Office

Prescott Group Breaks Ground on Multi-Tower Mixed-Use Campus in Turtle Creek Neighborhood of Dallas

by John Nelson September 17, 2019

DALLAS — Prescott Group has begun the demolition and early construction phase for 2727 Turtle Creek, a five-acre mixed-use campus in the Turtle Creek submarket of Dallas. The development will include an office tower, high-rise apartment tower and a hotel tower. Prescott Group imploded an existing, vacant nine-story office building and parking garage on the site early on Sunday, Sept. 15. The building was the former home of Republic Insurance, according to local media reports. Construction crews are clearing the site and beginning utility upgrades for the multi-tower development along Turtle Creek Boulevard. Prescott Group expects to finish the demolition and removal phase of construction by the end of the year and wrap up the utility and infrastructure upgrades in the first quarter of 2020. The office tower at 2727 Turtle Creek will rise 19 stories and span 285,000 square feet. Prescott Group plans for the building to feature a rooftop terrace, fitness center, conference and training center, bike storage and a full-service café. Prescott Group has tapped Jeff Eckert and Ahnie Sheehy of JLL to lease the office space. The hotel will rise 24 stories and offer 200 hotel rooms and an undetermined number of luxury condominiums. Amenities at …

September 17, 2019

Acquisitions Healthcare New Jersey Northeast Office

Atlantic Health System Buys Medical Office in Rockaway, New Jersey, for $26M

by Alex Patton September 16, 2019

ROCKAWAY, N.J. — Atlantic Health System has purchased Morristown Medical Center Health Pavilion, a 92,326-square-foot medical office building in Rockaway, located approximately 35 miles west of New York City, for $26 million. The building opened in 2016, and the Atlantic Health System was the sole occupant at the time of sale. JLL’s Jose Cruz and Ben Appel represented the seller in the transaction.

September 16, 2019

Arizona Development Mixed-Use Multifamily Office Restaurant Retail Western

CCR North Starts Construction of Phase II at Crismon Gateway Village in Mesa, Arizona

by Amy Works September 16, 2019

MESA, ARIZ. — CCR North LLC has started construction on Phase II of Crismon Gateway Village, an approximately $40 million mixed-use project situated at the northeast corner of Crismon and Baseline roads in Mesa. The second phase will bring a mix of tenants, including Martin Dental, Vantage West and Sassy’s Café & Bakery. Current tenants include Black Rock Coffee, Bella Nail Bar, Filiberto’s, Radius Fitness and Doc’s Artisan Ice Cream. Upon completion, the master-planned community will include 22,040 square feet of retail, restaurant and office space and a 128-unit multifamily property with individual suite patios. Mary Nollenberger and Nicole Ridberg of SVN/Desert Commercial Advisors are handling leasing efforts for the development.

September 16, 2019

Acquisitions California Office Western

Voit Brokers $8.7M Sale of Southport Office Park in San Diego

by Amy Works September 16, 2019

SAN DIEGO — Voit Real Estate Services has arranged the sale of Southport Office Park, an eight-building office complex located in San Diego’s National City submarket. Dan Floit, a San Diego-based private investor, acquired the asset from San Diego-based H.G. Fenton Co. for $8.7 million. Totaling 33,894 square feet, the office park is located at 102, 132 and 202 Miles of Cars Way; 2403, 2435, 2425 and 2427 Hoover Ave.; and 2405 Transportation Ave. Michael Mossmer and Curt Perry of Voit Real Estate Services represented the seller, while Mark Caston and Spencer Kerrigan, also of Voit, represented the buyer in the deal.

September 16, 2019

Development Office Texas

KDC Nears Completion of 1.2 MSF Headquarters for Pioneer Natural Resources in Irving

by Taylor Williams September 13, 2019

IRVING — Developer KDC, in partnership with Verizon, is nearing completion of the new 1.2 million-square-foot headquarters campus in Irving for energy firm Pioneer Natural Resources. Situated on 150 acres within the Hidden Ridge development in the city’s Las Colinas district, the headquarters building stands 10 stories, overlooks a pond and includes a seven-story parking garage. Amenities include a daycare, wellness center and a food hall. Cushman & Wakefield will manage the property. Move-ins are scheduled to begin in November.

September 13, 2019

Development Office Texas

NewcrestImage Breaks Ground on 80,000 SF Office Project in Grapevine, Texas

by Taylor Williams September 13, 2019

GRAPEVINE, TEXAS — Locally based hotel developer NewcrestImage has broken ground on an 80,000-square-foot office project in the northern Fort Worth suburb of Grapevine. Upon completion in 10 to 12 months, the company will occupy about a quarter of the building for its headquarters space and lease the remaining 60,000 square feet. The property will be located within SilverLake Crossings, a 52-acre mixed-use development that includes 400 residential units and 30,000 square feet of retail and restaurant space.

September 13, 2019

Acquisitions California Office Western

Brick and Timber Collective Buys Office Building in San Francisco for $27M

by Amy Works September 13, 2019

SAN FRANCISCO — Newcastle Partners and Drake Real Estate Partners have completed the sale of 900 Kearny Street, an office building located in San Francisco’s Jackson Square submarket. Brick and Timber Collective LLC acquired the property for $27 million. Built in 1989, the six-story building features 30,000 square feet of creative office space. At the time of sale, the property was fully occupied by EastWest Bank, Bitmami and Novani, among others. The sellers originally purchased the asset in 2017 for $17 million and renovated the property by adding open office spaces and single-floor suites. Ben Bullock, David Dokko and Thomas Foley of HFF represented the sellers in the transaction.

September 13, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Brokers Sale of 5,245 SF Office Building in Bergenfield, New Jersey

by Alex Patton September 13, 2019

BERGENFIELD, N.J. — NAI James Hanson has negotiated the sale of a 5,245-square-foot office building in Bergenfield, a northern suburb of New York City. The buyer, Maywood Physical Therapy & Rehab Center, will utilize a portion of the building as its third medical office location and will continue to lease the remaining space to the four current tenants. NAI James Hanson’s Dominic Fittizzi represented the seller, S&S Realty Holding Co. LLC, in the transaction.

September 13, 2019

Acquisitions Illinois Midwest Office

Transwestern Brokers Sale of 147,096 SF Office Building in Deerfield, Illinois

by Kristin Harlow September 13, 2019

DEERFIELD, ILL. — Transwestern Commercial Services has brokered the sale of 1717 Deerfield Road in Deerfield for an undisclosed price. The 147,096-square-foot office building rises three stories and offers 50,000-square-foot floor plates. It is currently 21.2 percent leased by accounting and consulting firm Warady & Davis LLP. Gary Nussbaum and Paige Gunn of Transwestern represented the seller, Hudson Advisors. Canada-based investment group Progressif and Schaumburg-based Helios Property Management purchased the asset.

September 13, 2019

California Market Reports Office Western Western Market Reports

San Francisco’s Office Market is More Boom than Bust

by Taylor Williams September 13, 2019

San Francisco has been a boom-and-bust market since the Gold Rush. The current intense scrutiny of the yield curve, combined with the stock market’s recent erratic behavior, has sent warnings of the next looming recession. Just how will this affect the office market? Fortunately for the Bay Area, not much. Today, several key factors insulate San Francisco from a severe downturn, unlike past cycles. Among them are Proposition M and a concentration of venture capital, highly skilled talent and some of the world’s largest companies. Since 1986, Proposition M has limited the amount of office development the city will authorize in any given year. The program aims to guard against typical boom-and-bust cycles. The San Francisco office market only includes 85 million square feet, as opposed to Manhattan or Houston, for example, which comprise 400 million and 240 million square feet, respectively. Manhattan currently has 12.4 million square feet of office space under construction, while San Francisco has 3 million square feet in the pipeline. The entitlement limit under Prop M has been reached, meaning no additional new projects can be approved until October when another 950,000 square feet will be allocated for the next year. At first glance, these …

September 13, 2019

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