DENVER — Newmark Knight Frank has brokered the sale of an office property, located at 3650 E. First Ave. in Denver. Great Western Bank acquired the property from 4N LLC for $5.6 million. The building features 17,189 square feet of office space. Riki Hashimoto, Daniel Grooters and John Gustafson of Newmark Knight Frank represented the seller in the transaction. Cushman & Wakefield, Kentwood Commercial and Land Title Guarantee Co. assisted in the deal.
LOS ANGELES — SRS Real Estate Partners has hired Mike Rielly as senior vice president and managing principal in the Dallas-based company’s new Los Angeles office, which is scheduled to open in early 2019. In this role, Rielly will also lead the newly formed SRS Signature Group nationally. The group is a one-of-a-kind service offering that will cater to aspirational and high-end brands targeting coast-to-coast growth in high-street, Class A mall, lifestyle, premium outlet and design/arts district environments. Rielly has nearly 20 years of experience in commercial real estate and an extensive background incubating and serving best-in-class brands in various categories. Additionally, he has expertise in assisting international retailers with U.S. transitions or expansions, as well as early retail template formation for domestic and global brands.
CHICAGO — A partnership led by national development firm Hines has released plans for Salesforce Tower Chicago, a 57-story office tower that will serve as the new regional headquarters for Salesforce (NYSE: CRM). The San Francisco-based software firm is expected to bring 1,000 jobs to Chicago in connection with the project. Salesforce Tower Chicago will be located in the city’s River North area at the site formerly known as Wolf Point South, which houses several other office skyscrapers. Designed by Pelli Clarke Pelli, the project is slated for completion by 2023. Salesforce, one of the nation’s fastest-growing software companies that employs more than 32,000 people, will occupy about 500,000 square feet at the property, according to The Chicago Tribune. Salesforce opened in Chicago in 2012 and currently employs about 1,400 people in the Windy City. The total price of the project was not disclosed, but the newspaper also reported that Salesforce could receive as much as $41.5 million in tax credits if the company meets certain job creation and capital investment criteria. “Chicago is the Midwest’s largest city with a global and economic force that attracts a wealth of talent and international business,” said Tyler Prince, executive vice president at Salesforce. “We …
HIALEAH, FLA. — Miller Construction has delivered CGI Doors and Windows’ office and manufacturing facility in Hialeah’s Countyline Corporate Park. CGI Windows and Doors moved into the new 325,000-square-foot building at 3780 W. 104th St. from a smaller location in nearby Miami. Flagler Global Logistics was the developer and Ware Malcomb designed the facility. Ware Malcomb offers integrated design services including architecture, planning, interior design, civil engineering and branding to diverse clients in both the private and public sectors.
FORT WORTH, TEXAS — JLL has negotiated the sale of 714 Main, a 185,000-square-foot office building in downtown Fort Worth. Built in 1921 and renovated in 2010, the 24-story property is located near Sundance Square and the Fort Worth Convention Center. Ryan Matthews of JLL represented the seller, XTO Energy Inc., in the transaction. The buyer was Tennessee-based Development Service Group Inc. The deal marks the sixth disposition by JLL of XTO’s downtown Fort Worth office assets.
INDIANAPOLIS — JLL has arranged the sale of Lake Pointe Center III and IV in Indianapolis for an undisclosed price. M&J Wilkow and a fund manager by DRA Advisors LLC purchased the pair of office buildings, which span 170,000 square feet. Recently updated amenities include an on-site conference facility and fitness center. Jim Postweiler, Peter Harwood and Derek Fohl of JLL arranged the sale on behalf of the seller, USAA Real Estate.
REDWOOD CITY, CALIF. — Menlo Park, Calif.-based Acclaim Cos. has received $65.7 million in non-recourse construction financing for the 855 Main Street, a speculative office project development in downtown Redwood City. The company received entitlement approvals for the project in June and will develop the building with a team that includes W.L. Butler and DES Architects. The neoclassical-designed building will feature 100,000 square feet of office and retail space within a short walking distance of downtown amenities, multifamily buildings and public transit opportunities. Ramsey Daya, Chris Moritz and Travis Bailey of Newmark Knight Frank secured the financing for the borrower.
ENGLEWOOD, COLO. — NAI Shames Makovsky has arranged the sale of an office building in Englewood, a suburb seven miles south of Denver. Choice Screening Inc. acquired the property from Concord LLC for $2.2 million. Located at 8668 Concord Center Drive, the property features 13,225 square feet of office space. Trent Rice of NAI Shames handled the transaction.
ALPHARETTA, GA. — Grandbridge Real Estate Capital has secured a $30.5 million acquisition loan for a 251,000-square-foot, Class A office building in Alpharetta, about 24 miles north of Atlanta. Gerry Robbins of Grandbridge secured the financing, which features an initial period of interest-only, a 10-year term and 30-year amortization schedule on behalf of the undisclosed borrower.
ROSELAND, N.J. — NKF has negotiated the $17.2 million sale of a 115,422-square-foot office building in Roseland. Located at 3 Becker Farm Road, the property is currently 97-percent leased to a tenant roster that includes Mandelbaum Salsburg and Tompkins McGuire. Kevin Welsh, Brian Schulz and Chuck Kohaut of NKF’s Tri-State Capital Markets represented the seller, Normandy Real Estate Partners, in the transaction. The buyer was international real estate fund Westwood Properties. The property was recently renovated with $2 million in capital improvements