Office

JLL Brokers $46.1M Sale of Office Building in Boston

by Alex Patton January 9, 2020

BOSTON — JLL has brokered the $46.1 million sale of 15 Broad Street, a 77,678-square-foot office building in Boston. Originally constructed in 1910 as the Marshall Building, the property is a landmark in downtown Boston, situated within walking distance of Fairlane Park and multiple transit stations. The property also features street-level retail space. Coleman Benedict, Lauren O’Neil and Matthew Sherry led a JLL team that represented the seller, Brookfield Properties, in the transaction. The team also procured the buyer, TA Realty

January 9, 2020

constitution-professional-park-newington-conn

Acquisitions Connecticut Healthcare Northeast Office

Jacobson Properties Arranges Sale of 31,198 SF Medical Office Complex in Newington, Connecticut

by Alex Patton January 9, 2020

NEWINGTON, CONN. — Jacobson Properties has arranged the $8.8 million sale of Constitution Professional Park, a 31,198-square-foot medical office complex in Newington, a southern suburb of Hartford. Hartford Hospital Eye Surgery Center anchors 55 percent of the three-building complex. Other tenants include Starling Physicians and Select Physical Therapy. Lisa Menin of Jacobson Properties represented the seller, Newington Realty, in the transaction. A national healthcare real estate investor was the buyer.

January 9, 2020

Leasing Activity New York Northeast Office

NKF Negotiates 10,008 SF Office Lease in Manhattan

by Alex Patton January 9, 2020

NEW YORK CITY — Newmark Night Frank has negotiated a 10,008-square-foot office lease on behalf of collegiate sports marketing firm Learfield IMG College in the NoMad neighborhood of Manhattan. The space is located on the 17th floor of 183 Madison Avenue, a 275,413-square-foot office building close to the Grand Central and Penn Station transit stations. Andrew Sachs, Tim Gibson, Josh Gosin and Brittany Silver of NKF represented the landlord, APF Properties, in the lease negotiations. Jack Senske and Brian Given of Colliers International represented Learfield.

January 9, 2020

California Civic Development Mixed-Use Multifamily Office Restaurant Retail Western

Triad Lagoon Valley Acquires 840 Acres for Mixed-Use Development in Vacaville, California

by Amy Works January 9, 2020

VACAVILLE, CALIF. — Triad Lagoon Valley, a Washington limited liability company affiliated with Seattle-based Triad Development, has purchased 840 acres from Lennar Corp. for an undisclosed price. The buyer plans to develop Lagoon Valley, a mixed-use community on the site. Lagoon Valley is approved as a conservation community, balancing jobs and housing, with more than 80 percent of its specific plan area entitled for open space/recreational use. Site grading is slated to commence in May, with building construction scheduled to begin in early 2021. Lagoon Valley will include Class A office space, 12 residential neighborhoods and a variety of recreational components. The office portion — Ascend @ Lagoon Valley — will feature seven four-story buildings ranging in size from 700,000 square feet to potentially 1 million square feet. Additionally, Ascend will offer a 30,000-square-foot amenity building with a fitness center, food and recreation space. Outdoor amenities at the property will include an amphitheater, sports courts and field space. Lagoon Valley is also surrounded by 2,000 acres of protected open space, including a 470-acre Lagoon Valley Park, 100-acre lake, a centrally located eight-acre public park and numerous neighborhood parks. The community will also include a fire station, a 50,000-square-foot town center …

January 9, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $123M Sale of Office Plaza in Hackensack, New Jersey

by Alex Patton January 8, 2020

HACKENSACK, N.J. — CBRE has brokered the $123 million sale of Continental Plaza, a 647,947-square-foot office complex in Hackensack, a northwestern suburb of New York City. The three-building complex was 91 percent leased at the time of sale and offers amenities including a fitness center, conference center, cafeteria and close access to two retail centers. Jeffrey Dunne, Jeremy Neuer and Steve Bardsley led a CBRE team that represented the seller, Capstone Realty Group and JD Companies, in the transaction. The team also procured the buyer, Lionstone Capital.

January 8, 2020

Acquisitions New York Northeast Office

Avison Young Negotiates Sale of 10,438 SF Office Condominium in Manhattan

by Alex Patton January 8, 2020

NEW YORK CITY — Avison Young has arranged the sale of a 10,438-square-foot office condominium in Manhattan to education union Local 372 for $9.2 million. The space is located on the 8th floor of a 13-story office building at 20 W. 33rd St. between Fifth Avenue and Broadway, walking distance from Penn Station, Herald Square and the Port Authority Grand Central Tunnel. Local 372 will use the office as its headquarters. James Nelson, David Lawrence and Carter Lovejoy represented the sellers, which included 60 Guilders.

January 8, 2020

Development North Carolina Office Southeast

FCP, Strategic Capital Break Ground on Forty540 II Office Building in Triangle

by Alex Tostado January 8, 2020

MORRISVILLE, N.C. — FCP and Indianapolis-based Strategic Capital Partners (SCP) have broken ground on the Forty540 II office building, located at 710 Slater Road in Morrisville, almost equidistant between Durham and Raleigh. Forty540 II will be a five-story, 198,535-square-foot office building near the intersection of Interstates 40 and 540. FCP and SCP, which previously co-developed the adjacent Forty540 I office building, also announced that SolarWinds software company has preleased 40 percent (80,000 square feet) of Forty540 II. SolarWinds is also a tenant at Forty540 I, which was sold by FCP and SCP in April 2019 at full occupancy. Forty540 II will feature prominent building signage opportunities, a fitness center, showers and an internet café. Delivery of Forty540 II is anticipated in mid-2021, with SolarWinds expected to occupy its new facility in summer 2021. CBRE|Raleigh’s Investor Leasing group will manage leasing responsibilities for the development.

January 8, 2020

Acquisitions Florida Loans Office Southeast

Cushman & Wakefield Secures $30M Acquisition Financing for Tri-County Business Park in Tampa

by Alex Tostado January 8, 2020

TAMPA, FLA. — Cushman & Wakefield has arranged $30 million in financing for the acquisition of Tri-County Business Park, a collection of 14 light industrial buildings in Tampa totaling 492,235 square feet. The buyer and borrower is a joint venture between South Florida-based companies Biscayne Atlantic and Genet Property Group Inc., which acquired the property for $36.9 million. Jason Hochman and Michael Ciadella of the Cushman & Wakefield Equity, Debt & Structured Finance team represented the joint venture in securing a fixed-rate loan from BankUnited Inc. The loan includes funds for the full acquisition as well as future funds for property improvements and leasing-related expenses. The seller is BAR JCR Tampa Flex Owner LLC. Located at 13300 McCormick Drive, the buildings offer varying clear heights with grade-level and dock-high loading. Bay sizes range from 1,000 to 25,000 square feet. Tri-County Business Park was a 78 percent leased at the time of sale.

January 8, 2020

Acquisitions Office Southeast Virginia

NKF Brokers $19.2M Sale of Office Portfolio in Stafford, Virginia

by Alex Tostado January 8, 2020

STAFFORD, VA. — Newmark Knight Frank (NKF) has arranged the $19.2 million sale of Stafford Commerce Center and Stafford Commerce Park in Stafford, 11 miles southeast of Quantico. The six-building portfolio totals 272,000 square feet of office space, as well as 18 acres of land. NKF’s Larry FitzGerald and Cole Spalding represented the seller, Hudson Advisors LP, in the transaction. The buyer is Next Tier Real Estate Investors. Built between 2001 and 2006, the portfolio is situated near Interstate 95 and Jefferson Davis Highway.

January 8, 2020

Acquisitions Office Oklahoma Texas

Gardner Tanenbaum Holdings Sells Boeing Campus in Oklahoma City for $124.7M

by John Nelson January 8, 2020

OKLAHOMA CITY — Gardner Tanenbaum Holdings (GTH), a development and construction management firm, has sold the Boeing Oklahoma City office campus. The California-based buyer, OKC Aerospace 1 LLC, purchased the property for $124.7 million. Located at 6001 S. Air Depot Road, the campus is situated directly west of Tinker Air Force Base and 10 miles southeast of downtown Oklahoma City. GTH developed the three build-to-suit office buildings for Boeing in 2007, 2011 and 2012. The campus houses about 3,155 Boeing personnel who work with the Tinker Air Force Base for U.S. defense aircraft. Mark Beffort and Brett Price of Newmark Grubb Levy Strange Beffort represented both the buyer and seller in the transaction. Oklahoma City-based GTH manages more than 1 million square feet of multifamily properties, 6 million square feet of industrial and office space and has an inventory of over 250 acres of land holdings for future development in the region.

January 8, 2020

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