Office

BLT Enterprises Sells Three-Building Sorrento Tech Campus in San Diego for $39M

by Amy Works May 28, 2020

SAN DIEGO, CALIF. — Santa Monica, Calif.-based BLT Enterprises has completed the disposition of Sorrento Tech Campus, a three-building creative office/R&D complex located in San Diego’s Sorrento Mesa submarket. Longfellow Real Estate Partners acquired the campus for $39 million. Located at 10070, 10140 and 10180 Barnes Canyon Road, the complex totals 83,480 square feet. BLT Enterprises implemented a repositioning plan of the original campus, which it acquired in 2016. The renovations included transforming 35,000 square feet of raw industrial space into innovative creative office product with an open floor plan, three executive offices, a large conference room, an upgraded kitchen and an outdoor patio. CV Sciences, TorreyCove Capital Partners, L3 Technologies and Ron’s Pharmacy fully occupied the complex at the time of sale. Ron Jacobson of SD Realty Partners, along with Rick Reeder and Brad Tecca of Cushman & Wakefield, completed the transaction on behalf of the buyer and seller.

May 28, 2020

Acquisitions New York Northeast Office

Habib American Bank Acquires Office Building in Manhattan for $28.2M

by Alex Patton May 27, 2020

NEW YORK CITY — Habib American Bank has acquired the Lord Memorial Building, a 32,270-square-foot office building in the Midtown East neighborhood of Manhattan, for $28.2 million. Located at 150 E. 45th St., the property includes approximately 5,168 square feet of retail space on the ground floor and 27,102 square feet of office space on the second through seventh floors. The building was constructed in 1950 for the seller, Children’s Aid Society, and later extended to seven stories in the mid-1960s. Children’s Aid occupied the building at the time of sale but will now vacate its space. Jonata Dayan of Co-op & Condo Sales and Brett Weiss of HSP Real Estate Group represented Habib in the transaction. Bob Knakal, Jonathan Hageman and Clint Olsen led a JLL team that represented Children’s Aid Society.

May 27, 2020

Leasing Activity Office Texas

American Athletic Conference Signs 18,000 SF Office Lease in Irving for New Headquarters

by Taylor Williams May 27, 2020

IRVING, TEXAS — The American Athletic Conference has signed an 18,000-square-foot office lease at The Summit at Las Colinas in Irving for its new headquarters. The company will relocate its 30 employees later this summer from Providence, R.I., where it has been based since 1979. Conor McCarthy and Jeremy McGown of JLL represented the conference in the lease negotiations. James Esquivel and Ahnie Sheehy, also with JLL, represented the landlord, Gemini Rosemont Commercial Real Estate. The 19-story, 376,000-square-foot Summit at Las Colinas currently houses tenants such as the College Football Playoff, Nexstar Media, JPMorgan Chase and General Motors. Renovations to the building’s common areas will begin later this year. The American Athletic Conference, formerly known as the Big East, comprises 11 members and includes two Texas educational institutions: the University of Houston and Southern Methodist University.

May 27, 2020

Acquisitions New Jersey Northeast Office Retail

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

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