PRINCETON, N.J. — A partnership between New York-based RXR Realty and The Blackstone Group has sold University Square, a five-story office building totaling 330,000 square feet in Princeton. The sale also included the adjacent 33,600-square-foot building, 115 Campus Drive. The property is positioned along the Route 1 Corridor, about halfway between Philadelphia and New York City. Tenants include investment management company BlackRock and insurance company AXIS Capital. JLL represented the seller and procured the buyer, New York-based Argent Ventures, in the transaction. The price was undisclosed.
PHILADELPHIA — CBRE has arranged a 62,000-square-foot lease in Philadelphia’s Center City for CommonGrounds Workplace, a San Diego-based coworking company. The new space will span two floors of the 32-story Market building, and the company’s in-house design division will renovate the space. The property will also house CommonGrounds’ East Coast regional office. Joseph Wolff, Kevin Maloney, George Cauffman and David Mendez of CBRE represented the landlord, Shorenstein Co. Jim Suber of Strategic Real Estate Advisory and Michael Gallagher of The Flynn and Co. represented CommonGrounds in the transaction.
CORAL GABLES, FLA. — BAC Florida Bank has signed a long-term lease to occupy 63,000 square feet and anchor The Plaza at Coral Gables beginning in 2022. The Plaza at Coral Gables is under construction and is expected to open in 2021. At full buildout, the property will comprise two Class A office towers totaling 447,675 square feet; a 242-room hotel with meeting space; 161,000 square feet of restaurants, entertainment and retail space; and residential townhomes and apartments. Patrick Duffy and Clay Sidner of Newmark Knight Frank represented BAC Florida Bank in the transaction. Tere Blanca, Danet Linares and Andres Del Corral of Blanca Commercial Real Estate represented the landlord, Agave Holdings.
MOUNT PLEASANT, WIS. — Marcus & Millichap has brokered the sale of Warwick Business Court in Mount Pleasant for $2.7 million. The five-building, 24,600-square-foot office park is located at 1151 Warwick Way near I-94 and about five miles west of Racine. Concentra Urgent Care, DaVita Dialysis and Aurora Health Care are the major tenants in the office park. Alex Sacks, Brett Rodgers and Frank Roti of Marcus & Millichap represented the seller and procured the buyer, a Canada-based investor.
SAN FRANCISCO — The San Francisco Planning Commission has unanimously approved plans to redevelop the historic Flower Mart in the city’s South of Market (SoMa) district as a 2.3 million-square-foot mixed-use property. Kilroy Realty Corp. (NYSE: KRC) is leading the development, which will preserve and update the 115,000-square-foot Flower Mart, while also adding 2.1 million square feet of creative office space, a 100,000-square-foot retail market hall and one acre of public open space. The project still requires approval from the San Francisco Board of Supervisors and the city’s mayor, which Kilroy hopes to receive by October. The project is the product of more than five years of negotiations and partnership between Kilroy Realty, the wholesale flower vendor community and the city. Kilroy expects to break ground in mid-2020 and deliver all phases by 2024. The Flower Mart vendors will be moved to an interim location during construction. “The Flower Mart Project represents the future of Central SoMa and San Francisco,” says John Kilroy, the developer’s chairman and CEO. “The project’s vibrant mix of uses, abundant neighborhood-serving retail and innovative work environments will make it the transformational hub that the city and the neighborhood need.” “This is one of the best …
MEMPHIS, TENN. — CBRE has negotiated the sale of four office buildings within Lenox Park, a seven-building office park in Memphis. The sold office buildings include C, D, E and F, which total 391,297 square feet. Lenox Park is situated in the 385 Corridor submarket, 19 miles southeast of downtown Memphis. The four buildings were 86.7 percent leased at the time of sale to tenants including Varsity Brands, IMC Cos., Unified Health Systems, Trinity Meyer Utility Structures, W.M. Barr & Co., American Car Center, Benefit Recovery Group and Pickering. Johnny Lamberson, Terry Radford, Justin Parsonnet and Will Yowell of CBRE represented the seller, HighBrook Investors, in the transaction. New York City-based Group RMC acquired the portfolio for an undisclosed price. The buyer retained CBRE to handle leasing and property management services. Ron Kastner will lead office leasing efforts, Kevin Clarkson will spearhead property management services and Lisa Thomas will serve as the onsite property manager.
WHITE PLAINS, N.Y. — Locally based developer Keeler Markwood Group will build a new medical office building in downtown White Plains, about 25 miles north of Manhattan. The building will be situated in close proximity to White Plains Hospital and its future outpatient care facility. JLL will handle leasing of the property, which is expected to be complete in 2023. A groundbreaking date has not yet been established.
YONKERS, N.Y. — AMS Acquisitions has begun leasing 86 Main, a 70,072-square-foot, newly renovated office building in downtown Yonkers. The Class A, six-story building offers amenities such as a fitness center and a rooftop deck. Leasing starts at $24 per square foot and goes up to $40 per square foot. Space can be leased from five to 15 years. The building was originally built for Homes for America in 2005. AMS Acquisitions purchased the asset for $9.5 million in January 2018 from Madison Realty Capital.
HIGHLANDS RANCH, COLO. — Cushman & Wakefield has negotiated the sale of two office buildings located at 200 and 300 Plaza Drive within Highlands Ranch Business Park in Highlands Ranch, a southern suburb of Denver. A private partnership acquired the assets for $14.3 million, or $192 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group facilitated the transaction. Combined the properties offer 74,778 square feet of multi-tenant office space. At the time of sale, the two buildings were 99 percent occupied. The buildings were constructed in 1997/1999 and renovated in 2008..
FLOWER MOUND, TEXAS — A partnership between Irving-based Realty Capital and Dallas-based Staubach Capital has broken ground on Lakeside International Office Center, a 138,000-square-foot office project in the northern metroplex city of Flower Mound. The project will consist of a 120,000-square-foot building and an 18,000-square-foot building with amenities such as a tenant lounge, coffee bar and a trail system connecting to the nearby Shops at Lakeside. IntelliCentrics, a healthcare credentialing firm, has signed a 30,000-square-foot lease to become the property’s inaugural tenant. JLL’s Doug Carignan represented the tenant in the lease negotiations. BOKA Powell is the project architect, and Muckleroy & Falls is the general contractor. Completion is slated for the third quarter of 2020. JLL’s Cannon Camp and Chris Doggett will lead the marketing and leasing efforts for the property. Staubach Capital provided the equity financing, and First United Bank is providing the debt financing for the project.