Office

Madison Partners Negotiates $13.2M Sale of Office Building in Downtown Santa Monica, California

by Amy Works March 13, 2018

SANTA MONICA, CALIF. — Madison Partners has arranged the sale of a creative office building located at 1522 Second St. in downtown Santa Monica. The Hertz Investment Group sold the property to HQ Creative Office for $13.2 million, or $864 per square foot. The asset consists of two interconnected buildings totaling 15,329 rentable square feet. HQ Creative Office, a subsidiary of The HQ Group, plans to redesign and renovate the property, which was vacant at closing. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller in the transaction.

March 13, 2018

Colorado Loans Office Western

HFF Arranges $48M Refinancing for Office Portfolio in Boulder, Colorado

by Amy Works March 12, 2018

BOULDER, CO. — HFF has secured a $48 million refinancing for a three-property office portfolio along Walnut Street in downtown Boulder. Leon McBroom of HFF arranged the 12-year, fixed-rate loan through MetLife Real Estate Investments for the borrower, The W.W. Reynolds Cos. The portfolio comprises two historic buildings, Colorado (1919 14th St.) and James (1916-1922 16th St.), and the Wencel Building (1301 Walnut St.), which was completed in 2016. At the time of financing, the portfolio was 96 percent occupied to a variety of tenants, including companies in the technology, consulting, financial services and food and beverage industries.

March 12, 2018

California Office Top Stories Western

NKF Brokers $147.2M Sale of 20-Story Office Building in Orange, California

by Taylor Williams March 12, 2018

ORANGE, CALIF. — NKF Capital Markets has brokered the sale of City Tower, a 20-story office building located at 333 City Blvd. West in Orange, about 35 miles southeast of Los Angeles. KSB Capital Advisors purchased the property from Torchlight Investors for $147.2 million. Built in 1988, the building features 435,177 square feet of Class A office space. Situated on 4.9 acres, the building offers an on-site cafe and an adjacent, six-level parking structure. The building is also located within walking distance of Outlets at Orange, an 806,000-square-foot shopping and dining destination. At the time of sale, the property was 78 percent leased to a roster of tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Travelers Insurance and York Risk Services Group. In addition, the property recently underwent a $3 million renovation that included upgrading the lobby, corridors, restrooms and elevator cab interiors. Kevin Shannon, Paul Jones, Sean Fulp and Blake Bokosky of NKF Capital Markets represented the seller. The buyer in the transaction was self-represented. “Central Orange County has been seeing an increase in tenant demand, yet no new office construction, which bodes well for rent growth and asset appreciation,” said Jones. “Our NKF Capital Markets team secured a strong …

March 12, 2018

California Office Western

MBRE Healthcare Purchases Medical Office Building in San Diego for $37.1M

by Nellie Day March 9, 2018

SAN DIEGO — MBRE Healthcare has acquired Excel Centre, an 83,213-square-foot medical office building in San Diego, for $37.1 million. The building is located at 17140 Bernardo Center. Kaiser Permanente anchors the property. MBRE plans to convert the remaining third-floor balance of the building, which is currently vacant, to medical office use. Excel Centre is part of the larger Park Terrace, a walkable mixed-use development featuring offices, hotels, restaurants and fitness, in addition to Interstate 15 access. Rick Reeder, Brad Tecca and Travis Ives of Cushman & Wakefield represented the seller, an institutional investor, in this transaction.

March 9, 2018

Office Texas

NAI Partners Arranges Sale of 151,835 SF Office Building in Houston

by Taylor Williams March 9, 2018

HOUSTON — NAI Partners has arranged the sale of a 151,835-square-foot office building located at 13831 Northwest Freeway in the Fairbanks/Northwest Crossing area of Houston. Jon Silberman of NAI Partners represented the buyer, ManhattanLife, a parent company for several insurance firms, in the transaction. Jay Nowlin of Seller Boxer Properties represented the seller internally. NAI Partners will handle leasing and management of the building, which is the second office property in ManhattanLife’s real estate portfolio along with 10777 Northwest Freeway, the company’s headquarters.

March 9, 2018

Office Texas

Tech Startup Expands to 5,400 SF Office Space in Downtown Houston

by Taylor Williams March 9, 2018

HOUSTON — Arundo Analytics, an analytics software startup with offices in Norway and California, has expanded its office footprint in Houston, leasing 5,400 square feet at 1600 Smith St. in the downtown area. The building was formerly known as Continental Center I and is owned and operated by Brookfield Properties. Bill Boyer of CBRE represented Arundo in the lease negotiations. The company previously occupied 1,250 square feet at 1301 Fannin St.

March 9, 2018

Loans Mixed-Use Multifamily New York Northeast Office Retail

MRC Provides $37.5M Loan for Mixed-Use Development Site, Commercial Buildings in Queens

by Amy Works March 9, 2018

NEW YORK CITY – Madison Realty Capital (MRC) has provided a $37.5 million first mortgage loan collateralized by a mixed-use development site and two adjacent commercial buildings in the Ridgewood neighborhood of Queens. The borrower, AB Capstone, used the loan proceeds to buy out an existing partner, complete the acquisition of the two commercial properties, pay off previous financing on the development site and fund construction of the new building’s foundation. Located along Myrtle Avenue, St. Nicholas Avenue and Palmetto Street, the proposed development will feature a 17-story, 234,623-square-foot mixed-use building containing 129 residential units, 90,000 square feet of commercial space, 3,300 square feet of community facility space and 352 parking spaces. The two adjacent commercial buildings, totaling 12,170 square feet of space, are currently occupied by retail, office and medical office users.

March 9, 2018

Georgia Office Southeast

LPC Southeast Brokers Sale of 215,000 SF Office Building in Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Lincoln Property Co. (LPC) Southeast has brokered the sale of Park Central, a 215,000-square-foot office building located at 2970 Clairmont Road in Atlanta’s North Druid Hills submarket. Florida-based TerraCap Management LLC acquired the asset for an undisclosed price with plans to invest $3.4 million to upgrade the building systems, common areas and amenities. Park Central features 24-hour security, a fitness center, conference center, on-site management and free covered parking. Michael Howell, Hunter Henritze and Caroline Cole of LPC Southeast will be retained to manage and lease the building. The trio recently completed leases at Park Central with tenants such as First Landmark Bank, Everest Campus Services Cos LLC, Delaplex Software LLC and Mallernee, Branch & Daffner LLP.

March 9, 2018

North Carolina Office Southeast

Fallon Co. Unveils Renovation Plans for 13-Story Office Building in Midtown Charlotte

by Camren Skelton March 9, 2018

CHARLOTTE, N.C. — The Fallon Co. has unveiled the renovation and rebranding plans for its 13-story office property located at 301 S. McDowell St. in Midtown Charlotte. The developer originally acquired the 184,144-square-foot tower in July 2017. The Fallon Co. will rename the building 301 Midtown and will implement interior and exterior enhancements. Plans for the exterior of the building include upgrades to the building’s ground floor and parking level entrances, canopies and expanded outdoor plaza space. The exterior lighting system will also be enhanced. Interior renovations will include a new fitness center with locker rooms, a grab-and-go café and added concierge and security services. The Fallon Co. will also modernize the conference center and add tenant storage space. 301 Midtown is situated within walking distance to public transportation, retailers, restaurants, parks and apartment communities. The Fallon Co. plans to begin renovations this spring and finish in the fall.

March 9, 2018

Indiana Midwest Office

Black Salmon, Redico Acquire 444,644 SF Office Building in Indianapolis for $70M

by Kristin Harlow March 9, 2018

INDIANAPOLIS — In partnership with privately held Redico, Black Salmon has acquired Bank of Montreal (BMO) Plaza in Indianapolis for $70 million. The 444,644-square-foot, Class A office building is located between Monument Circle and Mass Avenue at 135 N. Pennsylvania St. Tenants include BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services. The property underwent a $6 million renovation in 2016 and 2017, but Black Salmon plans to make additional upgrades to the common areas. Black Salmon is a new business line of TSG Group, a real estate development and investment company based in South Florida.

March 9, 2018

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