Office

NKF Negotiates $21.6M Sale of Bank of America Office Campus in Southern California

by Amy Works April 3, 2020

THOUSAND OAKS, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of an office campus located at 225 W. Hillcrest Drive in Thousand Oaks. TriStar Realty Group acquired the property from a joint venture between Colony Capital and SteelWave for $21.6 million. Bank of America occupies 74 percent of the property until December, at which time the 158,885-square-foot asset will be vacant. The buyer plans to reposition the building, which is situated on 14.7 acres, as a medical office campus. Built in 1983 and renovated in 2007, the five-story, Class A property was originally built for Exxon’s regional corporate headquarters. The asset features flexible floorplates ranging in size from 20,000 square feet to 48,000 square feet, a courtyard and ample parking. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NKF’s U.S. Capital Markets group, along with Sean Fulp, Ryan Plummer and Mark Schuessler of NKF’s Private Capital group, represented the seller. John LaSpada of CBRE represented the buyer in the deal.

April 3, 2020

Acquisitions Midwest Office Ohio Retail

DiFranco Brokers Sale of 34,017 SF Office, Retail Complex in Westlake, Ohio

by Kristin Harlow April 3, 2020

WESTLAKE, OHIO — DiFranco Commercial Real Estate has brokered the sale of 2035 Crocker Road in Westlake, about 17 miles west of downtown Cleveland. The sales price was not disclosed. The 34,017-square-foot office and retail complex was 94 percent occupied at the time of listing. The building is situated directly across from the lifestyle center Crocker Park. Michael DiFranco of DiFranco brokered the sale. Buyer and seller information was not provided.

April 3, 2020

Development Office Texas

Cornerstone to Develop 30,000 SF Office Project in Fort Worth

by Taylor Williams April 2, 2020

FORT WORTH, TEXAS — Cornerstone Projects Group will develop Triune Center, a 30,000-square-foot office project that will be located at the convergence of Interstate 30, Montgomery Street and Chisholm Trail Parkway in Fort Worth. The six-story, Class A building will feature an automated valet parking garage by Trident Structures. Construction is expected to last 12 months and could begin as early as May. Stream Realty Partners will handle leasing of Triune Center

April 2, 2020

Leasing Activity New Jersey Northeast Office

Imperial Dade Signs 28,756 SF Office Lease in North Bergen, New Jersey

by Alex Patton April 2, 2020

NORTH BERGEN, N.J. — Imperial Dade, a Jersey City-based distributor of maintenance supplies and foodservice packaging, has signed a 28,756-square-foot office lease in North Bergen, just north of Jersey City. The space is located on the seventh floor of West Side Center, a 300,000-square-foot, Class A office property located at 5901 West Side Ave. Beginning in the fall, the office will house Imperial Dade’s executive team, as well as its finance, human resources and customer service departments. The firm’s current Jersey City facility will serve as its largest distribution center. Palestina Scrivo Properties Inc. represented Imperial Dade in the lease negotiations. Curtis Foster and Jerry Shifrin of Cushman & Wakefield represented the landlord, Real Capital Solutions.

April 2, 2020

Acquisitions Office Southeast Virginia

JLL Brokers $97.6M Sale of Office Building in Northern Virginia

by Alex Tostado April 1, 2020

FALLS CHURCH, VA. — JLL has brokered the sale of 2941 Fairview Park Drive, a 367,349-square-foot, 15-story office building in Falls Church. The sales price was not disclosed, although multiple media outlets report the asset traded for $97.6 million. The property was 94 percent leased at the time of sale to multiple Fortune 500 companies and the headquarters of defense and aerospace firm Booz Allen Hamilton. The building features 9- to 12-foot ceiling heights, a restaurant, café and a fitness center. The asset is situated 15 miles west of downtown Washington, D.C. Bill Prutting of JLL represented the undisclosed seller in the transaction. An affiliate of Silicon Valley-based Menlo Equities acquired the building.

April 1, 2020

Georgia Leasing Activity Office Southeast

City of Tucker Signs 22,000 SF Lease to Consolidate City Hall, General Administration Services

by Alex Tostado April 1, 2020

TUCKER, GA. — The City of Tucker in metro Atlanta has signed a 22,000-square-foot lease at 1975 Lakeside Parkway to consolidate its City Hall and general administration services. The City has been operating in a 4,860-square-foot space since incorporating four years ago. Cresa Global Inc. represented the City in the lease negotiations, and Cresa’s project management team will build out the space. Construction is expected to begin in mid-April with an expected move-in date at the end of June. The new City Hall is situated 14 miles east of downtown Atlanta.

April 1, 2020

Acquisitions New York Northeast Office Retail

Kaufman Organization Acquires Office, Retail Asset in Manhattan’s Flatiron District for $48.5M

by Alex Patton April 1, 2020

NEW YORK CITY — The Kaufman Organization has acquired a 66,190-square-foot office and retail asset in Manhattan’s Flatiron District for $48.5 million. The 12-story building is located at 56 W. 22nd St. and includes 59,719 square feet of office space on the second through 12th floors, and 6,471 square feet of retail space on the ground floor. Maynicke & Franke constructed the building in 1907. Bob Knakal and Stephen Palmese led a JLL team that represented the seller, a private investor, in the transaction. The team also procured the buyer, the Kaufman Organization.

April 1, 2020

Acquisitions Connecticut Industrial Multifamily Northeast Office Retail

Chozick Realty Negotiates $5M Sale of Commercial Portfolio in Vernon, Connecticut

by Alex Patton April 1, 2020

VERNON, CONN. — Chozick Realty Inc. has negotiated the $5 million sale of a portfolio of commercial properties in Vernon, a northeastern suburb of Hartford. The portfolio included the 65-unit Westar Apartments, an 8,600-square-foot warehouse, a 2,400-square-foot office building, a 1,700-square-foot retail property and an eight-unit apartment building. Tom Boyle of Chozick Realty represented the undisclosed seller in the transaction. Boyle also procured the buyer, a regional multifamily investor.

April 1, 2020

Loans Office Texas

JLL Arranges Refinancing of 443,549 SF Two CityWestPlace Office Tower in Houston

by Taylor Williams April 1, 2020

HOUSTON — JLL has arranged a loan for the refinancing of Two CityWestPlace, a 443,549-square-foot office tower located in Houston’s Westchase neighborhood. The building is situated within the 29-acre CityWestPlace complex, which offers amenities such as conference space, a dry cleaner, salon, dentist, car detailing and auto service, multiple food and beverage options, two fitness centers, jogging track, soccer field, basketball court, sand volleyball and bocce ball courts. Susan Hill, Jett Lucia and Sherri Rollins of JLL arranged the five-year, floating-rate loan through Regions Bank and Citizens Bank on behalf of the borrower, Parkway.

April 1, 2020

Leasing Activity Office Texas

NRG Energy Signs 24,555 SF Office Lease Renewal at Parkway Center in Plano

by Taylor Williams April 1, 2020

PLANO, TEXAS — NRG Energy, a nuclear electric power generation firm based in Houston and Princeton, New Jersey, has signed a 24,555-square-foot office lease renewal at Parkway Center III in the northern Dallas suburb of Plano. The 153,314-square-foot, Class A building offers a deli, conference centers and two structured garages. Kim Lyon and Scott Hobbs of Cushman & Wakefield represented NRG Energy in the lease negotiations. Matt Weiser of Stream Realty Partners represented the landlord.

April 1, 2020

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