Office

J. Small, Lyda Hill to Undertake 23-Acre Office Redevelopment Project in Dallas Design District

by Taylor Williams July 13, 2020

DALLAS — A partnership between locally based J. Small Investments and Lyda Hill Philanthropies will redevelop Pegasus Park, a 23-acre office campus in the Dallas Design District. The property, which currently houses 750,000 square feet of office space, was originally developed in 1970 for jewelry retailer Zale Corp. and has been vacant for the past decade. The development team will reposition the existing buildings to feature modern office space, as well life sciences and retail and restaurant space. The first phase of development is expected to be complete in early 2021. Five tenants — Commit Partnership, The Dallas Foundation, The Draper Richards Kaplan Foundation, United to Learn and Uplift Education — have committed to office space at Pegasus Place.

July 13, 2020

California Development Office Western

4S Bay Partners Buys Redevelopment Site in Los Angeles for $35M

by Amy Works July 13, 2020

LOS ANGELES — Chicago-based 4S Bay Partners has acquired a 3.3-acre redevelopment site, located at 3731-3761 E. Stocker St. in Los Angeles, for $35 million. The sellers are David Shophet of Sharp Capital and David Shaaya of One Cole Group. The site contains four two-story office structures, totaling 80,000 square feet, built in 1952. At the time of sale, the buildings were more than 90 percent occupied by a variety of Los Angeles County and City community services-oriented tenants. The site is located in an opportunity zone with a transit-oriented development tier III designation. 4S Bay plans to occupy a portion of the property. The company focuses on humanitarian causes, including educational opportunities, economic improvement, human rights, wellness and environmental sustainability. Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller, while James Daughrity of Daughrity Real Estate represented the buyer in the deal.

July 13, 2020

Development Illinois Midwest Office

J.C. Anderson Completes 23,000 SF Office Buildout for OppLoans in Chicago

by Kristin Harlow July 13, 2020

CHICAGO — J.C. Anderson has completed a 23,000-square-foot office buildout for OppLoans at 130 E. Randolph St. in Chicago. OppLoans is a financial technology platform that serves middle-income, credit-challenged consumers. Previously, the company occupied space on the 33rd floor but has now expanded to occupy additional space on the 26th floor as well. J.C. Anderson completed additional meeting rooms, workstations, huddle rooms, support spaces and a pantry. Eastlake Studio provided architectural services and Cushman & Wakefield provided project management services.

July 13, 2020

Market Reports Mixed-Use North Carolina Office Southeast Southeast Market Reports

Northwood Office is Adapting and Expanding 535-Acre Ballantyne Office Campus for a Post-COVID-19 World

by John Nelson July 13, 2020

As one of the largest owners and operators of office space in the Charlotte market, Northwood Office is focusing on what office users want — safety, quality, productivity, flexibility and a sense of community. The firm’s largest asset is Ballantyne, a 535-acre campus featuring 4.4 million square feet of Class A office space situated in the heart of a 2,000-acre community. Ballantyne is home to 17,000 employees and 300 companies. While the COVID-19 pandemic has shifted the landscape for office space, Ballantyne is well-positioned to deliver what employers need in the current environment. “The benefit of working close to home is more appealing than ever, and Ballantyne’s location near the Carolinas border and public transportation options make it accessible for everyone,” says John Barton, president of Northwood Office. “However, Ballantyne’s hallmark is its abundant open space. Always our differentiator, its value takes on a whole new level in a post-pandemic world.” Northwood Office’s priority is the safety and well-being of its customers and team members while also maintaining its buildings at the highest level. The company assembled a task force to prepare and adapt for a phased re-entry to office buildings. New operational procedures underway include ample signage instituting social …

July 13, 2020

Acquisitions California Office Western

CBRE Global Investors Acquires Two Office Buildings in San Jose, California

by Amy Works July 10, 2020

SAN JOSE, CALIF. — CBRE Global Investors has purchased 237@First, a two-building office complex in San Jose. Terms of the transaction were not released. Totaling 368,702 square feet, the asset consists of two six-story buildings: 4353 North First St., a 181,042-square-foot property built in 2016, and 4453 North First St., a 187,660-square-foot building built in 2019. The buildings feature 14-foot to 16-foot slab-to-slab heights, expansive window lines, abundant light, lobbies and flexible, 32,800-square-foot, column-free floor plates. Tenant amenities include a fitness center with yoga studio and several outdoor collaboration areas. At the time of sale, the property was nearly 65 percent leased with 131,000 square feet available for lease.

July 10, 2020

Acquisitions Florida Office Southeast

Ten Capital, Somerset Properties Acquire Office Building in Fort Lauderdale for $82.5M

by Alex Tostado July 10, 2020

FORT LAUDERDALE, FLA. — Ten Capital Management and Somerset Properties have acquired Bayview Corporate Tower, a 12-story, 413,833-square-foot office building in Fort Lauderdale. Bridge Investment Group sold the asset for a reported $82.5 million. The asset was 89 percent leased at the time of sale to 21 tenants. Bridge has invested more than $4.8 million in base building improvements at Bayview Corporate Tower over the past three years. Building amenities include a café, conference center, fitness center, lounge, outdoor picnic area and onsite security and management. The property is situated adjacent to a five-story parking garage. Bayview Corporate Tower is located at 6451 N. Federal Highway, seven miles north of downtown Fort Lauderdale. Dominic Montazemi, Mike Davis, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction.

July 10, 2020

Development Midwest Office Wisconsin

Hydrite Chemical to Relocate Headquarters to Golf Parkway Corporate Center Near Milwaukee

by Kristin Harlow July 10, 2020

BROOKFIELD, WIS. — Hydrite Chemical Co., a manufacturer and supplier of chemicals, has unveiled plans to move its headquarters to Golf Parkway Corporate Center in Brookfield near Milwaukee. Brookfield-based Hydrite will fully occupy a two-story office building spanning approximately 45,000 square feet. Irgens is the developer and owner. Kahler Slater is the project architect and CG Schmidt is the general contractor. A timeline for occupancy was not disclosed. Hydrite currently occupies a 26,000-square-foot office in Brookfield.

July 10, 2020

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of 50,427 SF Gwynedd Office Park Near Philadelphia

by Taylor Williams July 10, 2020

LOWER GWYNEDD, PA. — Marcus & Millichap has brokered the sale of Gwynedd Office Park, a 50,427-square-foot property located in the Philadelphia suburb of Lower Gwynedd. The sales price was $6.8 million. Gwynedd Office Park, which was 98 percent leased at the time of sale, was built on 6.3 acres in 1980 and renovated in 2019. Craig Dunkle of Marcus & Millichap represented the buyer, and Craig Fernsler of KW Commercial Real Estate and Joshua Levin of Levin Commercial Real Estate represented the seller. Both parties were limited liability companies that requested anonymity.

July 10, 2020

Development Industrial Office Texas

CoffeeTech Industries to Open $56M Headquarters, Manufacturing Plant in Seguin, Texas

by Taylor Williams July 10, 2020

SEGUIN, TEXAS — CoffeeTech Industries, a supplier of cold- and hot-brewed instant coffee, will open a new facility in Seguin, a northeastern suburb of San Antonio, for its new office headquarters and primary manufacturing plant. The facility will span 112,000 square feet, will carry a price tag of roughly $56 million and is expected to bring about 90 new jobs to the area. The facility will be located on a 33.6-acre site just south of Interstate 10 and will have the capacity to produce about 13 million pounds of coffee per year, according to Business Facilities Magazine. Construction is expected to begin in late 2020, and the facility should be operational by 2022.

July 10, 2020

Acquisitions California Office Western

Colliers Brokers Sale of Eight-Building Office Portfolio Near Sacramento for $23M

by Amy Works July 9, 2020

SACRAMENTO AND GOLD RIVER, CALIF. — Colliers International’s Institutional Capital Markets team has arranged the sale of an eight-building office portfolio near Sacramento. Cook Endeavors acquired the asset from WHAL Properties for $23 million, or $139 per square foot. Totaling 170,000 square feet, the portfolio includes 11341 and 11335 Gold Express Drive, 11249 Gold Country Blvd. and 11211 Gold Country Blvd. in Gold River, as well as 800 Howe Ave., 3604, 3626 and 3620 Fair Oaks Blvd. in Sacramento. Brad Idleman, Andrew Gibson, Bob Gilley, Kevin Moul and Andy Zighelboim of Colliers represented the seller, while Thomas Walcott of Colliers Sacramento represented the buyer in the off-market transaction.

July 9, 2020

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