Office

Sunchase Holdings Sells 30-Acre Opportunity Zone Redevelopment Site in Scottsdale

by Amy Works December 20, 2019

SCOTTSDALE, ARIZ. — Sunchase Holdings has completed the disposition of Scottsdale Entrada, a 30-acre former auto mall at the northeast corner of 64th Street and McDowell Road in Scottsdale. Los Angeles-based Banyan Residential acquired the site for an undisclosed price through a qualified Opportunity Zone fund. Banyan Residential plans to redevelop the site into a speculative mixed-use development, which is slated to break ground in April 2020 and deliver mid-2021. Scottsdale Entrada will feature 735 multifamily units, 7,000 square feet of retail space, and a three-story, 245,000-square-foot office building. The office plans call for floor plates of approximately 80,000 square feet, high ceilings, full-height windows and indoor-outdoor space. Office amenities will include an on-site fitness center, game lawns, dog park, pedestrian walkways with direct access to the Arizona Crosscut Canal and tunnel access to Papago Park. Tom Adelson and Erin McClure of Newmark Knight Frank (NKF) handled the transaction. Mike Garlick and Jimmy Hoselton of Newmark Knight Frank will represent the project’s office leasing. DPC Cos. is serving as developer for the project.

December 20, 2019

Loans New Jersey Northeast Office

Meridian Capital Arranges $200M Loan for Refinancing of Bell Works Office Campus in Holmdel, New Jersey

by Alex Patton December 20, 2019

HOLMDEL, N.J. — Meridian Capital Group has arranged a $200 million loan for the refinancing of Bell Works, a 1.4-million-square-foot, class A office campus in Holmdel, located approximately 30 miles south of New York City. A balance sheet lender provided the loan, which the borrower, a partnership between Somerset Development Group and Adarsan Holdings, will use to complete capital improvements and pay off existing debt. Located at 101 Crawford’s Corner Road, the former research and development facility for Bell Labs and Alcatel Lucent is comprised of four six-story buildings with ground-floor retail space. The building was redeveloped from the Bell Labs scientific research center and current tenants including software companies iCIMS and WorkWave, as well as Guardian Life Insurance and Jersey Central Power & Light. Drew Anderman, Josh Berman and Eli Serebrowski of Meridian arranged the loan.

December 20, 2019

Acquisitions Affordable Housing Midwest Minnesota Office

Upland Negotiates Sale of Minneapolis Office Building for Affordable Housing Project

by Kristin Harlow December 20, 2019

MINNEAPOLIS — Upland Real Estate Group Inc. has negotiated the sale of the Rockler Fur building in downtown Minneapolis for an undisclosed price. The buyer, Beacon Interfaith Housing Collaborative, plans to convert the property into 48 units of affordable housing. The seven-story, 38,305-square-foot building was originally built as a Printer’s Exchange building in 1915 with a Gothic Revival style. Rockler Fur has occupied the property since the 1940s. Upland will also represent Rockler in its relocation process in spring 2020.

December 20, 2019

Acquisitions Industrial Office Texas

Mohr Capital Buys 404,800 SF Office, Industrial Portfolio in Austin for $100M

by Taylor Williams December 20, 2019

AUSTIN, TEXAS — Dallas-based investment firm Mohr Capital has purchased a 404,800-square-foot office and industrial portfolio in Austin for $100 million. The portfolio includes a 160,000-square-foot industrial building leased to Amazon and Uber and a four-building, 244,800-square-foot office facility leased to a mix of technology, government and healthcare tenants. JLL represented the seller, Zydeco Development, in the transaction. Boyd Messmann and Kyle Campbell represented Mohr Capital on an internal basis.

December 20, 2019

Market Reports New Hampshire Northeast Northeast Market Reports Office

Mass Timber Emerges as Preferred Construction in New Hampshire Office Market

by Taylor Williams December 20, 2019

If you’ve spent time in quaint New England cottages, you know that unique indoor environment can conjure feelings of warmth, happiness and comfort. Exposed wood inside of houses provides sensations of coziness and security that have been emulated in biophilic design — a term referring to the human connection with nature — across America. So why hasn’t this warm and healthy feeling spread to America’s offices? We’ve seen the mill brick buildings and the steel and concrete office developments scattered along America’s highways and suburban areas. Some of us may have even worked in them. They are reliable, cost-effective and provide tenants with the basic amenities needed to get their work done. But the American office building is changing. Today’s companies demand more for their employees and are recognizing that comfortable offices with exceptional amenities are quickly becoming the new standard to attract top, young talent. According to Cushman & Wakefield’s 2019 “CRE Perspectives on Coworking” report, nearly two-thirds of companies are utilizing some form of coworking space. Look at the most popular coworking spaces in the country — many provide biophilic design elements to keep occupants happy. In early October, building owner Farley White, along with Cushman & Wakefield, …

December 20, 2019

Acquisitions Florida Office Southeast

Black Salmon Buys Office Tower in Downtown Orlando for $68M

by Alex Tostado December 19, 2019

ORLANDO FLA. — Miami-based investment firm Black Salmon has acquired a 245,201-square-foot office building located at 111 N. Orange Ave. in Orlando for $68 million. The 21-story building is 94 percent leased to tenants including Regions Bank, UBS, Geico and coworking space provider Regus. Located at the corner of North Orange Avenue and East Washington Street, 111 North Orange is near the LYNX Central and Church Street SunRail stations. The building’s amenities include access to the free LYMMO shuttle service, building security, a common conference center, Nature’s Table Cafe in the building and a fitness center. Ron Rogg of CBRE represented the undisclosed seller in the transaction.

December 19, 2019

Development Midwest Minnesota Office

DRA Advisors, Wildamere Capital to Renovate, Rename Office Towers in Downtown Minneapolis

by Kristin Harlow December 19, 2019

MINNEAPOLIS — Owners DRA Advisors and Wildamere Capital Management plan to renovate and rename the office towers located at 900 and 920 S. Second Ave. in downtown Minneapolis. Previously known as Oracle and International Centre, the new name for the 622,173-square-foot property will be Forum. Plans call for an overhaul of the multi-story atrium and construction of a new skyway lounge with conference facilities and spec suites. Construction is expected to begin before the end of the year and be completed in 2020. Katie Tufford, Peter Fitzgerald, Tom Tracy and Courtney Rosoff of Cushman & Wakefield are the leasing agents. DRA Advisors and Wildamere purchased the towers in March.

December 19, 2019

Development Midwest Office Ohio

M+A Architects Completes Design of New 80,000 SF Office for White Castle in Columbus

by Kristin Harlow December 19, 2019

COLUMBUS, OHIO — M+A Architects has completed the interior design work of the new 80,000-square-foot home office for White Castle in Columbus. The office design incorporates shared workspaces and tributes to the hamburger chain’s history. Located at 555 W. Goodale St., it features a library, café, indoor fitness area, mother’s nursing suite and a spiral slide connecting the second floor to the first floor. The project team also included Architectural Alliance, POD Design and Elford.

December 19, 2019

Tuscany-Village-Center-Greenwood-Village-CO

Acquisitions Colorado Office Western

PCCP Provides $51M Acquisition Loan for Tuscany Village Center Office Asset in Metro Denver

by Amy Works December 19, 2019

GREENWOOD VILLAGE, COLO. — PCCP has provided a $51 million senior loan to America’s Capital Partners for the acquisition of Tuscany Village Center, an office property located at 6312 S. Fiddlers Green Circle in Greenwood Village within Denver’s Fiddler’s Green submarket. The seller, a local real estate investment firm, acquired the asset in 2016 and invested more than $6 million in renovations, including improvements to the atrium and common areas. At the time of sale, the property was 97 percent leased with stable cash flow from a rent roll of high-quality tenants with staggered lease expirations. Built in 1989 on 8.6 acres, the 257,875-square-foot Tuscany Village consists of two six-story towers connected by an open-space atrium lobby. Additionally, the property includes a three-level structured parking garage, an outdoor seating area with public Wi-Fi, a fitness center with locker rooms and showers, and a conference room facility.

December 19, 2019

Acquisitions Northeast Office Pennsylvania

CBRE Arranges Sale of 71,685 SF Einstein Medical Building in East Norrington, Pennsylvania

by Alex Patton December 19, 2019

EAST NORRINGTON, PA. — CBRE has arranged the sale of the Einstein Medical Building, a 71,685-square-foot medical office in East Norrington, located approximately 20 miles north of Philadelphia. The transaction was part of a 470,000-square-foot portfolio sale that included nine properties in Pennsylvania, Illinois, Minnesota and Virginia. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Sabrina Solomiany of CBRE arranged financing for the acquisition from a mix of life insurance companies, banks and debt funds.

December 19, 2019

Newer Posts

Older Posts