Office

PAC Acquires Office Complex in Charlotte’s SouthPark District for $209M

by Alex Tostado January 7, 2019

CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Capitol Towers, a 477,704-square-foot office complex in Charlotte’s SouthPark neighborhood. Charlotte Business Journal reported that the two 10-story buildings sold for $209 million. PAC purchased the asset through its subsidiary, Preferred Office Properties LLC. At the time of sale, PAC signed an undisclosed tenant to a 33,000-square-foot lease, bringing the project to 95 percent occupancy. Campbell Walker of Lincoln Harris represented the landlord in the transaction, and Chris Schaaf and Jim Thorp of JLL represented the tenant. Capitol Towers is located about six miles south of downtown Charlotte. New York Life Insurance Co. provided acquisition financing to PAC, which has retained Lincoln Harris to lease and manage the property.

January 7, 2019

Acquisitions Florida Georgia Office Southeast

Highwoods Properties Sells Two Office Buildings in Metro Atlanta, Tampa for $54.5M

by Alex Tostado January 7, 2019

ALPHARETTA, GA. AND TAMPA, FLA. — Highwoods Properties has sold Two Point Royal, a 124,000-square-foot building in Alpharetta, and Highwoods Preserve I, a 199,000-square-foot building in northeast Tampa, for a combined $54.5 million. The office buildings were 91 percent leased at the time of the sale. The undisclosed buyer has retained Highwoods as property manager of Highwoods Preserve I.

January 7, 2019

Acquisitions Office South Carolina Southeast

Capital Square 1031 Buys CompuCom’s World Headquarters in Metro Charlotte for $39M

by Alex Tostado January 7, 2019

FORT MILL, S.C. — Capital Square 1031 has bought CompuCom Systems’ world headquarters in South Carolina for $39 million from The Keith Corp. and MPV Properties. The three-story, 154,000-square-foot building is located in Fort Mill, about five miles south of Charlotte’s Ballantyne neighborhood, and is fully leased to CompuCom through 2032. CompuCom Systems provides end-to-end managed services, technology and consulting to enable the digital workplace for enterprise, midsize and small businesses. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the sellers in the transaction.

January 7, 2019

Acquisitions Northeast Office Pennsylvania

HFF Negotiates $52M Sale of Office Complex in Conshohocken, Pennsylvania

by David Cohen January 7, 2019

CONSHOHOKEN, PA. — HFF has negotiated the $52 million sale of Millennium I, II and III, a three-building creative office complex in Conshohocken. Located at 20 Ash St. and 225 and 227 Washington St., the 196,769-square-foot complex was built between 2000 and 2003. Doug Rodio, Brett Segal and Tom Hall of HFF represented the seller, a fund managed by Stabilis Capital Management, in the transaction. The buyer was Morgan Properties Inc.

January 7, 2019

Development Office Retail Washington Western

City of Seattle Approves Development of 1.2 MSF Urban Visions Office Campus

by Amy Works January 7, 2019

SEATTLE — Urban Visions has received permit approval from the City of Seattle for S, an office and retail campus project located on a seven-acre land parcel adjoining Seattle’s Pioneer Square and Chinatown districts. Designed by NBBJ, S will feature five buildings offering large, flexible office floorplates, rooftop decks on each building and outdoor terrace spaces on every floor, as well as ground-floor retail space. The development is located directly east of CenturyLink Field and at the hub of the region’s Link light rail transportation network. Jesse Ottele, Cavan O’Keefe, Daniel Seger and David Marks of Newmark Knight Frank are representing the developer. With permit approval, Urban Visions is able to commence construction as early as the first quarter of 2020.

January 7, 2019

Acquisitions California Office Western

Kilroy Realty Sells 225,340 SF Calabasas Park Centre Office Campus in California for $78.2M

by Amy Works January 7, 2019

CALABASAS, CALIF. — Kilroy Realty Corp. has completed the disposition of Calabasas Park Centre, a three-building, Class A office campus in Calabasas. A joint venture between Related Fund Management and Cruzan acquired the asset for $78.2 million. Calabasas Park Centre was developed by Kilroy Realty in phases between 2000 and 2001. It consists of two four-story buildings and one two-story building located at 23925, 23975 and 24025 Park Sorrento. At the time of sale, the 225,340-square-foot property was 96 percent leased to 38 tenants. Kevin Shannon, Rob Hannan, Brunson Howard, Michael Moll and Laura Stumm of Newmark Knight Frank represented the seller in the transaction.

January 7, 2019

Acquisitions Maryland Office Southeast

Bridge Investment Group Acquires 510,200 SF Office Complex in Suburban Maryland

by Alex Tostado January 4, 2019

SILVER SPRING, MD. — A subsidiary of Bridge Investment Group, Bridge Office Fund Manager LLC, has acquired Station Square in Silver Spring. The three-building, Class A office complex is situated adjacent to a Metro station and about six miles north of downtown Washington, D.C. The sales price was undisclosed, though the new owners are planning a $12 million renovation to upgrade the exteriors of the three buildings, modernize elevators and lobbies and improve mechanical systems. Bridge plans to unveil a new coworking concept coming to Station Square that will create a more modern and tech-centric vibe and appearance. Station Square was built between 1982 and 1987, and was 80 percent leased at the time of the sale. The seller was undisclosed, but media outlets are reporting that Brandywine Realty Trust was the previous owner.

January 4, 2019

Florida Leasing Activity Office Southeast

Franklin Street Negotiates 61,598 SF Office Lease in Tampa for Corporate Headquarters of Insurance Firm

by Alex Tostado January 4, 2019

TAMPA, FLA. — Franklin Street has negotiated the 61,598-square-foot, long-term lease for Baldwin Krystyn Sherman Partners (BKS) to relocate its corporate headquarters to Tampa. The independent insurance firm will occupy two floors at Corporate Center II at International Plaza, a 10-story office building located about five miles west of downtown Tampa. The firm will be moving from the city’s Westshore district. Chris Bulter and Ryan McCurdy of Franklin Street represented the tenant in the lease transaction. Ron Ruffner and Clay Sovich of JLL represented the landlord, Atlanta-based Cousins Properties Inc.

January 4, 2019

Leasing Activity Office Texas

Coworking Firm Leases 30,616 SF at Office Building in Plano

by John Nelson January 4, 2019

PLANO, TEXAS — CityCentral, a coworking office space provider based in Dallas, has leased 30,616 square feet within Atrium at Collin Ridge in east Plano. The 281,315-square-foot office building is located at 500 N. Central Expressway at the northeast corner of President George Bush Turnpike and North Central Expressway. CityCentral’s new location will provide more than 100 private offices, as well as coworking spaces, meeting rooms and event spaces. Matthew Hickey and Kristin Grammar of TIG Real Estate Services Inc. represented CityCentral in the lease negotiations, while Paladin Partners represented the undisclosed landlord. This will be CityCentral’s third location in the Dallas market, with a fourth location opening in Frisco later this year.

January 4, 2019

California Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

Joint Venture to Develop 131-Acre Mixed-Use Project in San Luis Obispo, California

by Amy Works January 4, 2019

SAN LUIS OBISPO, CALIF. — A joint venture between San Diego-based Presidio Residential Capital and Coastal Community Builders has received approval from the San Luis Obispo City Council to develop San Luis Ranch, a 131-acre mixed-use farm-to-table community. Slated to break ground the first quarter of 2019, the development will features 580 residential homes, 150,000 square feet of commercial space, 100,000 square feet of office space and a 200-room hotel. Delivery of a 10-acre multifamily site and all commercial and hotel pads is scheduled for the second and third quarters of 2019. Additionally, 281 single-family lots will be delivered for home construction commencement starting in the third quarter of 2019. The residential portion of the development will include single-family detached and multifamily housing, including a significant number of affordable housing units. The residential homes will offer a variety of energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping. More than 50 percent of the pedestrian-oriented community will be park land, open space and agricultural land with a working organic farm and learning center, community gardens, a recreation and fitness loop, and several parks and picnic areas. Additionally, …

January 4, 2019

Newer Posts

Older Posts