LEESBURG, VA. — Marcus & Millichap has arranged the $9.2 million sale of Leesburg Plaza Office Building, a 37,946-square-foot office building in Leesburg. WHR LLC sold the three-story building, which features Dog Money Restaurant & Brewery on the first floor. 10th Street Catoctin LLC acquired the property via a 1031 exchange. Leesburg Plaza Office Building is located at 50 Catoctin Circle NE, 40 miles northwest of downtown Washington, D.C.
MESA, ARIZ. — Lincoln Property Co. (LPC) and Harvard Investments has broken ground for the first office building at Union, a four-building, 1.3 million-square-foot office project at the junction of Mesa, Tempe and Scottsdale. Union’s first building will total 238,348 square feet spread across four stories, as well as an adjacent four-level parking garage. All the buildings planned at Union will feature a modern glass exterior, an active first floor, large office floorplates with high ceilings, outdoor balconies and 10-foot vision glass offering views of the surrounding city and mountains. Building One will connect to the larger Union master plans via a main pedestrian plaza and indoor-outdoor features such as shaded gathering areas and outdoor linked by the Rio Salado Pathway. Situated on 28.2 acres, the buildings will range from four to eight stories and from 232,000 square feet to 450,000 square feet. Completion of the first building is slated for October 2020. DAVIS is serving as project architect and Wespac is serving as general contractor. LPC will serve as the project’s leasing agent and property manager.
BOTHELL, WASH. — JLL has secured $19.9 million in refinancing for Nexus Canyon Park Research Center, a life science, flex and R&D property in Bothell, a suburb of Seattle. The borrower is San Diego-based Nexus Properties. Located at 21720 23rd Drive SE, the two-story Nexus Canyon Park Research Center features 152,050 square feet of space. Constructed in 1999, the facility recently underwent a partial conversion into flex industrial space. Current tenants include Epoch Pharmaceuticals, Sony Biotechnology, Sound Biologics and Shimadzu Scientific. Tim Wright, Zack Holderman, Zack Goodwin and Anthony Rosetta of JLL arranged the loan for a national lender on behalf of the borrower.
NEW YORK CITY — A joint venture between Tribeca Investment Group and funds managed by PGIM Real Estate and Meadow Partners will undertake a full repositioning of 295 Fifth Avenue, a 700,000-square-foot property in Manhattan also known as The Textile Building, in a project valued at $300 million. The new ownership signed a 99-year ground lease at the former textile building and plans to convert it into a Class A office tower. Features of the new property will include 40,000-square-foot flexible floor plates and ceiling heights up to 16 feet, as well as a new lobby, new retail storefronts and amenity spaces. Tenant spaces will be redeveloped into loft offices. Darcy Stacom, Bill Shanahan and Doug Middleton of CBRE represented the family ownership on the ground lease. Studios Architecture will be involved in the design and construction of the project.
PURCHASE, N.Y. — CBRE has arranged the approximately $40 million sale of 100 Manhattanville Road, a 290,634-square-foot, Class A office property in Purchase, a northern suburb of New York City. Mastercard anchors the office complex, which features a cafeteria and fitness center. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Gene Pride and Stuart MacKenzie of CBRE represented the seller in the transaction, which was undisclosed. The team also procured the buyer, RPW Group.
OLD BRIDGE, N.J. — Cushman & Wakefield has negotiated 72,628 square feet of new office leases and renewals of existing leases at 100 Matawan Road, a 132,000-square-foot office building in Old Bridge, located approximately 30 miles south of New York City. Contract manufacturing and turnkey supply chain solutions firm Coda Resources leased 7,319 square feet on the third floor. Supermarket Key Food leased 38,311 square feet on the building’s first and second floors. Electronic health record and practice management solutions provider CentralReach, leased 14,287 square feet on the building’s plaza level. Steel distributor Duferco Steel Inc. renewed its 10,961-square-foot lease on the fourth floor. Rossow USA renewed its 1,750-square-foot lease. Kevin Carton, Todd Elfand, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Signature Acquisitions, in the lease negotiations. Carton and Elfand also represented Coda Resources. Joe Sarno, Wes Moore and Joe Sarno III of CBRE represented Key Food and CentralReach. Moore also represented Duferco Steel.
HACKENSACK, N.J. — NAI James Hanson has brokered the sale of 300 S. Summit Avenue, a 2,331-square-foot office building in Hackensack, a northwestern suburb of New York City. The buyer, All Souls Evangelical Church, is relocating from Bogota to provide more accessibility to its congregation. Darren Lizzack and Randy Horning of NAI James Hanson represented the seller, a private investor, in the transaction. Allegra House of Prominent Properties represented All Souls Evangelical Church.
As a whole, commercial real estate in Columbus has experienced high levels of activity in recent years, and the office market has been no exception. The amount of new office space hitting the market has kept vacancy and average rental rates relatively flat, pacing the economic growth of the region. The vacancy rate has hovered around 6 to 7 percent, and the average rental rates are around $18 to $19 per square foot on a gross basis. Developers in the region are anticipating continued growth, so there is an additional 830,000 square feet of office space currently under construction. With that amount of new construction, we don’t expect the vacancy or rental rates to change dramatically in the coming year. Let’s look at the trends driving these numbers. Population, economic growth Columbus continues to grow quickly. Columbus offers residents a low cost of living, great drivability, plenty of amenities and economic opportunity. Since 2010, the metro area has grown by 10.8 percent, adding over 200,000 people, which makes Columbus the 14th-largest city in the United States with over 2 million total residents. The population growth hasn’t slowed down; from 2017 to 2018, the area grew 1.2 percent, and forecasts expect …
EASTON, OHIO — JLL has arranged the sale of One & Two Easton Oval, a two-building office property in Easton, for $41.4 million. The Class A asset spans 252,461 square feet and is situated approximately 10 miles northeast of Columbus’ central business district. Completed in the late 1990s, the property is 91.4 percent leased. Jim Postweiler, Peter Harwood, Derek Fohl and Patrick Shields of JLL represented the seller, Garrison Investment Group. Steve Buss and Marc Nanne of JLL represented the buyer, Minneapolis-based Founders Properties. Local JLL brokers Collin Wheeler and Aaron Duncan supported the sales effort. Keith Largay and Patrik Modig of JLL secured $27.8 million in acquisition financing. TCF Bank provided the seven-year, floating-rate loan.
KANSAS CITY, MO. — Kadean Construction has purchased the 5,250-square-foot building at 1821 McGee St. in Kansas City that the company has been leasing since January 2018. The purchase price was not disclosed. Kadean plans to immediately commence renovations to finish out approximately 2,700 square feet of existing shell space into new office space. The construction firm expects to fully occupy the space beginning in January. Headquartered in St. Louis, Kadean has been active in the Kansas City market since 2015.
