Office

NAI Wisinski Brokers Sale of 18,600 SF Office Building in Kalamazoo, Michigan

by Kristin Harlow November 20, 2018

KALAMAZOOO, MICH. — NAI Wisinski of West Michigan has brokered the sale of an 18,600-square-foot office building in Kalamazoo for an undisclosed price. ABTZ Properties purchased the property and Braintrust Behavioral Health LLC will occupy the majority of the space. The building, located at 5942 Stadium Drive, will house Braintrust’s administrative and clinical staff offices as well as an autism center. The company is an independent healthcare provider focused on supporting children, families and adults with behavioral change.Kara Schroer of NAI Wisinski represented ABTZ Properties in the sale. Chip Hurley of Signature Associates and Noah Davey of NAI Cressy represented the undisclosed seller. NAI Wisinski has been retained as leasing agent for the approximately 3,000 square feet of remaining space.

November 20, 2018

California Development Mixed-Use Office Restaurant Retail Western

Primestor Development Starts Construction of $48M Mixed-Use Development in Los Angeles

by Amy Works November 20, 2018

LOS ANGELES — Nadel Architects has announced that construction is underway on Jordan Downs Plaza, a $48 million mixed-use development in Los Angeles. Designed for Primestor Development, the overall $5 billion project will bring 115,000 square feet of retail and dining space to the Watts neighborhood of Los Angeles. Slated for completion in summer 2019, Jordan Downs Plaza will feature an open-air shopping and dining space, as well as a full-service supermarket, financial institutions, a fitness center, sit-down restaurants, cafés and a variety of local and national retailers. The revitalization project is situated on 10 acres and will be a “community living room” gathering-style plaza for the 34,000 area residents. The Nadel Architect team includes Greg Lyon, David Anderson, Keith Martinez and Andrew Wolff.

November 20, 2018

Acquisitions Mixed-Use Office Oregon Retail Western

Compass Commercial Brokers $6.1M Sale of Mixed-Use Complex in Bend, Oregon

by Amy Works November 20, 2018

BEND, ORE. — Compass Commercial Real Estate Services has arranged the sale of Deschutes Business Center, located at 20332-20370 Empire Ave. in Bend. An undisclosed buyer acquired the property for $6.1 million. Situated on 5.5 acres, the asset features 54,508 square feet of mixed-use space. Robert Raimondi, Russell Huntamer and Paul Weaver of Compass Commercial Real Estate, along with John Keba of Compass Commercial Asset & Property Management, represented the undisclosed seller. Weaver, Gardner Williams and Peter May of Compass Commercial represented the buyer.

November 20, 2018

Acquisitions Office South Carolina Southeast

LRC Properties Acquires 104,610 SF Charleston Office Building

by Alex Tostado November 19, 2018

CHARLESTON, S.C. — LRC Properties LLC has acquired Ashley Overlook, a 104,610-square-foot office building located at 4390 Belle Oaks Drive in Charleston that serves as Select Health of South Carolina’s headquarters. Stan Johnson Co. brokered the deal between New York-based LRC and the seller, a group of individual investors based in San Jose, Calif. The property was 81 percent leased at the time of the October sale. The sales price was undisclosed.

November 19, 2018

Acquisitions Midwest Missouri Office

Marcus & Millichap Arranges Sale of FBI-Occupied Office Building in St. Louis

by Kristin Harlow November 19, 2018

ST. LOUIS — Marcus & Millichap has arranged the sale of an 89,564-square-foot office building occupied by the regional field office of the Federal Bureau of Investigation (FBI) in St. Louis. The sales price was $21 million, according to the St. Louis Business Journal. The two-story building was completed as a build-to-suit for the FBI in 1999 and was expanded by approximately 15,000 square feet in 2008. Geoff Ficke of Marcus & Millichap represented the buyer, a government-focused real estate fund. The buyer plans to retain ownership through the end of the nine years left on the lease. The seller was not disclosed.

November 19, 2018

Development Office Texas

Roserock Capital Begins Work on 61,000 SF Office Project in Bryan, Texas

by Taylor Williams November 19, 2018

BRYAN, TEXAS — Roserock Capital Group has begun work on 8872 Health Science Center Parkway, a 61,000-square-foot office project in the central Texas city of Bryan. The Class A property, which is expected to be complete by April 2019, represents Phase I of CamWest Crossing, a 45-acre office and retail project. Oldham Goodwin Group LLC is leasing and marketing the development.

November 19, 2018

Loans Midwest Nebraska Office

NorthMarq Secures $17.5M Refinancing for Office Property in Omaha

by Kristin Harlow November 19, 2018

OMAHA, NEB. — NorthMarq Capital has secured a $17.5 million loan for the refinancing of Linden Place I & II in Omaha. The Class A office property spans 154,772 square feet and is located at 14301 FNB Parkway. Bob Chalupa arranged the 15-year loan, which features a fixed rate and a 25-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

November 19, 2018

Leasing Activity Office Texas

Hartman Signs VA to 46,041 SF Office Lease Renewal in San Antonio

by Taylor Williams November 19, 2018

SAN ANTONIO — Hartman Income REIT has signed a 46,041-square-foot office lease renewal with General Services Administration working on behalf of the Veterans Administration (VA) at 7411 John Smith Drive in San Antonio. According to LoopNet Inc., the property was built in 1983. Kacie Skeen internally represented Hartman, the landlord, in the lease negotiations.

November 19, 2018

Acquisitions Colorado Office Western

Bridge Investment Group, DPC Cos. Acquires 1.3 MSF Office Campus in Metro Denver

by Amy Works November 19, 2018

LAKEWOOD, COLO. — Bridge Investment Group, in partnership with Denver-based DPC Cos., has acquired Denver West Business Park, a 20-building flexible office campus located near downtown Denver, for an undisclosed price. Situated in Lakewood, the 82-acre asset features 14 buildings on the south side of Interstate 70 and six buildings on north side of the interstate. Originally built between 1974 and 1981, Denver West has undergone more than $25 million in capital improvements since 2014 and was 78 percent occupied at the time of sale. Recent renovations include roof replacement for all 20 buildings, base building repairs and $8.1 million in accretive cosmetic investment. Bridge and DPC plans to invest $14 million over the next three to four years in additional capital improvements. Planned renovations include modernizing the lobbies, elevators, restrooms, entrances, corridors, landscaping and existing amenities. New amenities will include paddle boarding, lakeside gazebos and other activities that resonate with the live-work-play workforce. DPC Cos. will oversee all leasing, property management and redevelopment work.

November 19, 2018

Loans Office Texas

Natixis Provides $147.2M Loan for Refinancing of 46-Story Office Tower in Houston

by Taylor Williams November 16, 2018

HOUSTON — French investment bank Natixis has provided a $147.2 million floating-rate loan for the refinancing of San Felipe Plaza, a 46-story office tower located in the Galleria/Uptown area of Houston. The Class A, 980,473-square-foot property was built in 1983 and renovated in 2015. Amenities include a fitness center, multiple onsite dining options, a conference center, dry cleaner and a Starbucks. Susan Hill of HFF arranged the loan on behalf of the borrower, a subsidiary of Parkway Inc.

November 16, 2018

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