Office

Colliers Negotiates 38,400 SF Office Lease for City of Richmond

by Alex Tostado May 8, 2020

RICHMOND, VA. — Colliers International has negotiated a 38,400-square-foot office lease for the City of Richmond to relocate its Office of the General Registrar. The property is situated at 2134 W. Laburnum Ave., five miles northwest from downtown Richmond. The office is adjacent to where Interstates 195 and 64 merge. The previous office is located at 900 E. Broad St. in downtown Richmond. Harrison Hall and Will Bradley of Colliers represented the landlord, DAR Enterprises LLC, in the transaction.

May 8, 2020

Leasing Activity Office Texas

NKF Negotiates 35,471 SF Office Lease in Irving

by Taylor Williams May 8, 2020

IRVING, TEXAS — Newmark Knight Frank (NKF) has negotiated a 35,471-square-foot office lease at Riverside Commons in Irving. According to LoopNet Inc., the property was built in 1987, renovated in 2008 and totals 90,425 square feet. John Wolf of NKF represented the tenant, mortgage origination firm Planet Home Lending, in the lease negotiations. Cushman & Wakefield represented the landlord, BSREP Riverside LLC.

May 8, 2020

Loans New Jersey Northeast Office

Houlihan-Parnes Arranges $31M Loan for Refinancing of Office Building in Tarrytown, New York

by Alex Patton May 7, 2020

TARRYTOWN, N.Y. — Houlihan-Parnes LLC has arranged a $31 million loan for the refinancing of 660 White Plains Road, a 280,000-square-foot, Class A office building in Tarrytown, located approximately 30 miles north of New York City. A local bank provided the 10-year loan at a fixed interest rate of 3.13 percent to the building owners, a partnership of RD Management and Houlihan-Parnes affiliate GHP Office Realty. Since acquiring the property in 2017, ownership has invested millions of dollars in capital improvements and various building upgrades, including a fitness center and renovated lobby, and raised the occupancy rate from 78 percent to 98 percent. Tenants include Prestige Brands, ENT & Allergy Associates and KeyBank National Association. Rachel Greenspan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes arranged the loan.

May 7, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1M

by Amy Works May 7, 2020

PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.

May 7, 2020

Development Office Texas

Gaedeke Group Reveals Plans for 414,000 SF Office Tower at Legacy West in Plano

by Taylor Williams May 7, 2020

PLANO, TEXAS — Dallas-based Gaedeke Group has revealed new plans for Two Legacy West, a 414,000-square-foot, 17-story office tower that will be located at the corner of Leadership Drive and the Sam Rayburn Tollway in Plano. Designed by Gensler, the building will be situated adjacent to the headquarters campuses of FedEx, Toyota and JPMorgan Chase. Amenities will include a market-style grocery, community park, game lounges and a wellness center with saunas and workout classrooms. In addition, Two Legacy West will feature convenience-oriented amenities such as a digital concierge, complimentary shuttle service to Legacy West and electric car charging stations. A covered walkway will connect the building to its counterpart, the 14-story, 308,000-square-foot One Legacy West. Completion is slated for 2022.

May 7, 2020

Acquisitions New York Northeast Office Retail

SL Green Sells Office, Retail Condominium in Manhattan for $168M

by Alex Patton May 6, 2020

NEW YORK CITY — SL Green Realty Corp. has sold 609 Fifth Avenue, an office and retail condominium in Manhattan, to an affiliate of the Reuben Brothers for $168 million. Beginning in 2018, SL Green undertook an extensive repositioning of the entire building, including vacating the previous tenants in the office condominium portion of the property and relocating the office lobby to increase the retail frontage on Fifth Avenue. Sports apparel brand PUMA has leased a 24,000-square-foot retail space at the building for its three-level flagship store. Luxury apparel retailer Vince has leased a 5,000-square-foot retail space in the building. Darcy Stacom, Doug Middleton and David Fowler of CBRE represented SL Green in the transaction.

May 6, 2020

Acquisitions Healthcare Office Southeast Virginia

IPA Brokers $19.3M Sale of Medical Office Building in Northern Virginia

by Alex Tostado May 6, 2020

DUMFRIES, VA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $19.3 million sale of Dumfries Health Center, a 99,718-square-foot, single-tenant medical office building in Dumfries. The property is fully leased to Spectrum Healthcare Resources. The building was delivered in 2009 at 3700 Fettler Park Drive, two miles north of downtown Dumfries and adjacent to Interstate 95. The previous owner, known as 3700 Fettler Park LLC, recently implemented upgrades that included adding urgent care, immunizations, sports medicine with wading pools and expanding the onsite pharmacy. Robert Filley, Randall Heilig, Chandler Pace and Chris Dale of IPA represented the seller in the transaction and procured the buyer, Bethesda, Md.-based Global Medical REIT.

May 6, 2020

Loans Office Texas

NXT Capital Provides Acquisition Financing for 248,000 SF Office Complex in Dallas

by Taylor Williams May 6, 2020

DALLAS — Chicago-based NXT Capital has provided an undisclosed amount of acquisition financing for Toll Hill Office Park, a 248,000-square-foot office complex in Dallas. Building amenities include an onsite deli, common area, conference room, atrium seating areas with Wi-Fi and both surface and underground parking. Jason Piering of JLL placed the debt on behalf of the borrower, Balfour Pacific Capital. The seller was locally based developer Cawley Partners

May 6, 2020

Acquisitions California Healthcare Office Western

Pain Management Group Buys Richley Medical Plaza in San Diego for $6M

by Amy Works May 6, 2020

SAN DIEGO — An Orange County, Calif.-based pain management group has purchased Richley Medical Plaza, a medical office building in San Diego’s Midway District, for $6 million. Dan Henry and Lars Eisenhauer of CBRE represented the seller, a private investor, in the deal. Located at 3434 Midway Drive, the 25,600-square-foot building was originally built in 1991. The two-story property includes a 6,475-square-foot surgery center that features three operating rooms, a recovery area, waiting room, reception room and two restrooms. At the time of sale, the building was 85 percent vacant.

May 6, 2020

Acquisitions Healthcare Nevada Office Western

Colliers Brokers $2.6M Sale of Medical Office Property in Las Vegas

by Amy Works May 6, 2020

LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a medical office space located within Smith Surgery Center at 8871 W. Sahara Ave. in Las Vegas. Mia Aesthetics LV Realty acquired the asset from Smith Building LLC for $2.6 million. The asset offers 7,569 square feet of medical office space. Stacy Shapiro and Alexia Crowley of Colliers represented the seller in the deal.

May 6, 2020

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