Office

Newmark Knight Frank Negotiates $106.2M Sale of Gateway Towers in Los Angeles

by Amy Works October 31, 2018

LOS ANGELES — Newmark Knight Frank (NKF) has negotiated the sale of Gateway Towers, an office property located at 970 and 990 190th St. in Los Angeles. Equity Office Properties sold the asset to The Ruth Group, along with Roxborough Group as its capital partner, for $106.5 million. Kevin Shannon, Ken White, Scott Schumacher and Guillermo Boisson of NKF represented the seller in transaction. Additionally, David Milestone and Brett Green, also of NKF, secured financing for the buyer. At the time of sale, the 443,517-square-foot asset was 91 percent leased. Herbalife International of America is the anchor tenant at the twin nine-story towers. The buyer plans to develop the land between the towers, creating restaurant, amenity and creative office space.

October 31, 2018

Acquisitions California Office Western

GM Properties Brokers $12.5M Sale of 104,000 SF Office Park in Santa Fe Springs, California

by Amy Works October 31, 2018

SANTA FE SPRINGS, CALIF. — GM Properties has brokered the sale of Imperial Square, a multi-tenant office park located at 12631 E. Imperial Highway in Santa Fe Springs. An undisclosed buyer acquired the property for $12.5 million. Situated on 5.8 acres, the five-building, 104,000-square-foot office complex features more than 100 suites. At the time of sale, the property was 90 percent occupied. Ben Greer and Dustin Wheelan of GM Properties represented the undisclosed seller in the transaction.

October 31, 2018

Acquisitions New Jersey Northeast Office

NKF Brokers $11M Sale of Office Building in Marlton, New Jersey

by David Cohen October 30, 2018

MARLTON, N.J. — NKF Capital Markets has brokered the sale of an 88,000-square-foot office building in Marlton. The sales price was undisclosed. Located at 50 Lake Center, the Class A office building was built in 2006 and features a two-story granite atrium. The property is located three miles from the New Jersey Turnpike. Steven M. Schultz and John Howley represented the undisclosed seller in the transaction. The buyer was Twenty Lake Holdings.

October 30, 2018

Acquisitions Office Texas

NAI Partners Negotiates Sale of 68,794 SF Office Building in Houston

by Taylor Williams October 30, 2018

HOUSTON — NAI Partners has negotiated the sale of a 68,794-square-foot office building located at 1155 Brittmoore Road in Houston. The property was built in 1978, according to LoopNet Inc. Jon Silberman of NAI Partners represented the buyer, Endeavor Behavioral, in the transaction. Additional terms of sale were not disclosed.

October 30, 2018

Development Georgia Mixed-Use Multifamily Office Retail Southeast Student Housing

Morehouse School of Medicine, Carter Break Ground for $52M Mixed-Use Project in Atlanta

by Amy Works October 30, 2018

ATLANTA — Morehouse School of Medicine (MSM) and Carter, an Atlanta-based developer, have broken ground for the first phase of Lee Street Campus, a $52 million mixed-use development in Atlanta’s Historic West End. The $52 million development will include MSM’s first on-campus graduate student housing, offering 187 units in a mix of studio, one- and two-bedroom layouts; a 25,000-square-foot ambulatory health facility; 9,000-square-foot fitness/wellness center; 2,500 square feet of retail space; and a four-level parking deck at the corner of Lee Street and Westview Drive. The ownership joint venture for the project includes equity investments by MSM, Carter and Campus Life Fund, sponsored by Atlantic American Partners. Patterson Real Estate Advisors Group secured construction financing, which was provided by First Citizens Bank. Construction is slated for completion in time for the 2020 school year.

October 30, 2018

Florida Industrial Loans Office Southeast

NorthMarq Capital Arranges $24M Refinancing for 311,287 SF Flex Property in Melbourne, Florida

by Amy Works October 30, 2018

MELBOURNE, FLA. — NorthMarq Capital has secured the $24 million refinancing of an office and manufacturing property located at 100 N. Babcock St. in Melbourne. Leonardo DRS Inc. occupies the 311,287-square-foot facility. The company is a developer of mission-critical products and services that support military forces, intelligence agencies and prime contractors. Robert Hernandez and Lauren Hanley of NorthMarq’s Tampa office arranged the 11-year loan through an unnamed life insurance company.

October 30, 2018

Acquisitions Midwest Office Ohio

Zamir Equities Acquires 559,299 SF Office Tower in Cleveland

by Kristin Harlow October 30, 2018

CLEVELAND — Zamir Equities LLC has acquired 1111 Superior Avenue, a 559,299-square-foot office tower in downtown Cleveland. While the purchase price is not available, The Plain Dealer reports that Zamir took out a $46 million mortgage on the property. The property is positioned along the city’s main thoroughfare and overlooks Lake Erie. The 28-story tower was renovated in 2014. Amenities include a conference facility, fitness facility, yoga room and David’s Deli. Anchored by the Cleveland Metropolitan School District, the property is 83.4 percent leased to tenants such as Asurint and MetLife Services & Solutions. Jaime Fink, Jeffrey Bramson, John Merrill, Bryan Rosenberg and Patrick Shields of HFF represented the seller, American Landmark Properties Corp. The team also procured the buyer.

October 30, 2018

Acquisitions Office Utah Western

Terracom Acquires 120,000 SF Office Campus in Provo, Utah

by Amy Works October 30, 2018

PROVO, UTAH — Terracom has purchased The Park at Riverwoods, an office campus situated on 9.2 acres in Provo. Brentwood Provo sold the property for an undisclosed price. The two-building, 120,000-square-foot property formerly served as headquarters for Ancestry.com. Brandon Fugal, Josh Smith and James Bullington of Colliers International represented both parties in the transaction.

October 30, 2018

Acquisitions California Office Western

Gemdale USA, Lincoln Property Co. Sell 56,179 SF Office Building in Downtown San Francisco

by Amy Works October 30, 2018

SAN FRANCISCO — Gemdale USA Corp. and Lincoln Property Co. have completed the sale of 500 Pine, an office building in downtown San Francisco. Heitman acquired the property on behalf of an affiliate for an undisclosed price. Michael Leggett, Gerry Rohm, Ben Bullock, David Dokko and Thomas Foley of HFF represented the seller and procured the buyer. Completed in 2017, the 56,179-square-foot building is LEED-Gold certified and features open floor plans, floor-to-ceiling window lines, a rooftop balcony and on-site parking with a bike room and showers. CVS/pharmacy and Blend fully lease the five-story building.

October 30, 2018

Acquisitions California Office Western

Shorenstein Purchases 565,000 SF Sorrento Towers in San Diego

by Amy Works October 29, 2018

SAN DIEGO — Shorenstein Properties has acquired Sorrento Towers North & South, two Class A office project in San Diego. Rick Reeder and Brad Tecca of Cushman & Wakefield advised Shorenstein in the transaction. The name of the seller and acquisition price were not released. The 565,000-square-foot asset serves as the gateway to Sorrento Mesa, San Diego’s technology hub. First developed in 1989 and renovated in 2014, the North buildings consist of two seven-story structures totaling approximately 286,000 square feet at 5355 and 5375 Mira Sorrento Place. Built in 2001, the South buildings consists of two six-story structures totaling 278,000 square feet at 9276 and 9330 Scranton Road. The towers feature high-image glass exteriors, modern building lobbies and common areas, outdoor lounge areas, modern fitness centers, state-of-the-art conference facilities and structured parking. The properties are also located adjacent to the Sorrento Court and Sorrento Plaza retail centers.

October 29, 2018

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