Office

CBRE Negotiates $52.2M Sale of Terry Thomas Office Property in Seattle’s South Lake Union

by Amy Works January 14, 2021

SEATTLE — CBRE has arranged the sale of Terry Thomas, a single-tenant office property located in Seattle’s South Lake Union neighborhood. A group of private local investors, including Mike Hess of Hess Callahan Partners and Mark Grey of Stephen Grey & Associates, sold the asset to a newly raised core fund advised by Zurich Alternative Asset Management for $52.2 million. CBRE’s Tom Pehl, Lou Senini, Chais Lowell, Paige Morgan, Charles Safley, Thuy Tran, Brandon McMenomy, Brad Zumpa and Mike Walker represented the seller. Thomas Buffa and Sean Bannon of US Real Estate represented the buyer in the deal. Located at 225 Terry Ave. North, the four-story, 44,445-square-foot building was constructed in 2008. Northeastern University occupies the property, which is LEED Gold certified. The building includes 67 underground parking stalls.

January 14, 2021

Acquisitions California Office Western

Toda America Buys Hites Plaza Office Building in California’s Tri-Valley for $34.7M

by Amy Works January 14, 2021

DUBLIN, CALIF. — Toda America has acquired Hites Plaza, a Class A office property located at 5601 Arnold Road in Dublin, from an undisclosed seller for $34.7 million. Built in 2000, the four-story Hites Plaza features 120,199 square feet of office space. At the time of sale, the property was 90 percent leased to national or credit tenants, including Easter Seals; the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives; and the California Department of Justice. The building features redundant power and HVAC capacity, 12-foot ceiling heights and large, flexible floor plates. Brian Lagomarsino and Kevin Moul of Colliers International, along with the firm’s Institutional Capital Markets team, represented the buyer and seller in the deal.

January 14, 2021

California Development Mixed-Use Multifamily Office Retail Western

STC Ventures Receives Approval for 12-Story Mixed-Use Project in Sunnyvale, California

by Amy Works January 13, 2021

SUNNYVALE, CALIF. — STC Ventures, a joint venture between Sares Regis Group of Northern California and Hunter Properties, has received approval from Sunnyvale Planning Commission to develop a 12-story, mixed-use project at 200 S. Taafee St. within CityLine Sunnyvale. Situated in downtown Sunnyvale, the two-building property will feature 479 apartments, 30,000 square feet of retail space and a new public open area at Redwood Square. The public space will function as a “living room” for downtown Sunnyvale, which is anchored by the just-approved mixed-use development and recently opened Whole Foods Market and AMC Theaters. Fifty-three of the apartments will be offered at below-market rate, providing housing for qualifying households with income levels ranging from approximately $55,000 per year up to $130,000 per year. The 200 S. Taafee Street project is the first of four upcoming developments slated for the second phase of CityLine Sunnyvale. The overall project will redevelop four parcels in Sunnyvale’s downtown core into residences, ground-level retail space and office space. Last year, STC Ventures received approval of its Downtown Specific Plan that allows for a buildout of an additional 817 residences and 709,000 square feet of office space above 642,000 square feet of ground-level retail.

January 13, 2021

Acquisitions Office Texas

Colliers Brokers Sale of 190,830 SF Office Building in North Dallas

by Taylor Williams January 13, 2021

DALLAS — Colliers International has brokered the sale of 7920 Belt Line Road, a 190,830-square-foot office building in North Dallas. The property was built in 1983 and recently received $2.3 million in capital improvements. Creighton Stark and Chris Boyd of Colliers International represented the seller, a partnership between Pillar Commercial and Blue Vista Capital Management, in the transaction. New Orleans-based Uhalt Investments purchased the property for an undisclosed amount. The sale included an adjacent medical pad site for potential future development.

January 13, 2021

Healthcare Leasing Activity Office Texas

Southwestern Health Resources Signs 150,000 SF Office Lease in Metro Dallas

by Taylor Williams January 13, 2021

FARMERS BRANCH, TEXAS — Regional healthcare provider Southwestern Health Resources has signed a 150,000-square-foot lease at Browning Place, a 627,560-square-foot office complex in the northern Dallas metro of Farmers Branch. Amenities at the complex include an onsite bank branch, jogging trail, café and a fitness center. Duane Henley of Transwestern represented the landlord, Browning Place LLC, in the lease negotiations. Paul Whitman and Pat McDowell with JLL represented the tenant.

January 13, 2021

Acquisitions Colorado Office Western

Cushman & Wakefield Negotiates $11M Sale of Multi-Tenant Office Building in Colorado Springs

by Amy Works January 13, 2021

COLORADO SPRINGS, COLO. — Cushman & Wakefield has arranged the sale of an office property located at 1670 Newport Road in Colorado Springs. Cleveland-based Boyd Watterson Asset Management acquired the asset from Denver-based Flywheel Capital for $11 million. Located at 1670 Newport Road, the 67,640-square-foot, multi-tenant property recently underwent interior renovations, as well as significant improvements to select tenant spaces. Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield’s Denver Capital Markets team represented the seller in the transaction.

January 13, 2021

Acquisitions Industrial North Carolina Office Southeast

Cushman & Wakefield Brokers $18.5M Sale of Four-Building Flex Property in Charlotte

by Alex Tostado January 12, 2021

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $18.5 million sale of Northridge Business Center, a four-building office and warehouse property in Charlotte. The buildings total 174,506 square feet and are situated at 5005-5035 W. W.T. Harris Blvd. in Charlotte’s West Sugar Creek neighborhood. Northridge Business Center was 92 percent leased at the time of sale. Nolan Ashton and Rob Cochran of Cushman & Wakefield represented the seller, SkyREM, in the transaction. SunCap Opportunity Fund LLC, a privately held, national commercial real estate investment firm, acquired the property.

January 12, 2021

Acquisitions Kansas Midwest Office

Newmark Zimmer Arranges Sale of 56,994 SF Office Building in Overland Park, Kansas

by Kristin Harlow January 12, 2021

OVERLAND PARK, KAN. — Newmark Zimmer has arranged the sale of a 56,994-square-foot office building in Overland Park for an undisclosed price. The multi-tenant property is located at 8300 College Blvd. Michael VanBuskirk, Chris Robertson, Nick Suarez and TJ Wahl of Newmark Zimmer negotiated the transaction. A private investor sold the asset to Nashville-based Excelsior Capital. With this transaction, Excelsior has expanded its portfolio to more than 360,000 square feet of office space in the Kansas City market.

January 12, 2021

Acquisitions Healthcare Life Sciences Office Texas

Lexicon Pharmaceuticals Sells 260,950 SF Life Sciences Campus in Metro Houston

by Taylor Williams January 12, 2021

THE WOODLANDS, TEXAS — Biopharmaceutical firm Lexicon Pharmaceuticals has sold its 260,950-square-foot life sciences campus in The Woodlands, about 30 miles north of Houston. The campus comprises five buildings. Dan Boyles and Jon Silberman of NAI Partners represented Lexicon Pharmaceuticals, which is relocating to another property in The Woodlands, in the deal. The name and representative of the buyer were not disclosed.

January 12, 2021

Acquisitions California Industrial Office Western

Faris Lee Brokers $4.7M Acquisition of Value-Add Office/Industrial Property in Orange County

by Amy Works January 12, 2021

MISSION VIEJO, CALIF. — Faris Lee Investments has arranged the purchase of a vacant flex office/industrial building located at 23311 Madero in Mission Viejo. A Beverly Hills-based company acquired the property for $4.7 million in an all-cash transaction. The buyer plans to redevelop the site and market it for a long-term user. Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the buyer in the transaction.

January 12, 2021

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