PLANO, TEXAS — A partnership between Dallas-based Pillar Commercial and investment firm Artemis Real Estate Partners has acquired Lincoln Legacy II, a 130,371-square-foot office building in Plano. The property is located near the intersection of the Dallas North Tollway and Tennyson Parkway and offers amenities such as a fitness center, tenant lounge and conference facilities. Curtis Jaggers of JLL secured acquisition financing through MetLife Inc. for the deal.
RICHARDSON, TEXAS — MetroPCS Communications Inc. has renewed its 115,583-square-foot office lease at Lakeside Centre II, an office property located at 2250 Lakeside Blvd. in the northeastern Dallas metro of Richardson. Tim Terrell and Chase Lopez of Stream Realty Partners represented the landlord, Vereit, in the lease negotiations. CBRE represented the tenant.
COSTA MESA, CALIF. — Invesco Real Estate has acquired The Hive, a three-building creative office campus in Costa Mesa. A joint venture between Goldman Sachs and Steelwave sold the asset for an undisclosed price. Situated on 14.2 acres at 3333, 3335 and 3337 S. Susan St., the 181,822-square-foot property features flexible and open floor plans, a coffee bar adjacent to an outdoor tenant lounge area, a fitness facility with showers and lockers, a conference center, and multiple open-air patios with community activities. At the time of sale, the property was 82 percent occupied by five tenants: Los Angeles Chargers, Lazy Dog Café, Coding Dojo, Agility Fuel Solutions and Steelwave. In addition to existing buildings, the site is entitled for 65,000 square feet of additional commercial development. The seller purchased the property in 2015 and invested approximately $22 million into transforming the development, which was built in 2003, into a creative Class A environment. Kevin Shannon, Paul Jones, Blake Bokosky, Ken White and Brunson Howard of Newmark Knight Frank represented the seller, while Invesco Real Estate was self-represented the in the deal.
JACKSONVILLE, FLA. — Savlan Capital has purchased Exchange South, a multi-tenant flex business property on Philips Highway in Jacksonville’s Southside. An undisclosed seller sold the property for $18.3 million, or $94 per square foot. Built from 1990 through 1996, the 194,400-square-foot building features 16 dock-high doors and 35 drive-in doors. At the time of acquisition, the property was 75 percent leased to 25 tenants, including Omnicare, Univar, ALS Group, Orion Energy Systems, Schindler Elevators, Konica Minolta, Lab Corp. and LendingTree. Savlan Capital plans to invest $2 million in upgrades to the property to improve the interiors of vacant units, exterior repainting and upgraded landscaping and curb appeal. Keith Goldfaden and Christian Harden of NAI Hallmark were retained to lead the leasing initiative for the property.
NEW YORK CITY — Avison Young has brokered the $12.8 million sale of a 13,998-square-foot office condominium in Manhattan. Located at 20 W. 33rd St., the property is currently vacant. James Nelson, Henry Post and David Lawrence of Avison Young represented the sellers, 60 Guilders and The Carlyle Group, in the transaction. Rudder Property Group represented the buyer, Glocap Search LLC.
RALEIGH, N.C. — Dominion Realty Partners is breaking ground on the newest office building at The Offices at Wade in West Raleigh. Development for Wade V will commence on Tuesday, Oct. 23, at 5438 Wade Park Blvd. The six-story, 209,000-square-foot office building has been designed to achieve LEED Gold certification and marks the Dominion Realty’s 21st green certified development. PGIM Real Estate is partnering with Dominion Realty on the project, which Triangle Business Journal reports will cost $62 million to develop. The media outlet is also reporting that the project is being built on a speculative basis.
MILL CREEK, WASH. — Coast Equity Partners has completed the sale of Mill Creek Medical Pavilion (MCMP), a medical office building in Mill Creek, a suburb north of Seattle. A private investor acquired the property for $9.5 million. Located at 16030 Bothell Everett Highway, MCMP features 26,126 square feet of medical office space. Built in 1983 and renovated in 2011, the property is fully leased to a variety of healthcare providers, including outpatient services for family medicine, physical therapy, vision care, psychiatry and dentistry. Chris Bodnar and Lee Asher of CBRE’s Denver office, along with Paul Carr, Steve Perovich and Marcus Yamamoto of CBRE Puget Sound Healthcare Properties, represented the seller.
CHARLOTTE, N.C. — The Spectrum Cos., in partnership with Invesco Real Estate, is developing a mixed-use project located on a five-acre tract linking Charlotte’s South End with its Uptown business district. Located on South Tryon Street at Carson Boulevard, the project will include two nine-story, 220,000-square-foot office buildings, an urban plaza with event space, 40,000 square feet of street-level restaurant and retail space and a 200-room boutique hotel atop a parking deck. The office component includes a flared design that offers private terraces on each floor overlooking the urban plaza, street-level retail and Uptown city lights. Located on top of a parking deck, the lifestyle hotel will include a rooftop bar. The project is the first venture between Spectrum and Invesco.
AUSTIN, TEXAS — Coworking firm Spaces will open a 53,000-square-foot space at 501 Congress Ave. in downtown Austin. Kelly Woodruff and Mike Cleary of CBRE represented Spaces in the lease negotiations. Brent Powdrill of JLL represented the landlord, AFIAA U.S. Investment Inc. The space, which is the company’s first in Austin, will officially open during the third quarter of 2019. Spaces is a brand owned by Regus PLC, a Luxembourg-based coworking office operator with more than 3,000 business centers in 120 countries.
CEDAR KNOLLS, N.J. — HFF has brokered the sale of a 120,000-square-foot office building in Cedar Knolls. Located at 240 Cedar Knolls Road, the four-story property is situated on 14 acres and is approximately two miles from downtown Morristown. HFF represented the seller, MB1 Capital Partners, in the transaction. The buyer was Highstone Equity Group. The building is currently 78 percent leased to a tenant roster that includes JAG Physical Therapy and P Value Communications.
