Office

CBRE Negotiates $13.3M Sale of Office Building in Springfield, New Jersey

by David Cohen January 8, 2019

SPRINGFIELD, N.J. — CBRE has negotiated the $13.3 million sale of a 60,000-square-foot office building in Springfield. Located at 966 South Springfield Ave., the property currently serves as the national headquarters for the watch and jewelry divisions of LVMH Moët Hennessy Louis Vuitton SE, a French multinational luxury goods conglomerate headquartered in Paris. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, a tenancy-in-common, in the transaction. The buyer was a private investor in a 1031 exchange.

January 8, 2019

Acquisitions Colorado Mixed-Use Office Restaurant Retail Western

Legend Investment Group Directs $6.1M Acquisition of Mixed-Use Building in Lone Tree, Colorado

by Amy Works January 8, 2019

LONE TREE, COLO. — Legend Investment Group, a division of Legend Partners, has arranged the purchase of Bridge Center, a mixed-use retail and office property located at 9233 Park Meadow Drive in Lone Tree. A local real estate investment group acquired the property for $6.1 million, or $215 per square foot. At the time of sale, the 28,325-square-foot property was 98 percent occupied by a variety of tenants, including Panera Bread, Office Evolution and RE/MAX. The property was built in 1999 and renovated in 2003. The name of the seller was not released.

January 8, 2019

Acquisitions Office Texas

Hartman REIT Acquires Office Building in San Antonio for $16.5M

by John Nelson January 7, 2019

SAN ANTONIO — Hartman vREIT XXI Inc. has purchased the Spectrum Building, a 10-story office asset located at 613 N.W. Loop 410 in San Antonio’s North Central submarket, for $16.5 million. The sales price, which included a buyer’s auction premium, equates to about $94 per square foot. The 175,314-square-foot office building was 87.7 percent leased at the time of sale. The seller was not disclosed.

January 7, 2019

Acquisitions North Carolina Office Southeast

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

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