Office

SomeraRoad Acquires Majority Stake in Historic Stutz Factory in Indianapolis, Plans Redevelopment

by Kristin Harlow February 1, 2021

INDIANAPOLIS — SomeraRoad, a New York City and Nashville-based real estate firm specializing in restoring and modernizing historic properties, has acquired the majority stake in the historic Stutz Factory in downtown Indianapolis for an undisclosed price. The company will embark on a long-term redevelopment and modernization plan for the 400,000-square-foot property. The seller, Turner Woodard, will retain a minority ownership position and consult on the redevelopment efforts. Woodard, an Indianapolis resident and adaptive reuse developer, has owned the Stutz Factory since 1992. The multi-building property was originally built in 1912 as the home of the Stutz Motor Car Co. It is currently home to more than 200 art studios and specialty businesses. Stutz was an American producer of high-end sports and luxury cars. Stutz manufactured its last car in 1934 and the company closed in 1937. Colliers International has been retained as property manager.

February 1, 2021

Development Office Texas

KDC Breaks Ground on $59.5M Phase II of Independent Bank’s Headquarters Campus in McKinney

by Taylor Williams January 29, 2021

MCKINNEY, TEXAS — Developer KDC has broken ground on Phase II of the headquarters campus for Independent Bank (NASDAQ: IBTX) in the northern Dallas suburb of McKinney. The project is valued at roughly $59.5 million. The new office building will rise six stories and span 198,000 square feet and will be located within the Craig Ranch master-planned development. Independent Bank’s existing building totals 165,000 square feet. Phase I was completed in 2019, and Phase II is expected to be complete in 2022.

January 29, 2021

Acquisitions Office Texas

Stanton Road Capital Acquires 176,700 SF Office Complex in Irving

by Taylor Williams January 29, 2021

IRVING, TEXAS — California-based investment firm Stanton Road Capital has acquired Esters 114 Business Center, a 176,700-square-foot office complex in Irving’s Las Colinas District. The two-building property was 91 percent leased at the time of sale. Chris Murphy, Robert Hill, Gary Carr and John Alvarado of Newmark represented the undisclosed seller in the transaction. Cushman & Wakefield will handle leasing of the property for the new ownership.

January 29, 2021

Acquisitions Office Texas

Partners Capital Sells 85,368 SF Marymont Office Park in San Antonio

by Taylor Williams January 29, 2021

SAN ANTONIO — Partners Capital, the investment arm of NAI Partners, has sold Marymont Office Park, an 85,368-square-foot complex located adjacent to NE Loop 410 in San Antonio. Partners Capital originally acquired the four-building park in 2017. Carrie Caesar of Cushman & Wakefield represented Partners Capital in the transaction. Houston-based Citadel Venture Holdings purchased the asset for an undisclosed price.

January 29, 2021

Leasing Activity New York Northeast Office

Freshly Signs 92,306 SF Office Headquarters Lease at 63 Madison Avenue in Manhattan

by Taylor Williams January 29, 2021

NEW YORK CITY — Freshly, a provider of meal kit services that was recently acquired by Nestlé USA, has signed a 92,306-square-foot office lease at 63 Madison Avenue in Manhattan. The company’s new headquarters space will encompass the 12th and 13th floors at the Class A building. Eric Ferriello of Colliers International represented Freshly, which is expanding and relocating from a 20,000-square-foot space at 115 E. 23rd St., in the lease negotiations. Peter Duncan, Matt Coudert and Alex Bermingham represented the landlord, George Comfort & Sons Inc., on an internal basis. The building was recently renovated, and a 60,000-square-foot Whole Foods Market is planned to open on the ground floor.

January 29, 2021

Healthcare Leasing Activity Life Sciences Northeast Office Pennsylvania

Colliers Negotiates Life Sciences Lease for Gene Therapy Firm in Philadelphia’s University City Area

by Taylor Williams January 29, 2021

PHILADELPHIA — Colliers International has negotiated a life sciences lease at 3675 Market St. in Philadelphia’s University City neighborhood. Joseph Fetterman and Clifford Brechner of Colliers represented the tenant, gene therapy firm Spirovant Sciences, which will use the space for its expanded headquarters and lab operations, in the lease negotiations. A partnership between Ventas and Wexford Science + Technologies developed the 14-story, 340,000-square-foot building, which houses lab and traditional office space and is located near a variety of retail and restaurant options.

January 29, 2021

Acquisitions Illinois Midwest Office

Bradford Allen Acquires 137,492 SF Office Building in Deerfield, Illinois

by Kristin Harlow January 29, 2021

DEERFIELD, ILL. — Bradford Allen Investment Advisors has acquired a 137,492-square-foot office building in Deerfield for an undisclosed price. The four-story property is located at 570 Lake Cook Road. The building was constructed in 1984 and recently renovated. Joel Berger and Matt Alexander of Bradford Allen Realty Services will serve as leasing agents for the building, which currently has 40,000 square feet of vacancy. Bradford Allen Management Services will serve as property manager. The seller was undisclosed.

January 29, 2021

Illinois Leasing Activity Life Sciences Midwest Office

Talis Biomedical Signs 26,432 SF Life Sciences Lease at Chicago’s Fulton Labs

by Kristin Harlow January 29, 2021

CHICAGO — Talis Biomedical Corp. is the latest company to join the tenant lineup at Trammell Crow Co.’s Fulton Labs development in Chicago. Talis will occupy 26,432 square feet of advanced lab, office and chemical storage space. Other tenants at the property include Xeris Pharmaceuticals and Portal Innovations. Fulton Labs totals 725,000 square feet across two buildings, the second of which is slated for completion in early 2022. The first building is immediately available for occupancy. David Saad and Chad Freese of CBRE represented Talis in the lease transaction.

January 29, 2021

Arizona Development Industrial Office Western

Graycor Completes 120,294 SSF Gilbert Spectrum V Flex Building in Arizona for Northrop Grumman

by Amy Works January 29, 2021

GILBERT, ARIZ. — On behalf of SunCap Property Group, Graycor Construction Co. has completed Gilbert Spectrum V, a flex office and industrial building located at 1715 W. Elliott Road in Gilbert. The two-story, 120,294-square-foot building adds to the expansion of Northrop Grumman’s multi-building satellite manufacturing campus in Gilbert. The building features 15-foot floor-to-floor elevations; state-of-the-art interior common areas and workspaces; and an outdoor employee amenity area with landscaping, shade canopies and seating. Additionally, the building offers a flagstone veneer exterior accented with steel canopies and 602 covered and surface parking spaces, including four electric vehicle charging stations. Graycor is completing Northrop Grumman’s interior build-out of Building V in two phases, with final delivery scheduled during first-quarter 2021. Balmer Architectural Group is serving as the building architect and Gensler is the tenant improvement architect. Bowman Consulting Group is serving as civil engineer. Gilbert Spectrum Building V is the latest property completed by SunCap and Graycor at the 63-acre Gilbert Spectrum Business Park. Already completed buildings include Northrop Grumman’s original 58,289-square-foot office building (delivered in 2017) and a 135,745-square-foot, 32-foot clear height manufacturing building leased to off-road vehicle supplier SDHQ Off Road, Pella Windows and disinfectant wipe manufacturer GPMI. At build out, …

January 29, 2021

Acquisitions California Healthcare Office Western

CBRE Brokers $3.8M Sale of Holt Medical Center in Southern California’s Inland Empire

by Amy Works January 29, 2021

MONTCLAIR, CALIF. — CBRE has arranged the sale of Holt Medical Center, a medical office property located in Montclair. A private investor in a 1031 exchange acquired the asset from an Orange County-based private investor for $3.8 million. Sammy Cemo, Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and John Oien of CBRE represented the seller, while an outside broker represented the buyer. Located at 5153 Holt Blvd., the 12,453-square-foot property was originally built in 2006. At the time of sale, the two-story building was fully occupied by seven tenants with a weighted average lease term remaining of 5.02 years.

January 29, 2021

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