WASHINGTON, D.C. — JLL has arranged a $68.5 million refinancing loan for 1750 K St., a 165,604-square-foot office building in Washington, D.C. Bridge Investment Group provided the floating-rate loan to the borrower, Mirae Asset Global Investments. The 12-story property is fully leased to five tenants and is located within D.C.’s Golden Triangle neighborhood. Cary Abod, Rob Carey and Andrew Weir of JLL arranged the loan on behalf of the borrower.
CHICAGO — Summit Design + Build LLC has completed the construction of 1040 W. Fulton, a five-story, 42,000-square-foot office building in Chicago’s Fulton Market district. Floors four and five will serve as the new headquarters for Summit. The project also features ground-floor retail space, a green roof and basement parking. Summit used heavy timber construction for the project. The building is the first multi-story mass timber building in the city of Chicago in 50 years, according to Summit. The project team included Hartshorne Plunkard Architecture, Eastlake Studio, Carr Realty Advisors, IMEG Corp., Weaver Consultants Group and WT Engineering. Chad Schroedl, Scott Maesel and Drew Dillon of SVN Chicago Commercial are the building’s leasing agents. First Bank of Highland Park provided construction financing.
NEW YORK CITY — Housing Works, a nonprofit organization that operates thrift shops and book stores in New York City, has signed a 15,315-square-foot lease in the Long Island City submarket of Queens. The company has relocated from its previous space at the Matsil Building to The Anable Building, a 140,000-square-foot property located at 33-02 48th Ave. The new location serves as warehousing and distribution space as well as a call center and office space. Nicholas Farmakis, David Carlos and John Mambrino of Savills represented Housing Works in the lease negotiations. Forrest Mas and Chris Pachios internally represented the building owner, North River Co.
DALLAS — Younger Partners has arranged two office leases totaling 18,003 square feet at Republic Center, a 50-story tower in downtown Dallas. Lexitas, a court reporting and legal records firm, renewed and expanded its lease to 13,725 square feet, and Deans Stepp Law Firm leased 4,278 square feet. Trae Anderson and Kathy Parmenter of Younger Partners represented the unnamed landlord in the lease deals. Conor McCarthy and Maggie Birnbach of JLL represented Lexitas, and Sanders Thompson of Transwestern represented Deans Stepp. Republic Center spans more than 1 million square feet of office, retail and multifamily space near the DART St. Paul light rail station in Dallas’ central business district.
SALT LAKE CITY — Hines and Industrious will open The Square with Industrious Salt Lake City, the second flexible workspace location under the Hines2 platform, on June 22. Located in the historic Kearns Building at 136 S. Main St., The Square with Industrious Salt Lake City will be the first coworking space in Utah to pursue the International WELL Building Institute’s WELL Certification. Industrious will operate the asset. Hines has implemented a $25 million redevelopment project at the Kearns Building, which was built in 1911. The redevelopment program includes all new HVAC, technical upgrades and building amenities. The completed project will offer floor plates to accommodate large enterprises and small business across two floors totaling 25,000 square feet. Members of The Square with Industrious Salt Lake City will have access to a tenant lounge, event space, wellness center, fully equipped gym with two-story historic windows and a rooftop space. Additionally, the property will offer a member kitchen, daily gourmet breakfast and coffee, and a fully stocked café with snacks and soft beverages. Services provided at the coworking space will include 24/7 access, mail/package services, unlimited printing, secure shredding, audio/visual meeting support, fast and secure internet with VLAN in every office …
ALBUQUERQUE, N.M. — Albuquerque-based Goodman Realty is developing Portland Building, an office building located within Winrock Town Center in Albuquerque. The ground-up construction project will feature a three-story, 28,000-square-foot office and retail property, along with a park, all situated on a two-acre site. Goodman plans to break ground on the asset in fourth-quarter 2020, with completion slated for second-quarter 2022. The project is expected to cost $8.5 million. Located at 2100 Louisiana Blvd. NE, Winrock Town Center offers 1.1 million square feet of retail space, 825 multifamily residential units, 160 hotel rooms and 130,000 square feet of office space.
SAN ANTONIO — Worth & Associates has broken ground on Walker Ranch Business Park, a two-building, 135,000-square-foot office park in San Antonio. The site is located on 10.8 acres at the corner of Wurzbach Parkway and West Avenue in the city’s North Central submarket. Walker Ranch will comprise a 58,000-square-foot, two-story office building with 10-foot ceilings, two conference rooms, break rooms and a courtyard. The second building will span 78,000 square feet of flex office space with 26-foot clear heights, skylights and outdoor break areas and porches. Worth & Associates plans to deliver the flex building in first-quarter 2021 and the office building in second-quarter 2021. Shawn Gulley represented Worth & Associates in the land purchase internally, and Eldon Roalson of Roalson Interests Inc. represented the seller, Coker United Methodist Church. The project team includes Joeris General Contractors and architect Chesney Morales.
HICKORY, N.C. — Flagship Healthcare Properties has purchased three medical office buildings totaling 88,000 square feet in Hickory. The buildings were 96 percent leased at the time of sale to tenants including the Veteran’s Administration Hickory Outpatient Clinic (25,920 square feet), A Woman’s View (20,470 square feet) and practices associated with Frye Regional Medical Center (19,923 square feet). The VA is located at 2440 Century Place SE, 50 miles north of downtown Charlotte. A Woman’s View is located at 915 Tate Blvd. SE, and Frye Regional Medical Center is situated at 420 N. Center St. Flagship Healthcare will provide property management services at the Hickory portfolio. First Horizon Bank provided acquisition financing. The seller(s) and sales price were not disclosed.
ALISO VIEJO, CALIF. — IRA Capital has acquired Element, a corporate office campus located at 26600, 26650 and 26700 Aliso Viejo Parkway in Aliso Viejo. A joint venture between CrossHarbor Capital Partners and Waterford Property Co. sold the asset for $73.5 million. The buyer purchased the property through its joint venture with a Middle East-based capital partner. Consisting of three two-story buildings, the asset offers 160,000 square feet of office space. In 2019, Glaukos Corp., a publicly traded ophthalmic medical technology and pharmaceutical company, signed a 13-year, triple-net lease to occupy the property for its corporate and R&D headquarters. Additionally, the company purchased excess land surrounding the building for future development and expansion. Bryon Foss, Nick Cary and Curtis Ellmore of JLL, along with Kevin Shannon, Paul Jones, Ken White and Brandon White of Newmark Knight Frank’s Capital Markets team, represented the seller in the transaction.
CHANDLER, ARIZ. — NorthMarq has arranged a $46 million construction loan and $27.5 million mezzanine equity investment for a Class A speculative office project in Chandler. Bank OZK provided the loan to an affiliate of Douglas Allred Co. An insurance company, with NorthMarq as correspondent, provided the mezzanine equity. Situated within Park Place, a 200-acre master-planned business park assembled and developed by Douglas Allred Co., the new project will feature two three-story buildings totaling 300,000 square feet and an 800-stall parking structure. The concrete tilt-up buildings will offer 10- to 12-foot ceiling heights, high-quality finishes and a 6/1,000 parking ratio. Completion slated for October 2021. San Diego-based Douglas Allred Co. begin assembling and developing Park Place in 2007 and to-date has completed 1.5 million square feet of office, manufacturing and retail space within the assemblage. The office buildings total 1.2 million square feet and are 95 percent leased to mostly national companies.
