DORAVILLE, GA. — NAI Brannen Goddard has arranged the $13.7 million sale of North Park, a 181,799-square-foot portfolio comprising office, warehouse and showroom space in Doraville. The property is situated at 3591-3649 Clearview Parkway, along Interstate 285 and 16 miles northeast of downtown Atlanta. David Beak and Mark Sheffield of NAI Brannen Goddard represented the seller, New North Park LLC, in the transaction. An affiliate of Atlanta-based Mimms Enterprises acquired the property.
LIVINGSTON, N.J. — NAI James Hanson has negotiated a 1,880-square-foot office lease renewal for legal practice The Durkin Firm in Livingston, a western suburb of New York City. The space is located at 345 Eisenhower Parkway, a 157,500-square-foot office building that offers a café, fitness center, lounge and conference facility. Joshua Levering of NAI James Hanson represented The Durkin Firm in the lease negotiations. Eastman Management is the landlord.
PLANO, TEXAS — Locally based design-build firm ARCO/Murray has delivered a 31,000-square-foot project at West Plano Village for Spaces, a Dutch provider of coworking facilities. The space includes more than 80 individual offices, common rooms, executive suites, phone booths and a café with an attached patio. The facility had just opened prior to shelter-in-place orders taking effect as a result of the COVID-19 outbreak. Regus, a multinational provider of serviced offices, coworking spaces and virtual offices, acquired Spaces in 2015.
As an adjunct of the greater Philadelphia market, but with a population that supports its own industry, Southern New Jersey is the archetype of the suburban office market. While throughout the country there has been a trend of firms migrating back to urban centers, Southern New Jersey has held its own against its metropolitan neighbor. In some instances, this area has outperformed average suburban office market metrics. Rebecca Ting, NAI Mertz For example, the national vacancy rate for suburban office markets stood at 22.1 percent at the end of 2019. Midway through the first quarter of 2020, the vacancy rate in Southern New Jersey’s core of Burlington, Camden and Gloucester Counties stands at 8.7 percent. That rate represents a slight increase from year-end 2019, but is consistent with the 8.5 percent median rate for the market over the past four years. Market rents have been on a steady ascent since mid-2016 and now stand at $21.30 per square foot. The two primary submarkets of Southern New Jersey — Cherry Hill and Marlton–Moorestown–Mount Laurel (3M) — are both performing well and are approaching an equilibrium on the metrics of vacancy rate and market rent. Julie Kronfield, NAI Mertz Office space in …
It’s still too early to pinpoint how long and how severe the disruption caused by the outbreak of COVID-19, the disease caused by the novel coronavirus, will be to the major office markets of Texas. But brokers in Dallas, Houston and Austin are already seeing their markets display short-term adjustments with regard to deal velocity and structure. As commercial brokers know all too well, every deal is different. Companies are making decisions on whether to delay or pursue office lease consolidations, renewals or expansions based on their unique cash-flow situations, sales outlooks and current positions in their business cycles. In addition, because many office-using jobs don’t qualify as essential services, the uncertainty about how long employees will have to continue to shelter in place and work from home is leading many companies to reassess their short-term needs in terms of size, location and density. Lastly, there are the office users whose businesses have already been walloped by reduced consumer spending. For these companies, decisions about future leasing activity may very well be taking a backseat to a more pressing short-term need to escape an existing lease with minimal bloodshed. Office brokers have their hands full addressing the unexpected and unforeseen …
PRINCETON, N.J. — Keller Williams Princeton has renewed its 5,396-square-foot office lease at 100 Canal Pointe Boulevard, a 65,592-square-foot office building in Princeton. The Class A property was constructed in 1987. Kevin Coleman of Wolf Commercial Real Estate represented Keller Williams in the lease negotiations. Canal Pointe LLC is the landlord. Broker representation for the landlord was undisclosed.
HOLLYWOOD, CALIF. — Santa Monica, Calif.-based BLT Enterprises has purchased two office properties in Hollywood for a total consideration of $20 million. The properties are a creative office asset at 5735 Melrose Ave. and an 18,000-square-foot production and entertainment office compound at 6151 Santa Monica Blvd. BLT plans to transform the Santa Monica Boulevard property into a modern creative industrial compound catering to production catering to production companies, digital advertising agencies and other companies at the convergence of tech and media. The Melrose property already underwent a renovation to fit the needs of the marketplace. Brad McCoy and David Wilson of Lee & Associates represented BLT in both transactions. Adam Hall of TOLD Partners represented the undisclosed seller of the Santa Monica property, while Paul Brehme and Brad McCoy of Lee & Associates represented the seller of the Melrose property.
STATELINE, NEV. — Dickson Commercial has negotiated the sale of a two-building property located at 298 Kingsbury Grade and 160 Pineridge Drive in Stateline. Kingsbury General Improvement District acquired the assets from JM Ranches for $2.7 million. The two multi-tenant properties offer a total of 15,788 square feet of office, industrial and retail space. Travis Hansen of Dickson Commercial Group represented the seller in the transaction.
FORT WORTH, TEXAS — Butler Animal Health Supply LLC, a provider of veterinarian supplies and medications, has renewed its 120,000-square-foot industrial lease at 14800 FAA Blvd. in Fort Worth. According to LoopNet Inc., the property spans 198,871 square feet across 10.9 acres. Bob Acuff of Colliers International represented the tenant in the lease negotiations. The landlord is ML Realty Partners.
PLANO, TEXAS — Digital Matrix Systems (DMS), an international provider of risk management solutions, has signed a 22,500-square-foot office lease at Preston Park Towers West in Plano for its new headquarters. The company is relocating from nearby Addison. Mike Cleary, Mike Kay and Campbell Puckett of CBRE represented DMS in its site selection and lease negotiations. Campbell Henry and Chris Axley with Lincoln Property Co. represented the landlord, TerraCap Mangement.