Office

Trinity Capital, SLI Capital Top Out 210,000 SF Office and Life Sciences Center in Downtown Durham

by Julia Sanders February 24, 2021

DURHAM, N.C. — Trinity Capital Advisors and SLI Capital have topped out a new Class A office project in downtown Durham called The Roxboro at Venable. The eight-story office and life sciences center is located within the mixed-use Venable Center at 380 East Pettigrew St. Duda|Paine Architects is the designer for the 210,000-square-foot project, which is expected to be opened by 2022. The Roxboro at Venable will feature tall floor-to-floor heights, built-in accommodation for lab infrastructure and dedicated back-up power. The property also will include touchless entry and elevator systems, air purification systems in elevators and open-air sky terraces on the two upper floors. The Roxboro previously was a warehouse for Venable Tobacco Co., a subsidiary of the Dibrell Brothers tobacco business of Danville, Va. Trinity Capital Advisors is a real estate development and investment firm with offices in Charlotte and Raleigh. SLI Capital is a Raleigh-based real estate investment firm.

February 24, 2021

Acquisitions Office Texas

JLL Arranges Sale of 20-Story Pier 1 Imports Tower to City of Fort Worth

by Taylor Williams February 24, 2021

FORT WORTH, TEXAS — JLL has arranged the sale of the 20-story, 409,997-square-foot Pier 1 Imports office tower to the City of Fort Worth. The city plans to occupy about 260,000 square feet of space by 2022 at the building, which is located at 100 Energy Way in the downtown area, including the relocation of Fort Worth City Hall. Amenities include a fitness center and a cafeteria. Todd Burnette, Pat McDowell, David Berzina and John Davidson of JLL brokered the deal. According to the Fort Worth Business Press, Pier 1 sold the building in 2008 to Chesapeake. Hines acquired the property in 2014 and sold it to Hertz Investment Group in 2018. Pier 1 Imports filed for Chapter 11 bankruptcy in February 2020 and subsequently announced a full liquidation plan in May.

February 24, 2021

Acquisitions Office Texas

Newmark Brokers Sale of 246,060 SF Office Building in Arlington

by Taylor Williams February 24, 2021

ARLINGTON, TEXAS — Newmark has brokered the sale of AmeriCredit Center I, a 246,060-square-foot office building in Arlington that is fully leased to automotive finance firm AmeriCredit. According to LoopNet Inc., the three-story property was built on 25.4 acres in 1998. Gary Carr, Ken Hedrick, Jerry Hopkins and Andrew Ragsdale of Newmark represented the undisclosed seller in the transaction. The buyer was CFT Developments LLC.

February 24, 2021

Development Iowa Midwest Office

Alston, Ware Malcomb Complete Customer Service Center for Medline Industries in Dubuque, Iowa

by Kristin Harlow February 24, 2021

DUBUQUE, IOWA — Alston Construction and Ware Malcomb have completed a new customer service center for Medline Industries Inc. in Dubuque. The 130,000-square-foot call center features more than 1,000 workstations. The project also features an outside patio as well as a 5,200-square-foot multipurpose room with a basketball court and fitness center. Medline, a manufacturer and distributor of healthcare supplies, has added more than 100 new jobs at the Dubuque facility. Alston served as general contractor and Ware Malcomb provided architecture and interior design services for the project.

February 24, 2021

Leasing Activity Midwest Minnesota Office Retail

Blu Dot to Expand Headquarters in Minneapolis to 60,000 SF

by Kristin Harlow February 24, 2021

MINNEAPOLIS — Blu Dot is expanding its headquarters in the Northeast Minneapolis Arts District to 60,000 square feet. Blu Dot, a furniture designer and retailer, will expand its onsite retail store and add creative office space for its employees. The company’s headquarters are located at the 20-acre Crown-Arts Center, which is owned by Chicago-based R2 Cos. Today, Blu Dot owns and operates 10 stores across the U.S. and three internationally.

February 24, 2021

Development Maryland Office Southeast

28 Walker to Develop 125,000 SF Timber Office Building in Baltimore

by Julia Sanders February 23, 2021

BALTIMORE — 28 Walker Development will build a five-story, 125,000-square-foot office building at 4010 Boston St. in Baltimore City, known as 40TEN. The Class A office space will be delivered in early 2022. 40TEN is the first commercial office building in downtown Baltimore constructed entirely using heavy wood timber materials. 28 Walker chose to utilize heavy timber based on the material’s positive energy efficiency attributes, with flooring, columns and exposed ceilings all comprising natural wood. 40TEN is part of the Collective at Canton, a mixed-use project developed by 28 Walker that features a Sprouts Farmers Market, Sola Salon and Chase Bank. Future plans include an apartment community built by Greystar and a hotel. The office building will feature a communal rooftop amenity deck free to all tenants, with half for conference facilities and kitchen space and the other half being a space to eat and relax. The property features 14-foot ceiling heights and enlarged windows to maximize the amount of natural light entering the building. The building will include a fitness center, touchless entry systems, antimicrobial finishes and specialty HVAC systems engineered to improve air quality and stimulate outdoor air flow. Free parking will be available to all tenants. Celebree …

February 23, 2021

Acquisitions California Mixed-Use Office Retail Western

4S Bay Partners Acquires Redevelopment Site in Baldwin Hills Crenshaw Corridor of Los Angeles for $24M

by Amy Works February 23, 2021

LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …

February 23, 2021

Development Office Texas

T2V Properties to Build 88,100 SF Office Project in Irving

by Taylor Williams February 23, 2021

IRVING, TEXAS — Locally based developer T2V Properties plans to build an 88,100-square-foot office project at 1410 N. Westridge Circle in Irving’s Las Colinas district. The project represents Phase II of Westridge Park, a speculative boutique office development. Phase I consisted of a 34,188-square-foot building that was completed in December 2019. Modus Design Studio is the architect for Phase II, and Bradford Commercial Real Estate Services has been tapped to lease the development. A general contractor for Phase II has not yet been selected.

February 23, 2021

Leasing Activity Office Texas

ATW Corp. Signs 26,127 SF Office Headquarters Lease in Metro Dallas

by Taylor Williams February 23, 2021

ADDISON, TEXAS — ATW Corp., a locally based provider of trailer parts and accessories, has signed a 26,127-square-foot office headquarters lease at Greenhill Towers in the northern Dallas suburb of Addison. The company will be relocating from Richardson. Dan Zeltser of SHOP Cos. represented the tenant in its site selection and lease negotiations. Grant Sumner and Russell Podraza of Avison Young represented the building ownership, Florida-based Codina Partners, which recently implemented an $8 million capital improvement program at Greenhill Towers.

February 23, 2021

Loans Michigan Midwest Office

Bernard Financial Group Arranges $24.3M CMBS Loan for Refinancing of Two Office Buildings in Southfield, Michigan

by Kristin Harlow February 23, 2021

SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $24.3 million CMBS loan for the refinancing of two Class A office buildings in Southfield. The buildings total 315,839 square feet. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, Oakland Commons Acquisition Owner LLC. Loan terms were not disclosed.

February 23, 2021

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