SAN JOSE, CALIF. — Cupertino, Calif.-based Hunter Properties has completed the sale of Phase I of Coleman Highline, a 1.75 million-square-foot, mixed-use campus in San Jose. The transaction included two office buildings totaling 360,000 square feet and fully leased to Roku, an amenities building and parking structure. Upon full build out, the Coleman Highline will total eight office buildings, a 175-room hotel and 115,000 square feet of amenity and retail space.
BOSTON — Newmark has brokered the sale of One Alewife Center, a 90,000-square-foot life sciences facility located adjacent to the MBTA Alewife station on the city’s north side. The facility is situated within the 290,000-square-foot Alewife Park office and life sciences campus. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured life sciences REIT IQHQ as the buyer. IQHQ also purchased the larger Alewife Park campus in July.
PISCATAWAY, N.J. — JRM Construction Management New Jersey LLC has completed the renovation of a 12,000-square-foot office building located at 371 Hoes Lane in the Northern New Jersey city of Piscataway. The project included a facelift of the lobby and atrium and the addition of new amenities such as a grab-and-go café and a fitness center with locker rooms. Greenway Properties LLC owns the three-story building.
ATLANTA — Papa John’s International Inc. has selected Three Ballpark Center at The Battery Atlanta for its new regional headquarters. The Louisville, Ky.-based pizza chain expects to add 200 jobs at the 60,000-square-foot office space, which is expected to open summer 2021. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and inclusion; communications; and development departments to The Battery. The corporate headquarters, IT, supply chain and legal teams will remain in Louisville. Located in Atlanta’s Cumberland/Galleria submarket, The Battery Atlanta is a 1.5 million-square-foot mixed-use development in Cobb County that surrounds Truist Park, home ballpark of the Atlanta Braves that opened in April 2017 as SunTrust Park. Papa John’s will be the third office headquarters within the development, joining Comcast and Thyssenkrupp North American. Braves Group, a subsidiary of Liberty Media, owns The Battery Atlanta.
STAMFORD, CONN. — Building and Land Technology (BLT), a Connecticut-based developer, is underway on the renovation of 1 Elmcroft, a 500,000-square-foot office building in Stamford. The project includes numerous design and engineering upgrades to promote health and wellness, including increased air ventilation and circulation and more efficient air filtration, as well as heightened sanitation features such as ultraviolet lighting and bipolar ionization. The latter features allow cleaner, safer passage through elevators and common areas, and BLT will also introduce touchless entry mechanisms and other technologies throughout the building. Users will also enjoy access to outdoor amenity spaces, including walking trails and water features, as well as a cafeteria, fitness center and collaboration areas that are separate from individual workstations.
CARMICHAEL, CALIF. — Blue Sky has purchased a medical office property located at 6555 Coyle Ave. in Carmichael. A private investment group sold the asset for an undisclosed price. Situated on Mercy San Juan Medical Center campus, the building features 99,000 square feet of specialty medical office space. Dignity Health is a tenant at the property. Blue Sky acquires, builds, finances and operates facilities for and on behalf of mission-based organizations to deliver optimate cost savings and solutions. Bill Swettenham and Eric Ortiz of The Swettenham Ortiz Healthcare Team at Colliers International represented the buyer in the deal.
ATLANTA — Cushman & Wakefield has arranged an $89.7 million refinancing loan for Resurgens Plaza, a 26-story, 402,929-square-foot office tower in Atlanta’s Buckhead District. The property is 88 percent leased to 21 tenants. The borrower and landlord, a joint venture between Zeller Realty Group and Partners Group, acquired the asset in late 2017. The owners implemented an $8.2 million capital improvement program to enhance the elevators and conference spaces, add a rooftop deck and renovate the lobby. Other amenities include bike storage, a 6,000-square-foot fitness center, game lounge and a bistro. Aareal Capital Corp. provided the loan. Specific loan terms were not disclosed.
RICHMOND, CALIF. — TJL Properties has completed the disposition of a light industrial warehouse and office facility located in the East Bay community of Richmond. An institutional investor acquired the asset for $50.1 million. Situated on 12.3 acres at 700-702 National Court, the asset features 267,500 square feet of light industrial and office space. The property comprises a 250,500-square-foot industrial warehouse and a 17,000-square-foot office building. The industrial component features 22-foot clear heights and 15 dock-high, two grade-level and four rail doors. At the time of sale, the facility was triple-net leased to a beverage distribution company. Ryan Sitov, Tony Beatty, Mark Detmer and Andie Fezell of JLL Capital Markets represented the seller in the deal.
COSTA MESA, CALIF. — Invesco Real Estate, along with Steelwave and 5_Ronin, has completed the base build for Phase I of The Press in Costa Mesa. The development team is transforming the former Los Angeles Times newsroom, printing press and distribution facility into a mixed-use creative work campus and social hall. Upon completion in fourth-quarter 2020, the project will offer 380,856 square feet of modern creative office space and 50,909 square feet of retail space. Situated on 24 acres at 1375 Sunflower Ave., the property features a 1.5-acre park and improved outdoor space, as well as accessibility to John Wayne Airport and the residential markets of Newport Beach and Irvine. Jay Nugent and George Thomson of Newmark are handling office leasing for the project. Retail Insite’s Chris Hodgman and The Lab’s Jason House are serving as leasing agents for the retail portion of the asset.
NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has received a $180 million loan for the refinancing of 250 W. 57th St., a 542,000-square-foot office and retail building in Manhattan. The 26-story tower, which houses retailers such as HSBC Bank, Bank of America, AT&T and T.J. Maxx, recently received a capital improvement program that updated storefronts, windows and mechanical systems. The interest-only loan bears a fixed interest rate of 2.83 percent and matures in December 2030. Estreich & Co. originated the loan for ESRT, which will use the proceeds to bolster its liquidity and balance sheet flexibility.
