Office

San Francisco Flower Mart Redevelopment Rendering

San Francisco Planning Commission Approves 2.3 MSF Flower Mart Redevelopment Project

by Jeff Shaw July 23, 2019

SAN FRANCISCO — The San Francisco Planning Commission has unanimously approved plans to redevelop the historic Flower Mart in the city’s South of Market (SoMa) district as a 2.3 million-square-foot mixed-use property. Kilroy Realty Corp. (NYSE: KRC) is leading the development, which will preserve and update the 115,000-square-foot Flower Mart, while also adding 2.1 million square feet of creative office space, a 100,000-square-foot retail market hall and one acre of public open space. The project still requires approval from the San Francisco Board of Supervisors and the city’s mayor, which Kilroy hopes to receive by October. The project is the product of more than five years of negotiations and partnership between Kilroy Realty, the wholesale flower vendor community and the city. Kilroy expects to break ground in mid-2020 and deliver all phases by 2024. The Flower Mart vendors will be moved to an interim location during construction. “The Flower Mart Project represents the future of Central SoMa and San Francisco,” says John Kilroy, the developer’s chairman and CEO. “The project’s vibrant mix of uses, abundant neighborhood-serving retail and innovative work environments will make it the transformational hub that the city and the neighborhood need.” “This is one of the best …

July 23, 2019

Acquisitions Office Southeast Tennessee

CBRE Negotiates Sale of Four Office Buildings in Memphis Totaling Nearly 400,000 SF

by Alex Tostado July 22, 2019

MEMPHIS, TENN. — CBRE has negotiated the sale of four office buildings within Lenox Park, a seven-building office park in Memphis. The sold office buildings include C, D, E and F, which total 391,297 square feet. Lenox Park is situated in the 385 Corridor submarket, 19 miles southeast of downtown Memphis. The four buildings were 86.7 percent leased at the time of sale to tenants including Varsity Brands, IMC Cos., Unified Health Systems, Trinity Meyer Utility Structures, W.M. Barr & Co., American Car Center, Benefit Recovery Group and Pickering. Johnny Lamberson, Terry Radford, Justin Parsonnet and Will Yowell of CBRE represented the seller, HighBrook Investors, in the transaction. New York City-based Group RMC acquired the portfolio for an undisclosed price. The buyer retained CBRE to handle leasing and property management services. Ron Kastner will lead office leasing efforts, Kevin Clarkson will spearhead property management services and Lisa Thomas will serve as the onsite property manager.

July 22, 2019

Development New Jersey Northeast Office

Keeler Markwood to Develop Medical Office Building in White Plains, New York

by Alex Patton July 22, 2019

WHITE PLAINS, N.Y. — Locally based developer Keeler Markwood Group will build a new medical office building in downtown White Plains, about 25 miles north of Manhattan. The building will be situated in close proximity to White Plains Hospital and its future outpatient care facility. JLL will handle leasing of the property, which is expected to be complete in 2023. A groundbreaking date has not yet been established.

July 22, 2019

Acquisitions New Jersey Northeast Office

AMS Acquisitions Begins Leasing 70,072 SF Office Building in Yonkers

by Alex Patton July 22, 2019

YONKERS, N.Y. — AMS Acquisitions has begun leasing 86 Main, a 70,072-square-foot, newly renovated office building in downtown Yonkers. The Class A, six-story building offers amenities such as a fitness center and a rooftop deck. Leasing starts at $24 per square foot and goes up to $40 per square foot. Space can be leased from five to 15 years. The building was originally built for Homes for America in 2005. AMS Acquisitions purchased the asset for $9.5 million in January 2018 from Madison Realty Capital.

July 22, 2019

Acquisitions Colorado Office Western

Cushman & Wakefield Brokers $14.3M Office Asset Sale in Metro Denver

by Amy Works July 22, 2019

HIGHLANDS RANCH, COLO. — Cushman & Wakefield has negotiated the sale of two office buildings located at 200 and 300 Plaza Drive within Highlands Ranch Business Park in Highlands Ranch, a southern suburb of Denver. A private partnership acquired the assets for $14.3 million, or $192 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group facilitated the transaction. Combined the properties offer 74,778 square feet of multi-tenant office space. At the time of sale, the two buildings were 99 percent occupied. The buildings were constructed in 1997/1999 and renovated in 2008..

July 22, 2019

Lakeside-International-Office-Center-Flower-Mound-Texas

Development Office Texas

Realty Capital, Staubach Break Ground on 138,000 SF Office Project in Metro Dallas

by Taylor Williams July 19, 2019

FLOWER MOUND, TEXAS — A partnership between Irving-based Realty Capital and Dallas-based Staubach Capital has broken ground on Lakeside International Office Center, a 138,000-square-foot office project in the northern metroplex city of Flower Mound. The project will consist of a 120,000-square-foot building and an 18,000-square-foot building with amenities such as a tenant lounge, coffee bar and a trail system connecting to the nearby Shops at Lakeside. IntelliCentrics, a healthcare credentialing firm, has signed a 30,000-square-foot lease to become the property’s inaugural tenant. JLL’s Doug Carignan represented the tenant in the lease negotiations. BOKA Powell is the project architect, and Muckleroy & Falls is the general contractor. Completion is slated for the third quarter of 2020. JLL’s Cannon Camp and Chris Doggett will lead the marketing and leasing efforts for the property. Staubach Capital provided the equity financing, and First United Bank is providing the debt financing for the project.

July 19, 2019

Leasing Activity Office Texas

Oilfield Testing Firm Signs 14,800 SF Office, Lab Lease in Metro Houston

by Taylor Williams July 19, 2019

KATY, TEXAS — Oilfield Testing & Consulting (OTC) has signed a 14,800-square-foot office and lab lease at Grandway West, an 85-acre development in Katy, a western suburb of Houston. Jordan Raney and David Buescher of JLL represented OTC in the lease negotiations. Rives Nolen, John Stavinoha and Steve Hazel of Insite Realty represented the landlord, Urban Cos.

July 19, 2019

650-700-Pacific-Coast-Highway-El-Segundo-CA

Acquisitions California Office Western

Vella Group Acquires Boeing-Leased Office Asset Near Los Angeles for $50.8M

by Amy Works July 19, 2019

EL SEGUNDO, CALIF. — New York-based Vella Group has purchased a two-building office campus, located at 650 and 700 Pacific Coast Highway in El Segundo. A private family tenant-in-common sold the asset for $50.8 million. The eight-story property at 650 Pacific Coast Highway, built in 1962, features 121,484 square feet. The two-story building at 700 Pacific Coast Highway features 78,736 square feet. The site also includes 422 surface parking spaces. Boeing will occupy the entire 200,220-square-foot office campus through the end of 2020. Kevin Shannon, Ken White and Michael Moore of Newmark Knight Frank, along with Bill Bloodgood of CBRE, represented the seller, while Antony Arkle of Rodeo Realty represented the buyer in the transaction.

July 19, 2019

Acquisitions California Healthcare Office Western

NAI Capital Brokers $5.5M Sale of Medical Office Building in Southern California

by Amy Works July 19, 2019

LOS ALAMITOS, CALIF. — NAI Capital has arranged the sale a medical office building, located at 10921 Cherry St. in Los Alamitos. Nautica LLC sold the property to ABG Property 1 LLC for $5.5 million, or $759 per square foot. The three-story property features 7,250 square feet of medical office space. At the time of sale, Los Alamitos Medical Surgery Center and Ocean Pacific Surgery Center fully occupied the building. Steve Body and Grant Bullen of NAI Capital’s Investment Services Group represented the seller in the deal.

July 19, 2019

Acquisitions Midwest Minnesota Office

NKF Brokers $12.8M Sale of Office Building in Edina, Minnesota

by Kristin Harlow July 19, 2019

EDINA, MINN. — Newmark Knight Frank (NKF) has brokered the $12.8 million sale of Edina Business Plaza, an 84,380-square-foot office building in Edina. The three-story property is located at 7550 France Ave. South and was built in 1981. It is approximately 97 percent occupied. The anchor tenant is Coldwell Banker Burnet. Peter Tanis and John McCarthy of NKF represented the sellers, Edina Business Plaza LLC and SH Commercial Real Estate Services. Minneapolis-based Ackerberg Group purchased the asset.

July 19, 2019

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