BATON ROUGE, LA. — EdgePWR has acquired Bon Carre Technology Center, a 712,000-square-foot office and technology park in Baton Rouge. The property is situated at 7337 Florida Blvd., five miles east of downtown Baton Rouge. Tenants at the time of sale included Cox Media, software firm CRIF ACTion, Pixel Dash Studios and data company Venyu. Bon Carre was originally developed in the 1960s as Bon Marche Mall before being redeveloped into an office park more than 20 years ago. Bill Sanders and Jessie Babcock of Beau Box Commercial Real Estate, along with JLL, represented the undisclosed seller in the transaction. South Carolina-based EdgePWR has retained Sanders and Babcock to handle leasing at Bon Carré and Beau Box Property Management to manage the property.
TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand2, an office building located at 1033 W. Roosevelt Way in Tempe. Apex Capital Investments Corp. acquired the property for a reported $187.5 million. Developed in late 2019 by LPC Desert West and Goldman Sachs MBD Real Estate, the nine-story building features 358,000 square feet of Class AA office space. Grand2 offers a 13,000-square-foot indoor/outdoor lobby and amenity lounge with a television viewing area, collaborative spaces, conference facilities and an on-site fitness facility with Peloton and Mirror equipment. Additionally, the building features a 13,000-square-foot rooftop deck with shaded seating and subterranean and structured parking. The development team included DAVIS as architect and Whiting-Turner as general contractor. San Francisco-based food delivery app DoorDash has occupied the property with a full-building, long-term commitment since its completion. CJ Osbrink, Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm of Newmark represented LPC, while Apex Capital was self-represented in the sale. Grand2 is part of the 1.8 million square feet slated for development by LPC at The Grand at Papago Park Center, which is master planned for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space within …
HOUSTON — JLL has negotiated the sale of Westchase Commons, a three-building, 149,893-square-foot flex property in Houston. The 14-acre Westchase Commons was built in 2001 and was 77 percent leased at the time of sale. Kevin McConn and Trent Agnew of JLL represented the undisclosed seller and procured Houston-based Mission Cos. as the buyer. John Ream and Michael Johnson of JLL arranged acquisition financing through Woodforest National Bank.
FORT WORTH, TEXAS — Aerospace manufacturer Bell Textron Inc. (NYSE: TXT) has signed a 109,187-square-foot office lease at 4151 Amon Carter Blvd. in Fort Worth. The four-story building is part of the 40-acre former American Airlines campus that was purchased by Capital Commercial Investments (CCI) earlier this year. Duane Henley and Nathan Durham of Transwestern represented CCI in the lease negotiations. Todd Burnette and Matt Montague of JLL represented Bell Textron, which also recently opened a 140,000-square-foot manufacturing technology center in Fort Worth.
HOUSTON — JLL has negotiated the sale of 1111 Fannin, a 428,629-square-foot office building in downtown Houston. The 17-story building was fully leased to a single investment-grade tenant at the time of sale. According to the Houston Business Journal, that tenant is JP Morgan Chase. Amenities include a conference center, attached parking garage and access to Houston’s tunnel system, which features more than seven miles of underground climate-controlled walkways with retail and dining amenities. Dan Miller, Marty Hogan and Ethan Goldberg of JLL represented the undisclosed seller and procured the buyer, a partnership between Triten Real Estate Partners and Taconic Capital Advisors, in the transaction. The new ownership plans to redevelop the building and has tapped Chicago-based HPA Architecture to conceptualize the design.
GRAND PRAIRIE, TEXAS — Sign manufacturer Optimal Elite Management LLC has purchased a 63,483-square-foot office/warehouse building located in the central metroplex city of Grand Prairie. The two-story building is situated on 9.5 acres within Great Southwest Industrial Park and comprises 46,950 square feet of light manufacturing space and 16,533 square feet of office space. The seller, Breg Inc., will continue to occupy the site for the next six months through a sale-leaseback. Noah Dodge and Jason Finch of Bradford Commercial Real Estate Services represented Optimal Elite Management in the deal. Steve Koldyke, Brian Gilchrist and Chris Powers of CBRE represented the seller.
BILLERICA, MASS. — Newmark has negotiated the sale of Concord Road Corporate Center, a 362,550-square-foot office complex located approximately 25 miles northwest of Boston in Billerica. The three-building, Class A property offers a fitness center with lockers and showers, a conference center, game room, outdoor patio with seating areas and a bocce court. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Torin Taylor of Newmark represented the undisclosed seller in the transaction and procured KS Partners as the buyer. Dominick Romano of Newmark provided financial analysis support. The property received upgrades to its exteriors, lobbies and amenity spaces in recent years.
MANCHESTER, CONN. — Cornerstone Realty Capital has arranged a $21.5 million loan for the refinancing of Bob’s Discount Furniture’s headquarters office building in Manchester. The borrower, Waterstone Properties Group, developed the 103,500-square-foot building on a nine-acre tract in 2017. Amenities include a café with a lounge, break rooms, conference facilities and 416 parking spaces. The loan was structured with a fixed interest rate, 25-year amortization schedule and a 75 percent loan-to-value ratio.
OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 29,983-square-foot office building in Oakbrook Terrace, a suburb of Chicago, for $3.7 million. Most of the tenants are medical office tenants. Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a private investment fund that purchased the asset in 2018. Brian Parmacek of Marcus & Millichap secured and represented the undisclosed buyer, which purchased the building within 95 percent of the asking price.
SEATTLE — Hudson Pacific Properties (NYSE: HPP) and Canada Pension Plan Investment Board (CPP Investments) have agreed to acquire a 36-story office tower anchored by Amazon in Seattle. The companies plan to form a joint venture to purchase the 668,000-square-foot property located at 1918 8th Ave. for $625 million. CPP Investments will own a 45 percent interest in the joint venture, while Hudson Pacific will own 55 percent and act as general partner and as property, leasing and construction manager. The seller was not disclosed, but multiple media outlets report J.P. Morgan Chase has owned the property since 2011 when affiliates bought the asset from developer Schnitzer West LLC. The property is 98 percent leased with an average remaining lease term of 10 years. Amazon is the largest tenant and occupies a majority of the building, which the Seattle-based e-commerce giant dubs the Blackfoot building. The LEED Platinum-certified tower features a multi-level lobby, great room, central conferencing facility and large fitness center. The office tower is situated in downtown Seattle’s Denny Triangle neighborhood near Hill7, an office tower that Hudson Pacific and CPP Investments purchased in 2016. The property is also near Washington 1000, an office development that Hudson Pacific …