BILLERICA, MASS. — SVN | Parsons Commercial Group has brokered the $2.5 million sale of a 30,000-square-foot office building in Billerica. Located at 5 Fortune Drive, the first floor of the building is fully leased to Anew Health, which operates an adult daycare facility on site. Marci Alvarado and Jake Parsons of SVN | Parsons Commercial Group represented the seller, Five Fortune Drive LLC, in the transaction. The buyer was NeoSome Life Sciences LLC.
HIGH POINT, N.C. — Dominion Realty Partners (DRP) has acquired Mendenhall Business Park, a six-building, 386,844-square-foot office park in High Point. The business park is situated about 12 miles west of downtown Greensboro and was 69 percent leased at the time of sale. DRP plans to make significant investments in building renovations and capital improvement projects to enhance the overall appeal and marketability of the buildings. The sales price was not disclosed, though Triad Business Journals reports the asset sold for $25 million. The seller was not disclosed.
HOUSTON — A joint venture between two Houston-based firms, Belvoir Real Estate Group and Mission Cos., has acquired 15810 Park Ten Place, an 85,050-square-foot Class B office property located in Houston’s Energy Corridor. Kevin McConn, Rudy Hubbard and Rick Goings of JLL led the sales efforts on behalf of the seller, a joint venture between Dallas-based Chief Partners and the Houston office of Stream Realty Partners. Other terms of sale were not disclosed.
With 3.2 million square feet of new office space under construction, much of it in the city’s urban core, Charlotte’s skyline is in the midst of a significant transformation. Due to strong preleasing activity and solid economic underpinnings, however, the city’s office vacancy rate is projected to remain stable over the coming months as many of those projects deliver. Approximately 60 percent of Charlotte’s construction pipeline has been preleased, according to JLL research, and 2.3 million is concentrated in the city’s central business district. In Uptown Charlotte, the 33-story Legacy Union office tower recently topped out, signaling the end of vertical construction. The 850,000-square-foot development by Lincoln Harris is scheduled to deliver early next year and will be anchored by Bank of America, which has signed a lease for 550,000 square feet. Lincoln Harris recently revealed plans for a second office tower with 388,835 square feet of office space and 22,763 square feet of retail space at the high-profile site, which was once home to The Charlotte Observer. Across the street from Legacy Union, construction is also underway on Ally Charlotte Center, a 26-story, 742,000-square-foot office tower by Crescent Communities. Last year Ally Financial announced that it had leased 400,000 …
RALEIGH, N.C. — Cushman & Wakefield has arranged the sale of Legacy at Brier Creek, a four-story, 117,138-square-foot office building in Raleigh. Legacy at Brier Creek delivered in December 2017 and was fully leased at the time of the sale and anchored by Infosys, an Indian multinational corporation that provides business consulting, information technology and outsourcing services. The asset is situated about 13 miles northwest of Raleigh and about nine miles southeast of Durham. David Finger, Sara Owen, David Meline and Samir Idris of Cushman & Wakefield represented the undisclosed seller in the transaction. Zurich Alternative Asset Management LLC represented the buyer, a member company of Zurich North America, in the transaction. The sales price was not disclosed.
AUSTIN, TEXAS — National development firm Cypress Real Estate Advisors and Austin-based Greenbelt Commercial LLC will develop Eastlake at Tillery, a 162,000-square-foot office project in East Austin. The property will consist of two buildings and an above-ground parking garage. Delineate Studios is handling design of the project and AQUILA Commercial is handling leasing. The groundbreaking is slated for fall 2019 and completion is scheduled for 2020.
FRISCO, TEXAS — New York City-based investment firm Admiral Capital Group has acquired Duke Bridges III, a 161,131-square-foot office building located in the northern Dallas suburb of Frisco. The property was built in 2007 and was 94 percent leased at the time of sale to tenants in the technology, government and business services sectors. Admiral Capital also acquired with Parkwood Place, a 98,750-square-foot office complex in Plano that was sold by California-based KBS.
FRISCO, TEXAS — Coworking firm Venture X will open a 30,000-square-foot office space at Stonebrook Business Park in Frisco. Chris Doggett and Ashley Curry of JLL represented the landlord, Goveia Commercial Real Estate, in the lease negotiations. Ryan Hoopes and Tom Sutherland with Cushman & Wakefield represented Venture X, which has five open locations in the DFW area and several more in the pipeline. The Stonebrook space is expected to open during the second quarter.
CHICAGO — USG Corp. has extended its lease for an additional 10 years at 550 W. Adams St. in Chicago. The building materials manufacturer will remain in 220,000 square feet on floors 11 through 18. Chris Wood, David Stefancic and Brian Duffy of Cushman & Wakefield represented USG in the lease transaction. Joy Jordan and Emily Marquardt of Telos Group represented the landlord, GLL Real Estate Partners. Cushman & Wakefield will also provide project management services to USG as part of a renovation to the office space.
SAN FRANCISCO — A joint venture between Harbor Group International and Paramount Group has purchased 111 Sutter Street, an office building in San Francisco’s North Financial District. An undisclosed seller sold the asset for $227 million, or $775 per square foot. At the time of sale, the 293,000-square-foot building was 70 percent leased to a variety of technology, media, business services and nonprofit tenants. Paramount will act as property manager for the building and oversee day-to-day operations.