FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has arranged the sale of the Woodcreek Office Center in Farmington Hills. Located at 31275 Northwestern Highway, the office building spans 60,200 square feet and rises two stories. Built in 1968, it was approximately 85 percent leased at the time of sale. Mason L. Capitani represented the buyer, LREH Michigan LLC. The seller and sales price were undisclosed.
CARY, N.C. — Epic Games Inc., a global gaming company whose products include the hit video game “Fortnite,” has purchased a distressed mall in Cary for its new headquarters campus. The property, Cary Towne Center, spans 980,000 square feet and in recent years lost three of its five anchor tenants, with only Dave & Buster’s and Belk remaining. Epic purchased the 87-acre site from Turnbridge Equities and Denali Properties for $95 million. Stephen Porterfield of Capital Associates represented Epic in the transaction. Founded in 1991, Epic has had its headquarters in Cary for more than 20 years and will continue to operate from its offices at 620 Crossroads Blvd. until completion of the redevelopment, which is estimated to be in 2024. Epic plans to break ground on the adaptive reuse project this year, thanks in part to Turnbridge and Denali getting Cary Towne Center rezoned in late 2019. The developers purchased the distressed mall in January 2019 for $31 million, according to Triangle Business Journal. Turnbridge and Denali had planned to transform the mall into a 4 million-square-foot project dubbed Carolina Yards, but ultimately decided to sell the property to Epic. “Epic shares our vision for transforming Cary Towne Center …
HOUSTON — Miami-based lender 3650 REIT has provided a $31 million construction loan for an office and retail project that will be located at 4411 San Felipe St. in Uptown Houston. The property will consist of three floors of office space and ground-floor retail space. Michael Fleischer and Shin Bowers of 3650 REIT originated the 30-month loan to DC Partners, a Houston-based developer. Completion is slated for January 2022.
HOUSTON — Cadence Bank has signed an 82,215-square-foot office lease at Park Towers, a 545,242-square-foot office complex in Uptown Houston. The property consists of two 18-story buildings and offers amenities such as a fitness center, conference facility, tenant lounge with a golf simulator and a drive-thru coffee shop that is currently under construction. Doug Little, David Baker, Kelli Gault and Jack Scharnberg of Transwestern represented the landlord, Regent Properties, in the lease negotiations.
ADDISON, TEXAS — NAI Robert Lynn has arranged the sale of Inwood Soccer Center, a 56,000-square-foot industrial and office building in the northern Dallas metro of Addison. The buyer, Cherry Coatings, will occupy the building as its new headquarters and retrofit the property to house 75 corporate employees, as well as a large warehouse with loading docks. Chad Albert of NAI Robert Lynn represented Cherry Coatings, which plans to relocate to the property from nearby Carrollton this year, in the deal. The seller was not disclosed.
HURST, TEXAS — Colliers International has brokered the sale of Norwood Plaza, an office building located in the Fort Worth suburb of Hurst. According to LoopNet Inc., the property totals 44,245 square feet. Norwood Plaza was fully leased to 27 tenants at the time of sale. The buyer and seller both requested anonymity. Mark Allen and Cody Payne of Colliers International brokered the deal.
NEW YORK CITY — Transwestern has negotiated a 34,500-square-foot office lease for social services agency Sheltering Arms Children & Family Services at 165-19 Jamaica Ave. in Queens. The six-story building spans 69,000 square feet. Stephen Powers, Lindsay Ornstein, Thomas Hines, Jake Cinti and Alexander Smith of Transwestern represented Sheltering Arms, which plans to relocate to its new space in the third quarter of 2021, in the lease negotiations.
PALO ALTO, CALIF. — Silicon Valley, Calif.-based Blox Ventures and New York-based Angelo Gordon & Co. have completed the disposition of First Republic Center, a retail and office property located at 2100 El Camino Real in Palo Alto’s College Terrace neighborhood. According to Santa Clara County records, an affiliate of KKR and Drawbridge Real Estate acquired the building for $103.9 million. First Republic’s regional office occupies 76 percent of the 58,000-square-foot building. Other tenants include a 11,000-square-foot Real Produce International Market, a music group and other local businesses.
ALBUQUERQUE — Nashville, Tenn.-based Montecito Medical Real Estate has acquired Lovelace Clinic Medical Office Building, a medical office and urgent care center in Albuquerque. Terms of the transaction were not released. Southwest Medical Associates, a subsidiary of Lovelace Health System, occupies the two-story, 69,539-square-foot facility. The primary care medical office portion of the building, which represents 43,200 square feet, opened in October 2017. In October 2020, a 26,339-square-foot expansion, including an urgent care center and specialty center, was added to the facility. The medical office facility offers 100 exam rooms with space to accommodate up to 40 providers. The urgent care portion provides walk-in treatment seven days a week. Scott Throckmorton of ARGUS Investment Realty, Peter Bauman and Tivon Moffitt of Institutional Property Advisors, and Andrew Milne of JLL brokered the transaction.
MINNEAPOLIS — Law firm Fredrikson & Byron has leased 178,000 square feet at RBC Plaza at 60 South Sixth, a 40-story office tower in downtown Minneapolis. The regional law firm will occupy approximately nine floors. KBS owns the Class A, 710,332-square-foot property. Amenities at the office tower include a fitness center, tenant lounge, conference center, retail and dining space, bicycle storage, underground parking and concierge services. Brent Robertson, Andrea Leon and Jon Dahl of JLL represented KBS in the lease transaction. Mike Salmen, Larry Serota and Will McDonald of Transwestern represented the tenant.
