THE WOODLANDS, TEXAS — Energy giants Entergy and ExxonMobil have both signed office leases at Lake Front North in Hughes Landing, a mixed-use development by The Howard Hughes Corp. (NYSE: HHC). The property is located in The Woodlands, about 30 miles north of Houston. Entergy’s new lease totals 54,010 square feet and ExxonMobil’s new lease spans 26,103 square feet. Entergy assumed occupancy in November 2018 and ExxonMobil expects to move in this month.
WASHINGTON, D.C. — Los Angeles-based Saban Real Estate has purchased One Independence Square, a 334,000-square-foot office building located at 250 E. St. in Washington, D.C.’s Southwest submarket. Piedmont Office Realty Trust (NYSE: PDM) sold the nine-story office asset to Saban for approximately $170 million. Built in 1991 near the National Mall and the Smithsonian, One Independence was 94 percent leased at the time of sale to multiple government tenants. The property’s average weighted lease term is 10 years, according to Brent Smith, president and chief investment officer of Piedmont. “The sale of One Independence reduces Piedmont’s exposure to the Southwest D.C. submarket and disposes of a fully stabilized asset,” explains Smith. “The net sales proceeds will be used in the short-term to pay down our line of credit as we evaluate our pipeline of acquisition candidates.” After undergoing a major renovation in 2013, One Independence now features a rooftop terrace, modern fitness center, café and an updated lobby. Saban Real Estate and its affiliates own real estate assets in three sectors: student housing, government office and self-storage. The company owns a portfolio of 30 student housing properties containing 20,000 beds, seven office buildings spanning 1.4 million square feet and 34 …
NEW YORK CITY — Collaborative workspace provider WeWork has signed a 201,231-square-foot lease at One Seaport Plaza in Manhattan. Located at 199 Water St., the 35-story property is owned by Jack Resnick & Sons. The 15-year lease is for WeWork to occupy the top five floors at the property. John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon of Cushman & Wakefield represented Jack Resnick & Sons in the transaction with WeWork.
SAN DIEGO — A joint venture between San Diego-based Coast Income Properties and Washington Capital Management has purchased Mesa View Plaza, a mid-rise office building located at 9350 Waxie Way in San Diego’s Kearny Mesa neighborhood. Stockbridge sold the property for $39.1 million. Situated on 9.8 acres, the five-story, multi-tenant building features 111,268 square feet of Class A office space. At the time of sale, the property was 100 percent leased to a mix of professional services and tech companies. Brian Paul & Associates designed the building, which was completed in 2003. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets group in San Diego represented the seller in the transaction.
BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has opened a welcome center at The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, approximately 25 miles north of Manhattan. A grand opening was recently held for prospective residents, who can start moving into the community in late spring. The Club at Briarcliff Manor features a mix of 287 independent living, assisted living and memory care apartments in two interconnected buildings. The independent living apartments range from 974 square feet to 1,111 square feet. Monthly rents start at $7,350. The name and architecture are an homage to the Briarcliff Lodge, a grand resort hotel built in the early 1900s. The 59-acre property features views of the Hudson River and Manhattan skyline, numerous walking trails and landscaped grounds originally designed by Frederick Law Olmstead.
LA MESA, CALIF. — Pacific Coast Commercial has arranged the sale of a 12,215-square-foot retail/flex building located at 7575 University Ave. in La Mesa. La Mesa Retail LLC sold the property to MY & RY Enterprises LLC for $2.3 million. Constructed in 1993 for Fountain’s Aquarium, the showroom that was dedicated to tropical fish was remodeled and re-sold to an owner-user. Tommas Golia and Jason Vieira of Pacific Coast Commercial represented the seller, while Brandon Keith of Voit Real Estate represented the buyer in the deal.
FORT LAUDERDALE, FLA. — New York Life Real Estate Investors has provided a $34.4 million acquisition loan for Trade Centre South, a 10-story, 216,038-square-foot office property in Fort Lauderdale. The floating-rate loan has a four-year term plus an extension option with interest-only payments. The asset is situated about six miles north of downtown Fort Lauderdale, HFF arranged the loan on behalf of the borrower, a joint venture between Cardinal Point Management and Halstatt Real Estate Partners.
CHARLOTTE, N.C. — Hamilton EQ has purchased seven buildings within Parkway Plaza, a 12-building business park in Charlotte’s Airport submarket. Hamilton’s purchase spans 368,871 square feet across 44.1 acres. The office park houses tenants such as Xylem Inc., a water technology provider; Roundpoint Financial; and Jack Henry & Associates, a payment processing services provider. The property is situated about six miles south of Charlotte Douglas International Airport and about six miles southwest of downtown Charlotte. New York City-based Hamilton will handle onsite management, while Trinity Partners will handle leasing efforts. The sales price was not disclosed.
LEXINGTON, KY. — Marcus & Millichap has arranged the $16.8 million sale of a 152,000-square-foot office building in Lexington. The building was constructed in 2009 at 1648 McGrathiana Parkway on the University of Kentucky’s 735-acre Coldstream Research Campus. The asset was 90 percent leased at the time of the sale to tenants such as The American Family Board of Medicine, the University of Kentucky, FBI, the Secret Service, Komatsu Mining and A&W Restaurants. Chris Vitori and James McHale of Marcus & Millichap represented the seller, Starwood Capital Group, in the transaction. The buyer was a private family investment office.
SAN DIEGO — HFF has arranged the sale of Palomar Health Outpatient Center Phase I, a medical office building in North County San Diego. Harrison Street Real Estate Capital acquired the 75,000-square-foot property from JRMC Real Estate for an undisclosed price. The three-story, built-to-suit, Class A facility is fully leased to Palomar Health, which plans to offer high-acuity services, including radiation, oncology, express care/outpatient clinical services and a Palomar-Rady Children’s Hospital. The first phase was delivered in April 2018. Palomar Health Outpatient Center Phase I is located on the 56-acre Palomar Medical Center Escondido campus, a 288-bed hospital with the only trauma center within 20 miles. Evan Kovac, Andrew Milne and Trent Jemmett of HFF represented the seller and procured the buyer in the deal. Tim Wright and Zack Holderman of HFF’s debt advisory team were also involved in the transaction.