Office

Cypress West Partners Sells Park Plaza Medical Campus in Redlands, California for $18.3M

by Amy Works January 25, 2021

REDLANDS, CALIF. — Rancho Santa Margarita, Calif.-based Cypress West Partners has completed the disposition of Park Plaza Medical Campus, a medical office complex located in Redlands. An undisclosed buyer acquired the asset for $18.3 million. Totaling 53,325 square feet spread across three outpatient medical office buildings, Park Plaza Medical Campus is located at 1776, 1782 and 1790 W. Park Ave. Loma Linda University Health Care occupies 99 percent of the property. Loma Linda University Health Care is an academic medical center that operates 1,077 beds across six hospital. The healthcare provider utilizes the Park Plaza buildings for a variety of specialty practices, including its Behavioral Medical Center program. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. Healthcare and Life Sciences Capital Markets partnered with Anthony DeLorenzo, Gary Stache, Sammy Cemo and Doug Mack of CBRE to represent the seller in the transaction.

January 25, 2021

Development Illinois Midwest Office

Peppercorn Capital Unveils Renovation Plans for 80,000 SF Office Building in Chicago’s Fulton Market

by Kristin Harlow January 22, 2021

CHICAGO — Peppercorn Capital has unveiled renovation plans for 240 N. Ashland Ave. in Chicago’s Fulton Market. Plans call for lighted metal canopies and uniform signage. The west side of the office building will feature a new tenant entrance and lighting, along with a repaved parking lot and green space. Originally built in 1926, the adaptive reuse property formerly served as the headquarters for furnishings and décor company CB2. The building rises three stories and spans 80,000 square feet. Peppercorn is a commercial real estate development company strictly focused on the West Loop and Fulton Market neighborhood of Chicago.

January 22, 2021

Acquisitions Connecticut Northeast Office

CBRE Negotiates Sale of 136,531 SF Office Complex in Wilton, Connecticut

by Taylor Williams January 22, 2021

WILTON, CONN. — CBRE has negotiated the sale of a 136,531-square-foot office complex located at 187 Danbury Road in the southern Connecticut city of Wilton. The two-building complex was 47 percent leased at the time of sale and fetched a price of $10.7 million. A CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller, an entity managed by Davis Marcus Partners, in the transaction. The team also procured the buyer, a group led by New York City-based Time Equities.

January 22, 2021

Loans New Jersey Northeast Office

G.S. Wilcox Arranges $6.8M Loan for Refinancing of Office Building in Bridgewater, New Jersey

by Taylor Williams January 22, 2021

BRIDGEWATER, N.J. — G.S. Wilcox & Co. has arranged a $6.8 million loan for the refinancing of Greymark at Bridgewater, a 111,500-square-foot office building in Northern New Jersey. According to LoopNet Inc., the three-story property was built in 1985, renovated in 2017 and features a conference facility and onsite food services. David Fryer of G.S. Wilcox originated the loan through an undisclosed lender. The borrower was also undisclosed.

January 22, 2021

Acquisitions North Carolina Office Southeast

JLL Brokers $115M Sale of BB&T Center Office Tower in Uptown Charlotte

by Alex Tostado January 21, 2021

CHARLOTTE, N.C. — JLL has brokered the sale of BB&T Center, a 22-story, 568,646-square-foot office tower in Uptown Charlotte. The sales price was not disclosed, although the Charlotte Business Journal reported the asset sold for $115 million. The seller, Arden Group, acquired the asset in 2017 and completed a $10.5 million renovation that included adding a 5,200-square-foot amenity center, tenant lounge and a 1,800-square-foot outdoor deck. Additional improvements included a new lobby and storefront renovation at Overstreet Mall, the primary entrance to the building. Current tenants include Truist Financial Corp. (the result of a merger between BB&T and SunTrust), AIG, TEKsystems, AeroTek and RingCentral. Chris Lingerfelt and Ryan Clutter of JLL represented the undisclosed buyer in the transaction.

January 21, 2021

Acquisitions Company News Industrial Office Texas

M2G, Pennybacker Buy 1.2 MSF Former Tuesday Morning Distribution Center, Corporate Office in Metro Dallas

by Taylor Williams January 21, 2021

FARMERS BRANCH, TEXAS — A partnership between North Texas-based M2G Ventures and Austin-based private equity firm Pennybacker Capital has purchased the 1.2 million-square-foot former distribution center of Tuesday Morning. The sale also included Tuesday Morning’s 105,000-square-foot headquarters office located at 6250 LBJ Freeway. The five-building industrial complex is situated on 46.7 acres in the northern Dallas metro of Farmers Branch. The Dallas-based retailer, which filed for Chapter 11 bankruptcy last May, had previously entered into an agreement to sell these assets to Miami-based Rialto Capital for $60 million. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership in the transaction.

January 21, 2021

Acquisitions Office Texas

Cawley Partners, Staubach Capital Acquire 475,000 SF Sabre Global Corporate Offices in Southlake

by Taylor Williams January 21, 2021

SOUTHLAKE, TEXAS — Locally based office development and investment firm Cawley Partners, in partnership with PCCP LLC and Staubach Capital, has acquired the 475,000-square-foot corporate offices of software and technology firm Sabre Global in the Fort Worth suburb of Southlake. The tenant has signed a 12-year lease to occupy all 265,000 square feet of Building A and entered into a short-term lease for the 210,000-square-foot Building B. The new ownership plans to fully renovate Building B and add a full suite of amenities, including meeting rooms, a fitness center, locker rooms, food service and outdoor gathering spaces. With Sabre retaining over 265,000 square feet long term, there will be roughly 210,000 square feet (one entire building) available for lease in 2022.

January 21, 2021

Leasing Activity Office Texas

Vroom Signs 102,500 SF Office Lease at Westchase Park II in Houston

by Taylor Williams January 21, 2021

HOUSTON — Vroom, a New York City-based automotive retailer and online marketplace, has signed a 102,500-square-foot office lease at Westchase Park II in Houston. The 569,825-square-foot office complex comprises two buildings and a freestanding amenity center that houses a Citrus Kitchen restaurant, a fitness center with full-service locker rooms and a tenant conference center. Louie Crapitto of JLL represented the tenant in the lease negotiations. Eric Anderson, Parker Burkett and Katy Gragg of Transwestern represented the undisclosed landlord. The lease brings the building’s occupancy rate to 92 percent.

January 21, 2021

Acquisitions Northeast Office Pennsylvania Retail

Colliers Brokers Sale of 74,452 SF Bicentennial Building in Wilkes-Barre, Pennsylvania

by Taylor Williams January 21, 2021

WILKES-BARRE, PA. — Colliers International has brokered the sale of the Bicentennial Building, a 74,452-square-foot office and retail property in Wilkes-Barre, located near Scranton in the northeastern part of the state. The six-story building was 83 percent occupied at the time of sale. Bicentennial Building Associates sold the asset to a private investment group based in the New York metro area. Jeff Algatt and John Susanin of Colliers brokered the deal.

January 21, 2021

Acquisitions Arizona Development Industrial Office Western

ViaWest Group Acquires Insight Enterprises Office Portfolio in Tempe, Plans Industrial Redevelopment

by Amy Works January 20, 2021

TEMPE, ARIZ. — A joint venture partnership led by Phoenix-based ViaWest Group has purchased three real estate properties in Tempe from Insight Enterprises for $26.8 million. Phil Breidenback and Kathy Foster of Colliers International Arizona represented the seller and handled the transaction. The portfolio includes a 102,000-square-foot office building at 6280 S. Harl Ave., a 130,270-square-foot industrial/back office property at 910 W. Carver Ave. and an adjacent 56,240-square-foot office building at 8123 S. Hardy Ave. ViaWest plans to demolish the South Harl Avenue building, which will house Insight’s headquarters through December of this year. ViaWest then plans to develop two Class A industrial buildings, totaling 358,114 square feet, on the 19-acre site. The facilities will feature 32-foot clear heights and a shared truck court. Each speculative building will be available for a single tenant or space divisible to 30,000 square feet. McCall & Associates is serving as architect and Wilmeng is serving as general contractor for the buildings, which are slated for completion in mid-2022. Rob Martensen of Colliers International Arizona will serve as leasing agent for the new buildings. The West Carver Avenue building offers 100,270 square feet of industrial/back office space and a 30,000-square-foot mezzanine area. Insight currently …

January 20, 2021

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