MOUNT OLIVE, N.J. — NAI James Hanson has negotiated the sale of a 5,000-square-foot office building in Mount Olive, located approximately 40 miles west of New York City. The property, located at 425 Sand Shore Road, is a two-story office building that has sat vacant for several years. Joseph Vindigni of NAI James Hanson represented the seller, Mendham Associates LLC, in the transaction. Vindigni also represented the buyer, Snap Creative Marketing LLC. The sales price was undisclosed.
Employers throughout Orange County continue to seek ways to attract and retain the best and brightest talent as unemployment dropped to 2.4 percent in the second quarter, below both the California and U.S. rates. That, in turn, has resulted in landlords reinvesting in their properties, providing creative and flexible work spaces, and offering a variety of onsite amenities and service that help companies fulfill that goal. Landlords continue to seek out creative competitive advantages by improving the actual employee experience within the workplace. This often results in amenities like gyms, fitness classes, outdoor work areas, restaurants and collaborative open spaces. Add to that complimentary concierge and personal services, dog-friendly campuses, onsite hosted events and entertainment opportunities and it’s evident to see that property owners are stepping up their tenant services game, thereby enhancing employee innovation and productivity in the workplace. With all that in mind, three new office projects completed construction in the second quarter. FLIGHT at Tustin Legacy added 457,217 square feet of unique, creative office space with 26 percent already pre-leased. The major warehouse-to-office conversion project at 2722 Michelson was delivered fully leased to Anduril, an aerospace defense firm, which subsequently subleased 47,733 square feet to advertising technology …
CHICAGO — Transwestern Commercial Services has secured a 45,457-square-foot office lease at 200 W. Madison in Chicago for FBRK, a membership-based work and philanthropy center dedicated to serving and supporting grant makers, family foundations and investors. Founded by former Chicago Bears football player Israel Idonije, FBRK Impact House will occupy three floors of the Class A office tower, which is owned by Multi-Employer Property Trust with BentallGreenOak as its advisor. The space includes a public work lounge and restaurant on the first floor, with membership access to offices, lounges and amenities on the second and third floors. FBRK Impact House is expected to open in March 2020. Larry Serota, Cece Conway and Holly Bailey of Transwestern represented FBRK in the site selection and lease negotiation.
ST. LOUIS — McCarthy Building Cos. and HITT Contracting will build a $1.7 billion office campus in St. Louis for the National Geospatial-Intelligence Agency (NGA), which provides intelligence and combat support services to the U.S. Department of Defense. The campus is being developed on a 97-acre tract at the corner of Jefferson and Cass avenues on the city’s north side. The property will feature approximately 712,000 square feet of office space, parking garages, a visitor’s center and an inspection facility. NGA, which has operated out of St. Louis for 70 years, will relocate from its current facility in south St. Louis to the new campus, which is expected to be fully operational by 2025. The U.S. Air Force owns NGA’s current campus, and it remains unclear what the military branch will do with that property following the relocation. “NGA’s new campus will be built with spaces that facilitate information sharing and collaboration among NGA’s and St. Louis’ talented innovators,” says Vice Admiral Richard Sharp, director of NGA. “Working together, we can better achieve NGA’s mission of providing world-class intelligence to U.S. service members and leaders to keep our nation secure.” A groundbreaking ceremony is scheduled for Tuesday, Nov. 26. Following …
NORCROSS, GA. — JLL has brokered the $71.3 million sale of Gwinnett Park, a 981,720-square-foot light industrial and business park portfolio composed of 18 buildings in the Atlanta suburb of Norcross. Dennis Mitchell, Matt Wirth and Britton Burdette of JLL marketed the property on behalf of the seller, California-based Sperry Equities. Dogwood Industrial Properties purchased the portfolio. Dogwood, owned by TPG Real Estate Partners, specializes in multi-tenant industrial assets. Gwinnett Park is located at 4405 International Blvd., near Interstate 85 and approximately 20 miles northeast of downtown Atlanta. The business park’s buildings were constructed between 1973 and 1997 and feature 18- to 22-foot clear heights, a combination of shallow bay suites, a mix of grade-level and dock-high doors, parking and office space. The property is approximately 87 percent leased to more than 55 tenants in various sectors, including manufacturing, healthcare, logistics, education, consumer goods, marketing, financial services, engineering and commercial and business services.
FORT WASHINGTON, PA. — Nonprofit senior living organization Acts Retirement-Life Communities has acquired an 80,000-square-foot office building in Fort Washington, a northern suburb of Philadelphia. The company will move its operations from West Point, where it has been headquartered since 1989, and will be the sole occupant of the new building. The office complex was built in 2006 and will serve Acts Retirement’s primary base of operations for its 26 senior living campuses located throughout the East Coast, including 12 in the greater Philadelphia area. Employees have already begun transferring to the new office, completion of which is slated for December. The sales price was undisclosed.
DALLAS — Locally based developer Bright Realty has completed Offices at The Realm, a 235,000-square-foot office project with 16,000 square feet of ground-floor retail space in Lewisville, located north of downtown Dallas. The project represents Phase I of Bright Realty’s 324-acre Realm at Castle Hills mixed-use development. Amenities at Offices at The Realm include a fitness center, conference center and a rooftop terrace. Coworking firm Venture X has also signed a lease to occupy 30,371 square feet at the nine-story building. BOKA Powell designed the project, and Hill & Wilkinson served as the general contractor. Phase II of The Realm at Castle Hills will deliver a 260-unit apartment community with ground-floor retail and restaurant space in fall 2020.
CORONA, CALIF. — San Diego-based Providence Capital Group has completed the sale of Rincon Corporate Plaza, an office building located at 355 E. Rincon St. in Corona. ZHOPE LLC acquired the asset for $11.8 million, or $200 per square foot. At the time of sale, the 58,850-square-foot property was 100 percent leased to 17 tenants, including Lennar Homes, Wells Fargo and Verizon. Anthony DeLorenzo, Gary Stache, Doug Mack, Sammy Cemo and Bryan Johnson of CBRE represented the seller. Shaun Moothart and Jenifer Ansari, also of CBRE, arranged financing for the Corona-based buyer in the transaction.
MAYFIELD HEIGHTS, OHIO — Mohr Capital has sold a 460,000-square-foot, net leased office building in Mayfield Heights, a suburb of Cleveland, for $61.1 million. The property is fully leased to Rockwell Automation Inc. Mohr acquired the asset two years ago. Rodrigo Godoi and Kyle Campbell of Mohr represented the company in the sale. There were no brokers involved in the transaction. The buyer was undisclosed.
Even in the context of a sustained stretch of national economic growth and a Midwest region where there are plenty of high-performing markets, Minneapolis-St. Paul stands out. The commercial real estate market in and around the Twin Cities is thriving, in large part due to some impressive structural fundamentals. Metrics and measurables The state of Minnesota — especially the Minneapolis-St. Paul metro area — has a very diverse base of employment, with a long list of significant Fortune 500 companies, including familiar and even iconic names like Target, Best Buy, 3M, U.S. Bancorp, General Mills, Medtronic, C.H. Robinson and United Health Care. United Health Care alone generated $226 billion in revenue in 2018. The economic and market diversity of the Twin Cities stands in contrast to some other Midwest markets, even some that are experiencing significant growth. The market has also experienced an exciting and ongoing uptick in workforce numbers and population growth, elevating Minneapolis-St. Paul far ahead of U.S. averages for both numbers — surpassing cities like Seattle, Atlanta and Washington, D.C. Forbes lists the state of Minnesota as among the nation’s top 10 “Best States for Business.” With 65 percent of the state’s population living in the Minneapolis-St. …