Office

L. Keeley Construction, HDA Architects Complete Corporate Headquarters for ADB Cos. in Missouri

by Kristin Harlow March 27, 2019

PACIFIC, MO. — L. Keeley Construction and HDA Architects have completed a new corporate headquarters for ADB Cos. in Pacific, about 35 miles west of St. Louis. The project consists of a 36,852-square-foot office building and a 24,137-square-foot maintenance building. Features include exposed ceilings, concrete floors, wood-accent walls, a two-story lobby entrance and a lounge space. ADB Cos. provides solutions for the communications, utility and technology industries. ADB Cos. and L. Keeley Construction are part of St. Louis-based Keeley Cos.

March 27, 2019

Acquisitions Illinois Midwest Office

SVN | Chicago Commercial Brokers $5.3M Sale of Loft Office Building in Chicago’s Pilsen Neighborhood

by Kristin Harlow March 27, 2019

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 100,544-square-foot loft office building in Chicago’s Pilsen neighborhood for $5.3 million. The property is located at 2201 S. Halsted St. Angelo Labriola and Paul Cawthon of SVN represented the seller. Stephen Cusano and James Mead of SVN represented the buyer.

March 27, 2019

Acquisitions California Industrial Office Western

RAF Pacifica Acquires Five Industrial, Office Assets in Southern California for $59.6M

by Amy Works March 26, 2019

CARLSBAD, CALIF. — RAF Pacifica Group (RPG) has purchased five properties totaling six buildings in the Carlsbad market. RPG acquired the assets for a total consideration of $59.6 million. RPG acquired a 67,528-square-foot, value-add industrial property, located at 6305 El Camino Real in Carlsbad, from an institutional owner for $10.5 million. The property features 20-foot clear heights, seven dock-high doors, 195 parking stalls, approximately 28,941 square feet of office space, 28,940 square feet of R&D space and 9,647 square feet of warehouse space. Aric Starck of Cushman & Wakefield represented both RPG and the seller in the deal. The company also purchased three properties within the Carlsbad Research Center in Carlsbad from A&M CapRE Aston LLC: 2320 Faraday Avenue, 2320 Faraday Avenue and 1905 Aston Avenue. The 23,375-square-foot asset at 2320 Faraday Ave. and the 17,451-square-foot facility at 2330 Faraday Ave. are fully occupied, creative-industrial properties that sold for $12.8 million. Each building offers 16-foot to 18-foot clear heights, two grade-level loading doors, 1,000 amps of 227-480 volts and a parking ratio of 3.5/1,000 square feet. RPG acquired the property, at 1905 Aston Ave., for $12.4 million. The asset features 48,818 square feet of creative industrial R&D and corporate headquarters …

March 26, 2019

Connecticut Leasing Activity Northeast Office Property Type

FujiFilm North America Signs 3,976 SF Office Lease in Connecticut

by David Cohen March 26, 2019

TRUMBULL, CONN. — FujiFilm North America Group has signed a 3,976-square-foot office lease in Trumbull. Located at 204 Spring Hill Road, the 40,705-square-foot building was built in 1990. Jon Angel of Angel Commercial represented the landlord, Trefoil Park Properties LLC, in the transaction. FujiFilm will relocate from an office in Norwalk.

March 26, 2019

Acquisitions North Carolina Office Southeast

CBRE Brokers $17M Sale of Office Building in Charlotte

by Alex Tostado March 25, 2019

CHARLOTTE, N.C. — CBRE has brokered the $17 million sale of 4100 South Stream Blvd., a 125,265-square-foot, four-story office building that has housed AT&T’s Charlotte headquarters since 2015. The property is located about six miles from Charlotte-Douglas International Airport and downtown Charlotte. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller, Inland Real Estate Group, in the transaction. Praelium Acquisitions bought the asset.

March 25, 2019

Georgia Office Southeast Texas Top Stories

Cousins Properties, TIER REIT Merge to Become Office REIT Powerhouse in Sun Belt

by Taylor Williams March 25, 2019

ATLANTA AND DALLAS — Cousins Properties Inc. (NYSE: CUZ) and Dallas-based TIER REIT Inc. (NYSE: TIER), two of the larger office development and investment firms in the country, have entered into an all-stock merger agreement. The combined company, which will retain the Cousins name, will have an equity market capitalization of $5.9 billion and a total market cap of $7.8 billion. Following the merger, the company will continue to function as a Class A office REIT with a combined portfolio of approximately 21 million square feet spread across various markets in the Southeast and Southwest. Both firms are active in leading office markets like Atlanta, where Cousins is based, as well as Charlotte, Dallas and Austin. Cousins owns several trophy assets in Atlanta’s Buckhead area, including 3348 and 3350 Peachtree, which have about 670,000 square feet combined, as well as 816 Congress and 303 Colorado in downtown Austin. TIER REIT owns 3354 Peachtree, a 560,000-square-foot building in Atlanta, as well as the 40-story Burnett Plaza in Fort Worth and the 1.5 million-square-foot Domain office building in Austin. Under terms of the agreement, Cousins will issue 2.98 shares of common stock in exchange for each share of TIER stock. That rate …

March 25, 2019

Acquisitions Healthcare New York Northeast Office

HFF Brokers $11.4M Sale of Medical Office Building on Long Island

by David Cohen March 22, 2019

GARDEN CITY, N.Y. — HFF has brokered the $11.4 million sale of a medical office building in the Long Island village of Garden City. Located at 224 7th St., the 16,920-square-foot property was built in 1969 and converted to a medical imaging facility in 2007. The facility is currently triple-net leased to the New York University School of Medicine. HFF represented the seller, Meridian Imaging Group, in the transaction. The buyer was undisclosed. Inland Real Estate Acquisitions facilitated the transaction.

March 22, 2019

California Loans Mixed-Use Office Retail Western

Ready Capital Closes $20.1M Loan for Back Bay Center Retail/Office Building in Costa Mesa, California

by Amy Works March 22, 2019

COSTA MESA, CALIF. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in the Eastside submarket of Costa Mesa. The asset features 52,000 square feet of Class B retail and office space. Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.

March 22, 2019

Illinois Leasing Activity Midwest Office

Intelligent Medical Objects Signs 13,424 SF Office Lease in Chicago

by Kristin Harlow March 22, 2019

CHICAGO — Intelligent Medical Objects (IMO), a medical technology company, has signed a 13,424-square-foot office lease at the Inland Steel Building in Chicago. IMO will move from its current WeWork space at 100 S. State St. to the new location this summer. Approximately 75 employees will work in the space, which encompasses the entire 18th floor. Jon Azulay, Robert Sevim and Adam Southard of Savills represented IMO in the lease transaction. Mark Buth and Kelsey Morgan of MBRE represented the owner, Capital Properties. IMO is headquartered in Rosemont, Illinois.

March 22, 2019

Acquisitions California Office Top Stories Western

Japanese Investor Acquires 603,666 SF Tech Office Campus in Silicon Valley for $429M

by Kristin Harlow March 22, 2019

SAN JOSE, CALIF. — Mori Trust Co. Ltd. has acquired three office buildings totaling 603,666 square feet in San Jose through its subsidiary MORI America LLC. The purchase price was not disclosed, but The Mercury News reports the portfolio sold for $429 million. The properties are situated on approximately 9.7 acres and are fully leased to Idaho-based computer chip giant Micron Technology. The area is expected to undergo further development under San Jose’s master plan for urban development. Located on Holger Way, the buildings are LEED Gold certified. All three properties, built in 2010, are fully occupied. One of the buildings rises four floors, while the other two are seven floors. The sale also includes a 1,687-space parking garage. The seller on the transaction was Lane Partners, which acquired the campus for $225.5 million in 2017, according to The Mercury News report. The Mori Trust Group is a Japan-based owner and developer with a focus on real estate, hotel management and investment operations. The company previously acquired two office buildings in Boston’s Back Bay district in 2017, and has announced plans to greatly increase its overseas investments. — Kristin Hiller

March 22, 2019

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