Office

CREA Breaks Ground on 172,000 SF Eastlake at Tillery Office Project in Austin

by Taylor Williams December 9, 2019

AUSTIN, TEXAS — Cypress Real Estate Advisors (CREA) has broken ground on Eastlake at Tillery, a 172,000-square-foot office project in East Austin. The development will consist of two three-story buildings and an adjacent parking structure. Amenities will include a fitness center, bike storage and rental space, a prep kitchen and rotating art installations. Delineate Studio is the project architect, and Harvey Cleary is the general contractor. Aquila Commercial will handle leasing of the project. CREA expects to begin tenant improvement work at Eastlake at Tillery in December 2020.

December 9, 2019

Acquisitions Office Texas

JRV Heating & Cooling Buys 5,077 SF Office Building in Metro Dallas

by Taylor Williams December 9, 2019

ALLEN, TEXAS — JRV Heating & Cooling LLC has purchased a 5,077-square-foot office building located at 720 E. Main St. in Allen, a northeastern suburb of Dallas. The sale includes approximately one acre of land. Scott Axelrod of Henry S. Miller Brokerage represented the seller, Tom Brian DDS, a local dentist office, in the transaction.

December 9, 2019

California Civic Healthcare Loans Office Western

Dougherty Mortgage Arranges $16.2M in Financing for Healthcare Clinic in Templeton, California

by Amy Works December 9, 2019

TEMPLETON, CALIF. — Dougherty Mortgage has partnered with Community Health Care Centers of the Central Coast (CHCCC) to obtain $16.2 million in public and private financing for a new healthcare clinic and expanded community services in Templeton. CHCCC provides healthcare services to the Central Coast’s vulnerable and at-risk residents. Located at 1330 Las Tablas Road in Templeton, the clinic, which is open and welcoming new patients, will meet more of the needs in the community for primary care, dental and behavioral health services. The project was financed through two United States Department of Agriculture Rural Development programs. Half of the total investment was provided to CHCCC through the department’s Community Facilities Loan program, with the remaining $8.1 million invested as a loan guarantee to Dougherty Mortgage.

December 9, 2019

Acquisitions California Industrial Lee & Associates Office Western

Lee & Associates Negotiates Sale of 60,416 SF R&D Building in Southern California

by Amy Works December 9, 2019

SIMI VALLEY, CALIF. — Lee & Associates-LA North/Ventura has arranged the sale of a research and development building located at 685 E. Cochran St. in Simi Valley. Albert Halami, a private investor, acquired the asset from 685 Cochran Holdings LLC for $11 million, or $183 per square foot. The seller will continue to occupy a portion of the 60,416-square-foot property for its businesses, which include SensoScientific, under a sale-leaseback arrangement. Other tenants at the fully leased building include Hangman Products and Brown & Brown Insurance. Built in 1986, the two-story property features 22-foot and 24-foot clear heights, two dock-high doors and three grade-level loading doors. The second floor, with about 20,000 square feet of general and engineering offices, was fully renovated in 2015. The buyer plans to continue the renovation efforts, including re-landscaping and improving the parking lot. Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura.

December 9, 2019

Acquisitions Illinois Midwest Office

American Library Association Sells Chicago Headquarters Buildings

by Kristin Harlow December 9, 2019

CHICAGO — American Library Association (ALA) has sold its headquarters buildings at 50 E. Huron St. and 40 E. Huron St. in Chicago’s River North neighborhood. Neither the buyer nor the sales price were disclosed. In spring 2020, ALA will move its office to Michigan Plaza at 225 N. Michigan Ave. Until then, ALA staff will continue to occupy the adjoined, 98,000-square-foot buildings on Huron. ALA says the move will provide it with modernized workspace and enhanced meeting space. Architecture firm Nelson is designing the new office buildout. ALA began occupying space at 50 E. Huron in 1963 before building an extension and opening 40 E. Huron in 1981. The two connected buildings have housed the association’s staff ever since.

December 9, 2019

Acquisitions Office Top Stories Washington Western

The Roxborough Group Acquires Metro Seattle Office Portfolio for $73.6M

by Alex Patton December 6, 2019

REDMOND, WASH. — San Francisco-based investor The Roxborough Group LLC has acquired Quadrant Willows, a 248,041-square-foot, Class A office complex in Redmond, an eastern suburb of Seattle. The purchase price was $73.6 million, according to the Seattle Daily Journal of Commerce. The four buildings of Quadrant Willows are located along Willows Road in the tech-dominated Redmond submarket. The seller, Equus Capital Partners Ltd., acquired the complex in 2016 and has since completed $850,000 worth of renovations. “We were able to assemble an attractive four-building portfolio, through two separate acquisitions, in one of the most dynamic office markets in the country and take the occupancy from a combined 78 percent at acquisition to 100 percent at the time of sale,” says Robert Butchenhart, vice president for Equus and manager for Equus’ West Coast office. Redmond benefits from Microsoft’s 8 million-square-foot corporate headquarters and the Eastlink Light Rail transit line. “The Redmond submarket is one of the most dynamic Eastside submarkets with 21.5 percent rent growth over the past 24 months. Vacancy, including Microsoft, is at 4.4 percent with overall Eastside vacancy at 4.3 percent,” says Joe Lynch, executive managing director of Newmark Night Frank (NKF), which represented the Equus in the …

December 6, 2019

Development Georgia Office Southeast

Coro Realty, Southeastern Capital to Convert Former Masquerade Music Venue in Atlanta into Offices

by Alex Tostado December 6, 2019

ATLANTA — Coro Realty and Southeastern Capital Cos. are transforming the 118-year-old Excelsior Mill buildings in Atlanta’s Old Fourth Ward into 30,000 square feet of office space. The two companies purchased the building in 2016 when it was known as the music venue, The Masquerade. The partnership has teamed with designer Smith Dalia Architects to open the floor plan and add natural light. Much of the manufacturing equipment will remain in place, including an extensive heavy-duty gear and pulley system originally used at the property. Completion is slated for first quarter of 2020. The property is located across from Ponce City Market along the Atlanta BeltLine’s Eastside Trail. Scott DeMeyer and Emily Richardson with Colliers International are leading the office leasing efforts.

December 6, 2019

Development Life Sciences New York Northeast Office

King Street Properties Begins Construction of 266,800 Innolabs Life Sciences Project in Long Island City

by Alex Patton December 6, 2019

LONG ISLAND CITY, N.Y. — King Street Properties has begun construction of Innolabs, a 266,800-square-foot life sciences project in Long Island City. Located at 45-18 Court Square, the project involves the redevelopment and expansion of a 160,000-square-foot, Class B office building that will anchor the life sciences sector on Long Island. The building will be completely gutted and renovated to allow for multi-tenant floors and will be expanded with a four-story addition and two six-story additions. The project is slated for completion in the first quarter of 2021.

December 6, 2019

Leasing Activity New York Northeast Office

Akerman Law Firm Signs 100,000 SF Office Lease in Manhattan

by Alex Patton December 6, 2019

NEW YORK CITY — Law firm Akerman LLP has signed a 100,000-square-foot office lease at 1251 Avenue of the Americas in Manhattan. Akerman will move from its current office at 666 Fifth Avenue to the entire 37th and 38th floors and a portion of the 35th floor at the new building. About 185 lawyers will work out of the new space. Other tenants of the building include MUFG Union Bank, Trust Co. of the West and Mizuho Corporate Bank. Matthew Cheezem, Ken Siegel and Lisa Kiell of JLL represented Akerman in the lease negotiations. David Falk and Peter Shimkin of Newmark Knight Frank represented the landlord, Mitsui Fudosan America Inc., the U.S. subsidiary of Japanese real estate company Mitsui Fudosan Co. Ltd.

December 6, 2019

Acquisitions Arizona Office Restaurant Retail Western

Sumitomo Acquires 24-Story Collier Center Commercial Complex in Downtown Phoenix

by Amy Works December 6, 2019

PHOENIX — Sumitomo Corp. of Americas has purchased Collier Center, a 2.8-acre commercial complex in downtown Phoenix. Eastdil Secured handled the transaction. Terms of the deal, including acquisition price and seller, were not disclosed. The 24-story property features more than 578,000 square feet of rentable space, including a variety of restaurants and bars, plus a three-level underground parking garage. At the time of acquisition, the building was 84 percent occupied, with Bank of America and Uber among its largest tenants. With this new acquisition, Sumitomo owns a commercial real estate portfolio totaling over $425 million to date with more than 1.6 million square feet of commercial space.

December 6, 2019

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