Office

Cushman & Wakefield Arranges $17.9M Sale of Carolina Corporate Centre in Raleigh

by Alex Tostado November 1, 2019

RALEIGH, N.C. — Cushman & Wakefield has arranged the $17.9 million sale of Carolina Corporate Centre, a 91,709-square-foot office building in Raleigh. The property was 98 percent leased at the time of sale to tenants including law firms, insurance providers, mortgage lenders and tech companies. The seller, The Simpson Organization, acquired the asset in 2016 when it was 80 percent leased and during its ownership upgraded the onsite amenities and common areas. The property is located at 5400 Glenwood Ave., seven miles northwest of downtown Raleigh. David Finger, Sara Owen and Samir Idris of Cushman & Wakefield represented Simpson in the transaction. Saltmeadow LLC and The Runnymede Corp. acquired the property.

November 1, 2019

Acquisitions Colorado Office Western

Investcorp, Schnitzer West Dispose of Two Adjacent Office Towers in Denver for $77.5M

by Amy Works November 1, 2019

DENVER — Investcorp International Inc. and Schnitzer West LLC have completed the disposition of Centerpoint Office Center I and II, two office towers in Denver situated on 3.6 acres at the intersection of Colorado Boulevard and Interstate 25. TerraCap Management LLC acquired the assets for a combined $77.5 million. The 14-story Centerpoint I offers 168,486 square feet of office space, and the 16-story Centerpoint II features 205,534 square feet of office space. The sellers originally purchased the adjacent Class A towers in 2016. Jenny Knowlton, Tim Richey, Mike Winn, Charley Will and Chad Flynn of CBRE brokered the transaction. Bank of America provided debt financing for TerraCap.

November 1, 2019

Acquisitions Industrial Office Texas

CIM Group Acquires 270,000 SF Office, Warehouse Portfolio in Austin

by Taylor Williams November 1, 2019

AUSTIN, TEXAS — CIM Group, an investment firm with eight offices across the country, has acquired a portfolio of three commercial properties totaling approximately 270,000 square feet in Austin. The company purchased two office buildings, 618 Tillery St. and 507 Calles St., as well as a warehouse building located at 1300 E. 5th St. The seller and sales price were not disclosed.

November 1, 2019

Acquisitions Colorado Office Western

Sperry Properties Sells Yosemite Office Plaza in Southeast Denver for $13.3M

by Amy Works October 31, 2019

DENVER — Irvine, Calif.-based Sperry Properties has completed the sale of Yosemite Office Plaza, an office property located at 3600 S. Yosemite St. in Denver. Miami-based SF Partners acquired the asset for $13.3 million. James Brady, Campbell Davis, Mike Winn, Jenny Knowlton and Tim Richey of CBRE represented the seller in the deal. CBRE’s John Marold, Mitch Bradley and Lindsay Gilbert are handling leasing for the property. Built in 1974 and renovated in 2018, the 10-story property features 126,436 rentable square feet on approximately 6 acres. The building also includes underground parking and surface parking, as well as a fitness facility and outdoor building terrace. At the time of sale, the property 97 percent occupied by 26 tenants.

October 31, 2019

Acquisitions Midwest Office Wisconsin

Harbor Group International Acquires Spectrum Brands Headquarters in Madison, Wisconsin

by Kristin Harlow October 31, 2019

MADISON, WIS. — Harbor Group International LLC has acquired the headquarters of Spectrum Brands in Madison for $52 million. The single-tenant office building was originally built in 2013 and renovated in 2017. It rises four stories and spans 252,122 square feet. Spectrum Brands, a hardware, home improvements and pet supplies company, occupies the property on a net-lease basis through 2034. Livesey Co. was the seller.

October 31, 2019

Development Midwest Minnesota Office

Ryan Cos., Excelsior Group Break Ground on 11-Story Spec Office Building in St. Louis Park, Minnesota

by Kristin Harlow October 31, 2019

ST. LOUIS PARK, MINN. — Ryan Cos. and The Excelsior Group have broken ground on 10 West End, an 11-story speculative office building in St. Louis Park’s West End. The 343,000-square-foot property is situated near I-394 and Highway 100. Typical floor plates will span 30,362 square feet. ACORE Capital provided project financing. Ryan A+E is the architect and Ryan Construction is the general contractor. Mike Honsa of Transwestern will lease the property. A timeline for completion was not disclosed.

October 31, 2019

Loans New Jersey Northeast Office

Phillips Realty Arranges $28.7M Acquisition Loan for Office Building in Bridgewater, New Jersey

by Alex Patton October 31, 2019

BRIDGEWATER, N.J. — Phillips Realty Capital has arranged a $28.7 million acquisition loan for a 205,000-square-foot, Class A office building in Bridgewater, located approximately 30 miles southwest of New York City. Bridge Investment Group provided the non-recourse financing to the borrower, Legacy Investing LLC, which acquired the asset from Senior Housing Properties Trust for $47.5 million. The building was 59 percent leased to multinational health information technology and clinical research company IQVIA at the time of sale. William Lawson and Adam Bieber of Phillips Realty Capital structured and placed the loan.

October 31, 2019

Acquisitions New York Northeast Office

JLL Negotiates $6M Sale of Office Building in Manhattan’s Seaport District

by Alex Patton October 31, 2019

NEW YORK CITY — JLL has negotiated the sale of 107 South Street, an 8,283-square-foot office building in the Seaport District of Manhattan. Dr. Michel Cohen, founder of New York-based medical practice Tribeca Pediatrics, acquired the property. The building was originally constructed in 1900 and sits across the street from the Pier 17 mixed-use development, which houses several dining and entertainment tenants. Will Suarez of JLL represented the undisclosed seller in the transaction.

October 31, 2019

Development Michigan Midwest Office Top Stories

Public-Private Partnership to Develop $300M University of Michigan Research Center in Downtown Detroit

by Alex Tostado October 31, 2019

DETROIT — A public-private partnership has unveiled plans for a $300 million, 190,000-square-foot research and education center in downtown Detroit that the University of Michigan (U-M) will occupy and operate. Kohn Pedersen Fox designed the building that will anchor the 14-acre Detroit Center for Innovation (DCI). The research building is expected to eventually serve 1,000 graduate and senior-level undergraduate students pursuing advanced degrees in a range of high-tech innovation disciplines, including mobility, artificial intelligence, data science, entrepreneurship, sustainability, cybersecurity and financial technology. Construction of the DCI is slated to commence in 2021. Michigan Gov. Gretchen Whitmer joined Detroit Mayor Mike Duggan; Wayne County Executive Warren Evans; Stephen Ross, philanthropist and chairman of Related Cos.; Matt Cullen, CEO of Bedrock; and U-M President Mark Schlissel at the planned construction site on Wednesday to announce development plans. Funding for the project is backed by donations from public and private funders including Ross and Gilbert. Gilbert owns Bedrock, which acquired the land from Wayne County in 2018. The company demolished the half-built Wayne County Jail. For the development of DCI, Bedrock will transfer land ownership to U-M, pending public review by the Wayne County Commission. “This announcement represents an incredible commitment to Detroit by Stephen Ross, Mark Schlissel and Dan Gilbert that will allow us to develop, attract and retain world-class …

October 31, 2019

California Development Life Sciences Office Western

Joint Venture Buys 640,000 SF Life Sciences Development Site in San Diego for $70M

by Amy Works October 30, 2019

SAN DIEGO — Gemdale USA Corp., with Lincoln Property Co. (LPC), has acquired Aperture Del Mar, an infill development opportunity located in the Del Mar Heights submarket of San Diego. An institutional investor sold the property for $70 million. Situated on 15.7 acres, the site is fully entitled for a 640,000-rentable-square-foot office and life sciences project. According to LPC, the project team is currently working on development and design plans for the site. The property is located within a five-minute walk of more than 185,000 square feet of newly developed retail amenities. Kevin MacKenzie, Doug Bond, Nick Psyllos, Michael Leggett and John Chun of JLL’s Capital Markets represented the seller and buyer in the deal. Additionally, JLL’s Chad Urie, Tony Russell and Grant Schoneman will oversee leasing of the project.

October 30, 2019

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