Sullivan, Mike Longo, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller, an undisclosed institutional investor, while Nome Ventures was self-represented in the deal. Greg Grant of CBRE’s Debt & Structured Finance team secured a $26.7 million loan on behalf of the buyer.
DALLAS — The Dallas-Fort Worth (DFW) office market recorded approximately 640,000 square feet of negative net absorption during the second quarter, according to a new report from CBRE. This first and second quarters of this year mark the first times the market has recorded such as statistic since the first quarter of 2018. The combination of companies laying off workers, vacating subleased space and delaying move-ins amid COVID-19 brought the market’s vacancy rate to 21.8 percent. The report noted that the metroplex lost about 227,000 jobs during the 12-month period ending May 31, 2020, after previously posting one of the healthiest unemployment rates in the country. In addition, there is nearly 5 million square feet of office product under construction in DFW, suggesting that vacancy may continue to trickle upward during ensuing quarters as the state battles new surges of COVID-19 cases.