Office

IRA Capital Purchases Element Office Campus in Aliso Viejo for $73.5M

by Amy Works June 17, 2020

ALISO VIEJO, CALIF. — IRA Capital has acquired Element, a corporate office campus located at 26600, 26650 and 26700 Aliso Viejo Parkway in Aliso Viejo. A joint venture between CrossHarbor Capital Partners and Waterford Property Co. sold the asset for $73.5 million. The buyer purchased the property through its joint venture with a Middle East-based capital partner. Consisting of three two-story buildings, the asset offers 160,000 square feet of office space. In 2019, Glaukos Corp., a publicly traded ophthalmic medical technology and pharmaceutical company, signed a 13-year, triple-net lease to occupy the property for its corporate and R&D headquarters. Additionally, the company purchased excess land surrounding the building for future development and expansion. Bryon Foss, Nick Cary and Curtis Ellmore of JLL, along with Kevin Shannon, Paul Jones, Ken White and Brandon White of Newmark Knight Frank’s Capital Markets team, represented the seller in the transaction.

June 17, 2020

Arizona Development Loans Office Western

NorthMarq Arranges $73.5M in Financing for Spec Office Development in Chandler, Arizona

by Amy Works June 17, 2020

CHANDLER, ARIZ. — NorthMarq has arranged a $46 million construction loan and $27.5 million mezzanine equity investment for a Class A speculative office project in Chandler. Bank OZK provided the loan to an affiliate of Douglas Allred Co. An insurance company, with NorthMarq as correspondent, provided the mezzanine equity. Situated within Park Place, a 200-acre master-planned business park assembled and developed by Douglas Allred Co., the new project will feature two three-story buildings totaling 300,000 square feet and an 800-stall parking structure. The concrete tilt-up buildings will offer 10- to 12-foot ceiling heights, high-quality finishes and a 6/1,000 parking ratio. Completion slated for October 2021. San Diego-based Douglas Allred Co. begin assembling and developing Park Place in 2007 and to-date has completed 1.5 million square feet of office, manufacturing and retail space within the assemblage. The office buildings total 1.2 million square feet and are 95 percent leased to mostly national companies.

June 17, 2020

Features Office Retail

U.S. Economy Slowly Recovering from COVID-19 Impact, Says AEW Researcher

by Alex Patton June 17, 2020

As pandemic-driven restrictions steadily ease across the country, all 50 states have now entered some form of gradual economic reopening. Customers are returning to retailers and office workers returning to their cubicles, but businesses are still struggling to recover from the impacts of COVID-19. In a webinar titled “The Future of Real Estate,” Michael Acton, head of research at AEW Capital Management, addressed key reopening data, demographic trends and his real estate outlook for the remainder of 2020 on into 2021. Natixis Investment Managers, a French-based global asset management company, hosted the event on Thursday, June 11. AEW is one of the largest real estate investment managers of all property types in the world, and both companies are headquartered in Boston. One piece of surprisingly good news came early this month when the Department of Labor reported that the U.S. economy added 2.5 million jobs in May. On the downside, slightly over 1.5 million Americans filed for unemployment for the week ending June 6. Approximately 44 million Americans — about one-quarter of the nation’s workforce — have filed for unemployment benefits since mid-March when huge swaths of the American economy went into a lockdown mode to prevent the spread of …

June 17, 2020

Loans New York Northeast Office

Houlihan-Parnes Arranges $29M Loan for Refinancing of Office Condominium in The Bronx

by Alex Patton June 16, 2020

NEW YORK CITY — Houlihan-Parnes has arranged a $29 million loan for the refinancing of a 222,637-square-foot office condominium in The Bronx. The condominium is in an office building located at 1775 Grand Concourse. A local bank provided the 10-year, nonrecourse loan at a fixed rate of 2.9 percent. Verizon Wireless is the anchor tenant of the building with two floors. The borrower has converted the remaining six floors into an ancillary indoor parking garage on the first floor, and retail and professional office space on floors four through eight. JJ Operating Inc. owns the building.

June 16, 2020

Leasing Activity Office Texas

Goosehead Insurance Expands Lease in Westlake, Texas to 150,454 SF

by John Nelson June 16, 2020

WESTLAKE, TEXAS — Goosehead Insurance, an independent personal lines insurance agency, has expanded and extended its corporate headquarters lease at The Terraces at Solana office campus in Westlake. The firm added 42,308 square feet to its existing lease at 1500 Solana Blvd., bringing its overall footprint to 150,454 square feet. This is the second lease expansion for Goosehead in the past two years. Goosehead will occupy the entirety of Building 4 along with the full fifth floor in Building 1 at The Terraces at Solana. The 1.1 million-square-foot office campus comprises eight Class A buildings and multiple parking garages. Founded in 2003, Goosehead (Nasdaq: GSHD) completed its initial public offering in early 2018 and has expanded to more than 1,000 operating and contracted franchise locations across the country. The firm recently expanded its office footprint in markets such as Charlotte, N.C.; Houston; and Henderson, Nev. The company reported in its first quarter 2020 results that its corporate sales headcount increased 31 percent year-over-year. Josh White, Chelby Sanders and Ryan Buchanan of CBRE’s Dallas office represented Goosehead Insurance in the Westlake lease negotiations. Jeff Eckert and Blake Shipley of JLL represented the landlord, Glenstar.

June 16, 2020

Acquisitions Arizona Office Western

CBRE Negotiates Sale of 141,000 SF Wells Fargo Gainey Center Office Asset in Scottsdale

by Amy Works June 16, 2020

SCOTTSDALE, ARIZ. — CBRE has arranged the sale of Wells Fargo Gainey Center, a Class A office building located at 8601 N. Scottsdale Road in Scottsdale. AREA Exchange Asset III, an affiliate of New York City-based Ascent Real Estate Advisors, acquired the property from Des Moines-based Principal Real Estate Investors for an undisclosed price. Built in 1999, the 141,000-square-foot Wells Fargo Gainey Center features a two-story lobby, flexible floor plates, 20 exterior balconies, a parking ratio of four spaces per every 1,000 square feet and an on-site gym. At the time of sale, the property was 96 percent leased to nine tenants, including Wells Fargo and Kutak Rock, a national law firm. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. Bruce Francis, Tim Bokinsky, Dana Summers, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the acquisition loan with a national life insurance company for the buyer.

June 16, 2020

California Loans Office Western

Hines Joint Venture Receives $182M Refinancing for Four-Building Office Campus Near Los Angeles

by Amy Works June 16, 2020

IRVINE, CALIF. — A joint venture between Hines and a global investment management firm has received $182 million in refinancing for Intersect, a mid-rise, four-building, Class A office campus in Irvine. Kevin MacKenzie, John Chun and Nick Lench of JLL Capital Markets placed the three-year, interest-only financing with MetLife Investment Management. The borrower plans to use the loan proceeds to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018. Situated on 15 acres, Intersect comprises four buildings, totaling 452,060 square feet, at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave. Located in the heart of the Irvine Business Complex, the property features a restaurant, shipping container beer garden and coffee shop, game pavilion, fire pits, chicken coop, bird aviary and sports court. Additional features include indoor and outdoor workspaces; a fitness center with Peloton bikes, classes, locker rooms, spin studio and outdoor yoga lawn; private tenant terraces; a 40-seat, stadium-style conference center; and a 16-person board room. The Intersect also offers 573 surface parking stalls, a 1,595-space structured parking garage at 17892 Gillette Ave. and a 181-stall subterranean parking facility.

June 16, 2020

Acquisitions California Industrial Office Western

LPC West Sells Flex R&D Building in San Diego’s Sorrento Mesa for $17M

by Amy Works June 16, 2020

SAN DIEGO — LPC West, the West Coast operating division of Lincoln Property Co., has completed the sale of a two-story, flex R&D property located at 9877 Waples St. in San Diego’s Sorrento Mesa submarket. An affiliate of Alexandria Real Estate Equities acquired the building for $17 million in an off-market transaction. The 62,392-square-foot asset is mid-way through the seller’s biotech conversion process, which the buyer will complete. Andy Hugget, Bill Dolan and Sean Williams of CBRE represented LPC West, while Alexandria was self-represented in the transaction.

June 16, 2020

Leasing Activity Office Texas

Bright Realty Signs Three Tenants at Offices at The Realm in Lewisville Totaling 79,000 SF

by John Nelson June 15, 2020

LEWISVILLE, TEXAS — Bright Realty has added three new office tenants to join the tenant roster at Offices at The Realm, a 251,000-square-foot office building in Lewisville. The new leases total 79,000 square feet and bring the property to 80 percent occupancy. Global Medical Response, a medical transport company that sent more than 1,500 employees to New York and New Jersey to aid in the COVID-19 pandemic, is leasing two full floors at Offices at the Realm. The company’s offices will consolidate existing regional offices in the metroplex and also feature a 24/7 disaster relief call center. Worthey Wiles, Jake Young and Dalton Stogner of Lincoln Property Co. (LPC) represented Bright Realty in the 60,000-square-foot lease transaction. Kevin Mechelke, John Ruskin, Greg Biggs and Jeremy McGown of JLL represented Global Medical Response. The other two leases include tax software firm CSC Corptax leasing 15,000 square feet and Texas VA Mortgage leasing 4,000 square feet. LPC represented Bright Realty in both lease deals. Cushman & Wakefield represented CSC Corptax and Swearingen Realty Group represented Texas VA Mortgage. Other tenants at Offices at The Realm include the recently opened Venture X coworking space and El Patio, a Tex-Mex restaurant that will open …

June 15, 2020

District of Columbia Leasing Activity Office Southeast

Law Firm Wiley Rein Inks 166,000 SF Lease at New Office Tower in D.C.

by Alex Tostado June 15, 2020

WASHINGTON, D.C. — Law firm Wiley Rein LLP has signed a 166,000-square-foot office lease for its new headquarters at 2050 M St. in Washington, D.C. The law firm will occupy the third through seventh floors of the 11-story, 340,000-square-foot building, which is now 81 percent leased. The owner of the property, Tishman Speyer, delivered the asset earlier this year. The office space is part of the larger CBS Washington, D.C. bureau. As part of the development process, new CBS studios were constructed with a separate entrance. The building is located less than one mile from downtown D.C. and Dupont Circle. Lou Christopher, Jordan Brainard, Tim Dempsey and Greg Maurer-Hollaender of CBRE represented the tenant in the negotiation.

June 15, 2020

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