FEASTERVILLE-TREVOSE, PA. — Commercial brokerage firm NAI Mertz has opened a 1,650-square-foot office in Feasterville-Trevose, a southwestern suburb of Trenton. The company relocated its southeastern Pennsylvania office to 210 E. Street Road. The property is situated within the Village Suites at Lower Southampton Village, a 123,000-square-foot retail shopping center. Other tenants include Panera Bread, Cold Stone Creamery and Pier 1 Imports.
CHICAGO — Moceri + Roszak has completed the development of a 20-story, loft-style office building in Chicago’s Loop. Firmspace, an Austin-based shared office provider, has leased the top three floors of the 210,000-square-foot property. Known as 145 South Wells, the building includes a 12,000-square-foot amenity center with conference rooms, a fitness center, golf simulator, martini and espresso bar and outdoor space. The project also features a 24-stall executive parking garage and 3,840 square feet of ground-floor retail space. Mason Taylor and Chris Cassata of JLL are handling leasing at the property. Corey Siegrist of JLL represented Firmspace in its lease. The tenant plans to take occupancy in mid-October. Thomas Roszak Architecture is the project architect. Bentall Kennedy provided project financing.
WEST DES MOINES, IOWA — Developer KDC has topped out the new corporate headquarters for Sammons Financial Group in West Des Moines. The six-story, 217,000-square-foot Class A office building will house 600 employees. Completion of the property is slated for this fall. The building will include a two-story amenity area. Sammons is a privately held company that provides life insurance, annuity and retirement planning products. The Weitz Co. is the general contractor. SVPA and HKS are project architects.
The Raleigh-Durham region’s strong job growth is fueling sustained demand from tenants, keeping the office market firmly in favor of landlords despite a notable increase in construction activity in recent months. According to the Bureau of Labor Statistics, the region added 24,200 nonfarm payroll jobs between October 2018 and October 2019 for a growth rate of 2.5 percent. Unemployment rose slightly from 3 percent to just 3.1 percent during this time as nearly 36,000 people entered the local labor force. Raleigh-Durham continued to witness economic development wins in 2019 as well. Major job announcements came from office-using tenants such as Xerox (600 jobs), Q2 Solutions (700 jobs), Parexel (260 jobs), AmeriHealth Caritas (300 jobs) and HZO (500 jobs). In its recently published Emerging Trends in Real Estate report, the Urban Land Institute and PricewaterhouseCoopers (PwC) named Raleigh-Durham as the No. 2 market in the United States to watch for overall real estate prospects in 2020. The region’s quality of life, robust population and job growth and highly educated workforce are supporting sustained business expansion and healthy leasing fundamentals across all asset classes. Raleigh-Durham’s office market continues to experience the most landlord-favorable conditions since the dot-com boom in the late 1990s. …
HOUSTON — Colliers International has arranged the sale of York Centre, a 114,474-square-foot office building situated on 5.3 acres at the corner of Hempstead Highway and West Little York Road in Houston. According to LoopNet Inc., the Class B property was built in 1982. David Carter of Colliers represented the undisclosed seller in the transaction. The buyer, Interra York Centre LLC, an affiliate of Houston-based Interra Capital Group, was self-represented.
SAN DIEGO — Stockdale Capital Partners and Macy’s have reached an agreement for the redevelopment of the existing Horton Plaza Mall in downtown San Diego. The project was put on hold due to a disagreement between the two companies. Macy’s has now agreed to close its store at the property, paving the way for the redevelopment to continue. The terms of the agreement were not disclosed. Stockdale Capital will now continue with its redevelopment plans to transform the nearly vacant mall into The Campus at Horton, a creative office, entertainment and retail center. The redevelopment will include 700,000 square feet of sustainably-driven creative office space that will be home to 3,000 to 4,000 new high-quality jobs. Slated for completion in 2021, the property will also include creating 300,000 square feet of curated retail space and an activated and reimagined Horton Plaza Park. In May 2019, the San Diego City Council unanimously approved reducing the previous retail deed restriction on the property and Stockdale Capital Partners’ redevelopment vision. The Macy’s store will reportedly close in March, and redevelopment of the site is scheduled to begin in 2021, according to The Times of San Diego.
TROY, MICH. — Full-service law firm Garan Lucow Miller PC has leased 13,285 square feet at Timberlands IV, one of the three Class A office buildings within Timberlands Office Park in Troy. The building is situated at 1450 W. Long Lake Road. The law firm is relocating its Troy office after 25 years in its previous space at 1111 W. Long Lake Road. Bill Harvey, Chuck Howard and Neil Leising of Transwestern Commercial Services represented the landlord, FD Stonewater. Timberlands Office Park is undergoing renovations, including upgraded food service, conference centers, tenant lounges and lobbies, as well as the addition of outdoor seating areas with Wi-Fi.
PHOENIX — HB Foothills Gateway has completed the sale of Foothills Gateway Corporate Center, a multi-tenant office building located at 4505 E. Chandler Blvd. in Phoenix. Equity Advantage purchased the property for $11.5 million. Located in the Southeast Valley neighborhood of the Ahwatukee Foothills, the 68,198-square-foot building was 85 percent occupied at the time of sale. Built in 1999, the office building features frontage and signage along Chandler Boulevard, as well as quick access to Interstate 10 and Loop 202 South Mountain Freeway. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the deal.
NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $145 million loan for the acquisition of 111 Wall Street, formerly known as the Citibank Building, in Manhattan. SL Green and an undisclosed lending partner provided the fixed-rate loan to the buyer, a partnership of Nightingale Properties and Wafra Capital Partners. The 24-story building comprises 1.1 million square feet of office space and was built in 1968 as the headquarters of First National City Bank. Dustin Stolly and Jordan Roeschlaub led an NKF team that secured the loan, and Jimmy Kuhn of NKF represented the seller, Zurich Insurance.
MOUNT LAUREL, N.J. — JLL has brokered the $11 million sale of The Mount Laurel Office Center, an 83,216-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. Situated at 530, 532 and 534 Fellowship Road, the property was 100 percent leased at the time of sale to six tenants, including the United States Government’s General Services Administration. Brett Segal, Doug Rodio and Brett Grifo of JLL represented the seller, Pennmark Properties, in the transaction. The team also procured the buyer, a private investor.