Office

NAI DiLeo-Bram Brokers Sale of 7,690 SF Retail, Office Property in Roselle, New Jersey

by Alex Patton May 27, 2020

ROSELLE, N.J. — NAI DiLeo-Bram & Co., has brokered the sale of a 7,690-square-foot retail and office property in Roselle, a southwestern suburb of New York City. Located at 111-117 West Second Ave., the property offers convenient access to the Garden State Parkway and the Roselle Park transit station. The building was leased to three retail tenants and one office tenant at the time of sale, and the new buyer plans to reposition the building for residential use. Marc Shein and Matthew DiLeo of NAI DiLeo-Bram represented the seller and procured the buyer in the transaction. Both parties were undisclosed.

May 27, 2020

Leasing Activity New Jersey Northeast Office

NAI James Hanson Negotiates 3,000 SF Office Lease in Rutherford, New Jersey

by Alex Patton May 27, 2020

RUTHERFORD, N.J. — NAI James Hanson has negotiated a 3,000-square-foot office lease for janitorial service provider Adamas Building Services LLC in Rutherford, a northwestern suburb of New York City. The space is located at 75 Orient Way, a 23,501-square-foot office building, and offers convenient access to the Garden State Parkway and the New Jersey Turnpike. The tenant is relocating from its previous office in Newark. Darren Lizzack and Randy Horning of NAI James Hanson represented the landlord, 75 Orient Way LLC, in the lease negotiations.

May 27, 2020

Acquisitions Florida Office Southeast

MHC, Waterfall Asset Management Acquire South Florida Office Complex for $49.8M

by Alex Tostado May 26, 2020

PALM BEACH GARDENS, FLA. — MHCommercial Real Estate Fund LLC (MHC) and Waterfall Asset Management have acquired Golden Bear Plaza, a 243,000-square-foot office complex in Palm Beach Gardens, for $49.8 million. The three-building campus was 90 percent leased to tenants including AT&T, Otis Elevator Co., Pike Electric, Dycom Industries, NextEra Energy, SlimFast and Zimmer Biomet 3i at the time of sale. M&T Bank provided acquisition financing for the buyers. This is the first office acquisition in Florida for Waterfall Asset Management, which is based in New York City. Dung Lam, Neil Merin and Jordan Paul of West Palm Beach, Fla.-based NAI/Merin Hunter Codman Inc. formed MHC in November. NAI/Merin Hunter Codman will provide property and leasing management. The seller was not disclosed. Nicklaus Cos. LLC, a development company headed by Hall of Fame golfer Jack Nicklaus (whose nickname is Golden Bear), originally built the campus between 1985 and 1990.

May 26, 2020

Acquisitions Florida Office Retail Southeast

JLL Negotiates $46.8M Sale of Whole Foods-Anchored Property in Metro Miami

by Alex Tostado May 26, 2020

CORAL GABLES, FLA. — JLL has negotiated the $46.8 million sale of Plaza San Remo, a 59,694-square-foot mixed-use property in Coral Gables. Whole Foods Market occupies the ground floor of the seven-story property. Built in 2007, the building was fully leased at the time of sale to tenants including Pediatric Associates and OXXO Care Cleaners and also features a seven-story parking garage. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller, an undisclosed institutional investment advisor, in the transaction. The buyer was a core fund advised by Zurich Alternative Asset Management LLC.

May 26, 2020

Loans Massachusetts Northeast Office

EagleBridge Capital Arranges $9M Loan for Refinancing of Boston Office Building

by Alex Patton May 26, 2020

BOSTON — EagleBridge Capital has arranged a $9 million loan for the refinancing of a 40,500-square-foot office building in Boston. A regional financial institution provided the 10-year, nonrecourse loan to the undisclosed borrower at a fixed interest rate of 3 percent. Located at 33 Broad St., the 11-story building is 100 percent leased to tenants in the legal, accounting, consulting, finance and real estate sectors. State Street Eye Health and Expresso Love lease the ground-floor retail space. Ted Sidel of EagleBridge arranged the loan.

May 26, 2020

Development Office Texas

Hunt, WestStar Top Off 264,000 SF Office Tower in Downtown El Paso

by Taylor Williams May 26, 2020

EL PASO, TEXAS — A partnership between locally based developer Hunt Cos. and regional bank WestStar has topped off WestStar Tower, a 264,000-square-foot office tower in downtown El Paso. The latest plans for the building, which represents the largest office project in El Paso in at least 20 years, feature 12,000 square feet of ground-floor retail space and 850 parking spaces. Construction began about two years ago and is expected to be complete in early 2021. At 313 feet, WestStar Tower will be the city’s tallest building and will house the headquarters of both Hunt Cos. and its namesake lending tenant. Other project partners include architects Gensler and Duda|Paine, general contractor Moss and leasing agent Sonny Brown & Associates.

May 26, 2020

Development Office Texas

CIM Group Nears Completion of 182,700 SF Fifth + Tillery Office Project in East Austin

by Taylor Williams May 26, 2020

AUSTIN, TEXAS — CIM Group is nearing completion of Fifth + Tillery, a 182,700-square-foot office project in East Austin. The Los Angeles-based developer acquired the property in October 2019 shortly after construction began and expects to open the building in July. Spaces at Fifth + Tillery will be marketed to creative office users and will feature outdoor balconies with heightened levels of natural light. The building will also offer a landscaped courtyard with various outdoor amenities.

May 26, 2020

Development Office Utah Western

St. John Properties to Develop Two Office Complexes in Utah for $120M

by Amy Works May 26, 2020

TAYLORSVILLE AND SPRINGVILLE, UTAH — St. John Properties | Utah has acquired development land for the construction of business parks in Taylorsville and Springville. Together, the company expects the two projects to total $120 million in new capital. In Taylorsville, the company is developing Beltway West on a 20-acre site. The project will feature five buildings offering a total of 300,000 square feet of office space for approximately 2,000 employees. Situated on 18 acres in Springville, Spring Pointe Exchange will feature six building totaling 225,000 square feet of office space for 750 employees. St. John Properties expects to begin construction this summer for the two new projects. The company’s Valley Grove development in Pleasant Grove, Utah, was started in 2017 and now features 15 buildings totaling 675,000 square feet of Class A office, restaurant and retail space.

May 26, 2020

Acquisitions Illinois Midwest Office Retail

Barber Murphy Brokers Sale of 14,900 SF Office, Retail Building Near St. Louis

by Kristin Harlow May 26, 2020

BELLEVILLE, ILL. — Barber Murphy has brokered the sale of a 14,900-square-foot office and retail building in Belleville, about 17 miles southeast of St. Louis. The sales price was undisclosed. Okaw Valley Council Boy Scouts of America sold the property, which is located at 335 W. Main St. Jarvis Cos. Inc. was the buyer. Barber Murphy represented both parties in the transaction.

May 26, 2020

Development Georgia Mixed-Use Multifamily Office Retail Southeast Top Stories

Ackerman, MDH Partners to Develop $85M Mixed-Use Expansion at Lee + White Project in Atlanta

by Alex Patton May 22, 2020

ATLANTA — A partnership of local developer Ackerman & Co. and MDH Partners will soon begin construction of an $85 million multifamily, office and retail expansion to the Lee + White retail property in Atlanta’s West End neighborhood. The partnership acquired the 11-building, 433,204-square-foot property from Stream Realty Partners in September 2019 and began redeveloping the former industrial property as a mixed-use dining and beverage destination. Atlanta-based Smith Dalia Architects is the master designer of the project. Development plans include the ground-up construction of a two-story glass structure featuring a 17,000-square-foot food and retail “collective” on the first floor and 18,000 square feet of loft offices on the second floor. The team will convert multiple warehouses on the property into 127,000 square feet of modern office space, as well as 250 multifamily units. Monday Night Brewing currently anchors the property with its 22,000-square-foot Monday Night Garage brewery and event space. Other tenants include Wild Heaven Beer, ASW Distillery, Cultured South Fermentation Co. and Hop City Craft Beer & Wine. All current tenants have been implemented into the master plan and will remain in their current spaces. The property is located directly along the Atlanta BeltLine’s Westside Trail, a 22-mile walking trail …

May 22, 2020

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