CHARLOTTE, N.C. — Stiles and Shorenstein Properties LLC will develop a 23-story, 385,000-square-foot office tower in Charlotte’s South End neighborhood. The developers expect the building to also include 11,000 square feet of retail and restaurant space on the ground level. Construction is expected to begin in the next 12 months with potential to accommodate as much as 1 million square feet in future phases for larger users seeking an onsite location. According to Charlotte Business Journal, the two-acre parcel sold for $21.5 million and has two existing buildings on the site. The land is at the intersections of South Boulevard, East/West Boulevard and the East/West Boulevard Station in South End, two miles south of downtown Charlotte. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Browder Harris Group, in the land transaction. Jessica Brown of Cushman & Wakefield is the leasing agent for the project.
CHERRY HILL, N.J. — NAI Mertz has negotiated a 3,600-square-foot office lease for third-party collection agency Grimley Financial in Cherry Hill, an eastern suburb of Philadelphia. The company will move from its previous location in Haddonfield to the new space within Cherry Hill Plaza, a 100,000-square-foot, Class A office building. Joe Riggs of NAI Mertz represented Grimley Financial in the lease negotiations. Markeim Chalmers Inc. represented the landlord.
SEATTLE — Seattle-based Urban Renaissance Group (URG) has purchased Park Place, an office building located in Seattle. An affiliate of Washington Holdings sold the asset for $177 million. Located at 1200 Sixth Ave, the 21-story tower features 317,000 square feet of commercial office space. At the time of sale, the property was more than 95 percent leased with multiple long-term tenants. The building was built in the 1970s. Gensler, an international architect and a tenant in the tower, fully renovated the property in 2012 with contemporary finishes, a dedicated fitness center, secured bike storage and 181 parking stalls. Additionally, the building features a green roof, rain catchment system, water efficient fixtures, systems to measure air flow, a green cleaning program, satellite-controlled irrigation and a LEED-EB Platinum designation. Eastdil Secured represented the seller in the deal.
BALTIMORE, MD. — JLL has arranged the sale of 11333 McCormick Road, a two-tower, single-tenant office building in Baltimore, for $99.3 million. The 377,332-square-foot property is net leased to Bank of America. Situated on 16.3 acres, the asset is located in the Hunt Valley submarket, about 15 miles north of downtown Baltimore. The property has immediate access to I-83 and light rail access to Baltimore City, greater Maryland and Pennsylvania. Built in 1974, the eight-story property was most recently renovated in 2016. Tivon Moffitt, Peter Bauman and Jay Wellschlager of JLL represented the seller, Inland Private Capital Corp. JLL was retained to market the property after it failed to trade the prior year. An undisclosed institutional buyer purchased the asset. “Investors are actively seeking high-quality, mission-critical corporate campuses such as this asset,” says Moffit. “We continue to see a flood of capital sources from institutional investors to private capital looking to purchase these types of properties.” The Hunt Valley submarket is a highly sought-after office market due to its high-quality workforce and extensive amenity base, says Wellschlager. Inland Private Capital Corp. specializes in securitized 1031 exchange transactions. Since its inception, the company has sponsored 232 private placement programs offering more …
Miami continues to be a top-ranked commercial real estate market in the Southeast United States. As the economy gears up to enter its longest expansion period in U.S. history, Miami has shown more resiliency than other South Florida markets, recording steady gains in absorption, robust leasing activity and modest rent growth. Economic fundamentals remain strong as job growth continues to fuel Miami’s office market with the unemployment rate trending down to 3.2 percent. Miami’s unemployment rate reached the lowest point in its history, falling to 3 percent in April 2019. The fundamentals in economic growth continue to support corporate expansion in nearly every industry as well as new-to-market growth from other U.S. markets and globally. While in the past, most of Miami’s growth came from Latin America, 60 percent of new-to-market growth now comes from Europe, with Spain being a frontrunner. High demand amid deliveries Miami-Dade County’s overall office vacancy rate rose slightly by 1 percent in the past 12 months, during which time 937,919 square feet of new office space was delivered to the market. More than 500,000 square feet was absorbed during that time. Because of the strong absorption, the vacancy rate was impacted only slightly, bringing it …
TAMPA, FLA. — VanTrust Real Estate and Tampa International Airport (TPA) broke ground on SkyCenter One, a planned nine-story, 270,000-square-foot office building connected to the airport. The building will feature a conference center, fitness center, café and access to multipurpose trails that will eventually join with Tampa Bay’s regional trail network. The building will be connected to the airport’s car rental center via an elevated pedestrian walkway that is also under construction. SkyCenter One will be located within the SkyCenter development, a mixed-use campus that will feature office and commercial space, as well as a hotel, on land the airport owns. J.E. Dunn is the general contractor for SkyCenter One, and HOK designed the building. VanTrust and TPA plan to complete SkyCenter One in 2021.
CHARLOTTE, N.C. — OA Development has acquired Carmel Park I and II, two office buildings totaling 173,068 square feet in Charlotte, for $36.2 million. The two buildings were 93 percent leased at the time of sale to 45 tenants from the healthcare, real estate, financial services, engineering, insurance and technology industries. Carmel Park I and II are located at 11111 and 11121 Carmel Commons Blvd., 12 miles south of downtown Charlotte. Ryan Clutter, Chris Lingerfelt, Scot Humphrey and Zack Drozda of JLL represented the seller, CapRidge Partners LLC, in the transaction.
MORRISTOWN, N.J. — CBRE has negotiated a 16,970-square-foot office lease for insurance company NFP at Mount Kemble Corporate Center, a Class A office complex in Morristown, located approximately 30 miles west of New York City. The property, located at 350-360 Mount Kemble Ave., offers a cafeteria, fitness center, walking path and conference center. Daniel Casey and Greg Barkan of CBRE represented the landlord, a partnership between The Birch Group and Vision Properties, in the lease negotiations. Jeffrey Babikian and Conor Dolan of CBRE represented NFP.
SEATTLE — Newmark Knight Frank (NKF) has arranged the sale of First and Stewart, a creative office property located at 101 Steward St. in Seattle’s central business district. L&B Realty Advisors sold the asset to DWS, formerly known as RREEF, for $59.2 million, according to public records reported by The Registry. Situated at the convergence of the Pike Place Market, Belltown, Retail Core and central district, the building features 94,333 square feet of Class A creative office space. Nick Kucha, Michael Moll, James Childress, Jesse Ottele and Tim O’Keffe of NKF represented the seller, while the buyer was self-represented in the deal.
FREMONT, CALIF. — Dermody Properties has purchased a flex property, located at 44370 Christy St. in Fremont. The name of the seller and acquisition price were not released. The 88,246-square-foot asset features 26,473 square feet of office space, 20-foot clear heights, four dock-high doors, two drive-in doors, 277 auto parking spaces and an ESFR fire protection system. Will Connors, Daniel Renz, Erik Doyle, Greg Matter, Eddie Shuai and Rich Branning of JLL represented the seller in the transaction.