Office

Mission Capital Arranges $15.2M Loan for Brooklyn Redevelopment Project

by Taylor Williams July 1, 2019

NEW YORK CITY — Mission Capital Advisors has arranged a $15.2 million loan for The Box Factory, a former industrial building in Brooklyn that is being redeveloped into a 65,837-square-foot office and entertainment complex. Proceeds will be used to refinance construction debt and further redevelop the property. Jonathan More, Ari Hirt and Lexington Henn of Mission Capital arranged the financing on behalf of the project development team, which is led by Brickman Real Estate and Hornig Capital Partners. Construction began in 2018. Pine River provided the loan.

July 1, 2019

Leasing Activity New York Northeast Office

Knotel to Open 12,500 SF Flexible Office Space in Lower Manhattan

by Taylor Williams July 1, 2019

NEW YORK CITY — Knotel, a provider of flexible office space, has inked a deal to lease 12,500 square feet at 80 White Street in the Tribeca area of lower Manhattan. The company will occupy the third and fourth floors of the recently renovated building beginning in September. Gregory Gang and Catherine O’Toole of Lee & Associates represented the landlord, General Hardware Manufacturing Co., in the lease negotiations. Knotel now has more than 40 locations throughout New York City.

July 1, 2019

Leasing Activity New York Northeast Office

ABS Partners Negotiates 9,903 SF Office Lease in The Bronx

by Taylor Williams June 28, 2019

NEW YORK CITY — ABS Partners Real Estate has negotiated a 9,903-square-foot office lease at 2417 Third Ave. in the Mott Haven neighborhood of The Bronx on behalf of workforce development firm Grant Associates. Andy Udis and Alison Miller of ABS Partners represented Grant Associates, which also recently leased 7,000 square feet at 1825 Park Avenue in Harlem. Mitch Arkin of Cushman & Wakefield and Ellen Israel of JRT Realty represented the landlord, Savanna and Hornig Capital Partners.

June 28, 2019

Acquisitions Mixed-Use Office Retail Southeast Virginia

Divaris Real Estate Acquires Six Properties Totaling 232,057 SF in Hampton Roads

by Alex Tostado June 28, 2019

VIRGINIA BEACH, VA. — Divaris Real Estate Inc. has acquired six properties totaling 232,057 square feet in Hampton Roads. The acquisitions include shopping centers Las Gaviotas Shopping Center, a 90,505-square-foot, Food Lion-anchored property in Chesapeake; and Cypress Run, a 25,000-square-foot, Kroger shadow-anchored property in Smithfield. The two office buildings are the 76,024-square-foot Northampton Executive Center and the 10,000-square-foot 2125 McComas Way, both in Virginia Beach. The medical office building and two-building mixed-use properties are also in Virginia Beach. The seller(s) and sales prices were not disclosed.

June 28, 2019

Development Office South Carolina Southeast Top Stories

Lowe’s to Anchor Planned 23-Story Office Tower Development in Charlotte

by Jeff Shaw June 28, 2019

CHARLOTTE, N.C. — Home improvement retail giant Lowe’s (NYSE: LOW) has unveiled plans for Design Center Tower, a 23-story office tower in Charlotte. Development costs are estimated at $153 million, according to theCharlotte Observer. The 357,000-square-foot building, which Lowe’s is referring to as a global technology center, will fill a vacant parking lot in Charlotte’s bustling South End, about 1.5 miles southwest of the city center. The plot is adjacent to a Lynx light rail station as well as the city’s Rail Trail system of walking/biking paths. The developer, a joint venture between Childress Klein and RAM Realty Advisors, plans to break ground on the Design Center Tower this August, with Lowe’s moving in by late 2021. Lowe’s will occupy the top 15 floors of the building. The ground floor will feature 20,000 square feet of retail and restaurants. North Carolina is contributing $54 million in state incentives for the project, to be paid over 12 years based on Lowe’s meeting job creation and investment requirements, reports the Observer. Lowe’s expects to bring 2,000 high-paying tech jobs to the building, 1,600 of which will be new and 400 of which will relocate from the company’s headquarters in nearby Mooresville, the …

June 28, 2019

Acquisitions California Office Western

American Assets Trust Buys La Jolla Commons Office Complex in San Diego for $525M

by Amy Works June 27, 2019

SAN DIEGO — American Assets Trust has closed on the acquisition of La Jolla Commons, an office complex located in San Diego’s University Town Center submarket, for $525 million. The asset consists of two office towers, an entitled development parcel and two parking structures. Totaling 724,000 square feet, the LEED Platinum-certified office towers were built in 2008 and 2014. The 421,000-square-foot building is fully leased to LPL Financial. The second building, consisting of 303,000 square feet, is 72 percent leased to a variety of tenants, including U.S. Bank National Association, Paul Hastings LLP and Finch, Thornton & Baird LLP. The purchase price of $525 million, less a seller credit of approximately $11.5 million, was paid with a combination of cash on hand and funds drawn against the company’s existing credit facility. Loryn Arkow and Ankush Israni of Los Angeles-based Stroock & Stroock & Lavan represented the undisclosed seller, while James Mann and Jeffrey Gonzalez of Latham & Watkins represented the buyer in the transaction.

June 27, 2019

Development Loans Mixed-Use Multifamily Office Retail Washington Western

Vibrant Cities Receives $31.3M in Construction Financing for Mixed-Use Project in Seattle

by Amy Works June 27, 2019

SEATTLE — Vibrant Cities has received $31.3 million in construction financing for the development of Pivot, a mixed-use property in Seattle’s Capitol Hill neighborhood. Brandon Roth and Zack Goodwin of HFF secured the five-year, floating-rate loan through H.I.G. Realty Partners for the borrower. The project will replace an existing parking lot with a pedestrian-inspired development along the Pike/Pine corridor. Once complete, Pivot will features 71 apartments above a sub-grade parking garage, street-level retail space and 11,000 square feet of office space.

June 27, 2019

Acquisitions Arizona Healthcare Office Western

Hammes Partners Acquires Spectrum Medical Commons in Arizona for $17.7M

by Amy Works June 27, 2019

GILBERT, ARIZ. — Hammes Partners has purchased Spectrum Medical Commons, a medical office property located at 3367 S. Mercy Road in Gilbert. Irgens sold the property for $17.7 million, or $409.41 per square foot. Situated adjacent to Mercy Gilbert Medical Center, the asset features 43,355 square feet of Class A medical office space, including a surgery center. Additionally, the property features prominent building signage and near-immediate access to a full interchange at Val Vista Drive and the Loop 202 Freeway. Brian Ackerman of JLL facilitated the transaction.

June 27, 2019

Acquisitions Arizona Office Western

NAI Horizon Arranges $4.6M Sale of 28,312 SF Office Building in Phoenix

by Amy Works June 27, 2019

PHOENIX — NAI Horizon has arranged the sale of 2944 Plaza, an office building located at 2944 N. 44th St. in Phoenix. Alva Pinchot LLC sold the property to Curran Properties for $4.6 million. Tenants at the 28,312-square-foot property include NAI Horizon, RW Partners, ORB Architecture, Freestar LLC, Salt Digital and the office of U.S. Congressman Greg Stanton. Lane Neville and Logan Crum of NAI Horizon represented the seller in the deal. Jeff Conrad of Lee & Associates was the broker for the buyer, who was represented by Michael Dunn, Scott Carson and Carrie Carson.

June 27, 2019

Acquisitions Connecticut Northeast Office

Colliers Arranges $19.9M Sale of Office Complex in Farmington, Connecticut

by Taylor Williams June 27, 2019

FARMINGTON, CONN. — Colliers International has arranged the sale of Pond View Corporate Center, a 236,302-square-foot office complex in Farmington, a western suburb of Hartford. The sales price was approximately $19.9 million. The two-building campus is situated on 34 acres off I-84 and offers amenities such as a fitness center, café, walking trails and a new conference and technology center. Tenants include Comcast, New England Asset Management and KBE Building Corp. John Cafasso, Ian Hunt and Conor LeBlanc of Colliers represented the seller, New Haven-based Fusco Farmington Associates LP, which sold the property to an undisclosed buyer.

June 27, 2019

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