Office

Marcus & Millichap Arranges $3.2M Sale of Commercial Asset in Los Angeles’ Melrose District

by Amy Works September 4, 2019

LOS ANGELES — Marcus & Millichap has arranged the sale of a retail and creative office building located at 6721 Melrose Ave. in Los Angeles’ Melrose district. A limited liability company sold the property to another limited liability company for $3.2 million, or $1,067 per square foot. Situated on 7,091 square feet of land, the 3,046-square-foot building was delivered vacant. The property offers the redevelopment potential and utilize the current C4 zoning. The asset features 14 parking spaces. Brandon Michaels of Marcus & Millichap’s Encino, Calif., office represented the seller and the buyer in the deal.

September 4, 2019

Acquisitions New Jersey Northeast Office

WCRE Brokers Sale of 30,000 SF Office Building in Cherry Hill, New Jersey

by Alex Patton September 3, 2019

CHERRY HILL, N.J. — Wolf Commercial Real Estate (WCRE) has brokered the sale of a 30,000-square-foot office property in Cherry Hill, an eastern suburb of Philadelphia. The property, 950 North Kings Highway, is part of Cherry Hill Office Center and was fully leased to multiple tenants at the time of sale. John Mozzillo of WCRE represented the buyer, Texas-based NKH LLC, in the transaction. The seller and sales price were undisclosed.

September 3, 2019

Leasing Activity Life Sciences Office Texas

Biotech Firm Signs 18,780 SF Office Lease Renewal in Houston

by Taylor Williams September 3, 2019

HOUSTON — Celltex Therapeutics, a locally based biotechnology firm, has signed an 18,780-square-foot office lease renewal at 2401 Fountain View Drive in Houston. Justin Brasell of Transwestern represented the tenant in the lease negotiations. Jack Parsons of locally based brokerage firm Finial Group, which also manages the property, represented the undisclosed landlord.

September 3, 2019

Leasing Activity Office Texas

JLL Negotiates 14,000 SF Office Lease in Houston

by Taylor Williams September 3, 2019

HOUSTON — JLL has negotiated a 14,000-square-foot office lease at M-K-T, a mixed-use development by Triten Real Estate Partners and Radom Capital LLC that is located in The Heights area of Houston. Russell Hodges, Bubba Harkins, and Jenny Mueller of JLL handled the transaction on behalf of the landlord. The tenant, accounting firm Miller Grossbard Advisors LLP, will relocate in the second quarter of 2020. M-K-T is a collection of adapted industrial buildings being transformed into a creative mixed-use destination for office, retail, restaurants, health and fitness.

September 3, 2019

Acquisitions California Lee & Associates Office Western

Lee & Associates Brokers $24M Sale of Office Building in Calabasas, California

by Amy Works September 3, 2019

CALABASAS, CALIF. — Lee & Associates – LA North/Ventura has arranged the sale of an office building, located at 24151 Ventura Blvd. in Calabasas. An entity of Valley Crest sold the asset to an entity of Los Angeles-based 4M Investment Corp. for $24 million, or $314 per square foot. Constructed in 2004 as a build-to-suit for ValleyCrest Landscape Cos., the 76,496-square-foot building was designed by Nadel Architects and features 360-degree views of the Santa Monica mountains, an atrium and a 17-acre campus with outdoor seating areas. The buyer plans to convert the asset into a multi-tenant office building. BrightView currently occupies the property and will continue to do so until its lease expires at year’s end. Mike Tingus, Grant Fulkerson and Jonathan Bruce of Lee & Associates – LA North/Ventura represented the seller in the deal.

September 3, 2019

Acquisitions California Industrial Office Western

Local Investor Purchases 106,309 SF Office/R&D Asset in Goleta, California

by Amy Works September 3, 2019

GOLETA, CALIF. — A local investor has acquired an office/R&D building located at 6300 Hollister Ave. in Goleta. The asset sold for $33.2 million. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the undisclosed seller in the transaction. At the time of sale, the 106,309-square-foot property was fully leased to three technology companies: Wyatt Technology, Asylum Research (Oxford Instruments) and Seek Thermal. Wyatt Technologies and Asylum Research have been tenants at the property for approximately 15 years, while Seek Thermal moved into the building in 2018.

September 3, 2019

Acquisitions Arizona Industrial Office Western

Marcus & Millichap Arranges $9M Purchase of 52,330 SF Flex Building in Metro Phoenix

by Amy Works September 3, 2019

GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a flex building, located at 7326 Glen Harbor Blvd. in Glendale, a suburb of Phoenix. FM NPL Glendale LLC acquired the asset from NPL Construction Co. for $9 million in a sale-leaseback transaction. The property features 52,330 square feet of office and industrial space. NPL Construction Co. will continue to occupy the space on a net-leased basis. Jay Krew and Marty Cohan of Marcus & Millichap, along with Gregg Fox of Marc Realty, procured the buyer, while Dan Dowd of Newmark Knight Frank represented the seller. Frank Mandel of New York-based Mandel Management Co. will operate the asset.

September 3, 2019

Leasing Activity Office Texas

ESRP Negotiates 114,500 SF Office Lease in Irving

by Taylor Williams August 30, 2019

IRVING, TEXAS — ESRP, a brokerage firm specializing in tenant representation, has negotiated a 114,500-square-foot office lease in Irving for biotechnology firm Caris Life Sciences. Greg Burns and Christopher Schafer of ESRP handled the lease negotiations on behalf of the tenant, which will relocate to a newly constructed facility that offers lab and office space. Myers & Crow Co. developed the property, which is owned by a fund managed by Kawa Capital Partners.

August 30, 2019

Development Illinois Midwest Office

Briar Meads Capital Begins Renovation of 300,000 SF Office Property in Lisle, Illinois

by Kristin Harlow August 30, 2019

LISLE, ILL. — Briar Meads Capital has begun a renovation of The Westwood in Lisle. Located at 2441 and 2443 Warrenville Road, the Class A office property spans 300,000 square feet. It currently has approximately 150,000 square feet available for lease. Plans call for a café, fitness center, conference center, tenant lounge and lobby renovations. The project team includes Wright Heerema Architects and J.C. Anderson Construction. Completion is slated for the end of the year. Dan Svachula, Adam Showalter and Allyson Yates of Cushman & Wakefield serve as leasing agents alongside the NAI Hiffman property management team of Dawn Cothern and Sara Bruno.

August 30, 2019

Acquisitions District of Columbia Office Southeast Top Stories

Spanish Investor Buys 216,786 SF Office Building in D.C. for $231.3M

by Alex Tostado August 30, 2019

WASHINGTON, D.C. — Ponte Gadea has acquired 815 Connecticut Ave. NW, a 216,786-square-foot office building in Washington, D.C., for $231.3 million. The sale was recorded with the D.C. Recorder of Deeds on Thursday, Aug. 29. The Blackstone Group (NYSE: BX) was the seller. According to multiple media reports, Blackstone bought the building in late 2016 for $190 million. The asset was built in 1964 and is situated across the street from The White House. In 2011, former presidents Barack Obama and Bill Clinton visited 815 Connecticut Ave. as part of Obama’s Better Building Initiative, according to the Washington Business Journal. Under the initiative, the building’s owner at the time, an affiliate of Swedish pension fund Alecta Real Estate Investment LLC, and general contractor Forrester Construction Co. completed a $30 million renovation. That project included an extensive update to the building’s mechanical systems, common areas and exterior facade that earned the building a LEED Gold certification, the Business Journal reported at the time. Ponte Gadea also purchased an 800,000-square-foot office building in Seattle for $740 million in March. Miami-based Ponte Gadea is led by Spanish billionaire Amancio Ortega, a fashion mogul whose company is parent to retail brand Zara. Ortega’s net …

August 30, 2019

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