SAN DIEGO — Colliers International has arranged the sale of a freestanding office building, located at 3850 Fifth Ave. in San Diego’s Hillcrest neighborhood. LuxView Properties sold the asset to the AIDS Healthcare Foundation for $4.8 million. The buyer plans to transform the two-story, 13,253-square-foot building into a mixed-use property with a retail thrift store on the ground floor and medical clinic space above. Marc Posthumus of Colliers represented the seller in the deal.
WASHINGTON, D.C. — Penzance, a real estate owner, operator and developer based in Washington, D.C., has bought a 212,780-square-foot office building located at 50 F St. NW in the District’s East End. Washington Business Journal reports Tokyo-based Unizo Holdings Co. sold the property for $85 million, $24.5 million less than when the company bought it in 2016. Developed as part of Capitol Place, 50 F features a 3,500-square-foot conference facility with a 128-person capacity, a ground-floor deli and 134 parking spaces. The asset is situated three blocks from the U.S. Capitol Building and two blocks from Union Station.
CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of an office building, located at 2888 Loker Ave. East in Carlsbad. Zoe Office Center LLC acquired the property from Global Carlsbad I LLC for $17.6 million. Aric Starck of Cushman & Wakefield, along with Ron Jacobson of SD Realty Partners, represented the seller in the transaction. The 80,659-square-foot asset consists of more than 70 professional office suites surrounding an outdoor atrium, as well as a two-story parking structure on site. At the time of sale, the property was 99 percent leased.
EAGAN, MINN. — JLL Capital Markets has arranged a $52.5 million loan for the acquisition of Grand Oak Business Park in Eagan. The 10-building business park is located on 83.5 acres of land. The Class A property comprises eight office buildings and two retail buildings for a total of 550,224 square feet. The buildings were constructed between 1999 and 2007. The property is 92 percent occupied. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Patrick Heitmann of JLL arranged the loan on behalf of the borrower, Group RMC. Morgan Stanley provided the loan.
FREDERICK, MD. — EDGE Commercial Real Estate has brokered the $15.9 million sale of Patrick Center, a seven-story office building located at 30 W. Patrick St. in downtown Frederick. Lee Development Group bought the 67,000-square-foot building from West-End Atlas. Patrick Center was 90 percent leased at the time of the sale to tenants including Bank of America Merrill Lynch, Miles & Stockbridge, Morgan Stanley and PNC Wealth Management. The asset, which was developed in 1987 and underwent renovations in 2015, includes a two-story atrium lobby and marble flooring. Joe Friedman of EDGE represented the buyer in the transaction, and Julian Etches and Joe Donegan of Scheer Partners represented the seller.
HOUSTON — Life Time Inc., an owner-operator of health clubs across the country, will bring a 56,000-square-foot athletic facility and 38,000-square-foot coworking space to GreenStreet, an office and retail property in downtown Houston by local developer Midway. The facility will be located at 1201 Main St. and will offer two floors featuring a range of health and wellness amenities combined with coworking space. The opening is scheduled for 2020.
CHICAGO — Developers Bob Wislow and Camille Julmy have selected Clayco to construct a 12-story office development in Chicago’s West Loop. Located at 215 N. Peoria St., the $26 million mid-rise project will include a ground-level restaurant and lobby. Floors two through four will feature a 45-space parking garage and floors six through 12 will be leasable office space. Plans also call for an amenity rooftop. Clayco plans to break ground next month. Clayco’s in-house design firms, BatesForum and LJC Collaborative, make up the project team. CBRE will market the property for lease.
PLYMOUTH, MINN. — Ten Capital Management (TCM) has acquired Atria Corporate Center in Plymouth, located about 15 miles west of downtown Minneapolis, for an undisclosed price. The 358,941-square-foot office property was built in the late 1980s and substantially renovated in 2017. Atria offers food service, a complimentary coffee bar, fitness center, locker room with showers, training center, onsite management and heated parking. The seller was not disclosed.
DANBURY, CONN. — Cushman & Wakefield has arranged a 30,000-square-foot lease for Christian-nonprofit organization Guideposts at 39 Old Ridgebury Road in Danbury. Built in 1982 as the headquarters of Union Carbide, the property consists of 700,000 square feet of office space, 400,000 square feet of residential apartments and 100,000 square feet of conference and event space. Adam Klimek, Kathleen Fazio, Meredith Siburn, Bill Montague and Brian Scruton of Cushman & Wakefield represented the landlord, Summit Development, in the transaction. Trip Hoffman of Cushman & Wakefield represented Guideposts.
AUSTIN, TEXAS — Amazon (Nasdaq: AMZN) will expand its Austin Tech Hub and create 800 new jobs by 2020, the company announced today. The tech giant will move into a 145,000-square-foot office space within The Domain, a 304-acre mixed-use development by Austin-based Endeavor Real Estate Group. Dallas-based TIER REIT is the project partner behind The Domain’s office buildings, which will eventually total 2.1 million square feet of Class A space. Amazon’s space will be housed within Domain 10, a 15-story, 299,673-square-foot building. The Austin Tech Hub is one of 17 such North American facilities operated by Amazon. More than 20,000 people are employed across the 17 hubs; Austin employees focus mainly on developing Amazon Web Services (AWS), Amazon Business, Amazon devices, video game designing and advertising. Amazon already employs approximately 6,600 workers in the Austin area. This employee base includes more than 1,000 corporate-level employees, 3,000 employees in the nearby San Marcos warehouses and 2,600 workers through Whole Foods, according to The Austin American-Statesman. Amazon has created more than 22,000 jobs in Texas since 2011, including more than 1,000 in the past four years, according to Terry Leeper, general manager of Amazon’s Austin Tech Hub. During that same period, the …
