Office

Joint Venture Acquires 11-Building Office Portfolio in Jacksonville for $231M

by Alex Tostado May 23, 2019

JACKSONVILLE, FLA. — A joint venture between Starwood Real Estate Income Trust Inc. (SREIT), Vanderbilt Office Properties and Trinity Capital Advisors has acquired an 11-building office portfolio in Jacksonville in an off-market transaction for $231 million. The portfolio spans 1.3 million square feet and is situated within Jacksonville’s Deerwood Park submarket. The portfolio was 90 percent leased at the time of sale to 55 tenants, including Fidelity Investments, The Adecco Group and JPMorgan Chase Bank, with leases that expire in 2026, 2022 and 2022, respectively. Investment-grade companies make up 65 percent of the portfolio’s tenants. “The Florida office portfolio is another example of SREIT acquiring high-quality real estate in markets with strong population and job growth,” says John McCarthy, CEO and president of SREIT. “SREIT focuses on markets with strong growth dynamics because they drive occupancies, rents and values upward.” The Deerwood Park submarket includes St. Johns Town Center and is situated 10 miles southeast of downtown Jacksonville near Interstates 95 and 295. St. Johns Town Center is home to more than 150 restaurants and retailers. According to Cushman & Wakefield, the submarket has the lowest vacancy rate at 9.2 percent in the Butler/Baymeadows region. It also has highest asking …

May 23, 2019

Arkansas Development Office Southeast

Walmart Unveils Expansion Plans for 350-Acre Corporate Campus in Bentonville, Arkansas

by Alex Tostado May 22, 2019

BENTONVILLE, ARK. — Walmart has unveiled its plans to build a 350-acre office campus in Bentonville that will serve as the company’s home office. Demolition of the retailer’s existing buildings will begin this summer with delivery expected in phases from 2020 to 2024. Reuters reports the campus will house nearly 17,000 employees at full build-out. The campus will include office buildings, expanded food offerings, convenient parking, fitness options, a child care facility, bike paths, green space and lake views. The campus will also feature solar panels atop parking decks and energy-efficient lighting and HVAC systems, as well as regionally sourced building materials. A price for construction was not disclosed.

May 22, 2019

Loans North Carolina Office Southeast

HFF Arranges $24.5M Acquisition Loan for Office Property in Charlotte’s SouthPark District

by Alex Tostado May 22, 2019

CHARLOTTE, N.C. — HFF has arranged a $24.5 million acquisition loan for Rexford Park I and II, two office buildings in Charlotte totaling 136,812 square feet. The borrower, a partnership between Childress Klein and Gottesman Real Estate Partners, will use the funds to acquire, renovate and re-lease the buildings. Cory Fowler of HFF represented the borrower to secure the six-year, floating-rate loan through Atlantic Union Bank. Planned renovations include new interior common spaces, major improvements to the exterior façade and significant upgrades to building systems. Rexford Park I and II are located at 2100 and 2115 Rexford Road within Charlotte’s SouthPark submarket.

May 22, 2019

Acquisitions Office Washington Western

Unico Properties Acquires 160,164 SF Historic Office Building on Seattle’s Waterfront

by Amy Works May 22, 2019

SEATTLE — Unico Properties, a subsidiary of Unico Investment Group, has acquired the Colman Building on Seattle’s waterfront from Goodman Real Estate for an undisclosed price. With this purchase, Unico’s presence on the waterfront now exceeds 1 million square feet. The six-story Colman Building features 160,164 square feet of office space with ground-level retail encircling the entire property. At the time of sale, the property was 88 percent occupied. The historic building was commissioned by Scottish immigrant and master machinist James Colman and constructed in several stages between 1889 and 1906. The building is listed on the National Register of Historic Places and considered a City of Seattle landmark. Nick Kucha, Kevin Shannon, Cavan O’Keefe, Michael Moll, Bill DeLacy, Jakob Nicolls and Jeff Hodson of Newmark Knight Frank represented the seller in the deal.

May 22, 2019

Development Office Texas

Cawley Partners to Develop 200,000 SF Office Building in Plano

by Taylor Williams May 22, 2019

PLANO, TEXAS — Dallas-based Cawley Partners will develop HQ53, a 200,000-square-foot office building that will be located at 5300 Headquarters Drive in Plano. The Class A building will offer collaborative gathering spaces, as well as a 6:1 parking ratio and access to a variety of nearby retail and dining options. The groundbreaking is slated for September and completion is scheduled for September 2020. BOKA Powell is the project architect.

May 22, 2019

Leasing Activity Office Texas

Complexity Gaming Opens 11,000 SF Headquarters at The Star in Frisco

by Taylor Williams May 22, 2019

FRISCO, TEXAS — Complexity Gaming, an esports organization, has opened its 11,000-square-foot office headquarters at The Star, the Dallas Cowboys 91-acre mixed-use campus in Frisco. Designed by ICRAVE, the space features a public area and retail space, as well as training rooms and innovation labs for esports players, which compete professionally in video games. A GameStop Performance Center will also open this summer and will carry merchandise from Complexity Gaming.

May 22, 2019

Acquisitions Office Texas

Marcus & Millichap Arranges Sale of 32,864 SF Office Building in McAllen

by Taylor Williams May 22, 2019

MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of McAllen Commerce Center, a 32,864-square-foot office building located in the Rio Grande Valley region. Gustavo Torres of Marcus & Millichap’s San Antonio office represented the seller, a private investor, in the transaction. Joshua Murphy of Marcus & Millichap represented the buyer, also a private investor. Additional terms of sale were not disclosed.

May 22, 2019

Illinois Leasing Activity Midwest Office

RSM Expands Office Lease at Chicago’s CME Center

by Kristin Harlow May 22, 2019

CHICAGO — Audit, tax and consulting firm RSM has expanded its footprint to 165,323 square feet within CME Center in Chicago. The property, located on South Wacker, is now 95 percent occupied. CME Center consists of two 40-story office towers connected by a 10-story center structure. The property totals 2.3 million square feet. Completed in phases during the 1980s, the asset was recently redeveloped with redesigned lobbies and common area enhancements. Tishman Speyer owns the property. Joe Gordon and Justin Lewis of Tishman Speyer represented ownership in the lease transaction with RSM. Rick Schuham of Savills represented RSM, which has 10,000 employees in 86 offices across the United States.

May 22, 2019

Leasing Activity Office Southeast Virginia

Rubenstein, Griffith Properties Sign Freddie Mac to 150,000 SF Office Lease in Metro D.C.

by Alex Tostado May 21, 2019

TYSONS, VA. — Rubenstein Partners and Griffith Properties have signed a tenant to a full-building, 150,000-square-foot office lease within Centerstone at Tysons. The name of the tenant was not disclosed, however, multiple news outlets report the tenant is government-sponsored enterprise Freddie Mac. Centerstone at Tysons is located near two stops along the Washington Metropolitan Area Transit Authority (WAMTA), as well as Interstate 495 and several retail and dining options. A timeline for Freddie Mac’s move into the space was not disclosed.

May 21, 2019

Leasing Activity Office Texas

NAI Partners Negotiates 3,342 SF Office Lease in Houston

by Taylor Williams May 21, 2019

HOUSTON — NAI Partners has negotiated a 3,342-square-foot office lease at 3 Riverway in Houston. According to LoopNet Inc., the property spans approximately 159,000 square feet and was built in 1982. Alex Taghi of NAI Partners represented the tenant, law firm Sico Hoelscher Harris LLP. CBRE handles leasing at Riverway on behalf of the landlord.

May 21, 2019

Newer Posts

Older Posts