NORTH LAS VEGAS, NEV. — Marcus & Millichap has arranged the sale of City Centre Plaza, an office complex located in North Las Vegas. A California-based limited liability company sold the property to a California-based investor for $9.5 million. Tina Taylor of Marcus & Millichap’s Las Vegas office represented the seller and secured the buyer in the transaction. Located at 2225 and 2241 Civic Center Drive and 2290 McDaniel St., the three-parcel asset features 48,607 square feet of office space. At the time of sale, the office complex was 75 percent occupied by national and statewide tenants, with a large percentage being medical.
GREENWICH, CONN. — CBRE has arranged the $67 million sale of a retail and office property in Greenwich, located about 30 miles north of New York City. The 62,850-square-foot property is located at 200 Greenwich Ave. on a retail corridor that also includes Tiffany, Gucci and Vineyard Vines. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the landlord, 200 Greenwich Avenue LLC, in the transaction, and procured the buyer, Kensico Properties.
Driven by activity in the office sector, commercial real estate in Manhattan is having one of its best years on record. The overwhelming demand for Manhattan office space has led to a surge in office-using employment and an accelerated pace of construction. In addition, the success and appeal of the new Hudson Yards project has breathed new life into the borough’s office market, with developers unable to keep up with the demand. The continued expansion in the technology and coworking sectors is reshaping the market. Companies are willing to pay a premium to snag office space that attracts top-tier, tech-savvy talent. This trend has caused office asking rents to rise to record levels. By The Numbers CBRE data shows that average asking rents for Midtown Manhattan office space reached $88 per square foot in the second quarter of 2019, 9.1 percent higher than the previous year. Class A office space commands even more, surpassing the $100 per square foot mark in desirable submarkets like Hudson Yards, Times Square or the Plaza District. The Midtown vacancy rate decreased 10 basis points to 12.2 percent, the lowest in 18 years, according to CBRE, while the past quarter saw 14.7 million square feet …
For decades, the real estate market in Miami has been either boom or bust. Lately, the market has been on an impressive expansion cycle, with new office development following aggressive lease rate increases that in some areas have risen as much as 20 percent in total the past few years. As investors and users witness the growth in South Florida, the market has seen a significant amount of new development as rental rates continued to climb. The quick expansion, and arguably over-development, has left some investors wondering if a bust is inevitable with such a crowded market. In many metro areas, a bust would be a logical result. However, South Florida has become more mature as a corporate center, leading many industry leaders to see Miami’s future as a more consistent, stable market of growth rather than one with a constant pattern of boom and bust. As South Florida matures with a diverse range of investors and users, adapts to industry disruptors and addresses transportation issues, the office market is moving into a pattern of more stable growth, with no bust on the horizon. Leasing, sales activity In the first quarter of 2019, the office market saw 1.1 million square …
TAMPA, FLA. — JLL has arranged the $29.4 million sale of Fountain Square II, a 133,887-square-foot office building in Tampa’s Westshore office submarket. The property is situated at 4925 Independence Parkway, eight miles west of downtown Tampa. Recently renovated in 2018, the four-story building features a fitness center, management office and a café with outdoor seating area. The building was 93.1 percent leased at the time of sale to tenants including CarePlus, ConnectWise and the U.S government. Ike Ojala and Hermen Rodriguez of JLL represented the seller, Equus Capital Partners, in the transaction. The team also procured the buyer, a joint venture between Owens Realty Capital and Galium Capital. Additionally, working on behalf of the buyers, Rebecca VanReken of JLL arranged a $20.4 million acquisition loan through TD Bank. The loan features a seven-year term with a fixed interest rate.
LEWISVILLE, TEXAS — Locally based developer Bright Realty has broken ground on Crown Centre at Castle Hills, a 109,000-square-foot office building located in the northern Dallas suburb of Lewisville. The four-story, Class A property will be situated within the Castle Hills development. 505Design and Corgan are the project architects; Hill + Wilkinson is the general contractor and LandDesign is the civil engineer and landscape architect. Prosperity Bank is providing construction financing. Completion is scheduled for summer 2020.
HOUSTON — NAI Partners has negotiated an 8,720-square-foot office lease renewal for Greater Houston Interventional Pain Associates (GHIPA) at 4747 Bellaire Blvd. in Houston. This renewal allows GHIPA to capitalize on the new upgrades currently planned for The Offices at Pin Oak Park. Taylor Wright and Griff Bandy of NAI Partners represented the tenant in the lease negotiations.
SAN DIEGO — Ware Malcomb, as architect and interior designer, has completed the redevelopment of the Kilroy Sabre Springs office campus, located at 13480, 13500 and 13520 Evening Creek Drive North in San Diego. The 450,000-square-foot campus features three six-story office towers, and the renovation project included the transformation of 30,000 square feet of lobbies, restrooms and common areas to activate multiple indoor and outdoor amenity spaces. The redeveloped campus features a new restaurant, The Florence by San Diego-based Legal Restaurants; a REV fitness center managed by DRNV Unlimited; and outdoor common areas, such as fire pits and a regulation-sized bocce ball court. DCT, Burger Construction and Bycor were the general contractors for the project.
RIVERSIDE, CALIF. — Seefried Properties, in partnership with Crow Holdings, has purchased a 24-acre site within Meridian Business Park, a 1,290-acre master-planned commerce and distribution center in Riverside. The buyers plan to develop three fully entitled speculative buildings totaling 375,000 square feet on the site. The buildings will feature 32-foot clear heights, 60 trailer spaces, 65 dock doors and 387 auto stalls. Construction is slated to begin in November with completion scheduled for second-quarter 2020. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield, along with Joe McKay and Chris Morrell of Lee & Associates, handled the transaction for Seefried Properties and Crow Holdings.
MORRISTOWN, N.J. — JLL has negotiated two office leases for a total of 47,000 square feet in Morristown, 30 miles west of New York City. Investment bank Morgan Stanley renewed a 37,000-square-foot lease at 1200 Mount Kemble Ave. ANS Continuum Holdco LLC signed a 10,000-square-foot lease at 60 Columbia Road, which was recently renovated with a new roof and lobby. Bob Ryan of JLL represented Morgan Stanley and Tom Reilly of JLL represented ANS Continuum Holdco in the transactions.