Office

Kilroy Realty Sells 225,340 SF Calabasas Park Centre Office Campus in California for $78.2M

by Amy Works January 7, 2019

CALABASAS, CALIF. — Kilroy Realty Corp. has completed the disposition of Calabasas Park Centre, a three-building, Class A office campus in Calabasas. A joint venture between Related Fund Management and Cruzan acquired the asset for $78.2 million. Calabasas Park Centre was developed by Kilroy Realty in phases between 2000 and 2001. It consists of two four-story buildings and one two-story building located at 23925, 23975 and 24025 Park Sorrento. At the time of sale, the 225,340-square-foot property was 96 percent leased to 38 tenants. Kevin Shannon, Rob Hannan, Brunson Howard, Michael Moll and Laura Stumm of Newmark Knight Frank represented the seller in the transaction.

January 7, 2019

Acquisitions Maryland Office Southeast

Bridge Investment Group Acquires 510,200 SF Office Complex in Suburban Maryland

by Alex Tostado January 4, 2019

SILVER SPRING, MD. — A subsidiary of Bridge Investment Group, Bridge Office Fund Manager LLC, has acquired Station Square in Silver Spring. The three-building, Class A office complex is situated adjacent to a Metro station and about six miles north of downtown Washington, D.C. The sales price was undisclosed, though the new owners are planning a $12 million renovation to upgrade the exteriors of the three buildings, modernize elevators and lobbies and improve mechanical systems. Bridge plans to unveil a new coworking concept coming to Station Square that will create a more modern and tech-centric vibe and appearance. Station Square was built between 1982 and 1987, and was 80 percent leased at the time of the sale. The seller was undisclosed, but media outlets are reporting that Brandywine Realty Trust was the previous owner.

January 4, 2019

Florida Leasing Activity Office Southeast

Franklin Street Negotiates 61,598 SF Office Lease in Tampa for Corporate Headquarters of Insurance Firm

by Alex Tostado January 4, 2019

TAMPA, FLA. — Franklin Street has negotiated the 61,598-square-foot, long-term lease for Baldwin Krystyn Sherman Partners (BKS) to relocate its corporate headquarters to Tampa. The independent insurance firm will occupy two floors at Corporate Center II at International Plaza, a 10-story office building located about five miles west of downtown Tampa. The firm will be moving from the city’s Westshore district. Chris Bulter and Ryan McCurdy of Franklin Street represented the tenant in the lease transaction. Ron Ruffner and Clay Sovich of JLL represented the landlord, Atlanta-based Cousins Properties Inc.

January 4, 2019

Leasing Activity Office Texas

Coworking Firm Leases 30,616 SF at Office Building in Plano

by John Nelson January 4, 2019

PLANO, TEXAS — CityCentral, a coworking office space provider based in Dallas, has leased 30,616 square feet within Atrium at Collin Ridge in east Plano. The 281,315-square-foot office building is located at 500 N. Central Expressway at the northeast corner of President George Bush Turnpike and North Central Expressway. CityCentral’s new location will provide more than 100 private offices, as well as coworking spaces, meeting rooms and event spaces. Matthew Hickey and Kristin Grammar of TIG Real Estate Services Inc. represented CityCentral in the lease negotiations, while Paladin Partners represented the undisclosed landlord. This will be CityCentral’s third location in the Dallas market, with a fourth location opening in Frisco later this year.

January 4, 2019

California Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

Joint Venture to Develop 131-Acre Mixed-Use Project in San Luis Obispo, California

by Amy Works January 4, 2019

SAN LUIS OBISPO, CALIF. — A joint venture between San Diego-based Presidio Residential Capital and Coastal Community Builders has received approval from the San Luis Obispo City Council to develop San Luis Ranch, a 131-acre mixed-use farm-to-table community. Slated to break ground the first quarter of 2019, the development will features 580 residential homes, 150,000 square feet of commercial space, 100,000 square feet of office space and a 200-room hotel. Delivery of a 10-acre multifamily site and all commercial and hotel pads is scheduled for the second and third quarters of 2019. Additionally, 281 single-family lots will be delivered for home construction commencement starting in the third quarter of 2019. The residential portion of the development will include single-family detached and multifamily housing, including a significant number of affordable housing units. The residential homes will offer a variety of energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping. More than 50 percent of the pedestrian-oriented community will be park land, open space and agricultural land with a working organic farm and learning center, community gardens, a recreation and fitness loop, and several parks and picnic areas. Additionally, …

January 4, 2019

Acquisitions Arizona Office Western

Equus Capital Partners Sells Raintree Corporate Center in Arizona for $91.7M

by Amy Works January 4, 2019

SCOTTSDALE, ARIZ. — Equus Capital Partners has completed the sale Raintree Corporate Center, an institutional-quality office project in Scottsdale. Funds managed by Oaktree Capital Management and Cypress Office Properties acquired the multi-tenant property for $91.7 million. Situated on 11.6 acres at 8800 and 8888 E. Raintree Drive, the 345,417-square-foot property was 90 percent leased at the time of sale. The asset consists of two three-story office buildings featuring a six-level parking garage and on-site amenities including a deli/restaurant and fitness center. CJ Osbrink, Kevin Shannon, Ken White, Brad Burton and Paul Jones of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.

January 4, 2019

Acquisitions Midwest Minnesota Office

Altus Properties Acquires 277,044 SF Office Building in Bloomington, Minnesota

by Kristin Harlow January 4, 2019

BLOOMINGTON, MINN. — Altus Properties has acquired the Minnesota Center office building in Bloomington for an undisclosed price. The property is 97 percent occupied. Amenities include an on-site deli and conference center along with newly renovated lobbies and common areas. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE represented the seller, Minnesota Center JV LLC.

January 4, 2019

Acquisitions Kansas Midwest Office

NGZ Brokers Sale of Former Silpada Headquarters in Lenexa, Kansas

by Kristin Harlow January 4, 2019

LENEXA, KAN. — Newmark Grubb Zimmer (NGZ) has brokered the sale of the former Silpada Jewelry headquarters building in Lenexa for an undisclosed price. The Class A facility includes 150,000 square feet of office space and 65,000 square feet of industrial warehouse space. Scott Bluhm, David Zimmer, Tracey Mann and Nick Pickard of NGZ marketed the property on behalf of Silpada, which ceased operations in 2016. Heart to Heart International purchased the building.

January 4, 2019

Acquisitions District of Columbia Office Southeast

Akridge, STARS Buy 116,000 SF Office Building in Downtown D.C. for $48.5M

by Alex Tostado January 3, 2019

WASHINGTON, D.C. — Akridge and STARS REI have partnered to buy 1025 Vermont Avenue N.W., a 12-story, 116,000-square-foot office building in downtown Washington, D.C. The sales price was not disclosed, but multiple media outlets are reporting the building traded for $48.5 million. The property, also referred to as The Global Building, is situated about four blocks north of the White House. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Weinberg and Ben Mann of Cushman & Wakefield represented the seller, Carr Properties. This is STARS and Akridge’s second joint venture, having already partnered for a redevelopment of 1101 16th Street, which is expected to be delivered this month.

January 3, 2019

Acquisitions Georgia Office Southeast

Areu Bros. Studio Purchases Tyler Perry’s Former Movie Studio in Southwest Atlanta for $18.5M

by Alex Tostado January 3, 2019

ATLANTA — Areu Bros. Studio has purchased an Atlanta movie studio that was formerly used by Tyler Perry. A spokesperson for the seller’s realtor, Atlanta Fine Home Sotheby’s International Realty, said the complex sold for $18.5 million. Miami-based LV Lending provided the undisclosed acquisition financing. The 205,751-square-foot building is situated in southwest Atlanta on 24 acres with an excess 33 acres on the property. Areu Bros. Studio is the first Latino-owned and operated major film and TV studio in the United States. Ozzie Areu was the president of Tyler Perry Studios for 12 years.

January 3, 2019

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