Office

Block & Co. Brokers Sale of 25,490 SF Office Building in Independence, Missouri

by Kristin Harlow August 6, 2019

INDEPENDENCE, MO. — Block & Co. Inc. Realtors has brokered the sale of a 25,490-square-foot office building formerly owned by Commerce Bank in Independence, about 10 miles east of Kansas City. The sales price was not disclosed. The multi-tenant property is located at 300 N. Osage St. Current tenants include Habitat for Humanity and Heritage Physicians Group. Bill Maas of Block & Co. represented the undisclosed buyer. In addition, Maas will handle leasing of the building’s 5,000-square-foot first-floor vacancy. Commerce Bank formerly occupied the space.

August 6, 2019

Acquisitions District of Columbia Office Southeast

Network Realty Partners, USAA Purchase 625,506 SF Office Complex in D.C.

by Alex Tostado August 5, 2019

WASHINGTON, D.C. — A partnership between Network Realty Partners and USAA Real Estate has purchased Union Square, an office complex in Washington, D.C.’s NoMa (North of Massachusetts Avenue) neighborhood. The property comprises a central courtyard and two nine-story office buildings totaling 625,506 square feet. Union Square was originally built in 1969 and renovated in 2012. The complex was 90 percent leased at the time of sale to government and nonprofit tenants. Dek Potts, Jim Meisel, Matt Nicholson and Sean Kraft of JLL represented the buyers in the transaction. The seller and sales price were not disclosed.

August 5, 2019

Illinois Leasing Activity Midwest Office

Coworking Concept CommonGrounds Workplace Inks 30,783 SF Lease in Chicago

by Kristin Harlow August 5, 2019

CHICAGO — CommonGrounds Workplace has signed a 10-year lease for 30,783 square feet at 33 North LaSalle in Chicago’s financial district. CommonGrounds is a coworking company that provides flexible space solutions and services for companies of all sizes. There are currently nine U.S. locations open, with 11 additional locations scheduled to open in 2019 and early 2020. The lease at 33 North LaSalle includes the entire second and third floors of the 38-story office tower, which was constructed in 1928 and renovated in 2016. Amenities include a bike room, fitness center, conference room and catering kitchen. The renovation of the CommonGrounds space will be overseen by the company’s in-house design division. Chicago-based Partners by Design is the architect of record. Jon Cordell and Jess O’Hara of Newmark Knight Frank represented ownership, The John Buck Co., in the lease transaction. Jim Suber of Strategic Real Estate Advisory represented CommonGrounds, which expects to expand its footprint to 2 million square feet across 50 locations in the next 24 months.

August 5, 2019

Loans New Jersey Northeast Office

JLL Secures Acquisition Financing for 104,000 SF Office Portfolio in Basking Ridge, New Jersey

by Alex Patton August 5, 2019

BASKING RIDGE, N.J. — JLL has secured an undisclosed amount of acquisition financing for a 104,000-square-foot office portfolio in Basking Ridge, about 30 miles west of New York. TD Bank provided the loan, which carries a seven-year term and a fixed interest rate. The property, 180-188 Mount Airy Road, consists of two adjacent buildings and an ancillary structure. At the time of the closing, the buildings were 98 percent leased to a variety of tenants, including Global Bankers Insurance Group and Microchip Technology. The borrower was a partnership between PAG Investments and CIG Properties.

August 5, 2019

Acquisitions Colorado Industrial Office Western

CBRE Arranges $22M Sale of 112,966 SF Industrial Flex Building in Denver

by Amy Works August 5, 2019

DENVER — CBRE has arranged the sale of a LEED Gold-certified industrial flex building located at 6144 N. Panasonic Way in northeast Denver’s Airport corridor. Omaha-based NewStreet Properties acquired the property from Denver-based Westfield Co. for $22 million. Westfield Co. originally constructed the 112,966-square-foot facility as a build-to-suit for Panasonic Enterprise Solutions (PESCO), a technology and solar subsidiary of Panasonic, in 2016. The smart property features warehouse, assembly, research and design space, as well as a two-story office space with Class A finishes. Situated on six acres, the property is adjacent to the 61st and Peña Light Rail Station. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE represented the seller in the deal.

August 5, 2019

Acquisitions Arizona Office Western

Helix Properties Buys 181,584 SF Office Park in Phoenix for $10.7M

by Amy Works August 5, 2019

PHOENIX — Next Gen Black Canyon, an entity controlled by Helix Properties, has acquired Black Canyon Commerce Park, a three-building office park in Phoenix’s I-17 Corridor. Irvine, Calif.-based Granite Black Canyon Holdings sold the multi-tenant asset for $10.7 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE Property Management will continue to manage the property, with Ashley Brooks of CBRE serving as the leasing agent. Built in phases between 1999 and 2001, Black Canyon Commerce Park is situated on 16.1 acres at 2101, 2133 and 2225 W. Peoria Ave. The 181,584-square-foot property, which was 65 percent leased at the time of sale, features two single-story buildings and one two-story building.

August 5, 2019

Acquisitions Arizona Industrial Office Western

Wentworth Property Co. Sells 34,132 SF Flex Building Near Phoenix for $9.9M

by Amy Works August 5, 2019

GILBERT, ARIZ. — Wentworth Property Co. has completed the sale of a build-to-suit office/flex building located at 2228 W. Guadalupe Road in Gilbert. A private trust acquired the property for $9.9 million. Built this year by Wentworth Property Co., the property features 34,132 square feet of office and flex space. New York-based Moog Inc., a designer and manufacturer of high performance motion control products, solutions and services, occupies the building, which features a custom build-out for the company with specific amenities to support Moog’s work in the aircraft, industrial, medical and space and defense markets. Brian Ackerman and Steve Sayre of JLL represented the seller, while Ian Hackett of Hackett Real Estate Solutions represented the buyer in the deal. Deutsch Architecture Group served as architect for the build-out.

August 5, 2019

Acquisitions Life Sciences North Carolina Office Southeast

JLL Negotiates $405M Sale of Life Sciences Portfolio in Durham

by Alex Tostado August 2, 2019

DURHAM, N.C. — JLL has arranged the $405 million sale of Keystone Technology Park and Imperial Center, which total 1.3 million square feet of office space across 18 buildings adjacent to Research Triangle Park in Durham. The portfolio was 94 percent leased at the time of sale. The buildings feature a STEM ecosystem with buildouts and amenities including fitness centers, outdoor amenity space and lounges. Scot Humphrey, Ryan Clutter, Chris Norvell, Coleman Benedict and Zack Drozda of JLL represented the seller, Bain Capital Real Estate, in the transaction. The team also procured the buyer, an affiliate of Longfellow Strategic Value Fund LLC. Longfellow is developing the nearby Durham Innovation District, which upon completion will include 1.3 million square feet of office space, 60,000 square feet of retail space, 250,000 square feet of residential space and 115,000 square feet of lab space.

August 2, 2019

Acquisitions Industrial Office Southeast Virginia

Minkoff Development Buys Office, Industrial Portfolio in Northern Virginia

by Alex Tostado August 2, 2019

CHANTILLY, VA. — Minkoff Development has acquired a five-building flex/industrial portfolio within Avion Business Park in Chantilly. The portfolio includes office buildings at 14500 Avion Parkway and 14520 Avion Parkway; and flex/industrial buildings at 14700 Avion Parkway, 3635 Concorde Parkway and 3650 Concorde Parkway. Minkoff will add a shared conference facility and tenant lounge at 14500 Avion Parkway overlooking a pond. These new amenities, along with an existing fitness facility, are open to all tenants within the portfolio. Minkoff will also be introducing modern spec suites to the office buildings. Avion Business Park is located adjacent to Dulles International Airport and 25 miles west of downtown Washington, D.C. Andy Klaff, Jeff Tarae and Dominic Orcino of Newmark Knight Frank (NKF) will handle the leasing of the office buildings. Larry FitzGerald and Cole Spalding, also with NKF, are overseeing the leasing of the flex buildings. The seller and sales price were not disclosed.

August 2, 2019

Alabama Loans Office Southeast

Grandbridge Arranges $20.5M Acquisition Loan for Office Building in Birmingham

by Alex Tostado August 2, 2019

BIRMINGHAM, ALA. — Grandbridge Real Estate Capital has arranged a $20.5 million acquisition loan for Lakeshore Park Plaza, a four-story, 196,871-square-foot office building in Birmingham. The 10-year loan, provided by one of Grandbridge’s insurance company correspondents, features a fixed interest rate and a 30-year amortization schedule. The building was constructed in 1980, renovated in 2016 and was 93 percent leased at the time of sale. The borrower and seller were not disclosed.

August 2, 2019

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