SPRING, TEXAS — The J. Beard Real Estate Co. has negotiated an 11,665-square-foot office sublease at 28420 Hardy Toll Road in the northern Houston metro of Spring. Sean Durkin of J. Beard represented the original tenant, Swire Oilfield Services Inc., in the negotiations. Candace Baggett of Calibre Group represented the sublessee, Calfrac Well Services Corp., which is relocating and expanding its current space at the property.
NEWARK, OHIO — Marcus & Millichap has arranged the $1.3 million sale of an office building occupied by the Social Security Administration property in Newark, about 40 miles northeast of Columbus. The 7,818-square-foot property is located at 125 Derby Downs Road. The facility was constructed in 2007 as a build-to-suit for the Social Security Administration. Justin Fenn and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Geoff Ficke of Marcus & Millichap secured and represented the buyer, a limited liability company.
Cincinnati’s Over-the-Rhine (OTR) neighborhood has come a long way since it served as the location for gritty scenes in movie director Steven Soderbergh’s 2000 film Traffic. Gone are the 500 vacant buildings and 700 vacant lots. The disadvantage of having the highest crime rate in the city is no more. Thanks to efforts by prominent Cincinnati companies such as Kroger Co. and Procter & Gamble, as well as the Cincinnati Center City Development Corp. (3CDC), efforts to revive the historic neighborhood have exceeded expectations. Located just north of downtown Cincinnati, OTR is one of the largest urban historic districts in the United States and is known for its abundance of architecturally significant buildings and homes. The area has a rich cultural scene due to its proximity to the Art Academy of Cincinnati, the Cincinnati Symphony Orchestra, the Cincinnati Opera, the School for Creative and Performing Arts, Memorial Hall and other artistic points of interest. OTR was named one of the top 15 “cool streets” in Cushman & Wakefield’s Cool Streets of North America report. A new breed of urban, experiential and independent mid-market retailers catering to millennial consumers has led to the rise of 100 Cool Streets across the United …
SALEM, ORE. — Montecito Medical Real Estate has purchased WVP-The Doctors’ Clinic medical office building in Salem for an undisclosed sum. Constructed between 1996 and 1999, the 34,554-square-foot building is situated 50 miles south of Portland. The property is directly across the street from a large Kaiser Permanente outpatient facility and is strategically located on the corner of Skyline Road and Kuebler Boulevard.
RESTON, VA. — JBG Smith has sold Summit, a two-building office campus in Reston, to Brookfield Property Partners (BPY) for $95 million. Summit I and Summit II are located along Dulles Toll Road, roughly 22 miles northwest of Washington, D.C. The property, which includes more than 290,000 rentable square feet, was fully leased at the time of sale. In 2016, nonprofit science and technology company Noblis Inc. signed a 160,000-square-foot lease at the property, taking all of Summit I and a portion of Summit II, according to the Washington Business Journal. Tom Cleaver, Dan Grimes and Rob Faktorow of CBRE arranged the transaction on behalf of both JBG Smith and BPY. Summit features a fitness center, showers, bike racks, an on-site deli and shuttle service to Reston Town Center, a mixed-use development featuring offices, retail and restaurant space. The property is located one mile from the future Reston Town Center Metro station.
ALEXANDRIA, VA. — The Meridian Group has sold Cameron Run, a 145,244-square-foot office building in Alexandria, for $37.8 million. The property is located at 3601 Eisenhower Ave., roughly eight miles south of Washington, D.C. Monday Properties acquired the six-story building. Eric Berkman and the late Juliana Ko of Cushman & Wakefield arranged the transaction on behalf of Meridian, which originally acquired the asset in 2012. Meridian invested $1.7 million in capital improvements at Cameron Run, including cooling tower replacements, garage enhancements, a new fitness center, new café, additional landscaping and a renovated lobby, restrooms and elevators. The building was fully leased at the time of sale to 13 tenants, including engineering company Michael Baker Corp., which occupies 50,709 square feet.
CHICAGO — Citadel and Sprout Social have signed lease renewals at Citadel Center at 131 S. Dearborn St. in Chicago. Financial institution Citadel has signed a long-term lease to maintain its global headquarters at the building. Sprout Social, a social media management company, has expanded its lease by 64,000 square feet. The property is now 90 percent leased. Other tenants include JPMorgan, Holland & Knight, Perkins Cole and Constellation Brands. Citadel Center spans 37 stories and 1.5 million square feet. A partnership between Angelo, Gordon & Co., Hines and Dearborn Capital Group acquired the property in 2016. Renovation plans include a new conference center that seats up to 180 people, security enhancements and a complete lobby renovation with elevators. All renovation work is expected to be complete by the end of the year. The Telos Group LLC handles leasing efforts at the property.
CHICAGO — JLL Capital Markets has arranged the sale of the 833,000-square-foot office portion of the iconic Sullivan Center in Chicago for $176 million. The buyer was New York-based 601W Companies. The seller, a venture between New York-based private equity firm KKR and Madison Capital, had owned the property since 2016. Originally constructed in 1899 as a department store, Sullivan Center has been a national historic landmark since 1970. Between 2001 and 2012, the building underwent major renovations to modernize the mechanical systems and restore historical features at a cost of more than $200 million. The upper floors were converted to office space in the early 2000s. The former owners of the property sold Sullivan Center’s 176,000 square feet of retail space, which includes the two lower floors and basement level, to Acadia Realty Trust in 2016 for $147 million. “This asset received significant investor interest because of its excellent location, strong tenant base and the fact that it is one of the few larger floor plate buildings catering to the progressive tenants driving demand in this market,” says Bruce Miller, JLL’s international director who co-heads the capital markets group in Chicago. “At nearly full occupancy, it is clearly the …
CHELMSFORD, MASS. — On behalf of Tritower Financial Group, CBRE/New England has secured three new office leases totaling 75,659 square feet and one lease renewal for 59,670 square feet at 300 Apollo Drive in Chelmsford. The property is located 34 miles northwest of Boston. Recent transactions include a 29,033-square-foot lease signed by the HCL Corp.; a 23,833-square-foot lease signed by software company By Appointment Only; and a 22,793-square-foot lease signed by US Alliance Federal Credit Union. Axis Communications, an IP networking solutions company, renewed its 59,670-square-foot lease. Tritower Financial, the owner of the property since 2014, recently made significant upgrades to the building’s amenities. The upgrades include a full service café, a game room and a fitness center with Peloton bikes and showers.
EVANS, GA. — Meybohm Commercial Properties is nearing completion on the first building at The Plaza at Evans Towne Center, a $60 million mixed-use project in Evans, roughly 10 miles northwest of Augusta. The 58,000-square-foot building, named the Meybohm Building, is part of the project’s first phase. The building will be the new home of Meybohm Real Estate, an Augusta-based real estate company and the parent company of Meybohm Commercial Properties. Meybohm Real Estate will consolidate its training center, new homes division and local Evans office into 15,000 square feet at the new space. In addition, Your Pie Pizzeria will open a location at the building and additional tenants will be announced soon, according to Meybohm. Upon completion, The Plaza at Evans Towne Center will include six mixed-use buildings, a central park and a performing arts building. Ground-level spaces will be dedicated to retail and restaurants, and 2,000 parking spaces have been planned for the site. Michael Watkins Architect LLC is the master-planner for project, and R.W. Allen Construction is the general contractor. Atlanta-based architect firm TSW designed the Phase I buildings, as well as the outdoor park. A timeline for the project was not disclosed.
