Office

JLL Secures $37.3M in Acquisition Financing for Fremont Place Office Campus in Portland

by Amy Works March 24, 2020

PORTLAND, ORE. — JLL Capital Markets has secured $37.3 million in acquisition financing for Fremont Place I and II, a two-building office campus in Portland’s Pearl District. The borrower is a Rialto Capital Management fund along with one of the company’s subsidiaries, Rialto Capital. Loan proceeds will be used to acquire and transform the urban, waterfront property through series of interior and exterior renovations. Located at 1650 and 1750 Naito Parkway, Fremont I and II offer 123,600 square feet of office space spread across a two-story building and a three-story building. Originally built in 1987, the asset was recently renovated and renovations, including an outdoor amenity space, are scheduled for the near future. At the time of sale, the property was 62 percent leased to a variety of tenants in the telecommunications, engineering and healthcare industries, among others. Casey Davidson and Zachary Kersten of JLL Capital Markets arranged the five-year, floating-rate acquisition bridge loan through a debt fund.

March 24, 2020

Acquisitions Mixed-Use Multifamily Office Oregon Retail Western

Marcus & Millichap Negotiates $6.2M Sale of Broadway Town Square Mixed-Use Asset in Oregon

by Amy Works March 24, 2020

SALEM, ORE. — Marcus & Millichap has negotiated the sale of Broadway Town Square, a mixed-use property located at 1127 Broadway St. NE in Salem. A limited liability company sold the property to an undisclosed buyer for $6.2 million. The sale included two condominiumized, multi-story buildings connected by a skybridge totaling approximately 38,056 square feet of rentable space and the underlying 1.57-acre lot. Developed in 2009 by Telos Development Co., the property features 21 multifamily units, seven retail/office suites and Salem Cinema, a three-screen independent theater. Sean Houser and Will Stone of Marcus & Millichap’s Portland office represented the seller in the transaction.

March 24, 2020

Acquisitions Massachusetts Northeast Office

NKF Brokers Sale of 104,000 SF Office Building in Norwell, Massachusetts

by Alex Patton March 24, 2020

NORWELL, MASS. — Newmark Knight Frank (NKF) has brokered the sale of 42 Longwater Drive, a 104,000-square-foot office building in Norwell, located approximately 25 miles southeast of Boston. The property is situated within the 1 million-square-foot Assinippi Park office complex and is located in close proximity to several retail destinations, including Derby Street Shops, Merchant’s Row and the newly redeveloped Hanover Mall. Edward Maher, Matthew Pullen and Samantha Hallowell led an NKF team that represented the seller, The RMR Group. The buyer, waste management company Clean Harbors, has used the building as its headquarters since 2005. The sales price was undisclosed.

March 24, 2020

Acquisitions Office Texas

Belvoir Real Estate Acquires 110,529 SF Office Building in Houston

by Taylor Williams March 23, 2020

HOUSTON — Belvoir Real Estate Group LLC has acquired a 110,529-square-foot office building located at 7660 Woodway Drive in Houston. The property was built in 1982 and was 90 percent occupied at the time of sale. Danny Miller and Marty Hogan of JLL represented the undisclosed seller in the transaction. Matthew Goldsby and Bradley Smith handled the acquisition for Belvoir Real Estate on an internal basis. The new ownership plans to implement a value-add program.

March 23, 2020

Features Hospitality Industrial Multifamily Office Restaurant Retail

COVID-19 and Commercial Real Estate: What We Know, What We Don’t

by Jeff Shaw March 23, 2020

The coronavirus pandemic (COVID-19) has not only impacted the physical health of humans around the world, but the health of the U.S. economy as well. While the stock market rallied over 11 percent on Tuesday, its biggest jump in nearly 90 years, on news that a federal stimulus bill to rescue the economy from the coronavirus was imminent, the Dow Jones Industrial Average was still down 31 percent from its most recent high at the closing bell. Meanwhile, economists say weekly jobless claims — new filings for unemployment insurance — could hit 2 million or 3 million. The Labor Department will release the latest figures on Thursday morning. Before the coronavirus hit, weekly jobless claims hovered around 215,000. Though no one knows the true fallout yet — because we’re still in the thick of it. “The impact of the crisis on the commercial real estate market has been dramatic so far, and we are only in the beginning,” says Alex Zikakis, president and founder of Capstone Advisors, a real estate investment, development and asset management company in Carlsbad, Calif. “Many small businesses, especially in retail, are facing extreme pressure as people social distance and only shop for absolute necessities. I …

March 23, 2020

Acquisitions Office Southeast Virginia

Office Properties Income Trust Sells Building in Northern Virginia for $22.2M

by Alex Tostado March 23, 2020

FAIRFAX, VA. — Office Properties Income Trust has sold an 83,130-square-foot office building in Fairfax for $22.2 million. The building is situated at 3920 Pender Drive, 21 miles west of downtown Washington, D.C. The office building was originally constructed in 1981. The Newton, Mass.-based REIT will use the proceeds of the sale to pay off a $13.2 million mortgage loan and put the rest toward general business purposes. The buyer was not disclosed.

March 23, 2020

Leasing Activity Office Texas

Western Midstream Signs 133,948 SF Office Lease in The Woodlands

by Taylor Williams March 20, 2020

THE WOODLANDS, TEXAS — Energy firm Western Midstream Partners LP has signed a 133,948-square-foot office lease at The Woodland Towers at The Waterway in The Woodlands. Located within The Woodlands Town Center, the building features a two-story fitness center with basketball and volleyball courts, a 33,000-square-foot rooftop terrace, conference facilities and a café. Robert Parsley, Norman Munoz and Jillian Fredericks of Colliers International represented the landlord, The Howard Hughes Corp., which acquired the asset from Occidental Petroleum in late 2019, in the lease negotiations. James Bailey, Chad Beck and Rich Claussen of Cushman & Wakefield represented Western Midstream Partners.

March 20, 2020

Company News Office Texas

Integra Realty Resources Opens Seventh Texas Office in Rio Grande Valley

by Taylor Williams March 20, 2020

EDINBURG, TEXAS — Integra Realty Resources (IRR), a provider of valuation, counseling and advisory services, has opened a new office in the Rio Grande Valley city of Edinburg that will be the company’s seventh in Texas and 56th overall. The opening comes on the heels of the company debuting a new office in Lubbock. William Robinson, who served as managing director in the company’s San Antonio office, will lead the new office as managing director along with Adam Solis, who joins IRR from Lone Star National Bank and will serve as a senior analyst.

March 20, 2020

Leasing Activity Office Texas

NAI Partners Arranges 7,737 SF Office Lease in Houston

by Taylor Williams March 20, 2020

HOUSTON — NAI Partners has arranged a 7,737-square-foot office lease at 7155 Old Katy Road in Houston. The property was built on 1.4 acres in 1979 and totals 91,150 square feet. Zach Leger and Jacob Aldridge of NAI Partners represented the landlord in the lease negotiations. The representative of the tenant, Page Parks School of Modeling & Acting, was not disclosed.

March 20, 2020

Acquisitions Multifamily New Jersey Northeast Office

NAI Hanson Negotiates Sale of 10,761 SF Office, Residential Building in Hawthorne, New Jersey

by Alex Patton March 20, 2020

HAWTHORNE, N.J. — NAI James Hanson has negotiated the sale of a 10,761-square-foot office and residential building in Hawthorne, a northwestern suburb of New York City. Located at 297-301 Lafayette Ave., the property includes 7,381 square feet of office space and two apartments. Andrew Somple and Justin Allessio represented the seller, a private investor, in the transaction. The team also procured the buyer, Lighthouse Pregnancy Resource Center, which will use the property as its headquarters. The sales price was undisclosed.

March 20, 2020

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