Office

COVID-19 and Commercial Real Estate: What We Know, What We Don’t

by Jeff Shaw March 23, 2020

The coronavirus pandemic (COVID-19) has not only impacted the physical health of humans around the world, but the health of the U.S. economy as well. While the stock market rallied over 11 percent on Tuesday, its biggest jump in nearly 90 years, on news that a federal stimulus bill to rescue the economy from the coronavirus was imminent, the Dow Jones Industrial Average was still down 31 percent from its most recent high at the closing bell. Meanwhile, economists say weekly jobless claims — new filings for unemployment insurance — could hit 2 million or 3 million. The Labor Department will release the latest figures on Thursday morning. Before the coronavirus hit, weekly jobless claims hovered around 215,000. Though no one knows the true fallout yet — because we’re still in the thick of it. “The impact of the crisis on the commercial real estate market has been dramatic so far, and we are only in the beginning,” says Alex Zikakis, president and founder of Capstone Advisors, a real estate investment, development and asset management company in Carlsbad, Calif. “Many small businesses, especially in retail, are facing extreme pressure as people social distance and only shop for absolute necessities. I …

March 23, 2020

Acquisitions Office Southeast Virginia

Office Properties Income Trust Sells Building in Northern Virginia for $22.2M

by Alex Tostado March 23, 2020

FAIRFAX, VA. — Office Properties Income Trust has sold an 83,130-square-foot office building in Fairfax for $22.2 million. The building is situated at 3920 Pender Drive, 21 miles west of downtown Washington, D.C. The office building was originally constructed in 1981. The Newton, Mass.-based REIT will use the proceeds of the sale to pay off a $13.2 million mortgage loan and put the rest toward general business purposes. The buyer was not disclosed.

March 23, 2020

Leasing Activity Office Texas

Western Midstream Signs 133,948 SF Office Lease in The Woodlands

by Taylor Williams March 20, 2020

THE WOODLANDS, TEXAS — Energy firm Western Midstream Partners LP has signed a 133,948-square-foot office lease at The Woodland Towers at The Waterway in The Woodlands. Located within The Woodlands Town Center, the building features a two-story fitness center with basketball and volleyball courts, a 33,000-square-foot rooftop terrace, conference facilities and a café. Robert Parsley, Norman Munoz and Jillian Fredericks of Colliers International represented the landlord, The Howard Hughes Corp., which acquired the asset from Occidental Petroleum in late 2019, in the lease negotiations. James Bailey, Chad Beck and Rich Claussen of Cushman & Wakefield represented Western Midstream Partners.

March 20, 2020

Company News Office Texas

Integra Realty Resources Opens Seventh Texas Office in Rio Grande Valley

by Taylor Williams March 20, 2020

EDINBURG, TEXAS — Integra Realty Resources (IRR), a provider of valuation, counseling and advisory services, has opened a new office in the Rio Grande Valley city of Edinburg that will be the company’s seventh in Texas and 56th overall. The opening comes on the heels of the company debuting a new office in Lubbock. William Robinson, who served as managing director in the company’s San Antonio office, will lead the new office as managing director along with Adam Solis, who joins IRR from Lone Star National Bank and will serve as a senior analyst.

March 20, 2020

Leasing Activity Office Texas

NAI Partners Arranges 7,737 SF Office Lease in Houston

by Taylor Williams March 20, 2020

HOUSTON — NAI Partners has arranged a 7,737-square-foot office lease at 7155 Old Katy Road in Houston. The property was built on 1.4 acres in 1979 and totals 91,150 square feet. Zach Leger and Jacob Aldridge of NAI Partners represented the landlord in the lease negotiations. The representative of the tenant, Page Parks School of Modeling & Acting, was not disclosed.

March 20, 2020

Acquisitions Multifamily New Jersey Northeast Office

NAI Hanson Negotiates Sale of 10,761 SF Office, Residential Building in Hawthorne, New Jersey

by Alex Patton March 20, 2020

HAWTHORNE, N.J. — NAI James Hanson has negotiated the sale of a 10,761-square-foot office and residential building in Hawthorne, a northwestern suburb of New York City. Located at 297-301 Lafayette Ave., the property includes 7,381 square feet of office space and two apartments. Andrew Somple and Justin Allessio represented the seller, a private investor, in the transaction. The team also procured the buyer, Lighthouse Pregnancy Resource Center, which will use the property as its headquarters. The sales price was undisclosed.

March 20, 2020

Colorado Development Loans Office Western

JV Receives $29.4M Construction Loan for S’PARK Railyards Office Project in Boulder

by Amy Works March 20, 2020

BOULDER, COLO. — A joint venture between The John Buck Co., Kinship Capital and Element Properties has secured a $29.4 million construction loan for the development of S’PARK Railyards, a Class A office project in Boulder. Located at 3401 Bluff St., the four-story Railyards building will feature 64,000 square feet of office space and 5,263 square feet of ground-floor retail space. The office layouts have been designed with 25-foot spans between columns, offering nearly column-free floor plates. Slated for completion in March 2021, the project is 92.4 percent pre-leased. The Railyards project is located within S’PARK, a master-planned community that will offer 288 multifamily units, 106,029 square feet of office space, 31,363 square feet of ground-floor retail space and approximately 350 parking spaces across six separate buildings. Railyards is the fourth of six planned buildings to be built by the joint venture. Construction of the last two projects are scheduled to start by the end of the year. JLL Capital Markets arranged the five-year, floating-rate construction loan through Wintrust Financial Corp. Keith Largay, Brian Walsh and Leon McBroom of JLL Capital Market represented the borrower in the financing.

March 20, 2020

Acquisitions Colorado Office Western

Bancroft Capital Buys Union Terrace Office Building in Colorado for $11.3M

by Amy Works March 20, 2020

LAKEWOOD, COLO. — Manhattan Beach, Calif.-based Bancroft Capital Advisors has acquired Union Terrace, an office building located at 12596 W. Bayaud Ave. in Lakewood. San Diego-based Presidio Property Trust sold the asset for $11.3 million. Built in 1982 on 3.9 acres, the four-story Union Terrace features 84,145 square feet of office space. At the time of sale, the property was 86 percent occupied by 13 tenants. The buyer plans to add amenities and upgrade the property’s common area. Patrick Devereaux, James Brady and Campbell Davis of CBRE Capital Markets in Denver represented the seller in the transaction.

March 20, 2020

Acquisitions Healthcare Nevada Office Western

Capovilla Management Sells McFarlane Medical Center in Las Vegas for $10.4M

by Amy Works March 20, 2020

LAS VEGAS — Capovilla Management has completed the sale of McFarlane Medical Center in Las Vegas. An undisclosed buyer acquired the property for $10.4 million. Located at 8352 W. Warm Springs Road, the property features 39,279 square feet of medical office and office space. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate represented the seller in the deal.

March 20, 2020

Illinois Leasing Activity Midwest Office

Feeding America to Relocate Headquarters in Chicago with 61,324 SF Lease

by Kristin Harlow March 20, 2020

CHICAGO — Feeding America, a hunger-relief charity, will relocate its headquarters to 161 North Clark in Chicago. The 61,324-square-foot lease represents a 32 percent expansion for the nonprofit, which will move from 35 E. Wacker when the new lease commences in the fourth quarter. Mindy Saffer of Cresa and Rob Schmidt of JLL represented Feeding America in the lease transaction. Newmark Knight Frank represented the landlord. The 50-story office tower is situated in Chicago’s Central Loop and features a conference center and outdoor terrace.

March 20, 2020

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