ST. CLOUD, MINN. — KW Commercial has arranged the sale of Northway Court Center in St. Cloud, about 65 miles northwest of Minneapolis. Located at 1501 Northway Drive, the 21,178-square-foot building is home to a variety of retail, office and restaurant tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Northway Retail Partners LLC. The seller and sales price were not disclosed.
SOUTH ORARGE, N.J. — Kislak Co. Inc. has arranged the $11.6 million sale of South Orange Square, a 31,000-square-foot office and retail property located on the western outskirts of New York City. Located at 67-81 S. Orange Ave. and 3-11 Scotland Road, the property includes 21,000 square feet of ground-floor retail space, 9,000 square feet of second-story office space and 1,000 square feet of storage rooms. At the time of sale, the property was 98 percent leased to tenants including Verizon, Investors Bank and the South Orange Pharmacy. Meridian Capital Group arranged acquisition financing through Spencer Savings Bank on behalf of the undisclosed buyer. Joni Sweetwood of Kislak represented the seller, which was also undisclosed.
BEDFORD, TEXAS — Marcus & Millichap has arranged the sale of an 8,750-square-foot office building located at 405 Airport Freeway in Bedford, a suburb of Fort Worth. Ron Hebert and Blake Burnett of Marcus & Millichap represented the seller and procured the 1031 exchange buyer, both of which were private investors that requested anonymity.
FRANKLIN, WIS. — JTL Carriers, a trucking company, has renewed its 3,230-square-foot office lease at Franklin Corporate Center in Franklin, a suburb of Milwaukee. The property is located at 9809 S. Franklin Drive. Jenna Maguire and Ned Purtell of Founders 3 Real Estate Services represented the landlord, SARA Investment Real Estate. With offices in Madison, Milwaukee, Minneapolis and St. Louis, SARA Investment Real Estate acquires, develops, leases, finances and manages properties throughout the Midwest. The company manages assets valued at more than $350 million.
An hour east of downtown Los Angeles, the Inland Empire office market contains about 25 million square feet of office product in San Bernardino and Riverside counties. This market has undergone tremendous growth over 10 years, and a more diverse stable of occupiers has moved in since the area was decimated by the housing crisis of 2007. At times overlooked, the Inland Empire’s office market is more than just the low-cost alternative to Southern California’s LA and Orange counties. With a sector vacancy rate of just 9 percent (lower than neighboring submarkets) the Inland Empire’s economic engine is supporting one of the fastest job growth areas in the country over the past decade, boasting an unemployment rate of only 3.6 percent. The fourth quarter of 2019 witnessed the first speculative general office building development in more than eight years. Average asking rates have also increased to $2.05 per square foot, the highest level since 2009. With sustained positive absorption and continued rising rental rates, this area has shifted to become a landlord market over the past couple years and, with this, concessions will continue to evaporate. Education and health services, government, and professional and business services have all seen recent …
SAN DIEGO — BPS Bioscience has acquired an office property located in San Diego’s Sorrento Mesa submarket for $8.5 million. The seller was Canada-based Ledcor Group. Located at 6405 Mira Mesa Blvd., the 37,991-square-foot, two-story building was originally built in 1990. The buyer plans to occupy the majority of the building, while leasing back a portion of the building to the seller. Matt Pourcho, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller, while an outside firm represented the buyer in the transaction.
HONOLULU — Swinerton Builders has signed a 91-month lease to occupy office space at Davies Pacific Center, a 23-story office tower located at 841 Bishop St. in Honolulu. The lease is valued at $3.2 million. The Hawaii-based contractor will relocate its local headquarters to a 12,000-square-foot space on the office tower’s fifth floor. Swinerton provides commercial construction and construction management services throughout the United States. Built in 1972 and renovated in 2006, Davies Pacific Center features 375,742 square feet of commercial office and retail space. San Diego-based Parallel Capital Partners, in partnership with Honolulu-based The Shidler Group, took over asset management of the property last year and has completed nearly $4 million in elevator modernizations and speculative suite upgrades. Additionally, another $1 million in renovations, including lobby improvements, is currently underway. Keenan J.S. Sue of JLL brokered the deal.
RICHMOND, VA. — Colliers International has negotiated a 38,400-square-foot office lease for the City of Richmond to relocate its Office of the General Registrar. The property is situated at 2134 W. Laburnum Ave., five miles northwest from downtown Richmond. The office is adjacent to where Interstates 195 and 64 merge. The previous office is located at 900 E. Broad St. in downtown Richmond. Harrison Hall and Will Bradley of Colliers represented the landlord, DAR Enterprises LLC, in the transaction.
IRVING, TEXAS — Newmark Knight Frank (NKF) has negotiated a 35,471-square-foot office lease at Riverside Commons in Irving. According to LoopNet Inc., the property was built in 1987, renovated in 2008 and totals 90,425 square feet. John Wolf of NKF represented the tenant, mortgage origination firm Planet Home Lending, in the lease negotiations. Cushman & Wakefield represented the landlord, BSREP Riverside LLC.
TARRYTOWN, N.Y. — Houlihan-Parnes LLC has arranged a $31 million loan for the refinancing of 660 White Plains Road, a 280,000-square-foot, Class A office building in Tarrytown, located approximately 30 miles north of New York City. A local bank provided the 10-year loan at a fixed interest rate of 3.13 percent to the building owners, a partnership of RD Management and Houlihan-Parnes affiliate GHP Office Realty. Since acquiring the property in 2017, ownership has invested millions of dollars in capital improvements and various building upgrades, including a fitness center and renovated lobby, and raised the occupancy rate from 78 percent to 98 percent. Tenants include Prestige Brands, ENT & Allergy Associates and KeyBank National Association. Rachel Greenspan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes arranged the loan.