Office

MMG Equity Partners Acquires Mixed-Use Property in South Florida for $9.7M

by Amy Works October 4, 2018

PINECREST, FLA. — MMG Equity Partners has purchased Pinecrest Center, a two-story mixed-use property located at 11975 S. Dixie Highway in Pinecrest, a village in Miami-Dade County. A family-owned investment group sold the property for $9.7 million, or $284 per square foot. Drew Kristol, Kirk Olson and Jean-Baptiste Ramet of Marcus & Millichap’s Miami office represented the seller in the deal. Pet Supermarket, Miami Home Center and IHOP are tenants at the 34,306-square-foot property. The second floor of the property features recently remodeled office space ranging from 240 square feet to 600 square feet, plus a shared conference room.

October 4, 2018

Leasing Activity Office Texas

Management Consulting Firm to Relocate to 56,703 SF Office Space in Frisco

by Taylor Williams October 4, 2018

FRISCO, TEXAS — Management consulting firm Brierley+Partners will relocate its global headquarters to The Offices One at Frisco Station, taking 56,703 square feet of office space at the 242-acre Frisco Station development located on the northern outskirts of Dallas. The move is intended to facilitate collaboration between the company’s global offices in Los Angeles, Tokyo and London. Randy Cooper, Craig Wilson, Kate Sudol and Wills Bauer of Cushman & Wakefield represented Brierley+Partners in the lease negotiations. Johnny Johnson, Chris Taylor and Clint Madison, also of Cushman & Wakefield, represented the landlord, VanTrust Real Estate, which developed the building.

October 4, 2018

Acquisitions Florida Office Southeast Top Stories

Joint Venture Acquires 351,705 SF Office Tower in Fort Lauderdale for $108.5M

by Katie Sloan October 4, 2018

FORT LAUDERDALE, FLA. — A joint venture has acquired 1 East Broward, a 351,705-square-foot office tower in Fort Lauderdale, for $108.5 million. The joint venture, titled 1 East Broward Owner LLC, comprises affiliates of NAI/Merin Hunter Codman and PCCP LLC. The property is located on the northeast corner of Broward Boulevard and Andrews Avenue across from the new Brightline Rail Station in the heart of downtown Fort Lauderdale. The asset consists of a 19-story building and a five-story building connected by a covered sky bridge to a four-story parking structure, which provides 772 covered parking spaces to office tenants. The building recently underwent an extensive renovation — with over $4.9 million invested since the beginning of 2013 — and serves as the new U.S. headquarters for KEMET Corp., a publicly traded global supplier of electronic components. Additional tenants include Becker & Poliakoff; Quintairos, Prieto, Wood & Boyer PA; McGlinchey Stafford; and Hinshaw & Culbertson LLP. NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward. “With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural …

October 4, 2018

Florida Loans Office Southeast

CBRE Arranges $46M Refinancing for 278,713 SF Office Tower in Downtown Orlando

by Amy Works October 3, 2018

ORLANDO, FLA. — CBRE has secured $46 million loan for the refinancing of 20 North Orange, an office tower in downtown Orlando. The borrower is an investment fund managed by Apollo Global Management and Steelbridge Capital. Situated within Main & Main, the 16-story building features 278,713 square feet of office space, 24-hour security, an on-site café and a parking structure at a ratio of up to 4/1,000 square feet via two covered sky bridges. At the time of financing, the property was occupied by 20 tenants. Amy Julian, Christian Lee and José Lobón of CBRE’s Miami office arranged the financing for the borrower.

October 3, 2018

Acquisitions Office Oregon Western

Unico Properties, American Realty Advisors Acquire 398,412 SF MODA Office Tower in Portland

by Amy Works October 3, 2018

PORTLAND, ORE. — A joint venture between Unico Properties, a subsidiary of Unico Investment Group, and American Realty Advisors has purchased MODA Tower, a skyline office tower in Portland’s central business district, for an undisclosed price. Located at 601 SW Second Ave., the 24-story building features 398,412 square feet of Class A office space. At the time of sale, the property was 90 percent leased. The building features an on-site daycare facility, gourmet coffee and food service, bike storage, direct access to the MAX light rail transit system, exterior terraces and unobstructed views of Mt. Hood and the Willamette River. Jason Flynn of Eastdil Secured represented the undisclosed seller in the deal.

October 3, 2018

Acquisitions Georgia Office Southeast

Velocis Sells 152,935 SF Office Complex in Metro Atlanta to Simpson Organization

by Amy Works October 3, 2018

ALPHARETTA, GA. — Dallas-based Velocis, a private equity real estate manager, has completed the disposition of Royal Centre One, a Class A office complex located in Alpharetta, a northern suburb of Atlanta. The Simpson Organization acquired the property for an undisclosed price. Situated within the master-planned Royal 400 office park, the asset features 152,935 square feet of office space across multiple buildings spanning 12 acres along the Georgia 400 corridor. Velocis originally acquired the property in 2013 and has raised occupancy from 53 percent to just under 80 percent, at the time of sale. Samir Idris, David Meline, Andy Johns, Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the deal.

October 3, 2018

Acquisitions Illinois Midwest Office

Bridge Investment Group Buys 47-Story Office Tower in Downtown Chicago

by Kristin Harlow October 2, 2018

CHICAGO — Bridge Investment Group’s office division has purchased One North LaSalle, a 47-story office tower in downtown Chicago. A joint venture of Hilco Real Estate and a pair of MB Real Estate executives sold the property for $113 million, according to Crain’s Chicago Business. The 493,738-square-foot building is currently 84.6 percent occupied. Originally built in 1929, the building has undergone more than $35 million in capital improvements over the last decade. An amenity floor known as The Landmark features a fitness center, conference facilities, lounge areas and a rooftop deck. Melissa Rubenstein, Annie Nicolau and Jay Miller of JLL will oversee lease-up of the property on behalf of Bridge.

October 2, 2018

Acquisitions Michigan Midwest Office

Oxford Cos. Acquires 290,000 SF Office Building in Ann Arbor, Michigan

by Kristin Harlow October 2, 2018

ANN ARBOR, MICH. — Oxford Cos. has acquired 777 East Eisenhower Parkway on Ann Arbor’s south side. The purchase price was $29.5 million, according to local media reports. The office building spans 10 stories and 290,000 square feet. Oxford will all retain all leasing and property management services for the asset. Tenants include a mix of financial, technology, legal and health companies. Oxford plans to invest $10 million in building improvements, including renovations to the first floor. The seller was not disclosed.

October 2, 2018

Acquisitions Midwest Missouri Office

NAI Desco Brokers $5.5M Sale of Office Building in Suburban St. Louis

by Kristin Harlow October 2, 2018

CREVE COEUR, MO. — NAI Desco has brokered the sale of Ballas Place in Creve Coeur for $5.5 million. The 78,252-square-foot office building is located at 425 N. New Ballas Road. Constructed in 1980, the property is 74 percent occupied by tenants such as Central Bank of St. Louis, Trileaf Corp., Brookdale Senior Living and Povaddo. Bamboo Equity Partners, the buyer, plans to invest $4 million in building upgrades over the next year. Plans call for the transformation of the two-story atrium into shared collaborative space. Carl Conceller and Stephen Gwinnup of NAI Desco represented the undisclosed seller. Intelica Commercial Real Estate represented Bamboo.

October 2, 2018

Acquisitions California Office Western

Blumhouse Productions Buys Office Property in Los Angeles for $2.7M

by Amy Works October 2, 2018

LOS ANGELES — Blumhouse Productions, a producer of horror film franchises, has purchased an office building located at 2410 Beverly Blvd. in Los Angeles. Kessel & Associates sold the property for $2.7 million, or $486 per square foot. The buyer currently owns and occupies two nearby office buildings and plans to expand its operations to the newly acquired 5,490-square-foot property. Nathan Pellow and Patrick Moody of Colliers International represented the seller in the transaction.

October 2, 2018

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