Office

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

Leasing Activity Massachusetts Northeast Office

Foundation Medicine Signs 580,000 SF Office Lease in Boston

by Alex Patton August 2, 2019

BOSTON — Foundation Medicine Inc., a manufacturer of medical tests and supplies, has signed a 580,000-square-foot lease for laboratory and office space at 400 Summer Street in Boston. Massachusetts-based WS Development is currently developing the 16-story building, which will total 625,000 square feet, including 30,000 square feet of ground-floor retail. Foundation Medicine will move its headquarters to the building and occupy all of the laboratory and office space. WS Development expects to begin construction later this year and for tenants to move in by 2023. New York-based Morris Adjimi Architects and the Boston office of Stantec are the architects.

August 2, 2019

Illinois Leasing Activity Midwest Office

PerkSpot Expands Office Lease in Chicago by 14,020 SF

by Kristin Harlow August 2, 2019

CHICAGO — PerkSpot has signed a 14,020-square-foot office expansion at 320 W. Ohio St. in Chicago. The customized employee discount firm now occupies more than 27,000 square feet at the building. It is the company’s second expansion in the last 13 months. Allen Rogoway of Cresa Chicago represented the tenant in the lease transaction. PerkSpot offers a perk program where employees can gain rewards and exclusive discounts for their performance. PerkSpot also offers discounted merchandise and services and receives a commission on the value of items sold through its platform by merchants.

August 2, 2019

Acquisitions Office Oregon Western

Colliers Arranges $47.5M Acquisition of Creative Office Asset in Portland’s CBD

by Amy Works August 2, 2019

PORTLAND, ORE. — Colliers International has arranged the purchase of 6Y, a 11-story creative office building located at 811 SW Sixth Ave. in Portland’s Central Business District (CBD). Deka Immobilien acquired the asset from a joint venture between KBS and True North Management Group for $47.5 million. The transaction marks Frankfurt, Germany-based Deka’s third U.S. purchase in the last nine months and its entry into the Oregon market. Overlooking Pioneer Square, the 116,224-square-foot property was repositioned to include upgraded creative office suites, a tenant lounge and a contemporary lobby. Robert Stamm and Andres Roldan of Colliers’ Investment Advisory Group, in coordination with Chris Johnson of Colliers’ Portland office, represented the buyer, while Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.

August 2, 2019

Acquisitions California Office Western

Voit Real Estate Services Brokers $11.2M Sale of Three-Building Office Asset in San Diego

by Amy Works August 2, 2019

SAN DIEGO — Voit Real Estate Services has arranged the sale of Futura Business Park, a three-building office park located in San Diego’s Kearny Mesa submarket. Otay Terminal – Farnham St. LLC sold the asset to La Jolla, Calif.-based Hill Properties for $11.2 million. The buyer plans to implement a capital improvement program at the 51,229-square-foot, multi-tenant asset. Planned renovations will include exterior and interior improvements and repositioning the property as creative office space. Futura Business Park is located at 9445, 9455 and 9465 Farnham St. Randy LaChance, Ryan Bracker and Arthur Bleier of Voit’s San Diego office represented both parties in the transaction.

August 2, 2019

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