Office

G2 Capital Buys Two-Building Office Asset in Phoenix for $10.9M

by Amy Works November 2, 2018

PHOENIX — G2 Capital has acquired an office property, located at 3925-3945 E. Broadway Road in Phoenix, for $10.9 million. The seller was Glasir Capital Partners, which purchased the property 30 days prior from RBR Capital. Totaling 136,000 square feet, the asset is a pair of two-story office buildings at the intersection of 40th Street and Broadway Road. The property at 3945 E. Broadway Road is fully occupied by a long-term credit tenant, which has been in place since 2001. The other building is 50 percent leased to the State of Arizona, which has been a tenant since 2016. G2 Capital plans to renovate a 37,000-square-foot speculative suite to be move-in ready by January at the property. Brian Ackerman of JLL represented the buyer in the deal. G2 Capital has retained Karsten Peterson, Dave Seegar and Mark Gustin of JLL to handle leasing for the property.

November 2, 2018

Acquisitions North Carolina Office Southeast

HLM Realty Buys Office Complex in Metro Raleigh for $69M

by Amy Works November 2, 2018

CARY, N.C. — New York-based HLM Realty has purchased Crescent Lakeside I and II, an office complex located within The Crescent business park in Cary, a suburb of Raleigh. Crescent Lakeside LLC sold the asset for $69 million. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF, along with Frank Baird of Capital Associates Management, represented the seller in the transaction. Located at 1225 and 1255 Crescent Green Drive, the two-building asset features 254,796 square feet of Class A office space. Completed in 2001 and 2009, respectively, the three-story Crescent Lakeside I and the four-story Crescent Lakeside II were 98.9 percent leased to a variety of tenants at the time of sale, including Hill-Rom and Precision Lender. Capital Associates Management, in partnership with Boddie-Noell Enterprises, developed the office properties. The Crescent is a mixed-use development featuring entertainment, retail, lifestyle amenities, the Koka Booth Amphitheater, walking/jogging trails and the 30-acre Symphony Lake.

November 2, 2018

Acquisitions Delaware Northeast Office

Wye Realty Arranges $1.7M Sale of Office Building in Wilmington, Delaware

by David Cohen November 1, 2018

WILMINGTON, DEL. — Wye Realty Advisors has arranged the $1.7 million sale of a 7,550-square-foot office building in Wilmington. Located at 400 Delaware Ave., the property is fully leased to two tenants, including a Bank of America branch, which was under construction at the time of sale. Wye Realty represented the seller, 400 Delaware Ave. LLC, in the transaction. The buyer was Brantwyn Holdings.

November 1, 2018

Development Office Texas

JV to Develop 568,000 SF Office Campus for Hewlett Packard Enterprise in Metro Houston

by Taylor Williams November 1, 2018

SPRING, TEXAS — A joint venture between Patrinely Group, USAA Real Estate and CDC Houston will develop Hewlett Packard Enterprise’s (HPE) new 568,000-square-foot office campus in metro Houston. The property will be located within CityPlace, a 60-acre mixed-use development in the northern Houston suburb of Spring. Amenities may include a fitness center, café and an open courtyard. The developers plan to break ground during the fourth quarter. HPE is a Palo Alto-based information technology firm that was founded in 2015 as part of the splitting of Hewlett-Packard into two firms — HPE and HP Inc., the Los Angeles-based manufacturer of printers, PCs and mobile devices.

November 1, 2018

Development Office Texas

Joint Venture to Build 165,000 SF Office Property on Highlander Hotel Site in Austin

by Taylor Williams November 1, 2018

AUSTIN, TEXAS — A joint venture between the owners of the former Highlander Hotel and the family of former Austin mayor Roy Butler will develop Midtown Point, a 165,000-square-foot office property. The property will be situated on 2.5 acres at the site of the Highlander Hotel, which will be demolished. The project is currently in the design and permitting stages, with delivery slated for 2021. AQUILA Commercial will handle leasing and management of the building.

November 1, 2018

Acquisitions California Office Western

Dunhill Partners West Acquires 89,457 SF Office Property in Novato, California

by Amy Works November 1, 2018

NOVATO, CALIF. — A buying group led by Mark Hutchinson and Doug Twillman of San Francisco-based Dunhill Partners West has purchased Woodside Office Center, a suburban office property in the Marin enclave of Novato. A joint venture between Artemis Real Estate Partners and Ellis Partners sold the property for an undisclosed price. Whitney Strotz and Steven Leonard of Cushman & Wakefield, in collaboration with Michel Seifer, Rob Hielscher, Kristina Wollan and Erik Hanson of JLL, represented the seller in the deal. Located at 7250 Redwood Blvd., the three-story, 89,457-square-foot property was 92 percent leased at the time of sale.

November 1, 2018

Healthcare Loans Office South Carolina Southeast

Capital One Provides $11M Acquisition Loan for Medical Office Building in Upstate South Carolina

by Amy Works November 1, 2018

SPARTANBURG, S.C. — Capital One has provided an $11 million adjustable-rate loan to Altera Development, a Dallas-based real estate development company. The company used the loan proceeds to acquire a 109,000-square-foot medical office building located on the campus of Mary Black Hospital in Spartanburg. The loan consists of $6.5 million in initial funding, a holdback for tenant improvements/leasing commissions and an earnout.

November 1, 2018

Development Illinois Midwest Office

Summit Breaks Ground on Five-Story Boutique Office Building in Chicago

by Kristin Harlow October 31, 2018

CHICAGO — Summit Design + Build LLC has broken ground on 1040 West Fulton, a five-story, 29,000-square-foot boutique office building in Chicago. Summit plans to occupy the top two floors of the property following its completion next fall. This leaves roughly 14,000 square feet of office space and 2,800 square feet of retail space for lease. The property will include 17 indoor parking spaces, a fifth-floor outdoor terrace and a sixth-floor rooftop. The project team includes architect Hartshorne Plunkard Architecture, owner’s representative Carr Realty Advisors, structural engineer IMEG Corporation, civil engineer Weaver Consultants Group and MEP engineer WT Engineering. Chad Schroedl, Scott Maesel and Drew Dillon of SVN Commercial Chicago will market the available space for lease. First Bank of Highland Park is providing construction financing.

October 31, 2018

Acquisitions Midwest Office Ohio

Colliers Brokers $2.9M Sale of Flex Office Building in Blue Ash, Ohio

by Kristin Harlow October 31, 2018

BLUE ASH, OHIO — Colliers International has brokered the $2.9 million sale of the Corporate Centre of Blue Ash, a 57,722-square-foot flex office building in suburban Cincinnati. Built in 1990, the property is located at 11101 Kenwood Road. Tenants include Fastsigns, Handyman Connection, Ohio State Auditor, Parallel Technologies Inc., Sellyourmac.com, Sheppard Insurance and Financial and IT support company 4bis.com. Steve Timmel, Jeff Johnston, Chris Prosser, Will Roberts and Matt Smyth of Colliers brokered the transaction. Midwest Properties Corp. purchased the asset from LNR Partners.

October 31, 2018

Acquisitions Florida Loans Office Southeast

Cushman & Wakefield Arranges $110M Sale of Downtown Tampa Office Tower

by Amy Works October 31, 2018

TAMPA, FLA. — Cushman & Wakefield has brokered the sale of Tampa City Center, an office tower located at 201 N. Franklin St. in downtown Tampa. A partnership between affiliates of Miami-based Banyan Street Capital and funds managed by Oaktree Capital Management acquired the 38-story property for $110 million. An affiliate of Alliance Partners HSP, the East Coast operating arm of the Shilder Group, sold the property. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller in the deal. Ernst & Young, Deloitte, Masonite, Morgan & Morgan, FieldCore (a division of GE), CDW, PNC Bank and The University Club are tenants at the 757,425-square-foot, Class A office building. Via a skybridge, the tower is connected to the 520-room Hilton Tampa Downtown, with 30,000 square feet of meeting and conference space; 211 Restaurant; Starbucks Coffee; and Fort Brooke parking garage, a covered parking facility owned by the City of Tampa. Jason Hochman, Chris Lentz, Michael Ryan and Brian Linnihan of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted the buyer in securing an $84 million acquisition loan. Funded by HSBC Bank, the loan includes proceeds at acquisition plus future funding for capital improvements to …

October 31, 2018

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