WEST CHICAGO, ILL. — Value Industrial Partners has acquired Bowling Green Center, a 14-building office and industrial property in West Chicago. The purchase price was not disclosed. Located at 245 W. Roosevelt Road, the asset spans 274,000 square feet. The property was 90 percent leased at the time of acquisition. Value Industrial plans to complete significant improvements, including new roofs, paving, landscaping and signage. The center will be renamed Roosevelt Center. Jeff Girling of Paine/Wetzel represented Value Industrial in the transaction. The seller was not disclosed.
COLUMBUS, OHIO — CBRE has arranged the sale of a historic office building occupied by Carlile Patchen & Murphy LLP in downtown Columbus. The sales price was not disclosed. The new owner, 366 E. Broad LLC, plans to renovate the building, which is located at 366 E. Broad St. The three-story property, built in 1926, was designed by Richards, McCarty and Bulford and originally owned by the Ohio State Life Insurance Co. CPM Investments, an affiliate of Carlile Patchen & Murphy LLP, purchased the 29,672-square-foot building in 1986. Carlile Patchen & Murphy LLP plans to relocate to 950 Goodale Blvd. in the Grandview Yard development in spring 2020. David Hartsook of CBRE represented the seller. Todd Schiff of Robert Weiler Co. represented the buyer.
MILWAUKEE — Berkadia has opened a new office in Milwaukee’s Third Ward. Commercial real estate finance veterans Mark Dellonte and Amy Barry will be based at the new office, which is located at 342 N. Water St. Dellonte will be responsible for enhancing Berkadia’s overall offerings, including FHA/HUD financing in Wisconsin and the Midwest. Dellonte formerly served as president and CEO of Love Funding Corp. Barry formerly worked at Fannie Mae. Both will report to Steve Ervin, senior vice president and head of HUD at Berkadia.
NEW YORK CITY — Janus Property Co., a developer and manager of residential and mixed-use properties, has broken ground on the Taystee Lab Building, a 350,000-square-foot life sciences property in West Harlem. The 11-story building, located at the site of the former Taystee bread bakery, will be marketed to firms in the life sciences, technology, academic, and arts sectors. Specific features will include floor plates ranging in size from 36,000 square feet at the base to 15,000 square feet at the penthouse level, floor-to-ceiling glass and 20,000 square feet of outdoor space. Designed by architecture firms LevenBetts and SLCE, the project is expected to be complete by late 2020.
ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has acquired Galleria 100, an 18-story office building located in Atlanta, for $95.1 million. The sale includes a 1.5-acre parcel for future development. Galleria 100, which spans approximately 414,000 square feet, was 91 percent leased at the time of sale. The property is located within The Galleria mixed-use development on the city’s northwest side. The property is connected via footbridge to the Atlanta Braves’ SunTrust Park and the surrounding entertainment destination known as The Battery. Piedmont already owns two office buildings that are adjacent to the acquired property within The Galleria, an 86-acre development with office and retail uses, as well as a hotel and convention center. Tenants at Galleria 100 include insurance giant Aflac, law firm Freeman Mathis & Gary and private dining venue The Georgian Club. With this acquisition, Piedmont, which is based in the northern Atlanta suburb of Johns Creek, now owns roughly 1.3 million square feet of office product within this submarket. The company’s total portfolio consists of nearly 17 million square feet of office space across eight major markets, holdings that are valued at roughly $5 billion. “This transaction underscores our overall strategy of acquiring and …
CHARLOTTE, N.C. — Northwood Office has broken ground on an 11-story, 328,000-square-foot office building located at 13146 Ballantyne Corporate Place in Charlotte’s Ballantyne district. The building will offer a 2,500-square-foot fitness center, 10 stories of office space with the top floor featuring a rooftop terrace with tables, seating, a fire pit, audio/visual and provisions for outdoor food and beverage service. Northwood Office also plans to add an apartment tower in collaboration with its affiliate firm Northwood Ravin. The office portion is expected to deliver in early 2021. Ballantyne Corporate Park is a 535-acre master-planned business park that Northwood Investors acquired from The Bissell Cos. Inc. in March 2017 for $1 billion. The new building will join an existing 4 million square feet of office space and 600 hotel rooms within the business park. This is the first new office tower to be built under Northwood’s ownership. Northwood Development will manage the office project, working with architectural firm LS3P Associates and general contractor Rodgers Builders.
CHARLOTTE, N.C. — Charlotte-based Parker Poe will occupy 86,000 square feet of office space across three floors at 620 S. Tryon, the first phase of Legacy Union in Charlotte. Parker Poe is expected to move into the space in mid-2020 and have signage on the 33-story, 850,000-square-foot building. Amenities at 620 S. Tryon will include an indoor/outdoor entry plaza for gatherings, fitness center and a walkable promenade lined with restaurants and retailers. A pedestrian bridge above Church Street will provide tenants with direct access to the building. Lincoln Harris is developing Legacy Union, which spans two city blocks and will feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade. Ridr Knowlton and Campbell Walker internally represented the developer in the lease transaction. Taylor Senter of Newmark Knight Frank (NKF) represented the tenant.
MIAMI — Live Nation Entertainment has signed an 8,000-square-foot lease at Wynwood Annex in Miami. East End Capital and The Related Group are developing Wynwood Annex, which is slated to open this summer and will offer 52,000 square feet of office space in the Wynwood Arts District. The building’s suites range from 6,300 to 8,000 square feet. The building also offers a covered outdoor conference center, rooftop terrace, 322 parking spaces and 4,424 square feet of retail space. Gordon Messinger and Ericka Witkowski of Cushman & Wakefield represented East End Capital and The Related Group in the lease transaction. Clay Sidner of Newmark Knight Frank represented Live Nation.
SUNNYVALE, CALIF. — HFF has secured $313.8 million in acquisition and construction financing for the development of Catalyst, a fully entitled, four-property office project in Sunnyvale. The borrower, a joint venture between Hearst Properties and Invesco Real Estate, acquired the development site in early May. Brandon Roth, Bruce Ganong, Peter Smyslowski and Bercut Smith of HFF worked on behalf of the borrower to secure the construction loan through ACORE Capital. Catalyst currently consists of a shovel-ready office development site and three existing office buildings, totaling 164,870 square feet, two of which will be demolished and replaced with new Class A office space. Upon completion, the 587,942-square-foot project will comprise three newly built, Class A office buildings with two parking structures and one original Class B office building.
FORT COLLINS, COLO. — Colorado-based McWhinney has purchased an office building, located at 3420 E. Harmony Road in Fort Collins, for an undisclosed price. The three-story, 179,688-square-foot building is adjacent to the Arapaho Bend Natural Area. Comcast, Madwire and Micro Focus occupy the property. Peter Kelly of CBRE represented the buyer, while Peter Kast, Alex Sommerville and Chad Flynn of CBRE represented the undisclosed seller in the deal.