Office

Schnitzer West, RMA Sells Four-Building Bellevue 520 Corridor Office Portfolio in Washington

by Amy Works August 28, 2019

BELLEVUE, WASH. — A joint venture between Schnitzer West and RMA has completed the disposition of Bellevue 520 Corridor Office Portfolio, two multi-tenant office assets located in Bellevue. Swift Real Estate Partners acquired the portfolio for $59 million. Totaling 185,930 square feet, the assets are known as Bel-Kirk 520 and Centra Office Park. At the time of sale, the portfolio was 93 percent leased. Situated on 7.2 acres at 11120 and 11130 NE 33rd Place, Bel-Kirk 520 consists of two two-story buildings offering a total of 94,221 square feet. Built in 1988, the property underwent a renovation in 2016 and features indoor and outdoor work spaces and an Avanti Market. Located at 11808 and 11820 Northrup Way, Centra Office Park consists of two three-story office buildings totaling 91,709 square feet on 4.7 acres. Built in 1983 and renovated in 2016, the property features an Avanti Market, outdoor plaza with seating areas, new monument signage and a renovated lobby. Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Bill Delacy of Newmark Knight Frank (NKF) represented the seller, while the buyer was self-represented in the deal. David Milestone and Brett Green, also of NKF, represented the buyer in securing new acquisition …

August 28, 2019

Acquisitions Florida Office Southeast

RealOp Purchases Office Buildings in Tampa for $15.1M

by Alex Tostado August 28, 2019

TAMPA, FLA. — RealOp Investments has purchased Grand Plaza Office Center, a twin, two-story office center totaling 134,843 square feet in Tampa. The purchase price was $15.1 million. The property was 83 percent leased at the time of sale and is located at 14497-14499 N. Dale Mabry Highway, 13 miles north of downtown Tampa. RealOp plans to invest in capital improvements across the two buildings, including cosmetic and mechanical renovations to the lobbies, common areas and exterior of the buildings to create modern spaces. The seller was not disclosed.

August 28, 2019

Acquisitions Office Southeast Top Stories Virginia

Hines, Oaktree Acquire 178,700 SF Office Building in Metro D.C. for $93.2M

by Kristin Harlow August 28, 2019

BALLSTON, VA. — A joint venture between Hines and funds managed by Oaktree Capital Management has acquired Two Liberty Center for $93.2 million. The 178,700-square-foot, nine-story office building is situated in the Ballston submarket of Northern Virginia. The Class A property was renovated in January of this year and features a new lobby, new spec suites and parking for more than 300 vehicles. Two Liberty Center was 95 percent leased to 16 tenants at the time of sale. It is situated at 4075 Wilson Blvd., five miles west of downtown Washington, D.C. Ballston is home to new developments such as Ballston Quarter and Ballston Exchange, which are slated to include approximately 500,000 square feet of retail and entertainment options as well as 2,000 residential units. Andrew Weir, Jim Meisel, Matthew Nicholson, David Baker and Stephen Conley of JLL represented the seller, Westbrook Partners, in the transaction. Susan Carras, Rob Carey and Drake Greer, also of JLL, arranged $67.6 million in acquisition financing for the buyer. Bank of America provided the seven-year, floating-rate loan. New York City-based Westbrook is a privately owned real estate investment management company. Houston-based Hines is a privately owned real estate investment, development and management firm with …

August 28, 2019

Acquisitions New York Northeast Office

KZA Realty Brokers $7.2M Sale of Office Building in The Bronx

by Alex Patton August 27, 2019

NEW YORK CITY — KZA Realty Group, a Bronx-based firm, has brokered the $7.2 million sale of an office building in The Bronx. Built in 1921, the 11-story building at 2021 Grand Concourse includes 59,292 square feet of office space and a pharmacy on the ground floor. The offices have traditionally been leased to medical professionals. Kathy Zamechansky represented the seller, Bronx-based Gara Realty Co., in the transaction. Zamechansky also represented the buyer, Brooklyn-based Chera Realty Group, which plans to renovate the property.

August 27, 2019

Acquisitions Georgia Office Southeast

Bull Realty Arranges $14.8M Sale of Office Building Near Atlanta

by Alex Tostado August 27, 2019

NEWNAN, GA. — Atlanta-based Bull Realty has arranged the $14.8 million sale of 1825 Summit, a 100,000-square-foot office building in Newnan. Delta Community Credit Union sold the building, which was 56 percent leased at the time of sale. The financial community will continue to operate within the asset. MBRE acquired the property for $147.50 per square foot. 1825 Summit is located 37 miles southwest of downtown Atlanta and immediately adjacent to Summit Family YMCA and Georgia Bone & Joint medical office building.

August 27, 2019

Acquisitions Florida Office Southeast

Integra Investments, Constellation Group Purchase Office Building in Miami Beach for $10.1M

by Alex Tostado August 27, 2019

MIAMI BEACH, FLA. — Integra Investments and Constellation Group have purchased a 31,270-square-foot office building located at 1674 Meridian Ave. in Miami Beach for $10.1 million. The asset also includes 5,500 square feet of ground-level retail space. The partnership will market the office space to small- and medium-sized tenants. New ownership is planning a multimillion-dollar renovation that includes upgrading the lobby and common areas, as well as adding a new roof and floor-to-ceiling windows. Ivy MBT Realty was the seller.

August 27, 2019

Acquisitions Office Texas

Regent Properties Acquires 545,242 SF Office Complex in Uptown Houston for $89.5M

by Taylor Williams August 27, 2019

HOUSTON — Los Angeles-based investment firm Regent Properties has acquired Park Towers, a 545,242-square-foot office complex in Uptown Houston, for $89.5 million. Built in the 1970s, redeveloped in 2000 and renovated in 2017, Park Towers comprises two 18-story towers over a shared parking structure at the northeast corner of Interstate 610/West Loop and Post Oak Boulevard. Amenities include a fitness center and a conference center. The seller was not disclosed.

August 27, 2019

Acquisitions Office Texas

Starwood Capital, Vanderbilt Partners Buy 319,000 SF Office Campus in Northwest Austin

by Taylor Williams August 27, 2019

AUSTIN, TEXAS — A partnership between Starwood Capital Group and Vanderbilt Partners has purchased the Campus at Arboretum, a 319,000-square-foot office property in northwest Austin. The campus offers proximity to The Domain, one of Austin’s premier shopping and dining destinations, as well as picnic areas, a volleyball court and a basketball court.

August 27, 2019

Development Illinois Midwest Office

GlenStar, Rubenstein Launch $15M Capital Improvement Plan for Office Complex in Rolling Meadows, Illinois

by Kristin Harlow August 27, 2019

ROLLING MEADOWS, ILL. — GlenStar and Rubenstein Partners LP have launched a $15 million capital improvement plan for Continental Towers, a 910,796-square-foot office complex in Rolling Meadows, about 30 miles northwest of Chicago. This is the second of a two-phase renovation project initiated in 2015. Plans call for a reimagined outdoor terrace with a lounge, grilling areas, fire pits and lawn area. The property’s café and amenity center, which are currently undergoing renovations, will be connected to the new terrace. Project completion is scheduled for second-quarter 2020. Phase I was a $30 million project that included the construction of a new 734-stall parking garage and a full renovation of the 22,000-square-foot fitness center run by Midtown Health Club. Continental Towers is a three-tower property situated on 34 acres at 1701 Golf Road. GlenStar originally acquired the property in 2013 and recapitalized the asset in 2018 with Rubenstein.

August 27, 2019

Colorado Industrial Loans Office Western

JLL Arranges $8.7M in Financing for Two Office/Industrial Buildings in Boulder, Colorado

by Amy Works August 27, 2019

BOULDER, COLO. — JLL has arranged $8.7 million in bridge financing for the acquisition of two flex buildings in Boulder. The borrower is Ivy Realty. Leon McBroom of JLL Capital Markets team secured the three-year, floating-rate loan with two one-year extensions. A regional lender provided the funds. Located at 5300 and 5305 Sterling Drive, the properties total 46,702 square feet. Beginning in the summer of 2020, Ivy Realty plans to start converting the buildings into creative office space for use by large single tenants. The borrower previously repositioned the adjacent building at 5360 Sterling Drive with a similar strategy. Built in 1983, 5300 Sterling Drive is currently a two-story industrial warehouse consisting of 19,904 square feet. 5305 Sterling Drive, which was constructed in 1996, is a two-story, 26,798-square-foot, Class B flex building.

August 27, 2019

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