FRANKLIN, WIS. — JTL Carriers, a trucking company, has renewed its 3,230-square-foot office lease at Franklin Corporate Center in Franklin, a suburb of Milwaukee. The property is located at 9809 S. Franklin Drive. Jenna Maguire and Ned Purtell of Founders 3 Real Estate Services represented the landlord, SARA Investment Real Estate. With offices in Madison, Milwaukee, Minneapolis and St. Louis, SARA Investment Real Estate acquires, develops, leases, finances and manages properties throughout the Midwest. The company manages assets valued at more than $350 million.
An hour east of downtown Los Angeles, the Inland Empire office market contains about 25 million square feet of office product in San Bernardino and Riverside counties. This market has undergone tremendous growth over 10 years, and a more diverse stable of occupiers has moved in since the area was decimated by the housing crisis of 2007. At times overlooked, the Inland Empire’s office market is more than just the low-cost alternative to Southern California’s LA and Orange counties. With a sector vacancy rate of just 9 percent (lower than neighboring submarkets) the Inland Empire’s economic engine is supporting one of the fastest job growth areas in the country over the past decade, boasting an unemployment rate of only 3.6 percent. The fourth quarter of 2019 witnessed the first speculative general office building development in more than eight years. Average asking rates have also increased to $2.05 per square foot, the highest level since 2009. With sustained positive absorption and continued rising rental rates, this area has shifted to become a landlord market over the past couple years and, with this, concessions will continue to evaporate. Education and health services, government, and professional and business services have all seen recent …
SAN DIEGO — BPS Bioscience has acquired an office property located in San Diego’s Sorrento Mesa submarket for $8.5 million. The seller was Canada-based Ledcor Group. Located at 6405 Mira Mesa Blvd., the 37,991-square-foot, two-story building was originally built in 1990. The buyer plans to occupy the majority of the building, while leasing back a portion of the building to the seller. Matt Pourcho, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller, while an outside firm represented the buyer in the transaction.
HONOLULU — Swinerton Builders has signed a 91-month lease to occupy office space at Davies Pacific Center, a 23-story office tower located at 841 Bishop St. in Honolulu. The lease is valued at $3.2 million. The Hawaii-based contractor will relocate its local headquarters to a 12,000-square-foot space on the office tower’s fifth floor. Swinerton provides commercial construction and construction management services throughout the United States. Built in 1972 and renovated in 2006, Davies Pacific Center features 375,742 square feet of commercial office and retail space. San Diego-based Parallel Capital Partners, in partnership with Honolulu-based The Shidler Group, took over asset management of the property last year and has completed nearly $4 million in elevator modernizations and speculative suite upgrades. Additionally, another $1 million in renovations, including lobby improvements, is currently underway. Keenan J.S. Sue of JLL brokered the deal.
RICHMOND, VA. — Colliers International has negotiated a 38,400-square-foot office lease for the City of Richmond to relocate its Office of the General Registrar. The property is situated at 2134 W. Laburnum Ave., five miles northwest from downtown Richmond. The office is adjacent to where Interstates 195 and 64 merge. The previous office is located at 900 E. Broad St. in downtown Richmond. Harrison Hall and Will Bradley of Colliers represented the landlord, DAR Enterprises LLC, in the transaction.
IRVING, TEXAS — Newmark Knight Frank (NKF) has negotiated a 35,471-square-foot office lease at Riverside Commons in Irving. According to LoopNet Inc., the property was built in 1987, renovated in 2008 and totals 90,425 square feet. John Wolf of NKF represented the tenant, mortgage origination firm Planet Home Lending, in the lease negotiations. Cushman & Wakefield represented the landlord, BSREP Riverside LLC.
TARRYTOWN, N.Y. — Houlihan-Parnes LLC has arranged a $31 million loan for the refinancing of 660 White Plains Road, a 280,000-square-foot, Class A office building in Tarrytown, located approximately 30 miles north of New York City. A local bank provided the 10-year loan at a fixed interest rate of 3.13 percent to the building owners, a partnership of RD Management and Houlihan-Parnes affiliate GHP Office Realty. Since acquiring the property in 2017, ownership has invested millions of dollars in capital improvements and various building upgrades, including a fitness center and renovated lobby, and raised the occupancy rate from 78 percent to 98 percent. Tenants include Prestige Brands, ENT & Allergy Associates and KeyBank National Association. Rachel Greenspan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes arranged the loan.
PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.
PLANO, TEXAS — Dallas-based Gaedeke Group has revealed new plans for Two Legacy West, a 414,000-square-foot, 17-story office tower that will be located at the corner of Leadership Drive and the Sam Rayburn Tollway in Plano. Designed by Gensler, the building will be situated adjacent to the headquarters campuses of FedEx, Toyota and JPMorgan Chase. Amenities will include a market-style grocery, community park, game lounges and a wellness center with saunas and workout classrooms. In addition, Two Legacy West will feature convenience-oriented amenities such as a digital concierge, complimentary shuttle service to Legacy West and electric car charging stations. A covered walkway will connect the building to its counterpart, the 14-story, 308,000-square-foot One Legacy West. Completion is slated for 2022.
NEW YORK CITY — SL Green Realty Corp. has sold 609 Fifth Avenue, an office and retail condominium in Manhattan, to an affiliate of the Reuben Brothers for $168 million. Beginning in 2018, SL Green undertook an extensive repositioning of the entire building, including vacating the previous tenants in the office condominium portion of the property and relocating the office lobby to increase the retail frontage on Fifth Avenue. Sports apparel brand PUMA has leased a 24,000-square-foot retail space at the building for its three-level flagship store. Luxury apparel retailer Vince has leased a 5,000-square-foot retail space in the building. Darcy Stacom, Doug Middleton and David Fowler of CBRE represented SL Green in the transaction.