Office

Cushman & Wakefield Brokers $7.2M Sale of Mixed-Use Property in Miami’s Coconut Grove

by Amy Works October 10, 2018

MIAMI — Cushman & Wakefield has arranged the sale of a mixed-use building located at 3138 Commodore Plaza in Miami’s Coconut Grove neighborhood. A partnership between Terra and Banyan Street Capital purchased the property for $7.2 million, or $232 per square foot. Hollywood, Fla.-based MG|3 Development sold the property. Developed in 1986, the 31,000-square-foot, multi-tenant property features ground-floor retail space and three floors of offices, as well as on-site structured parking. Vacant at the time of sale, the property most recently housed the Academy of Arts & Minds charter school. Miquel Alcivar, Dominic Montazemi, Scott O’Donnell, Greg Miller and Jason Hochman of Cushman & Wakefield represented the seller in the deal.

October 10, 2018

Acquisitions Office Texas

JLL Negotiates Sale of 151,000 SF Office Property in Houston

by Taylor Williams October 10, 2018

HOUSTON — JLL has negotiated the sale of a 151,000-square-foot vacant office property located at 6001 Rogerdale Road in Houston. The two-story building has served as a single-tenant corporate campus since it was built in 2008. Amenities include a café ad break rooms. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller, Fort Worth-based 111 Realty OPO LLC, in the transaction. Curt Stanton of Axiom Advisory Group represented the buyer, St. Louis-based Emerson.

October 10, 2018

Acquisitions Office Texas

TF Warren Acquires 33,000 SF Office Building in Metro Houston

by Taylor Williams October 10, 2018

THE WOODLANDS, TEXAS — TF Warren Group, a firm that services the oil and gas industry, has acquired a 33,000-square-foot office building located at 25000 Pitkin Road in The Woodlands, about 30 miles north of Houston. Rob Banzhaf, David Alexander and Ryan Dierker of Newcor Commercial Real Estate represented TF Warren Group in the transaction. The trio also represented the seller, Rayford Professional Building Ltd. The sales price was not disclosed.

October 10, 2018

Acquisitions New Jersey Northeast Office

JLL Brokers $19M Sale of Industrial Park in Bordentown Township, New Jersey

by David Cohen October 10, 2018

BOREDENTOWN TOWNSHIP, N.J. — JLL Capital Markets has brokered the $19 million sale of Interchange 7 Business Park, a two-building industrial office complex in Bordentown Township. The complex totals 225,164 square feet across one existing two-story building and one existing warehouse. John Plower of JLL represented the seller, Equus Capital Partners, in the transaction. The buyer was undisclosed. The 33-acre property is located less than one mile from Exit 7 on the New Jersey Turnpike and less than one mile from Exit 56 of Interstate 295 in Bordentown Township.

October 10, 2018

California Loans Office Western

Pearlmark Provides $13M Recapitalization for Office Campus in Pleasanton, California

by Amy Works October 10, 2018

PLEASANTON, CALIF. — Pearlmark has closed on a $13 million mezzanine loan investment for the recapitalization of Britannia Business Center I within Hacienda Business Park in Pleasanton. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. The four-building center features 292,000 square feet of office, lab and R&D space. Current tenants include ADP, NeoTract, Carl Zeiss and Diebold. Additionally, the site includes more than 1,100 parking spaces. Bill Swackhamer of Pearlmark arranged the transaction.

October 10, 2018

Acquisitions Office Oregon Western

Compass Commercial Real Estate Brokers $6.1M Sale of Deschutes Business Center in Bend, Oregon

by Amy Works October 10, 2018

BEND, ORE. — Compass Commercial Real Estate Services has arranged the sale of Deschutes Business Center, an office property located at 20332-20370 Empire Ave. in Bend. An undisclosed buyer acquired the property for $6.1 million. Situated on 5.7 acres, the 54,508-square-foot property was built in 1981 and consists of 39 suites spread across five buildings. At the time of sale, the property was 95 percent leased. Robert Raimondi, Russell Huntamer and John Keba of Compass Commercial Asset & Property Management represented the seller, while Gardner Williams, Peter May and Dan Kemp of Compass Commercial Real Estate Services represented the buyer in the deal. Additionally, Paul Weaver, also of Compass Commercial, assisted in representing both parties in the transaction.

October 10, 2018

Illinois Leasing Activity Midwest Office

Architectural Firm SNHA to Relocate to 1 Prudential Plaza in Chicago

by Kristin Harlow October 9, 2018

CHICAGO — Sheehan Nagle Hartray Architects (SNHA) has signed a 23,615-square-foot office lease to relocate to 1 Prudential Plaza in Chicago. The architectural firm will relocate form 12,907 square feet at 30 W. Monroe St. upon build-out of its space in April 2019. Geoffrey Kasselman, Matthew Whipple, Bob Chodos and Steve Levitas of Newmark Knight Frank represented SNHA in the lease transaction. Landlord Sterling Bay was self-represented in the deal. SNHA cited abundance of natural light, amenities, location and floor plates with room for growth as the reasoning for the site selection. The firm, which has 70 employees, offers architectural design, interior design and predesign services.

October 9, 2018

Acquisitions California Office Retail Top Stories Western

Hudson Pacific, Allianz to Acquire Historic Ferry Building in Downtown San Francisco for $291M

by John Nelson October 9, 2018

SAN FRANCISCO — Hudson Pacific Properties Inc. (NYSE: HPP) and Allianz Real Estate have formed a joint venture to acquire the Ferry Building in downtown San Francisco. Located at the foot of Market Street along the San Francisco Bay waterfront, the landmark features 192,532 square feet of office space and 75,486 square feet of retail space. Equity Office, an affiliate of the Blackstone Group, sold the leasehold interest in the land and improvements to the Ferry Building to the joint venture for $291 million. The remaining term on the ground lease, which is owned by the Port of San Francisco, is 49 years. The Ferry Building is fully leased to companies including SS&C Technologies Inc., Meltwater Inc., Meritage Group LP and Niantic Inc., as well as restaurants and retail tenants such as The Slanted Door and Blue Bottle Coffee. The Ferry Building also plays host to the Ferry Building Marketplace, a public food market that is organized along an indoor street known as the Nave. The food market attracts more than 8.8 million annual visitors. Hudson Pacific owns a 55 percent interest in the joint venture and will serve as the managing member and day-to-day operator of the property, while …

October 9, 2018

Acquisitions Healthcare North Carolina Office Southeast

Woodside Health Sells Jetton Medical Park in Metro Charlotte

by Amy Works October 8, 2018

CORNELIUS, N.C. — Woodside Health has completed the disposition of Jetton Medical Park, a two-building medical office property located at 19475 and 19485 Old Jetton Road in Cornelius, a suburb of Charlotte. Montecito Medical Real Estate acquired the property for an undisclosed price. The 45,000-square-foot property is anchored by medical practices affiliated with Novant Health, an integrated healthcare organization with more than 500 locations.

October 8, 2018

Acquisitions Northeast Office Pennsylvania

STREAM Capital Brokers $23.7M Sale of Office Portfolio in Pennsylvania

by David Cohen October 8, 2018

HOMESTEAD AND DUBOIS, PENN. — STREAM Capital Partners has brokered the $23.7 million sale of a three-building office portfolio in Pennsylvania. The 113,000-square-foot portfolio is located at 385 and 395 E. Waterfront Drive in Homestead and 203 W. Weber Ave. in DuBois. Phil DiGennaro, Ryan Smeele, Jordan Shtulman and Jonathan Wolfe of STREAM Capital represented the undisclosed seller in the transaction. The undisclosed buyer was in a 1031 exchange. The portfolio is currently net leased to GAI Consultants.

October 8, 2018

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