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.
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.
These days, one of the most widely-shared facts about Texas’ economy is the fact that the Dallas-Fort Worth (DFW) metroplex adds about 360 new residents per day. But a lesser-known part of that statistic involves the fact that Fort Worth is experiencing a faster rate of population growth than Dallas. According to U.S. Census data, Fort Worth was the third fastest-growing city in the country from 2012 to 2017. In 2018, Fort Worth gained 20,000 new residents, compared to just 2,000 new Dallasites. According to the latest information from the U.S. Census Bureau, Cowtown is now the 13th-most populous city in the United States, having surpassed San Francisco and Columbus, Ohio, to reach a total of 895,000 residents. On the heels of all that population growth has come a rapidly expanding local economy. Census data shows that Fort Worth saw more than a 21 percent increase in its population of employed residents in the five years leading up to 2017. This growth enabled Fort Worth to become the third-fastest-growing U.S. job market. Part of Fort Worth’s appeal is the fact that it has a diverse employment base, with growth in medicine, manufacturing and warehousing/distribution being especially pronounced during this cycle. …
CHARLOTTE, N.C. — PCCP LLC has provided a $95.6 million construction loan to a joint venture for a 16-story office building in Charlotte’s South End. Atlanta-based Portman Holdings and Washington, D.C.-based National Real Estate Advisors LLC are developing 2151 Hawkins, which will feature multiple rooftop terraces, a six-story parking structure, ground-level retail anchored by Sycamore Brewing and access to the LYNX Light Rail Blue Line. In addition to Sycamore, the developers plan to incorporate a food hall concept on the ground floor. Gensler designed the building, which, according to media reports, is expected to come on line in March 2021.
ATLANTA — Facebook Inc. has signed a 35,900-square-foot office lease within Hines’ T3 West Midtown in Atlanta’s Atlantic Station. The social media company will occupy an entire floor, bringing the seven-story office building to 65 percent occupancy. The 203,000-square-foot building features ground-level social workspace, a fitness center, outdoor terraces on each floor, rooftop terrace and an adjacent pocket park. Hines and Invesco Real Estate developed T3 West Midtown in 2017-18. The building sits within Atlantic Station, a 138-acre mixed-use development in Atlanta’s West Midtown neighborhood.
GLENDALE, COLO. — Estero, Fla.-based TerraCap Management has purchased Cherry Creek Plaza, an office complex located in Glendale’s Cherry Creek submarket, for $54 million. Cherry Creek Plaza comprises two 13-story buildings offering a total of 335,000 square feet of Class A office space. On-site amenities include a newly renovated lobby, fitness center and conference room. Additionally, the property is adjacent to Glendale 180, a proposed $175 million mixed-used development. Occupancy at Cherry Creek Plaza will drop to 73 percent in the coming months with the exit of a full-floor tenant, allowing the buyer to offer suites ranging in size from 1,000 square feet to in excess of 19,000 square feet. Tim Richey, Mike Winn and Chad Flynn of CBRE-Denver represented the undisclosed seller in the deal. Chicago-based NXT Capital provided debt financing for TerraCap, with assistance from both CBRE Denver and Atlanta debt teams. TerraCap has retained Lincoln Property Co. to handle leasing and Corum Real Estate Group as property manager.
RIVERSIDE, CALIF. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of an office building located at 2300 Market St. in Riverside. A Los Angeles-based private investor acquired the property for an undisclosed price. Originally constructed in 2006, the three-story, 63,760-square-foot office building was fully occupied at the time of sale. The County of Riverside occupies 89 percent of the rentable area and recently signed a five-year lease extension that expanded its footprint at the property. Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson, Will Cole and Sammy Cemo of CBRE represented the seller in the transaction.
CINCINNATI — Halo Communications and KnowledgeWorks Foundation have signed new leases at 312 Plum Street, a 231,000-square-foot office building in downtown Cincinnati. Rubenstein Partners LP and Strategic Capital Partners LLC own the Class A property. Halo Communications, a healthcare technology and communications provider, has leased 11,902 square feet on a five-year basis. Halo is relocating from its previous Cincinnati office at 1 W. 4th St. KnowledgeWorks Foundation, a nonprofit education organization, has leased 12,837 square feet for 10 years. The organization is relocating from the same building as Halo. Nick Greiwe, Travis Likes, Chris Carey, Scott Yards and Kate Myers of CBRE represented ownership in the lease negotiations. Chris Vollmer Jr. of CBRE represented Halo, while Peter Snow and Rose Ferrugia of Cushman & Wakefield represented KnowledgeWorks.
COLUMBUS, OHIO — Global design consultancy Fitch has relocated from the Brewery District to the Arena District within Columbus. The company now occupies 7,637 square feet at 191 W. Nationwide Blvd. The agency says it hopes to attract new talent, create a better workspace for employees and have increased exposure and visibility with clients. Kirk Smith of CBRE represented Fitch in securing its new studio, which features two floors, standing desks and an open area for collaboration.
TEMPE, ARIZ. — Anaheim, Calif.-based Crowne Pointe Equity has purchased an office/flex building located at 914 S. 52nd St. in Tempe. A joint venture between Phoenix-based ViaWest Group and a capital partner sold the asset for $5.9 million. Situated on 2.7 acres, the property offers 32,350 square feet of Class A office/flex space. At the time of sale, two tenants fully occupied the property: La Frontera EMPACT Suicide Prevention and SISU Healthcare Solutions. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas and Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE’s Phoenix office represented the seller in the deal.
