Office

NKF Arranges $128M Sale of 535-545 Boylston Street Office Building in Boston

by Alex Patton January 21, 2020

BOSTON — Newmark Knight Frank has arranged the $128 million sale of 535-545 Boylston Street, a 184,643-square-foot office building located in the Back Bay neighborhood of Boston. At the time of sale, the building was 98 percent leased to 38 tenants. The property offers access to Copley Square and the Raffles Hotel & Residences project that is currently in development. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell represented the seller, Manulife Investment Management. A joint venture between Bahrain-based Investcorp and New York-based Brickman was the buyer.

January 21, 2020

Leasing Activity New Jersey Northeast Office

Serendipity Labs to Open 23,000 SF Coworking Office in Marlton, New Jersey

by Alex Patton January 21, 2020

MARLTON, N.J. — Flexible workspace provider Serendipity Labs will open a 23,000-square-foot coworking office space in Marlton, an eastern suburb of Philadelphia. The space will occupy the entire third floor at 50 Lake Center Executive Park, a 76,359-square-foot office building owned by Twenty Lake Holdings. The space is slated to open in the third quarter.

January 21, 2020

California Development Industrial Office Western

Seefried, Clarion Partners to Develop 1.1 MSF Industrial Project in Tracy, California

by Amy Works January 21, 2020

TRACY, CALIF. — Seefried Industrial Properties, as developer partner for Clarion Partners, has acquired a 76-acre land site for the development of a speculative, multi-warehouse project within the Northeast Area Specific Plan in Tracy, approximately 70 miles east of San Francisco. Located at the northeast corner of Grant Line and Chrisman roads, the yet-to-be-named project will total 1.1 million square feet of office and warehouse space spread across three buildings of 260,000 square feet, 517,000 square feet and 353,000 square feet. The project will offer tenants the opportunity to occupy space ranging from 18,000 square feet to 1.13 million square feet. The buildings will feature tilt-up construction, clear heights ranging from 32 feet to 36 feet, 185-foot truck courts, 339 trailer spaces combined, ESFR sprinkler systems and ample parking. Construction is slated to begin in June, with completion scheduled for June 2021. HPA Architecture is serving as architect and K&W is serving as civil engineer for the project. Mike Goldstein and John Steinbuch of Colliers International will lead the leasing and marketing efforts for the new development.

January 21, 2020

Acquisitions California Industrial Office Western

PS Business Parks Acquires Two Industrial/Flex Assets in California for $30.3M

by Amy Works January 21, 2020

SANTA CLARA AND LA MIRADA, CALIF. — PS Business Parks (PSB) has completed the acquisition of two business parks in California for a total consideration of $30.3 million. The purchases will qualify as 1031 exchanges for tax purposes. On Dec. 20, 2019, PSB purchased San Tomas Business Center in Santa Clara for $16.6 million. Totaling 79,400 square feet, the park features nine buildings offering suites ranging from 200 square feet to 3,500 square feet. At the time of closing, the property was 96 percent occupied. Additionally, PSB acquired La Mirada Commerce Center in La Mirada on Jan. 10 for $13.7 million. The five-building park offers a total of 73,400 square feet, with suites ranging from 1,200 square feet to 3,000 square feet. At the time of closing, the property was 100 percent occupied. The names of the sellers were not released.

January 21, 2020

Arizona Development Mixed-Use Office Restaurant Retail Western

Nationwide Realty Investors Announces Next Phase of Rivulon Mixed-Use Project in Arizona

by Amy Works January 20, 2020

GILBERT, ARIZ. — Nationwide Realty Investors received approval from the Town of Gilbert for the next phase of development at Rivulon, a master-planned mixed-use project located at the corner of Gilbert Road and Arizona Loop 202 in Gilbert. The phase will include two four-story, 160,000-square-foot office buildings with an adjacent parking structure. Situated in the center of the development, the buildings will feature a glass façade adorned with natural limestone pillars. Additionally, the new phase will feature a one-acre lake feature, walking paths and outdoor seating. The parking structures will be adjacent to the lake and feature more than 850 parking spaces. Construction is slated to begin mid-2020 with completion by the end of 2021. The 250-acre Rivulon development is currently home to Deloitte, Isagenix International’s world headquarters, Morgan Stanley, Amerifirst Financial and Merrill Lynch. Retailers at the development include LA Fitness, Wildflower Bread, Sauce Pizza & Wine, Jersey Mike’s Subs, Yogi’s Grill Teriyaki & Roll and Grabbagreen.

January 20, 2020

Acquisitions California Office Western

Meridian Sells Sutter Square Office Asset in Northern California for $30.9M

by Amy Works January 20, 2020

CONCORD, CALIF. — Meridian has completed the sale of Sutter Square, an office building located at 1800 Sutter St. in Concord. A joint venture between Barker Pacific Group and Iron Point Partners acquired the 174,689-square-foot asset for $30.9 million. When Meridian purchased the property in August 2017, it was 78 percent occupied. Meridian invested more than $4 million in interior renovations and brought occupancy up to nearly 90 percent. Scott Ellis and Eric Erickson of Colliers International managed the leasing efforts at the property. Bob Gilley, Brad Idleman and Andy Zighelboim of Colliers International represented the buyer and seller in the deal.

January 20, 2020

Acquisitions California Office Retail Western

Rockwood Capital Acquires Historic Telephone Building in Santa Monica

by Amy Works January 20, 2020

SANTA MONICA, CALIF. — An affiliate of Rockwood Capital has purchased the Telephone Building, a historic property in downtown Santa Monica. DivcoWest sold the asset for an undisclosed price. The seller acquired the 58,000-square-foot creative office and retail building in 2017. During its ownership, DivcoWest completed lease-up, implemented capital improvements and obtained historical landmark status for the building from the City of Santa Monica under the Mills Act. The historic landmark status ensures preservation of the Art Deco building. Andrew Harper, Michael Leggett, Doug Bond and Matt McRoskey of JLL Capital Markets represented the seller in the deal.

January 20, 2020

Acquisitions Florida Office Southeast Top Stories

TPG Real Estate Acquires Jacksonville Town Center Office Campus for $107M

by Taylor Williams January 20, 2020

JACKSONVILLE, FLA. — TPG Real Estate, a San Francisco-based investment firm, has acquired Town Center One and Two, a 374,123-square-foot office campus in Jacksonville, for $107 million. The property spans 25 acres. It is located in the Deerwood Park area and features proximity to the Southside Quarter mixed-use development and St. Johns Town Center, an open-air shopping and dining destination. Town Center One is a five-story, 155,423-square-foot building that was 94 percent leased at time of sale to tenants including Availity, UBS Bank and Insight Global. Town Center Two is a six-story, 218,700-square-foot building that is fully leased to Web.com. A state-of-the-art common area with a cafe and conference center is located in Town Center Two, while Town Center One features a tenant amenity hub on the first floor. Both buildings were constructed with above-code hurricane resistance. Mike Davis, Rick Brugge, Karl Johnston, Rick Colon, Zachary Eicholtz and Steve Aiken of Cushman & Wakefield represented the seller, Kansas City, Mo.-based developer VanTrust, in the transaction. “With an influx of new multifamily and mixed-use development, the Deerwood Park submarket is experiencing a rapid transformation from suburban to a more densely populated urban landscape,” says Johnston. “Town Center One and Two have played a significant role in …

January 20, 2020

Acquisitions Industrial Office Texas

Redwood Property Investors Buys 301,127 SF Office, Industrial Campus in Houston

by Taylor Williams January 20, 2020

HOUSTON — Redwood Property Investors III LLC, a California-based private investment fund, has purchased the former Exterran Energy Solutions campus in northwest Houston. The property is situated on 21 acres and spans 301,127 square feet of manufacturing and office space. Clay Pritchett and Zane Carman of NAI Partners represented Redwood in the transaction. Mark Nicholas and Richard Quarles of JLL represented the seller and former occupant, Exterran. Redwood has tapped NAI Partners to market the property for lease moving forward.

January 20, 2020

Acquisitions New York Northeast Office

JLL Brokers $65M Sale of The Bruckner Office Building in The Bronx

by Alex Patton January 20, 2020

NEW YORK CITY — JLL has brokered the $65 million sale of The Bruckner Building, an 188,000-square-foot office property in the Mott Haven neighborhood of The Bronx. Located at 2417 Third Ave., the building was originally constructed in 1928. Ownership renovated and modernized building in 2016, including upgrades to the lobby, windows, entrance, elevator and electric infrastructure. Bob Knakal, Stephen Palmese and Jonathan Hageman led a JLL team that represented the seller, a partnership between Savanna and Hornig Capital Partners, in the transaction. ZG Capital Partners acquired the building.

January 20, 2020

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