LIMERICK, PA. — RedGo Development has broken ground on a 25,000-square-foot office property in Limerick, a city located northwest of Philadelphia. The property will serve as the new headquarters of Maillie LLP, an accounting firm operating in the northeast. Avison Young is the construction manager; Customers Bank is the lender; D2 Groups is the designer; and Fickler Construction is the general contractor. Construction is underway and slated for completion in the summer of 2020.
MIAMI — Cushman & Wakefield has negotiated the $7.7 million sale of Bank of America Center, a six-story, 68,174-square-foot office building in Miami. Bank of America Center is situated at 1313 N.W. 36th St. within an Opportunity Zone. The property was 88.8 percent leased at the time of sale to tenants including Bank of America and the Miami-Dade State Attorney’s office. Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Tony Jones and Frank Begrowicz of Cushman & Wakefield represented the seller, an investment group affiliated with Golden Sands. This is the third property the investment group has sold within the same Opportunity Zone since last year. Scott Sime of Sime Realty Corp. represented the buyer, New York City-based Edenderry Properties LLC. In March 2018, Edenderry Properties acquired Centennial Express Building, which is located directly east of Bank of America Center.
PHOENIX — NAI Horizon has arranged the sale of an office building, located at 2944 N. 44th St. in Phoenix. Alva Pinchot LLC sold the asset to Curran Properties for $4.6 million. The property features 28,312 square feet of office space. Lane Neville and Logan Crum of NAI Horizon represented the seller in the deal.
RALEIGH, N.C. — JPB Raleigh Holdings has acquired Northchase Executive Center, a two-building office campus in Raleigh, for $39.8 million. The property has a total of 176,620 square feet of office space. The two buildings were built in the mid-1980s and were 95.6 percent leased at the time of sale. The previous owners invested more than $14 million in renovations across the property, which is located at 6601 Six Forks Road. Jimmy Barnes of NAI Carolantic represented the buyer in the transaction. The seller was not disclosed.
SAN JOSE, CALIF. — Verizon will co-develop and lease-to-purchase a new ground-up campus for its Verizon Media workforce at the Coleman Highline campus in San Jose. Co-developed by Hunter Properties, the new campus will support 3,400 employees, including 2,400 from Verizon Media’s current Sunnyvale, Calif., location. Verizon signed a long-term lease for approximately 640,000 square feet in multiple buildings, including a welcome pavilion and workplace amenities such as a fitness center and cafeteria. Verizon’s new campus will be part of the larger Coleman Highline mixed-use development that includes a hotel and retail and residential space, as well as communal gathering and collaboration spaces. Groundbreaking for the Verizon asset is slated for this fall, with completion scheduled for 2021. At build-out, Coleman Highline will feature more than 7,500 square feet of on-site retail options; a public market; a diverse collection of cuisine, caterers and food trucks; two dedicated retail pavilions anchored by a main plaza and promenade; an on-site hotel; more than 2,500 new housing units; and 11 acres of urban parkland. The transit-oriented project will also offer access to the Santa Clara Caltrain and Santa Clara Valley Transportation Authority stations. Gensler, a global design and architecture firm, is designing the …
CINCINNATI — NorthMarq has arranged a $3.4 million loan for the refinancing of Eastgate Professional Office in Cincinnati. The 36,000-square-foot office property is located on Ferguson Road. Susan Branscome of NorthMarq arranged the seven-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan.
HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of 1225 North Loop, a 200,418-square-foot office building in Houston. The 11-story property is located near the city’s River Oaks, Tanglewood and Memorial Village neighborhoods. Michael Johnson, Jett Lucia and Robby Derrick of JLL placed the loan, which carried a 25-year term and a fixed interest rate, through CUNA Mutual Group. The borrower was 1225 North Loop Investments Inc.
HOUSTON — Burns & McDonnell, a Missouri-based, employee-owned engineering, architecture and construction firm, has extended and expanded its office lease at 1700 West Loop South in Houston. The company has grown its footprint at the building, which is owned by Virginia-based Lingerfelt CommonWealth Partners LLC, from 158,000 square feet to 218,000 square feet, and plans to hire an additional 300 employees by 2021. Scott Fikes and Jenny Mueller of JLL represented the landlord in the lease negotiations. Joe Peddie of Cushman & Wakefield represented Burns & McDonnell, which has about 7,000 employees across 50 offices worldwide.
RALEIGH, N.C. — KBS has sold CapTrust Tower, a 300,389-square-foot office tower in Midtown Raleigh, to Preferred Office Properties. KBS originally bought the tower in 2013 in a joint venture with Kane Realty Corp, which will stay on as a partner with Preferred Office Properties, a subsidiary of Atlanta-based Preferred Apartment Communities. Kane Realty built the tower, which was fully leased at the time of sale to tenants including CapTrust, Wells Fargo, PWC, Wasserman, Insight Global and Kilpatrick Townsend. CapTrust Tower offers nine floors of office space atop a six-story parking garage with a restaurant on the ground level. Patrick Gildea, Will Yowell, Ben Kilgore and Chandler Hawkins of CBRE represented the sellers in the transaction. The sales price was not disclosed.
FORT LAUDERDALE, FLA. — Harbor Group International has acquired 1340 Concord, a 100,710-square-foot, single-tenant office building in Fort Lauderdale, for $32.5 million. The buyer is planning for the property to undergo renovations, though details were not disclosed. The building, which technology firm Ultimate Software Group Inc. fully occupies, features three stories with flexible single-floor or whole-building floorplans. The seller was not disclosed.
