HOUSTON — Newmark Knight Frank (NKF) has negotiated a 30,116-square-foot office lease at 4541 Brittmoore Road in northwest Houston. Garrett Gibbons Jr., Jack Brewer and Lucas Kay of NKF represented the tenant, Vere Technology, a provider of pumps and compressors for the energy sector, in the lease negotiations. Lee & Associates represented the landlord, Britmore Investments LLC.
WILMINGTON, DEL. — CBRE has arranged the sale of a 210,000-square-foot, Class A office building in Wilmington, approximately 30 miles southwest of Philadelphia. Located at 824 N. Market St., the 10-story property was constructed in 1982 and was 67 percent leased at the time of sale. U.S. Bankruptcy Court for the District of Delaware occupies 65,941 square feet of the building, which is located across the street from Wilmington’s U.S. District Courthouse. Jerry Kranzel, Robert Fahey, Erin Hannan and Jack Corcoran of CBRE represented the undisclosed seller in the transaction. New Jersey-based investor Chopp Holdings was the buyer.
FORT WORTH — Austin-based Capital Commercial Investments (CCI) has purchased the former headquarters campus of American Airlines and American Airlines Federal Credit Union in Fort Worth. The 40-acre campus features approximately 1.4 million square feet of office space across three buildings and is located just three miles from DFW International Airport. An underground pedestrian tunnel connects all three buildings. Mike Hardage, Alan Harrington, Steve McCoy and Brooks Creech of Transwestern worked with Troy Barron of Weston Commercial Real Estate to facilitate the transaction. Transwestern will also take over leasing and management of the property. American Airlines began moving into its new $350 million Fort Worth headquarters, known as Skyview 8, last fall. Jim Neil, Duke Stone, Trip Neil and John Bell of Churchill Capital arranged acquisition financing for the transaction with the Boxer Property team of Andrew Segal and John Rentz. The Capital Commercial Investments team was led by Doug Agarwal (CEO / Founder) and Robb Buchanan (EVP). The loan was provided within 17 days of term sheet execution in order to meet CCI’s closing deadline on April 30th, 2020.
Natural Gas Provider Venture Global LNG Doubles Office Space at 5 Houston Center in Downtown Houston
HOUSTON — Natural gas provider Venture Global LNG has signed a 58,514-square-foot office lease at 5 Houston Center, a 581,000-square-foot building located at 1401 McKinney St. in downtown Houston. The company is doubling the size of its footprint at the Class A building, which was renovated in 2019 and features a coffee bar, fitness center and tenant lounge. Beau Bellow and Jay Farmer of JLL represented the tenant in the lease negotiations. Transwestern Real Estate Services represented the landlord, Spear Street Capital.
DALLAS — Newmark Knight Frank (NKF) has negotiated a 27,672-square-foot office lease at 4 Park Central, located just inside the Interstate 635 loop in North Dallas. John Beach of NKF represented the tenant, payment processing firm FPT Operating Co. LLC, in the lease negotiations. Younger Partners represented the landlord, McKnight Park Central LLC.
ST. CLOUD, MINN. — KW Commercial has arranged the sale of Northway Court Center in St. Cloud, about 65 miles northwest of Minneapolis. Located at 1501 Northway Drive, the 21,178-square-foot building is home to a variety of retail, office and restaurant tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Northway Retail Partners LLC. The seller and sales price were not disclosed.
SOUTH ORARGE, N.J. — Kislak Co. Inc. has arranged the $11.6 million sale of South Orange Square, a 31,000-square-foot office and retail property located on the western outskirts of New York City. Located at 67-81 S. Orange Ave. and 3-11 Scotland Road, the property includes 21,000 square feet of ground-floor retail space, 9,000 square feet of second-story office space and 1,000 square feet of storage rooms. At the time of sale, the property was 98 percent leased to tenants including Verizon, Investors Bank and the South Orange Pharmacy. Meridian Capital Group arranged acquisition financing through Spencer Savings Bank on behalf of the undisclosed buyer. Joni Sweetwood of Kislak represented the seller, which was also undisclosed.
BEDFORD, TEXAS — Marcus & Millichap has arranged the sale of an 8,750-square-foot office building located at 405 Airport Freeway in Bedford, a suburb of Fort Worth. Ron Hebert and Blake Burnett of Marcus & Millichap represented the seller and procured the 1031 exchange buyer, both of which were private investors that requested anonymity.
FRANKLIN, WIS. — JTL Carriers, a trucking company, has renewed its 3,230-square-foot office lease at Franklin Corporate Center in Franklin, a suburb of Milwaukee. The property is located at 9809 S. Franklin Drive. Jenna Maguire and Ned Purtell of Founders 3 Real Estate Services represented the landlord, SARA Investment Real Estate. With offices in Madison, Milwaukee, Minneapolis and St. Louis, SARA Investment Real Estate acquires, develops, leases, finances and manages properties throughout the Midwest. The company manages assets valued at more than $350 million.
An hour east of downtown Los Angeles, the Inland Empire office market contains about 25 million square feet of office product in San Bernardino and Riverside counties. This market has undergone tremendous growth over 10 years, and a more diverse stable of occupiers has moved in since the area was decimated by the housing crisis of 2007. At times overlooked, the Inland Empire’s office market is more than just the low-cost alternative to Southern California’s LA and Orange counties. With a sector vacancy rate of just 9 percent (lower than neighboring submarkets) the Inland Empire’s economic engine is supporting one of the fastest job growth areas in the country over the past decade, boasting an unemployment rate of only 3.6 percent. The fourth quarter of 2019 witnessed the first speculative general office building development in more than eight years. Average asking rates have also increased to $2.05 per square foot, the highest level since 2009. With sustained positive absorption and continued rising rental rates, this area has shifted to become a landlord market over the past couple years and, with this, concessions will continue to evaporate. Education and health services, government, and professional and business services have all seen recent …