Office

Southport-Office-Park-San-Diego-CA

SAN DIEGO — Voit Real Estate Services has arranged the sale of Southport Office Park, an eight-building office complex located in San Diego’s National City submarket. Dan Floit, a San Diego-based private investor, acquired the asset from San Diego-based H.G. Fenton Co. for $8.7 million. Totaling 33,894 square feet, the office park is located at 102, 132 and 202 Miles of Cars Way; 2403, 2435, 2425 and 2427 Hoover Ave.; and 2405 Transportation Ave. Michael Mossmer and Curt Perry of Voit Real Estate Services represented the seller, while Mark Caston and Spencer Kerrigan, also of Voit, represented the buyer in the deal.

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IRVING — Developer KDC, in partnership with Verizon, is nearing completion of the new 1.2 million-square-foot headquarters campus in Irving for energy firm Pioneer Natural Resources. Situated on 150 acres within the Hidden Ridge development in the city’s Las Colinas district, the headquarters building stands 10 stories, overlooks a pond and includes a seven-story parking garage. Amenities include a daycare, wellness center and a food hall. Cushman & Wakefield will manage the property. Move-ins are scheduled to begin in November.

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GRAPEVINE, TEXAS — Locally based hotel developer NewcrestImage has broken ground on an 80,000-square-foot office project in the northern Fort Worth suburb of Grapevine. Upon completion in 10 to 12 months, the company will occupy about a quarter of the building for its headquarters space and lease the remaining 60,000 square feet. The property will be located within SilverLake Crossings, a 52-acre mixed-use development that includes 400 residential units and 30,000 square feet of retail and restaurant space.

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900-Kearny-St-San-Francisco-CA

SAN FRANCISCO — Newcastle Partners and Drake Real Estate Partners have completed the sale of 900 Kearny Street, an office building located in San Francisco’s Jackson Square submarket. Brick and Timber Collective LLC acquired the property for $27 million. Built in 1989, the six-story building features 30,000 square feet of creative office space. At the time of sale, the property was fully occupied by EastWest Bank, Bitmami and Novani, among others. The sellers originally purchased the asset in 2017 for $17 million and renovated the property by adding open office spaces and single-floor suites. Ben Bullock, David Dokko and Thomas Foley of HFF represented the sellers in the transaction.

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NAI-new-jersey

BERGENFIELD, N.J. — NAI James Hanson has negotiated the sale of a 5,245-square-foot office building in Bergenfield, a northern suburb of New York City. The buyer, Maywood Physical Therapy & Rehab Center, will utilize a portion of the building as its third medical office location and will continue to lease the remaining space to the four current tenants. NAI James Hanson’s Dominic Fittizzi represented the seller, S&S Realty Holding Co. LLC, in the transaction.

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DEERFIELD, ILL. — Transwestern Commercial Services has brokered the sale of 1717 Deerfield Road in Deerfield for an undisclosed price. The 147,096-square-foot office building rises three stories and offers 50,000-square-foot floor plates. It is currently 21.2 percent leased by accounting and consulting firm Warady & Davis LLP. Gary Nussbaum and Paige Gunn of Transwestern represented the seller, Hudson Advisors. Canada-based investment group Progressif and Schaumburg-based Helios Property Management purchased the asset.

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San Francisco has been a boom-and-bust market since the Gold Rush. The current intense scrutiny of the yield curve, combined with the stock market’s recent erratic behavior, has sent warnings of the next looming recession. Just how will this affect the office market? Fortunately for the Bay Area, not much. Today, several key factors insulate San Francisco from a severe downturn, unlike past cycles. Among them are Proposition M and a concentration of venture capital, highly skilled talent and some of the world’s largest companies. Since 1986, Proposition M has limited the amount of office development the city will authorize in any given year. The program aims to guard against typical boom-and-bust cycles. The San Francisco office market only includes 85 million square feet, as opposed to Manhattan or Houston, for example, which comprise 400 million and 240 million square feet, respectively. Manhattan currently has 12.4 million square feet of office space under construction, while San Francisco has 3 million square feet in the pipeline. The entitlement limit under Prop M has been reached, meaning no additional new projects can be approved until October when another 950,000 square feet will be allocated for the next year. At first glance, these …

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CHICAGO — Skender has completed construction of LinkedIn’s 46,000-square-foot Chicago headquarters expansion at 525 W. Monroe. A staircase now connects the existing space via two floors. The project includes large collaboration areas, open workstations, a salon, mother’s room as well as a fifth-floor amenity space with a garden lounge, game room and music room. California-based LinkedIn’s total footprint in the building is now 185,077 square feet. Skender collaborated with Gensler, ESD Global and Avison Young for the project.

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ANN ARBOR, MICH. — Bernard Financial Group has arranged a $44.5 million CMBS loan for the refinancing of 777 E. Eisenhower Parkway in Ann Arbor. The 271,817-square-foot, multi-tenant office property was built in 1975. Dennis Bernard and Joshua Bernard of Southfield-based Bernard arranged the loan with a CMBS firm on behalf of the borrower, 777 Associates LLC.

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WAUWATOSA, WIS. — Founders 3 Real Estate Services has brokered the sale of a 51,651-square-foot office building in Wauwatosa, about six miles west of Milwaukee, for $8.4 million. Built in 2002, the Class B property is located at 10400 Innovation Drive. Ned Purtell and Andy Hess of Founders 3 represented the seller, 10400 Innovation LLC. Rupesh Agrawal purchased the asset.

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