Office

CBRE Arranges $20M Sale of Bergen Medical Center in Paramus, New Jersey

by Alex Patton August 9, 2019

PARAMUS, N.J. — CBRE has arranged the $20 million sale of Bergen Medical Center, a 75,000-square-foot healthcare complex in Paramus, about 20 miles north of New York City. The property is located in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center. Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate of CBRE represented the seller, the Eye Institute of New Jersey, in the transaction and procured the buyer, a private investor.

August 9, 2019

Acquisitions Office Oregon Western

Norris & Stevens Arranges $2.6M Sale of 12,000 SF Office Asset in Oregon

by Amy Works August 9, 2019

HILLSBORO, ORE. — Norris & Stevens Inc. has brokered the acquisition of an office building, located at 5625 NE Elam Young Parkway in Hillsboro. Pioneer Utility Resources, formerly known as Ruralite Services Corp., purchased the building for $2.6 million. The buyer plans to move its corporate offices into the building vacancy. The remainder of the building is occupied by medical and professional tenants. Tim Budelman of Norris & Stevens represented the buyer in the transaction.

August 9, 2019

Acquisitions Industrial Office Texas

JLL Negotiates Sale of 1.1 MSF Office, Industrial Campus, 95 Acres in Austin

by Taylor Williams August 8, 2019

AUSTIN, TEXAS — JLL has negotiated the sale of Research Park, a 1.1 million-square-foot office and industrial campus located within Austin’s Silicon Hills neighborhood. The sale included approximately 95 acres of undeveloped land on the city’s northwest side. Originally part of a 466-acre tract owned by Texas Instruments, Research Park includes 1 million square feet of manufacturing space that is leased to a subsidiary of Flex Ltd., a global electronics manufacturing firm. JLL marketed the property on behalf of the seller, Equity Commonwealth. Parmer Innovation Centers, an affiliate of Los Angeles-based Karlin Real Estate, purchased the assets.

August 8, 2019

Acquisitions Georgia Office Southeast

Colliers Arranges $24.8M Sale of Office Building in Midtown Atlanta

by Alex Tostado August 8, 2019

ATLANTA — Colliers International has arranged the $24.8 million sale of Midtown Atlanta’s Silhouette, a 10-story office building. Silhouette, known for the silhouettes of people painted on the side, is located at 1447 Peachtree St. Amenities include a renovated lobby and HVAC system, access to public transit and two electric car charging stations. Silver Spirit, a company that helps startup businesses, acquired the property. Colliers has been retained to handle leasing efforts on behalf of the new owner. Hayes Swann and Aman Gaur of Colliers represented the seller, Dau Global, in the transaction.

August 8, 2019

Acquisitions New Jersey Northeast Office

JLL Arranges Sale of 330,000 SF Office Property in Princeton, New Jersey

by Alex Patton August 8, 2019

PRINCETON, N.J. — JLL has arranged the sale of 1 University Square, a 330,000-square-foot office property in Princeton. Global investment management firm BlackRock anchors the building. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and J.B. Bruno of JLL represented the seller, a partnership between RXR Realty and The Blackstone Group, in the transaction, and procured the buyer, investment firm Argent Ventures. The sales price was undisclosed.

August 8, 2019

Development North Carolina Office Southeast

White Point, FCP to Redevelop Historic Mill in Charlotte for Adaptive Office Project

by Alex Tostado August 7, 2019

CHARLOTTE, N.C. — White Point and FCP have unveiled plans to redevelop historic Chadbourn Mill, a former hosiery and textile mill in Charlotte, into an adaptive office project. The new development will feature 40,000 square feet of office space and 2,000 square feet of restaurant space and retail space. JLL will be leasing the office component of the development, with Thrift Commercial Services handling the retail leasing. Construction is expected to be complete in 2020. The site is within walking distance to NoDa’s (North of Davidson) retail and entertainment venues as well as the LYNX Blue Line 25th St. station. Chadbourn Mill produced mostly women’s clothing from the 1930s to 1970s but has been out of use since.

August 7, 2019

Acquisitions Nevada Office Western

Marcus & Millichap Arranges $9.5M Sale of 48,607 SF Office Building in North Las Vegas

by Amy Works August 7, 2019

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.

August 7, 2019

Acquisitions Connecticut Northeast Office Retail

CBRE Arranges $67M Sale of Retail, Office Property in Greenwich, Connecticut

by Alex Patton August 7, 2019

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.

August 7, 2019

Market Reports New York Northeast Market Reports Office

Manhattan’s Office Market Thrives as Top-Tier Tenants Flock to Midtown

by Taylor Williams August 7, 2019

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 …

August 7, 2019

Florida Market Reports Office Southeast Southeast Market Reports

Farewell Boom-Bust Cycle: Miami Office Market Ascends as the City Matures

by Alex Tostado August 7, 2019

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 …

August 7, 2019

Newer Posts

Older Posts