Office

HFF Secures $8.8M Refinancing of Office Building in Eatontown, New Jersey

by David Cohen October 11, 2018

EATONTOWN, N.J. — HFF has secured an $8.8 million refinancing for a 79,258-square-foot office building in Eatontown. Located at 4 Industrial Way W., the three-story property is 98 percent leased to nine tenants in a variety of industries ranging from technology to medical practice. The tenant roster includes Wayside Technology Group Inc., Clinilabs Inc., Polaris Alpha and The Memory Enhancement Center of America. HFF represented the borrower, The Donato Group, which originally developed the property in 1988. The lender was First Bank.

October 11, 2018

Acquisitions Florida Office Southeast

New York Life Real Estate Investors Buys Brickell City Tower in Miami for $117M

by Amy Works October 11, 2018

MIAMI — New York Life Real Estate Investors, on behalf of an institutional client, has acquired Brickell City Tower, a Class A office tower located in Miami’s Brickell office submarket, for $117 million. The buyer was not disclosed but media outlets have reported that the seller was a joint venture between Banyan Street Capital, Crocker Partners and Independencia Asset Management. The 33-story tower features 291,554 rentable square feet. Recently, the tower underwent a $6.4 million renovation, which included a redesigned and updated building lobby, common area upgrades and a full elevator modernization, as well as a new conference center and tenant lounge. The new ownership plans to continue the renovation program to the property’s common areas, including capital to activate a large terrace adjacent to the conference center and tenant lounge on the 17th floor for tenant use. Brickell City Tower’s notable tenants include Beacon Council, South Florida Business Journal, Uber Technologies, Max Borges, TMF USA Inc., Rumberger Kirk Caldwell and Regus. Chase Bank operates a bank branch on the ground floor.

October 11, 2018

Acquisitions California Office Western

Harbor Associates Sells 37,090 SF Office Property in Southern California for $11.7M

by Amy Works October 11, 2018

LAKE FOREST, CALIF. — Harbor Associates has completed the sale of 71 at the Park, an office building located at 25371 Commercentre Drive in Lake Forest. An unidentified overseas buyer acquired the property for $11.7 million. The 37,090-square-foot property features abundant natural light, on-site amenities, a two-story lobby, exposed ceilings, flexible floor space and outdoor community areas. Anthony DeLorenzo, Gary Stache, Doug Mack, Jeff Carr and Brian Cole of CBRE represented the seller in the deal.

October 11, 2018

Acquisitions Nevada Office Western

Marcus & Millichap Brokers $1M Sale of Office Building in Las Vegas

by Amy Works October 11, 2018

LAS VEGAS — Marcus & Millichap has arranged the sale of a professional office building in Las Vegas, located at 7866 W. Sahara Ave. within Coronado Bay Business Park. A local investor sold the property to a Nevada law firm for $1 million. The buyer plans to occupy the 4,850-square-foot building. Ryan McCullough and Tina Taylor of Marcus & Millichap represented the seller in the transaction.

October 11, 2018

General-Services-Administration-Irving-Texas

Civic Development Office Texas

Trammell Crow Breaks Ground on 259,947 SF Office, Administrative Building in Irving

by Taylor Williams October 11, 2018

IRVING, TEXAS — Trammell Crow Co. has broken ground on a 259,947-square-foot office and administrative building in Irving to house the U.S. Citizenship and Immigration Services’ Texas Service Center. Situated on 27 acres, the build-to-suit property is expected to be complete by early 2020. Gensler is the project architect and Manhattan Construction Co. is the general contractor. JPMorgan Chase provided project financing.

October 11, 2018

Illinois Market Reports Midwest Midwest Market Reports Office

Chicago’s Office Market: the Dichotomy Between Large and Small Law Firms

by Kristin Harlow October 11, 2018

Over the past four years, Chicago’s legal sector has accounted for almost 750,000 square feet of negative net absorption despite a robust economy keeping demand for legal services of all types strong. While much has been written about large law firms shedding space as they reconfigure their offices with open floor plans that appeal to millennial and Generation Z talent, not all are following the same course of action. Finding the right size At one end of the spectrum, many large law firms are electing to relocate to ultra-efficient trophy towers, justifying the exorbitant construction costs and rent increases associated with building out new space in Class A+ towers by shedding enormous amounts of space from their footprints. Of the four firms larger than 100,000 square feet that have elected to reduce their space when relocating to newly constructed towers since 2015, all have been able to shed roughly 35.5 percent of their prior footprints on average, with some firms achieving even greater reductions. For example, Holland & Knight attained a 45 percent space reduction in its recently announced move from 105,000 square feet at Citadel Center to 57,000 square feet at 150 North Riverside. There are also many large …

October 11, 2018

Acquisitions Florida Mixed-Use Office Retail Southeast

Cushman & Wakefield Brokers $7.2M Sale of Mixed-Use Property in Miami’s Coconut Grove

by Amy Works October 10, 2018

MIAMI — Cushman & Wakefield has arranged the sale of a mixed-use building located at 3138 Commodore Plaza in Miami’s Coconut Grove neighborhood. A partnership between Terra and Banyan Street Capital purchased the property for $7.2 million, or $232 per square foot. Hollywood, Fla.-based MG|3 Development sold the property. Developed in 1986, the 31,000-square-foot, multi-tenant property features ground-floor retail space and three floors of offices, as well as on-site structured parking. Vacant at the time of sale, the property most recently housed the Academy of Arts & Minds charter school. Miquel Alcivar, Dominic Montazemi, Scott O’Donnell, Greg Miller and Jason Hochman of Cushman & Wakefield represented the seller in the deal.

October 10, 2018

Acquisitions Office Texas

JLL Negotiates Sale of 151,000 SF Office Property in Houston

by Taylor Williams October 10, 2018

HOUSTON — JLL has negotiated the sale of a 151,000-square-foot vacant office property located at 6001 Rogerdale Road in Houston. The two-story building has served as a single-tenant corporate campus since it was built in 2008. Amenities include a café ad break rooms. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller, Fort Worth-based 111 Realty OPO LLC, in the transaction. Curt Stanton of Axiom Advisory Group represented the buyer, St. Louis-based Emerson.

October 10, 2018

Acquisitions Office Texas

TF Warren Acquires 33,000 SF Office Building in Metro Houston

by Taylor Williams October 10, 2018

THE WOODLANDS, TEXAS — TF Warren Group, a firm that services the oil and gas industry, has acquired a 33,000-square-foot office building located at 25000 Pitkin Road in The Woodlands, about 30 miles north of Houston. Rob Banzhaf, David Alexander and Ryan Dierker of Newcor Commercial Real Estate represented TF Warren Group in the transaction. The trio also represented the seller, Rayford Professional Building Ltd. The sales price was not disclosed.

October 10, 2018

Acquisitions New Jersey Northeast Office

JLL Brokers $19M Sale of Industrial Park in Bordentown Township, New Jersey

by David Cohen October 10, 2018

BOREDENTOWN TOWNSHIP, N.J. — JLL Capital Markets has brokered the $19 million sale of Interchange 7 Business Park, a two-building industrial office complex in Bordentown Township. The complex totals 225,164 square feet across one existing two-story building and one existing warehouse. John Plower of JLL represented the seller, Equus Capital Partners, in the transaction. The buyer was undisclosed. The 33-acre property is located less than one mile from Exit 7 on the New Jersey Turnpike and less than one mile from Exit 56 of Interstate 295 in Bordentown Township.

October 10, 2018

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