Office

Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1M

by Amy Works May 7, 2020

PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.

May 7, 2020

Development Office Texas

Gaedeke Group Reveals Plans for 414,000 SF Office Tower at Legacy West in Plano

by Taylor Williams May 7, 2020

PLANO, TEXAS — Dallas-based Gaedeke Group has revealed new plans for Two Legacy West, a 414,000-square-foot, 17-story office tower that will be located at the corner of Leadership Drive and the Sam Rayburn Tollway in Plano. Designed by Gensler, the building will be situated adjacent to the headquarters campuses of FedEx, Toyota and JPMorgan Chase. Amenities will include a market-style grocery, community park, game lounges and a wellness center with saunas and workout classrooms. In addition, Two Legacy West will feature convenience-oriented amenities such as a digital concierge, complimentary shuttle service to Legacy West and electric car charging stations. A covered walkway will connect the building to its counterpart, the 14-story, 308,000-square-foot One Legacy West. Completion is slated for 2022.

May 7, 2020

Acquisitions New York Northeast Office Retail

SL Green Sells Office, Retail Condominium in Manhattan for $168M

by Alex Patton May 6, 2020

NEW YORK CITY — SL Green Realty Corp. has sold 609 Fifth Avenue, an office and retail condominium in Manhattan, to an affiliate of the Reuben Brothers for $168 million. Beginning in 2018, SL Green undertook an extensive repositioning of the entire building, including vacating the previous tenants in the office condominium portion of the property and relocating the office lobby to increase the retail frontage on Fifth Avenue. Sports apparel brand PUMA has leased a 24,000-square-foot retail space at the building for its three-level flagship store. Luxury apparel retailer Vince has leased a 5,000-square-foot retail space in the building. Darcy Stacom, Doug Middleton and David Fowler of CBRE represented SL Green in the transaction.

May 6, 2020

Acquisitions Healthcare Office Southeast Virginia

IPA Brokers $19.3M Sale of Medical Office Building in Northern Virginia

by Alex Tostado May 6, 2020

DUMFRIES, VA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $19.3 million sale of Dumfries Health Center, a 99,718-square-foot, single-tenant medical office building in Dumfries. The property is fully leased to Spectrum Healthcare Resources. The building was delivered in 2009 at 3700 Fettler Park Drive, two miles north of downtown Dumfries and adjacent to Interstate 95. The previous owner, known as 3700 Fettler Park LLC, recently implemented upgrades that included adding urgent care, immunizations, sports medicine with wading pools and expanding the onsite pharmacy. Robert Filley, Randall Heilig, Chandler Pace and Chris Dale of IPA represented the seller in the transaction and procured the buyer, Bethesda, Md.-based Global Medical REIT.

May 6, 2020

Loans Office Texas

NXT Capital Provides Acquisition Financing for 248,000 SF Office Complex in Dallas

by Taylor Williams May 6, 2020

DALLAS — Chicago-based NXT Capital has provided an undisclosed amount of acquisition financing for Toll Hill Office Park, a 248,000-square-foot office complex in Dallas. Building amenities include an onsite deli, common area, conference room, atrium seating areas with Wi-Fi and both surface and underground parking. Jason Piering of JLL placed the debt on behalf of the borrower, Balfour Pacific Capital. The seller was locally based developer Cawley Partners

May 6, 2020

Acquisitions California Healthcare Office Western

Pain Management Group Buys Richley Medical Plaza in San Diego for $6M

by Amy Works May 6, 2020

SAN DIEGO — An Orange County, Calif.-based pain management group has purchased Richley Medical Plaza, a medical office building in San Diego’s Midway District, for $6 million. Dan Henry and Lars Eisenhauer of CBRE represented the seller, a private investor, in the deal. Located at 3434 Midway Drive, the 25,600-square-foot building was originally built in 1991. The two-story property includes a 6,475-square-foot surgery center that features three operating rooms, a recovery area, waiting room, reception room and two restrooms. At the time of sale, the building was 85 percent vacant.

May 6, 2020

Acquisitions Healthcare Nevada Office Western

Colliers Brokers $2.6M Sale of Medical Office Property in Las Vegas

by Amy Works May 6, 2020

LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a medical office space located within Smith Surgery Center at 8871 W. Sahara Ave. in Las Vegas. Mia Aesthetics LV Realty acquired the asset from Smith Building LLC for $2.6 million. The asset offers 7,569 square feet of medical office space. Stacy Shapiro and Alexia Crowley of Colliers represented the seller in the deal.

May 6, 2020

Massachusetts Northeast Office

Franklin Street Properties Reports 98 Percent Office Rent Collection in April

by Alex Patton May 5, 2020

WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE AMERICAN: FSP), a Wakefield, Massachusetts-based REIT, reports that it collected 98 percent of rent payments due for April at its office properties despite revenue concerns amid the COVID-19 outbreak. Office users across the country have been forced to lay off employees while others are restricted to work from home, leading many companies to reconsider lease signings and expansions. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 states concentrated in the Southeast and Midwest. The REIT reported a $1.1 million net loss in the first quarter, however, and expressed that it cannot predict rental income in future months. Tenants have requested rent relief requests in the form of deferrals for varying lengths of time, which Franklin may grant in some instances while seeking extended lease terms. The REIT’s stock price closed at $5.05 on May 4, compared with $7.97 at the same time last year.

May 5, 2020

Leasing Activity Office Texas

Keller Williams Signs 24,971 SF Lease for New Office Headquarters in Dallas

by Taylor Williams May 5, 2020

DALLAS — Keller Williams Realty — North Dallas has signed a 24,971-square-foot office lease at 18333 Preston Road for its new headquarters in the metroplex. Renee Efimoff of SCM Real Estate Services represented Keller Williams in the lease negotiations. Trevor Franke and Andrew Scudder of JLL represented the landlord, Preston North Partners LLC. The move-in is scheduled for late July.

May 5, 2020

Acquisitions California Industrial Office Western

Oberlin Realty Acquires Flex Building in San Diego’s Sorrento Mesa for $5.3M

by Amy Works May 5, 2020

SAN DIEGO — Oberlin Realty LLC has purchased a freestanding flex, office and R&D property located at 10179 Huennekens St. in San Diego’s Sorrento Mesa. Pangea Properties sold the asset for $5.3 million. The buyer plans to occupy the entire two-story, 21,278-square-foot building and utilize the facility for its biotech business. Brant Aberg and Ryan Downing of Cushman & Wakefield San Diego represented the seller, while Chris Duncan of Voit Real Estate Services represented the buyer in the deal.

May 5, 2020

Newer Posts

Older Posts