Office

Meridian Capital Arranges $52M in Construction Financing for Mixed-Use Project in Los Angeles

by Amy Works December 2, 2019

LOS ANGELES — Meridian Capital Group has arranged $52 million in non-recourse construction financing for Produce LA, a speculative mixed-use development located in Los Angeles. The three-year loan, which a balance sheet lender provided, features a floating rate, two one-year extension options and full-term interest-only payments. Seth Grossman and Sarah Kuebler of Meridian negotiated the financing for the undisclosed borrower. Located at 640 S. Santa Fe Ave., the 71,400-square-foot development site is located within an Opportunity Zone in the Arts District of downtown Los Angeles. When complete, the four-story, 113,600-square-foot property will feature Class A creative office space with ground-floor restaurant and retail space and a 4,300-square-foot rooftop terrace. Additionally, the project will sit above two levels of subterranean parking and include an adjacent 64-stall surface lot, totaling 216 parking spaces for the property. Produce LA is also located adjacent to the Sixth Street Viaduct project, a new bridge and 12-acre park slated to open in 2020, as well as the proposed Sixth Street metro station.

December 2, 2019

Acquisitions Healthcare Nevada Office Western

Marcus & Millichap Brokers $1.6M Sale of Medical Office Building in Las Vegas

by Amy Works December 2, 2019

LAS VEGAS — Marcus & Millichap has arranged the sale of a medical office property located at 8678 Spring Mountain Road. A limited liability company sold the property to an undisclosed buyer for $1.6 million. Southwest Neck & Back Clinic occupies the 9,672-square-foot building. Ray Germain and Austin Lee of Marcus & Millichap’s Las Vegas office represented the seller in the deal.

December 2, 2019

Development District of Columbia Office Southeast Top Stories

Foulger-Pratt, USAA Break Ground on 25-Story Spec Office Project in Tysons, Virginia

by Taylor Williams December 2, 2019

TYSONS, VA. — A partnership between locally based developer Foulger-Pratt and USAA Real Estate has broken ground on Tysons Central, a 25-story speculative office project located within the Tysons Corner submarket of Northern Virginia. Tysons Central will span 383,628 square feet. Approximately 91 percent of the space will be dedicated to office use, with the remainder for retail and restaurant use. The building will feature 9-foot ceilings and column-free floors that support floor plates ranging in size from 26,000 to 29,000 square feet. Amenities will include a penthouse and fitness center on the top floor, as well as elevated terraces on the upper portion of the building. Gensler designed the project, which will be located just steps away from the Greensboro Metro Station. “As competition for talent intensifies, companies have increasingly selected highly connected and amenitized locations that appeal to an educated urban workforce,” says Cameron Pratt, CEO of Foulger-Pratt. “With only a handful of large blocks available in Tysons, we believe the market will respond strongly to the project’s world-class design, modern efficiencies and unrivaled walkability to transit, local residential and destination retail.” Avison Young has been tapped to lease the building, completion of which is scheduled for 2021. …

December 2, 2019

Development Florida Mixed-Use Office Southeast

Bromley to Develop 70,000 SF Boutique Office Building at Midtown Tampa Project

by John Nelson November 27, 2019

TAMPA, FLA. — Bromley Cos. has unveiled plans for a 70,000-square-foot, standalone office building within its Midtown Tampa project called The Loft at Midtown Tampa. The three-story building will feature ground-floor retail space with boutique office space on the second and third floors. The property will offer 15-foot ceilings, skylights and an outdoor terrace. Located near Midtown Commons park, The Loft will be adjacent to the dual-branded Aloft and Element hotels and 400 planned apartments. The office space will serve as an alternative to three traditional office towers already announced for the $500 million Midtown Tampa project, which will total 750,000 square feet. The first tower, Midtown One, is currently under construction with completion expected in 2021. Robin Bishop of Cushman & Wakefield’s Tampa office is Bromley’s leasing agent for The Loft.

November 27, 2019

California Development Hospitality Mixed-Use Multifamily Office Retail Top Stories Western

Republic Urban Properties, Principal Real Estate Plan $401M Gateway at Millbrae Station Mixed-Use Project in Bay Area

by Alex Patton November 27, 2019

MILLBRAE, CALIF. — A partnership between Republic Urban Properties and Principal Real Estate Investors is preparing to break ground on a transit-oriented, mixed-use project named Gateway at Millbrae Station in Millbrae, a suburb just south of San Francisco. Located at the Millbrae Bay Area Rapid Transit (BART) station, the development will comprise 157,000 square feet of office space, 320 market-rate apartments, 80 affordable housing units, a 164-room hotel, 400 homes and 44,000 square feet of retail. Development costs are estimated at $401 million. The two developers formed a partnership called Republic Millbrae LLC, which will finance, construct and own the residential and office components of the project. “Gateway at Millbrae Station promises to be the new standard for revitalizing transit stations by increasing ridership while increasing revenues and creating much-needed affordable housing and jobs for the city of Millbrae and San Mateo County,” says Michael Van Every, president and CEO of Republic Urban Properties. The Millbrae BART Station and parking garage will remain open during construction, which is scheduled to begin on Wednesday, Dec. 4. “BART’s transit-oriented development helps the Bay Area address two of its greatest challenges: worsening traffic congestion and the lack of affordable housing,” says Bevan Dufty, …

November 27, 2019

Acquisitions Arizona Healthcare Office Western

CBRE Negotiates $20.5M Sale of Forum at Gilbert Ranch Office, Medical Campus in Arizona

by Amy Works November 27, 2019

GILBERT, ARIZ. — CBRE has arranged the sale of The Forum at Gilbert Ranch, a Class A office and medical campus located at 1472, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive in Gilbert. Denver-based EverWest Real Estate Investors sold the property to Forum at Gilbert LLC, a private Midwestern buyer, for $20.5 million. Totaling 92,453 square feet, the five-building campus features one single-story building and four two-story buildings. The asset offers modern construction and improvements, with subterranean and covered parking with a parking ratio of 4.4 spaces per every 1,000 square feet. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix represented the seller in the deal. Jeff Stein and Jeff Harris of CBRE Debt & Structured Finance in Houston arranged financing for the buyer. At the time of sale, the property was 93 percent leased to a variety of finance, real estate, coworking and medical tenants. CBRE’s Jamie Swirtz and Bruce Suppes will handle leasing of the property on behalf of the new ownership.

November 27, 2019

Loans New York Northeast Office

Blackstone Provides $724.2M Loan for Refinancing of Hudson Commons Office Building in Manhattan

by Alex Patton November 27, 2019

NEW YORK CITY — Blackstone Mortgage Trust has provided a $724.2 million loan for the refinancing of Hudson Commons, a 698,000-square-foot redeveloped office building in the Hudson Yards submarket of Manhattan. The borrower, a partnership between Cove Property Group and The Baupost Group, purchased the former warehouse from Emblem Health in December 2016. Hudson Commons is now 65 percent leased to tenants including Peloton and Lyft, which will occupy 336,000 square feet and 100,000 square feet, respectively. Kohn Pedersen Fox handled design of the redevelopment project. Grant Frankel, Phil McKnight and Ethan Pond of Eastdil Secured LLC arranged the refinancing loan.

November 27, 2019

Leasing Activity New York Northeast Office

Colliers Negotiates 10,000 SF Office Lease for Hungryroot in Manhattan

by Alex Patton November 27, 2019

NEW YORK CITY — Colliers International has negotiated a 10,000-square-foot office lease for grocery delivery service Hungryroot in the Flatiron neighborhood of Manhattan. Hungryroot is moving to 7 West 22nd Street from its Union Square coworking office space to accommodate its everyday business functions, rising employee count and continued company growth. Sheena Gohil and Jack Senske of Colliers represented Hungryroot in the lease negotiations. Paul Amrich, Neil King, Alexander Golod and Georgina Cook of CBRE represented the landlord, Chang Realty Associates.

November 27, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $156.9M Sale of Tampa Office Portfolio

by John Nelson November 26, 2019

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of a 756,038-square-foot office portfolio in Tampa for $156.9 million. Angelo Gordon, a New York-based private equity real estate investment firm, and Commercial Florida Realty Partners sold the collection of five office buildings to a joint venture between Partners Group and Parkway Property Investments LLC. Partners Group is a global private markets group based in Zug, Switzerland, and Parkway Property Investments is a real estate investment, development and operating company with assets across the Mid-Atlantic and Sunbelt regions. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield’s Investment Sales Team represented Angelo Gordon and Commercial Florida Realty Partners in the sale. The portfolio includes 501 E. Kennedy Blvd. in downtown Tampa, now known as WeWork Place, and four properties in the Westshore District (Westshore Corporate Center and Cypress Centers I, II, and III). The properties were built between 1981 and 1988, and the overall occupancy was approximately 91 percent at the time of sale. WeWork Place is a 19-story, 295,982-square-foot office tower that houses tenants such as GE Capital, Woodforest National Bank, the Florida Office of the Attorney General and BMO Harris Bank, in …

November 26, 2019

Loans Maryland Office Southeast

JLL Secures $42M Loan for Rio Shopping Center in Suburban Maryland

by John Nelson November 26, 2019

GAITHERSBURG, MD. — JLL has arranged $42 million in financing for the western portion of Rio, a 700,000-square-foot retail property in the suburban Washington, D.C., city of Gaithersburg. Located at 9811 Washingtonian Blvd., the property is located at the intersection of Interstates 270 and 370. Chris Hew and Evan Parker of JLL Capital Markets arranged the 12-year, fixed-rate loan on behalf of the borrower, Peterson Cos., through MetLife Investment Management. Peterson, a Fairfax, Va.-based real estate developer, will use loan proceeds to refinance an existing loan and complete a multimillion-dollar capital improvement plan that includes the development of an outparcel building preleased to True Food Kitchen, as well as garage repairs, updating building facades, expanding the boardwalk, new entertainment and programming spaces and refurbishing a pedestrian bridge. Rio is 98 percent leased to a mix of retailers that includes Target, Dick’s Sporting Goods, Kohl’s and Barnes & Noble, along with restaurant tenants such as Yard House, Uncle Julio’s, Corner Bakery, Lanzhou Hand Pulled Noodles and Kung Fu Tea.

November 26, 2019

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