Office

Woodside Capital Purchases Office, Industrial Building in Jacksonville for $8M

by Alex Tostado February 19, 2020

JACKSONVILLE, FLA. — Woodside Capital Partners has purchased Cypress Business Center, a 120,682-square-foot office and industrial building in Jacksonville, for $8 million. The building was 54 percent leased at the time of sale to tenants including Claims Questions LLC. The property is situated at 8301 Cypress Plaza Drive, nine miles south of downtown Jacksonville. Daniel Burkhardt and Keith Goldfaden of NAI Hallmark and David Ellis and Alex Waddey of NAI Global represented the undisclosed seller in the transaction.

February 19, 2020

Acquisitions Georgia Office Southeast

Bull Realty Negotiates $4.6M Sale of Office Building Along Atlanta BeltLine’s Future Northside Trail

by Alex Tostado February 19, 2020

ATLANTA — Bull Realty has negotiated the $4.6 million sale of a 23,000-square-foot office building situated along the future site of Atlanta BeltLine’s Northside Trail. The building is located at 644 Antone St. NW in the city’s Berkeley Park neighborhood, five miles north of downtown Atlanta. During the marketing period, the anchor tenant terminated its lease. Atlanta-based Bull Realty procured an undisclosed tenant to occupy the space at a 20 percent higher rate. Andy Lundsberg and Michael Wess of Bull Realty represented the seller, 644 Investment LLC, in the transaction. The buyer was Desert Bloom Investments LLC.

February 19, 2020

Acquisitions California Net Lease Office Western

Drawbridge Realty Buys 253,720 SF Bank of America Office Campus in Westlake Village, California

by Amy Works February 19, 2020

WESTLAKE VILLAGE, CALIF. — San Francisco-based Drawbridge Realty has purchased an office building situated on 19.6 acres at 31303 Agoura Road in Westlake Village. Terms of the transaction were not released. Bank of America occupies the 253,720-square-foot campus on an 11-year, triple-net lease through 2031. The bank employs approximately 1,000 employees at the property. Todd Tydlaska, Sean Sullivan, Mike Longo and Anthony DeLorenzo of CBRE’s El Segundo, Calif., office represented the undisclosed seller in the deal. Drawbridge acquired the asset using a portion of a $240 million equity commitment secured in 2019, providing Drawbridge with discretionary capital to acquire $600 million of additional properties in target markets across the United States. The new equity commitment was led by KKR, which played an important role in procuring the new capital alongside others.

February 19, 2020

California Loans Office Western

Ready Capital Closes $5.4M Refinancing for Office Asset in Tustin, California

by Amy Works February 19, 2020

TUSTIN, CALIF. — Ready Capital has closed a $5.4 million loan for the stabilization of an approximately 43,000-square-foot, Class B office property located in Tustin’s Park Center submarket. The undisclosed sponsor will use loan proceeds to retire existing debt, while continuing its leasing efforts to stabilize the property at market rents. The non-recourse, floating-rate loan features a 36-month term, flexible prepayment and a facility to provide future funding for tenant leasing costs.

February 19, 2020

Development Illinois Midwest Office

CA Ventures, Midwest Property Group Break Ground on 12-Story Office Building in Chicago’s River North

by Kristin Harlow February 19, 2020

CHICAGO — Developers CA Ventures and Midwest Property Group Ltd. have broken ground on a 12-story, boutique office building located at 448 N. LaSalle St. in Chicago’s River North neighborhood. The Class A building is 75 percent pre-leased, as CA Ventures will occupy the lower five floors and WeWork will lease four floors. Chris Cassata and Craig Coupe of JLL will market the remaining three floors for lease. The 172,000-square-foot project is slated for completion in the first quarter of 2021. Amenities will include a rooftop deck, fitness center and bike room. Lamar Johnson Collaborative is the architect and Lendlease is the general contractor. Indure Build-to-Core Fund LLC provided project financing.

February 19, 2020

Illinois Leasing Activity Midwest Office

Hofseth International Leases 4,000 SF Office in Rosemont, Illinois

by Kristin Harlow February 19, 2020

ROSEMONT, ILL. — Hofseth International has relocated to a larger 4,000-square-foot office space at 6300 N. River Road in Rosemont. Steven Goldstein of Jameson Commercial represented the tenant in the lease transaction. Goldstein also subleased Hofseth’s former 2,200-square-foot office at 5509 N. Cumberland Ave. in the O’Hare submarket. Hofseth is a producer, processor and marketer of seafood such as Norwegian Alaskan salmon.

February 19, 2020

Acquisitions Florida Office Southeast

Crocker Partners Sells Office Building in Metro Orlando for $28M

by Alex Tostado February 18, 2020

MAITLAND, FLA. — Crocker Partners has sold Maitland Lakes, a 174,048-square-foot office building in Maitland, for $28 million. Crocker Partners acquired the Central Florida property in 2014 for $14.8 million. The firm upgraded the lobby, elevators, restrooms, corridors and redesigned the café. The building was 91 percent leased at the time of sale to tenants including Wiley Education Services and Sprint Nextel Corp., with an average lease term exceeding five years. Maitland Lakes is situated at 851 Trafalgar Court, eight miles north of downtown Orlando. Brightman-Gil Real Estate Investments acquired the asset. Ron Rogg of CBRE represented Crocker Partners in the transaction.

February 18, 2020

Acquisitions Office Texas

Benderson Development Buys $218M Interest in Pioneer Headquarters Campus in Irving

by Taylor Williams February 18, 2020

IRVING, TEXAS — Florida-based Benderson Development has purchased a ground-lease interest in the Pioneer Natural Resources headquarters campus in Irving for $218 million. The 1.1 million-square-foot, 10-story campus, which was developed by KDC, is located within Hidden Ridge, a public transit-served mixed-use development in the Las Colinas district. Additional terms of the deal were not disclosed.

February 18, 2020

Loans Office Texas

NorthMarq Arranges $64.5M Refinancing of SXSW Center Office Building in Downtown Austin

by Taylor Williams February 18, 2020

AUSTIN, TEXAS — NorthMarq has arranged a $64.5 million loan for the refinancing of SXSW Center, a 13-story office building located at 1400 Lavaca St. in downtown Austin. Designed by Pei Cobb Freed, the Class A property spans 143,998 square feet and features a fitness center, bike storage and electric car charging stations. WeWork occupies three stories at the building. Jim Lemos of NorthMarq arranged the loan, which carries a fixed interest rate and a 26-year term, through Pacific Life Insurance Co. The borrower was not disclosed.

February 18, 2020

Connecticut Leasing Activity Northeast Office

APCW Negotiates 10,000 SF Office Lease in West Haven, Connecticut

by Alex Patton February 18, 2020

WEST HAVEN, CONN. — Arnold Peck’s Commercial World (APCW) has negotiated a 10,000-square-foot office lease in West Haven, a southwestern suburb of New Haven. Healthcare provider Cornell Scott Hill Health Center will occupy the freestanding building located at 410 Campbell Ave. on a 10-year lease. Mark Glassman of APCW represented Cornell Scott in the lease negotiations. Joel Nessno of Press/Cuozzo Commercial Services represented the landlord, Plimpton LLC.

February 18, 2020

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