INDIANAPOLIS — Colliers International has brokered the sale of Commerce Park, a seven-building office portfolio in Indianapolis. The sales price was not disclosed. The portfolio totals 133,749 square feet and is located off 86th Street. The buildings are home to a variety of healthcare, construction and professional services tenants. Alex Cantu and Alex Davenport of Colliers represented the seller, Orton Development Inc. Ziff Properties Inc. purchased the portfolio.
BEND, ORE. — Compass Commercial Real Estate has brokered the sale of The Scanlon Building, an office property located at 300 SW Columbia St. in Bend. Clise Realty sold the property to Paul and Tanya Alston for $3.4 millon. The two-story property features 12,395 square feet of office space. Jay Lyons and Grant Schultz of Compass Commercial Real Estate represented the seller, while Lyons, Schultz and Peter May, also of Compass Commercial, represented the buyer in the transaction.
For those of you not familiar with Overland Park, Kansas, and its progressive office market, below are a few key points to help illustrate the relative size and economic strength of one of Kansas City’s most dynamic suburbs. • Incorporated in 1960, Overland Park is the second-most populous city in Kansas. • As of 2017, the unemployment rate was 3.1 percent. • It contains 17 percent +/- of metro Kansas City’s total office inventory. • $69,888 per capita income in 2017 • AAA bond rating status from the nation’s top three bond rating agencies, received by only a small handful of municipalities The Overland Park office market has led the metro in new office deliveries, occupancy and rent growth for much of the past two decades. It is the headquarters location of choice for a host of large corporations, such as Sprint, AMC Theaters, Black and Veatch, Waddell & Reed and YRC, to name a few. Access to a highly educated workforce, affordable housing, top-rated public schools and healthcare is a sampling of the reasons companies are attracted to the area. However, large corporations are not the only companies interested in locating here. Overland Park has a deep and …
TYSONS, VA. — HFF has secured a $32.2 million refinancing loan on behalf of True North Management Group for 7600 Leesburg Pike, a 219,000-square-foot office building in Tysons, about 16 miles west of Washington, D.C. The loan has a floating interest rate and a three-year term. The office building was built in the 1980s and was renovated in 2016. True North plans to further renovate the asset this year, adding on-site amenities, a deli and a fitness center. Loan proceeds were used to refinance the original acquisition loan and provide funds for the borrower to implement its business plan to lease up and stabilize the asset.
PHOENIX — ViaWest Group has purchased an office building and a semi-adjacent parking garage located at 200 E. Van Buren St. and 460 N. 3rd St., respectively. Phoenix Newspapers Inc. sold the 240,000-square-foot property for $37.6 million. Barry Gabel and Chris Marchildon of CBRE’s Capital Markets Institutional Properties in Phoenix represented the seller in the deal. The Arizona Republic and azcentral.com will remain anchor tenants, occupying approximately 99,000 square feet, of the property. Additional tenants include KPNX-TV (Channel 12) and G/O Digital. This transaction was ViaWest’s sixth acquisition in 2018 and its second purchase in downtown Phoenix.
OXNARD, CALIF. — Oxnard Union High School District and Rio School District have acquired an office building, located at 1800 Solar Drive in Oxnard. Thatch Inc. sold the property for $13.7 million. Oxnard Union High School District will own 70 percent of the 115,612-square-foot building and occupy the first two floors, while Rio School District will the remaining 30 percent of the property, occupying the third floor. The school districts plan to use the property for administrative headquarters. David Kim and Mike Tingus of Lee & Associates-LA North/Ventura, in collaboration with Joel Kirschenstein of Sage Realty Group, represented the buyers, while Fred Ferro of NAI Capital, Ventura County, represented the seller in the deal
TORRANCE, CALIF. — Providence Health has completed the sale of a vacant medical office building in Torrance. California-based Meridian, a full-service real estate developer and owner of medical real estate, acquired the property for $7.5 million. Meridian plans to invest an additional $3.6 million into the 26,000-square-foot building by the time it’s fully leased. Renovations will include an exterior facelift, lobby modernization, the addition of common area restrooms and a new roof, HVAC systems, landscaping and signage, as well as a parking lot restriping/resurfacing. Improvements are scheduled for completion by third-quarter 2019. Located at 3531 Fashion Way, the building is in close proximity to two major hospitals, including the 436-bed Providence Little Company of Mary Medical Center and the 401-bed Torrance Memorial Medical Center. Brendan McArthur, Steve Solomon, Jeff Adkinson and Kristen Bowman of JLL’s Los Angeles represented the seller, while Meridian was self-represented in the transaction.
HOUSTON — JLL has secured a $52.8 million loan for the refinancing of Esperson, a historic property in downtown Houston that currently provides office space to firms in the energy, law and banking industries. MetLife Investment Management provided the loan on behalf of the borrower, a partnership between Contrarian Capital Management and Cameron Management, which acquired the property in 2012. Tom Melody, Paul House, John Ream and Connor Harrell of JLL placed the debt for Esperson, which spans about 600,000 square feet across two buildings.
FAIRFIELD, CONN. — Vidal/Wettenstein has arranged the $2.6 million sale of a 7,326-square-foot office building in Fairfield. Located at 95 Reef Road, the property currently houses an architectural firm, interior design company, a children’s medical walk-in facility and a residence and storage area in the lower level. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. The buyer was 1222 Wisconsin Ave LLC, an investor that purchased the property via a 1031 exchange. Jamar Arbelo of J Aaron Investments represented the buyer in the transaction.
CHICAGO — Mondelez International, a global snacks company, has leased 905 West Fulton Market in Chicago for its new headquarters. The company will relocate from Deerfield, Ill. Mondelez will occupy all 77,100 square feet of office space within the five-story building as well as 6,150 square feet of retail space. Thor Equities Group is the landlord for the property, which is still under construction. The building has three distinct facades, contiguous floor plates, a landscaped terrace and green roof, and 300 square feet of retail frontage. Approximately 10,000 square feet of retail space remains available for lease. The building is scheduled for completion in summer 2019, and Mondelez is planning to relocate in April 2020.
