Office

Transwestern Negotiates $83M Sale of Office Portfolio in Huntsville

by Alex Tostado April 17, 2020

HUNTSVILLE, ALA. — Transwestern has negotiated the $83 million sale of a 1 million-square-foot, six-property office portfolio in Huntsville. Five of the buildings are situated within Cummings Research Park and the sixth is Regions Center, an 11-story, 154,297-square-foot office tower in downtown Huntsville. The five buildings in Cummings Research Park include Northrop Grumman’s regional headquarters, a 110,275-square-foot building; Intuitive Center I and II, which together comprise 133,967 square feet; Research Place, three one-story buildings comprising 274,657 square feet; and Research Office Park Center, which spans four one-story buildings totaling 121,839 square feet. The portfolio was 97 percent leased at the time of sale to tenants including Northrop Grumman Space & Mission Systems, Regions Bank, Toyota Motor North America Inc. and BAE Systems. Cummings Research Park is home to more than 300 companies and is situated six miles west of downtown Huntsville. John Bell and Kevin Markwordt of Transwestern represented the undisclosed seller in the transaction. The buyer was also not disclosed.

April 17, 2020

Development Loans Office Southeast Tennessee

GBT Realty Receives $141.1M in Construction Financing for One22One Broadway Office Tower in Nashville

by Alex Tostado April 17, 2020

NASHVILLE, TENN. — GBT Realty Corp. has received $141.1 million in construction financing for its One22One Broadway project in Nashville. Mack Realty provided the loan for the planned 24-story, 356,000-square-foot office tower. Construction began in February, and GBT expects the development to open in 2022. Additionally, Dallas-based Koch Real Estate Investments has joined GBT as a limited partner. The property is situated on 0.77 acres at 1221 Broadway. Gresham Smith designed the building, and Taylor Hillenmeyer, Janelle Gallagher, Frank Thomasson and Byran Fort of CBRE are marketing the office space.

April 17, 2020

Acquisitions Office Southeast Virginia

Meridian Group Acquires Two Office Buildings in Northern Virginia for $58.3M

by Alex Tostado April 17, 2020

VIENNA, VA. — The Meridian Group has acquired 1951 Kidwell Drive and 193 Gallows Road in Vienna for a combined $58.3 million. The eight-story building at 1951 Kidwell spans 172,957 square feet and was 75 percent leased at the time of sale. The building located at 1953 Gallows is also eight stories and comprises 256,714 square feet. It was 55 percent leased at the time of sale. Meridian plans to upgrade the common areas and amenities of both assets in an effort to improve occupancy. The two buildings are situated within a half mile of each other and 13 miles west of downtown Washington, D.C. Eastdil Secured represented the buyer in the transaction. The seller(s) was not disclosed.

April 17, 2020

Parkway-Woods-Business-Park-Wilsonville-OR

Acquisitions Industrial Loans Office Oregon Western

NKF Closes $36.1M Loan for Parkway Woods Business Park Acquisition in Oregon

by Amy Works April 17, 2020

WILSONVILLE, ORE. — Newmark Knight Frank (NKF), on behalf of ScanlanKemperBard (SKB), has secured $36.1 million in financing for the acquisition of Parkway Woods Business Park in Wilsonville. SKB acquired the property, which offers 390,233 rentable square feet of office, production and manufacturing space on an 88.3-acre, park-like setting. Ramsey Daya, Chris Moritz and Stephen Scarpulla of NKF’s Debt & Structured Finance team in San Francisco executed the financing through Bridge Investment Group for the borrower. At the time of sale, the asset was 79.5 percent leased by a variety of tenants, including Xerox, 3D Systems, Dealer Spike and Tualatin Valley Water District. Parkway Woods features efficient, single-story floor plans with modern building systems, abundant green space, extensive freeway visibility, amenities, above-market parking ratio, on-site public transportation, excess land and nearby food options.

April 17, 2020

California Loans Office Western

New York Life Originates $69.9M Acquisition, Repositioning Loan for Office Building in California

by Amy Works April 17, 2020

EL SEGUNDO, CALIF. — New York Life Real Estate Investors has originated financing for the acquisition and repositioning of 2160 Grand, a three-story office building in El Segundo. Originally developed as a built-to-suit project in 1999, the building’s T-shaped layout allows floorplates to be divided for multiple tenants, along with the capability to serve larger space users. The buyer plans to reposition the property into a 164,000-square-foot, campus-like facility with a variety of amenities, including private roof decks, a fitness center, tenant lounge and outdoor courtyard. David Milestone of Newmark Knight Frank Capital Markets placed the debt on the transaction.

April 17, 2020

Acquisitions Massachusetts Northeast Office

Taurus Investment Purchases Office Building in Concord, Massachusetts, for $74.5M

by Alex Patton April 17, 2020

CONCORD, MASS. — Taurus Investment Holdings LLC has purchased 300 Baker Avenue, a 410,296-square-foot office building in Concord, a northwestern suburb of Boston. The sales price was $74.5 million. At the time of sale, the Class A building was 93.2 percent leased to 13 tenants, including the corporate headquarters of fruit juice manufacturer Welch’s and a satellite facility for Emerson Hospital. Amenities include a fitness facility, conference center, cafeteria and Starbucks kiosk. Robert Griffin and Edward Maher led a Newmark Knight Frank team that represented Taurus in the transaction. Novaya Real Estate Ventures was the seller.

April 17, 2020

Leasing Activity New York Northeast Office

Avison Young Negotiates 77,000 SF Office Lease Renewal in Midtown Manhattan

by Alex Patton April 17, 2020

NEW YORK CITY — Avison Young has negotiated the 12-year renewal of a 77,000-square-foot office space in Midtown Manhattan for investment and technology development firm D.E. Shaw. The space spans seven floors at Tower 45, a 458,446-square-foot, Class A office building located at 120 W. 45th St. The company has leased its space in the building since 2011. Arthur Mirante II, Mitti Liebersohn and John Ryan III of Avison Young represented the landlord, Kamber Management Co., in the lease negotiations. Timothy Dempsey, Roger Griswold and Munish Viralam of CBRE represented D.E. Shaw.

April 17, 2020

Acquisitions Maryland Office Southeast

JLL Brokers Sale of 212,153 SF Medical Office Campus in Metro D.C.

by Alex Tostado April 16, 2020

SILVER SPRING, MD. — JLL has brokered the sale of Colesville Medical Campus, a three-building, 212,153-square-foot medical office campus in Silver Spring. The asset is situated at 10720, 10750 and 10770 Columbia Pike, 10 miles north of downtown Washington, D.C. The property is positioned within a 10-mile radius of 12 hospitals with more than 3,000 beds. Trinity Health and Holy Cross Health, which operates its home care and hospice operations at the property, anchor the campus. The seller, Beckham Gumbin Ventures, acquired the asset in 2016 when it was 43 percent leased. At the time of sale, Colesville Medical was 82 percent leased. The campus features amenities such as a fitness center, conference center facility and parking for more than 789 vehicles. Ben Appel, Dave Baker, Jim Meisel, Andrew Weir and Matt Nicholson of JLL represented the seller in the transaction. Robert Carey, Daniel Turley and Evan Parker of JLL arranged an undisclosed amount of acquisition financing for the buyer, Austin, Texas-based Virtus Real Estate Capital.

April 16, 2020

Acquisitions Office Southeast West Virginia

Sentinel Net Lease Acquires Amazon Customer Service Center in West Virginia for $16.9M

by Alex Tostado April 16, 2020

HUNTINGTON, W.VA. — Sentinel Net Lease has acquired a 68,693-square-foot Amazon Customer Service Center in Huntington for $16.9 million. An affiliate of Lexington Realty Trust sold the office property, which spans 7.9 acres within Kinetic Park. Amazon has seven years remaining on its lease, as well as four five-year renewal options, according to CBRE. The 105-acre park is situated four miles south of downtown Huntington. According to public records, Wesbanco Bank Inc. provided an $11.8 million acquisition loan to the buyer. Will Pike of CBRE represented the seller in the transaction, and Matson Kane and Teddy Leonard of Sands Investment Group represented the buyer.

April 16, 2020

Acquisitions Office Southeast Virginia

Colliers Negotiates $14.7M Sale of Medical Office Building in Stafford, Virginia

by Alex Tostado April 16, 2020

STAFFORD, VA. — Colliers International has negotiated the $14.7 million sale of 50 Teach Parkway, a 94,064-square-foot medical office building in Stafford. The property was 94.5 percent leased at the time of sale to tenants including the United States government, BAE Systems and Space Dynamics Laboratory. The building is situated within the North Stafford Center for Business & Tech, a three-building office park adjacent to Quantico Marine Corp Base. The asset is situated 43 miles southwest of downtown Washington, D.C. Will Bradley, Mark Williford and Lee Cherwek of Colliers represented the seller, Golden Eagle Group.

April 16, 2020

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