Office

Joint Venture Acquires 247,947 SF Office Complex in Downtown Sarasota

by Alex Tostado March 3, 2020

SARASOTA, FLA. — A joint venture between Feldman Equities LLC, Tower Realty Partners and Equity Street has acquired Sarasota City Center, a two-building, 247,947-square-foot office complex located at 1819 Main St. in downtown Sarasota. The complex was 82 percent leased at the time of sale. The buyers plan to renovate and lease-up the property over the next two years. Equity Street will finance an undisclosed amount for the acquisition. Bryan Clark and Daniel Pinkus of JLL arranged financing through NXT Capital on behalf of the joint venture for the acquisition and renovation plans. The asset comprises the 13-story North Tower, the three-story South Tower and a six-story parking garage with 611 spaces. The property features green floor-to-ceiling reflective glass, a tenant lounge, onsite restaurant, fitness center, hair salon and spa, shoe repair and landscaped courtyard with tables and chairs. Sarasota City Center was delivered in 1989 and renovated most recently in 2018. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller, The Dilweg Cos., in the transaction.

March 3, 2020

Acquisitions North Carolina Office Southeast

JLL Arranges Sale of Vacant 67,949 SF Office Building in South Charlotte

by Alex Tostado March 3, 2020

CHARLOTTE, N.C. — JLL has arranged the sale of a vacant, 67,949-square-foot office building in Charlotte’s Montclaire South neighborhood. Little Architecture occupied the space through 2019. Originally built in 1984 and renovated in 1996, the building is situated at 5815 Westpark Drive, seven miles south of downtown Charlotte. The buyer, Conshohocken, Pa.-based Exeter Property Group, plans to renovate the two-story building. Plans include outdoor common areas, building automation systems and a complete exterior reskin, offering expanded glass window lines and a modern curb-appeal. The project is expected to deliver and be ready for occupancy by the end of this year. Chris Lingerfelt, Zack Drozda and Ryan Clutter of JLL represented the undisclosed seller in the transaction. Fred Knapp internally represented the buyer. The sales price and expected costs for the renovation were not disclosed.

March 3, 2020

Illinois Leasing Activity Midwest Office

Misumi Signs 47,716 SF Office Lease at Schaumburg Corporate Center in Suburban Chicago

by Kristin Harlow March 3, 2020

SCHAUMBURG, ILL. — Misumi USA has signed a 47,716-square-foot office lease at Schaumburg Corporate Center in Schaumburg. Located adjacent to Woodfield Mall, the property is a 1 million-square-foot, three-building office complex. Glenstar, which acquired the asset in 2017, has completed $30 million in property improvements, including a new parking garage and conference center as well as renovations to the atrium, fitness center, elevators, bathrooms, lobbies and entrances. Founded in 1988, Misumi is a factory automation, press die and plastic mold application company, serving the automotive, medical manufacturing, consumer packaging and aerospace industries. The company is relocating from 1717 Penny Lane in Schaumburg, where it leased 32,000 square feet. Misumi plans to take occupancy of the new space in June 2020.

March 3, 2020

Acquisitions New York Northeast Office

Joint Venture Acquires Office Property in White Plains, New York, for $42.5M

by Alex Patton March 3, 2020

WHITE PLAINS, N.Y. — A joint venture between Jack Sitt Real Estate LLC and GII LLC, a UAE-based financial service firm, has acquired Grand Street Plaza, an office property located northeast of New York City in White Plains. The sales price for the 217,628-square-foot, two-building property was $42.5 million. Located at 140 and 150 Grand St., the Class A property was 90 percent leased at the time of sale, primarily to government- and law-related tenants. Jeffrey Dunne, Steven Bardsley and Jeremy Neuer led a CBRE team that represented the seller, an a fund managed by Westport Capital Partners LLC, in the transaction. The team also procured the the joint venture as the buyer.

March 3, 2020

Development Illinois Midwest Office

Summit Design + Build Completes Renovation of 25,000 SF Office Building in Chicago

by Kristin Harlow March 3, 2020

CHICAGO — Summit Design + Build LLC has completed the renovation of an office building located at 444 N. Orleans in Chicago’s River North neighborhood. Formerly 21,000 square feet and four stories, the building has been expanded to 25,000 square feet and five stories. In addition to the vertical addition, the project included an interior renovation with new bathrooms, windows, first-floor retail space and a new, relocated elevator. The Lelyn Group served as developer and von Weise Associates provided architectural services.

March 3, 2020

Development Michigan Midwest Office

Jaqua Realtors Opens Ninth Office in West Michigan

by Kristin Harlow March 3, 2020

PORTAGE, MICH. — Jaqua Realtors has opened its new office on Milham Avenue in Portage, located about five miles south of Kalamazoo. The new 7,622-square-foot building will be home to the company’s commercial real estate, corporate relocation and property management divisions. It is situated next door to Jaqua’s residential real estate office. The brokerage firm is approaching 45 years in the real estate business.

March 3, 2020

California Loans Office Western

Ready Capital Closes $18.5M Acquisition Loan for Office Property in Santa Monica, California

by Amy Works March 3, 2020

SANTA MONICA, CALIF. — Ready Capital has closed an $18.5 million loan for the acquisition, renovation and stabilization of an approximately 20,000-square-foot, Class C office building in Santa Monica’s Westside submarket. Upon acquisition, the undisclosed sponsor will convert the traditional office building into a Class B, mixed-use property with second-floor office space and ground-floor retail space, and once complete, lease-up the space. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible pre-payment. The financing includes a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating shortfalls.

March 3, 2020

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $18.2M Sale of Office Building in Fort Lauderdale

by Alex Tostado March 2, 2020

FORT LAUDERDALE, FLA. — Cushman & Wakefield has negotiated the $18.2 million sale of Courthouse Place, a 66,246-square-foot office building in Fort Lauderdale. The property is situated at 12 SE 7th St., one block from the 20-story, 730,000-square-foot Broward County Courthouse. The seller, a joint venture between Highline Real Estate Capital and Sefire Capital, acquired the property three years ago and implemented building upgrades and a speculative leasing program targeting law firms and associated businesses that were attracted to the building’s proximity to the Broward County Judicial Complex, according to Highline president David Moret. Notable tenants at the time of sale included law firm Krupnick Campbell Malone Buser Slama Hancock, the Florida State Attorney’s office, Legacy Bank of Florida and the Law Firm of Gary M. Singer. Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction. New Haven, Conn.-based ABCD Courthouse Place LLC acquired the asset for $274 per square foot.

March 2, 2020

Leasing Activity New York Northeast Office

Kayne Anderson Signs 11,000 SF Office Lease in Midtown Manhattan

by Alex Patton March 2, 2020

NEW YORK CITY — Kayne Anderson Capital Advisors L.P. has signed an 11,000-square-foot office lease in Midtown Manhattan. The company will occupy an entire floor at 477 Madison Avenue, a Class A office building, beginning later this year. Kayne Anderson is relocating from 655 Madison Avenue. Mitti Liebersohn, Brooks Hauf and Katie Richardson of Avison Young represented Kayne Anderson in the lease negotiations. A.J. Camhi, Rob Weller and Ryan Silverman led a team that represented the building owner, RFR Holding, on an internal basis.

March 2, 2020

Indiana Leasing Activity Midwest Office

UTEC Signs 53,246 SF Office Lease in Downtown Fort Wayne

by Kristin Harlow March 2, 2020

FORT WAYNE, IND. — United Technologies Electronic Controls Inc. (UTEC) has signed a long-term lease for 53,246 square feet at the Indiana Office Center. The company will occupy several floors of the building, which is located at 111 E. Wayne St. in downtown Fort Wayne. Brad Sturges of Sturges Property Group handled lease negotiations on behalf of the undisclosed landlord. Tammy Canfield of Sturges will lead coordination of the construction of tenant improvements. UTEC is a manufacturer of electronic controls for the HVAC, foodservice and RV industries. Up to 140 engineers, research and development staff will begin occupying the new space this summer. Built in 1994, Indiana Office Center is an eight-story building. Current tenants include Flagstar Bank, Wells Fargo and Elevatus Architecture.

March 2, 2020

Newer Posts

Older Posts