Office

Gerding Edlen Buys 272,079 SF Power + Light Office Building in Portland for $131.5M

by Amy Works November 15, 2019

PORTLAND, ORE. — An affiliate of Gerding Edlen has acquired the Power + Light Building, an office property located in the central business district of Portland. An affiliate of Beacon Capital Partners sold the asset for $131.5 million. Located at 920 SW Sixth Ave., the 272,079-square-foot property was repositioned in 2018 to appeal to tenants seeking creative office space in a walkable location. The recent $9.4 million repositioning included an overhaul of the building lobby and the addition of a high-end fitness center equipped with shower and locker facilities, bike storage and an indoor/outdoor rooftop tenant lounge. At the time of sale, a diverse mix of office and retail tenants occupied the 15-story building. Power + Light is located a few blocks from Pioneer Square and Portland’s multi-modal transit hub. Nick Kucha and James Childress of Newmark Knight Frank, along with Buzz Ellis and Rob Hielscher of JLL, represented the seller. The buyer was self-represented in the transaction.

November 15, 2019

Acquisitions Arizona Office Western

Pueblo Nuevo Holdings Sells 95,810 SF Office Property in Phoenix for $11.9M

by Amy Works November 15, 2019

PHOENIX — Pueblo Nuevo Holdings has completed the sale of Pueblo Nuevo, an office asset located at 301 E. Bethany Home Road in Phoenix. Beverly Hills, Calif.-based GMK Assets Corp. acquired the property for $11.9 million. Pueblo Nuevo is a garden-style, 95,810-square-foot, multi-tenant office property. The asset features Santa Fe architecture and large central courtyards with gardens, Koi ponds and waterfalls. The property underwent an extensive renovation from 2016 to 2018. Eric Wichterman and Mike Coover of Cushman & Wakefield Phoenix represented the seller in the transaction.

November 15, 2019

Acquisitions Northeast Office Pennsylvania

JLL Brokers $33M Sale of Woodland Falls Office Complex Near Philadelphia

by Taylor Williams November 14, 2019

CHERRY HILL, N.J. — JLL has brokered the $33 million sale of Woodland Falls, a Class A office complex located in the eastern Philadelphia suburb of Cherry Hill. Woodland Falls comprises three buildings totaling 217,986 square feet and offers proximity to Cherry Hill Mall and Garden State Park, two retail centers with numerous shopping and dining options. The property was built in the late 1980s and was 92 percent leased at the time of sale. Doug Rodio of JLL represented the seller, Crown Properties, and procured the buyer, Strategic Funding Alternatives.

November 14, 2019

Leasing Activity New Jersey Northeast Office

Dental Practice Signs 2,300 SF Office Lease in Glen Rock, New Jersey

by Taylor Williams November 14, 2019

GLEN ROCK, N.J. — Glen Rock Pediatric Dentistry LLC has signed a 2,300-square-foot office lease in Glen Rock, a northwestern suburb of New York City. The practice will occupy a corner suite of 201 Rock Road, a 30,000-square-foot building leased to a mix of medical, retail and office users. Randy Horning and Darren Lizzack of NAI James Hanson represented the landlord, 201 Glen Rock Road LLC, in the lease negotiations. Joe Lobardi and John Masserano of Masserano Real Estate & Consulting LLC represented the tenant.

November 14, 2019

Acquisitions Colorado Office Western

Lowe Purchases 366,184 SF Stanford Place Office Tower in Southeast Denver

by Amy Works November 14, 2019

DENVER — Lowe has acquired Stanford Place II, an office tower located at 7979 E. Tufts Ave. in southeast Denver, for an undisclosed price. Built in 1982 and situated in the Denver Tech Center, the 18-story building features 366,184 square feet of Class A office space. The property offers 21,000-square-foot floorplates, nine-foot finished ceilings and abundant windows. Hospitality at Work, Lowe’s workplace experience and property management platform, has operated the property on behalf the prior owner since 2014 and oversaw a comprehensive building improvement and upgrade program at the property. Marty Caverly, Alan Chamorro, Mara Fabian and Andy Segal provide in-house representation for Lowe, while Mike Winn and Tim Richey of CBRE represented the undisclosed seller in the deal.

November 14, 2019

Illinois Leasing Activity Midwest Office

Crown Castle Inks 48,000 SF Office Lease in Downers Grove, Illinois

by Kristin Harlow November 14, 2019

DOWNERS GROVE, ILL. — Crown Castle has leased 48,000 square feet of office space at Highland Landmark II in Downers Grove. The provider of communications infrastructure is consolidating all five of its Chicago-area locations into the new space. Highland Landmark II, located at 3025 Highland Parkway, is a 284,000-square-foot building within a 42-acre office park. Amenities include a deli, conference center and fitness center. David Burden, Tom Berarducci and Jay Kyle of Colliers International represented Crown Castle in the lease transaction. Jeff Shay and Karla Harmon of JLL represented the building owner, James Campbell Co.

November 14, 2019

Development Florida Loans Office Southeast

BGI Capital Provides $12M Renovation Loan for Office Building in Metro Miami

by Alex Tostado November 14, 2019

CORAL GABLES, FLA. — BGI Capital has provided a $12 million loan for the renovation of a 52,179-square-foot office building in Coral Gables. The borrower, Location Ventures, will renovate the building’s ground floor into a new coworking business known as “FORUM.” Jason Shapiro of Aztec Group Inc. arranged the 24-month loan on behalf of the borrower. The building, located at 299 Alhambra Circle, will be the first location for the coworking platform. Location Ventures expects renovations to be completed within four to five months. The property is three blocks north of Miracle Mile and five miles east of downtown Miami.

November 14, 2019

Acquisitions Georgia Office Southeast

CBRE Arranges Sale of 75,305 SF Office Building in Alpharetta, Georgia

by Alex Tostado November 14, 2019

ALPHARETTA, GA. — CBRE has arranged the sale of 4800 North Point, a 75,305-square-foot office building in Alpharetta. The buyer, Virtua Capital Management, will occupy 16,567 square feet, bringing the property to full occupancy. The four-story building is located at 4800 North Point Parkway, about two miles from The Avalon mixed-use project and 26 miles north of downtown Atlanta. Tom Shafer and John Hinson of CBRE represented the seller, Alvarez & Marsal Capital Real Estate, in the transaction. The sales price was not disclosed.

November 14, 2019

Acquisitions Office Texas

Southwest Transplant Alliance Sells 33,561 SF Office Building in Dallas

by Taylor Williams November 13, 2019

DALLAS — Southwest Transplant Alliance, a non-profit organ recovery organization, has sold a 33,561-square-foot office building in Dallas that served as its headquarters for 10 years. Mike Gosslee of Cushman & Wakefield represented Southwest Transplant Alliance, which will relocate to a 77,000-square-foot building that is currently under construction, in the transaction. Fears | Nachawati, a Dallas-based plaintiffs law practice, acquired the asset for an undisclosed price.

November 13, 2019

Acquisitions District of Columbia Office Southeast

NKF Arranges $209.1M Sale of McPherson Building in Downtown D.C.

by Alex Tostado November 12, 2019

WASHINGTON, D.C. — Newmark Knight Frank (NKF) has arranged the $209.1 million sale of the McPherson Building, a 12-story, 255,968-square-foot office building in downtown Washington, D.C. The property is located at 901 15th St. NW, one block from The White House and The Treasury Building. McPherson Building was 97 percent leased at the time of sale to tenants including Booz Allen Hamilton, New York Life Insurance Co. and law firm Davis Polk & Wardwell LLP. Forrester Construction recently completed a $30 million renovation to the building’s lobby, fitness center, elevators, common areas and restrooms. James Cassidy and Jud Ryan of NKF represented the undisclosed seller in the transaction. Northwestern Mutual acquired the building.

November 12, 2019

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