DALLAS — Younger Partners has arranged two office leases totaling 18,003 square feet at Republic Center, a 50-story tower in downtown Dallas. Lexitas, a court reporting and legal records firm, renewed and expanded its lease to 13,725 square feet, and Deans Stepp Law Firm leased 4,278 square feet. Trae Anderson and Kathy Parmenter of Younger Partners represented the unnamed landlord in the lease deals. Conor McCarthy and Maggie Birnbach of JLL represented Lexitas, and Sanders Thompson of Transwestern represented Deans Stepp. Republic Center spans more than 1 million square feet of office, retail and multifamily space near the DART St. Paul light rail station in Dallas’ central business district.
SALT LAKE CITY — Hines and Industrious will open The Square with Industrious Salt Lake City, the second flexible workspace location under the Hines2 platform, on June 22. Located in the historic Kearns Building at 136 S. Main St., The Square with Industrious Salt Lake City will be the first coworking space in Utah to pursue the International WELL Building Institute’s WELL Certification. Industrious will operate the asset. Hines has implemented a $25 million redevelopment project at the Kearns Building, which was built in 1911. The redevelopment program includes all new HVAC, technical upgrades and building amenities. The completed project will offer floor plates to accommodate large enterprises and small business across two floors totaling 25,000 square feet. Members of The Square with Industrious Salt Lake City will have access to a tenant lounge, event space, wellness center, fully equipped gym with two-story historic windows and a rooftop space. Additionally, the property will offer a member kitchen, daily gourmet breakfast and coffee, and a fully stocked café with snacks and soft beverages. Services provided at the coworking space will include 24/7 access, mail/package services, unlimited printing, secure shredding, audio/visual meeting support, fast and secure internet with VLAN in every office …
ALBUQUERQUE, N.M. — Albuquerque-based Goodman Realty is developing Portland Building, an office building located within Winrock Town Center in Albuquerque. The ground-up construction project will feature a three-story, 28,000-square-foot office and retail property, along with a park, all situated on a two-acre site. Goodman plans to break ground on the asset in fourth-quarter 2020, with completion slated for second-quarter 2022. The project is expected to cost $8.5 million. Located at 2100 Louisiana Blvd. NE, Winrock Town Center offers 1.1 million square feet of retail space, 825 multifamily residential units, 160 hotel rooms and 130,000 square feet of office space.
SAN ANTONIO — Worth & Associates has broken ground on Walker Ranch Business Park, a two-building, 135,000-square-foot office park in San Antonio. The site is located on 10.8 acres at the corner of Wurzbach Parkway and West Avenue in the city’s North Central submarket. Walker Ranch will comprise a 58,000-square-foot, two-story office building with 10-foot ceilings, two conference rooms, break rooms and a courtyard. The second building will span 78,000 square feet of flex office space with 26-foot clear heights, skylights and outdoor break areas and porches. Worth & Associates plans to deliver the flex building in first-quarter 2021 and the office building in second-quarter 2021. Shawn Gulley represented Worth & Associates in the land purchase internally, and Eldon Roalson of Roalson Interests Inc. represented the seller, Coker United Methodist Church. The project team includes Joeris General Contractors and architect Chesney Morales.
HICKORY, N.C. — Flagship Healthcare Properties has purchased three medical office buildings totaling 88,000 square feet in Hickory. The buildings were 96 percent leased at the time of sale to tenants including the Veteran’s Administration Hickory Outpatient Clinic (25,920 square feet), A Woman’s View (20,470 square feet) and practices associated with Frye Regional Medical Center (19,923 square feet). The VA is located at 2440 Century Place SE, 50 miles north of downtown Charlotte. A Woman’s View is located at 915 Tate Blvd. SE, and Frye Regional Medical Center is situated at 420 N. Center St. Flagship Healthcare will provide property management services at the Hickory portfolio. First Horizon Bank provided acquisition financing. The seller(s) and sales price were not disclosed.
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.
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.
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 …
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.
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.