Office

Berkadia Secures $25M Acquisition Loan for Office Complex in Jacksonville

by Camren Skelton September 14, 2018

JACKSONVILLE, FLA. — Berkadia has arranged a $25 million loan for the acquisition of Summit at Southpoint, a 260,664-square-foot office complex located at 6410 Southpoint Parkway in Jacksonville. Charles Foschini and Christopher Apone of Berkadia arranged the three-year loan through NXT Capital on behalf of the borrower, Rose & Berg Realty Group. Transwestern arranged the acquisition on behalf of the seller, Blue Rock Real Estate LLC, which sold the complex for $29.6 million. Summit at Southpoint includes four, three-story office buildings constructed between 1988 and 1998. The complex was 82 percent leased at the time of sale to tenants such as U.S. Bank/FSV Payment Systems, Chicago Title Insurance Co., BB&T, Windstream, Occenture and Keiser University.

September 14, 2018

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $14.7M Sale of Office Building in Richmond

by Camren Skelton September 14, 2018

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the $14.7 million sale of 206,068-square-foot office building located at 6606 W. Broad St. in Richmond. Thalhimer Realty Partners (TRP), the investment and development subsidiary of Cushman & Wakefield | Thalhimer, acquired the asset from Southern States. TRP will rename the building Brookfield Place. The property, which was 70 percent leased at the time of sale, serves as the headquarters for Southern States Cooperative. Additional tenants include Virginia Urology, Wiley Wilson and Keener Communications. Brookfield Place will continue to serve as the headquarters for Southern States, which has signed a long-term lease with plans to renovate its office space. Evan Magrill and Baker Lynn of Cushman & Wakefield | Thalhimer will handle Brookfield Place’s leasing assignment, and Lindsay Mujacic of Cushman & Wakefield | Thalhimer will manage the property.

September 14, 2018

Acquisitions New Jersey Northeast Office

CBRE Brokers $19.7M Sale of Office Building in Matawan, New Jersey

by David Cohen September 13, 2018

MATAWAN, N.J. — CBRE has brokered the $19.7 million sale of a 133,678-square-foot office building in Matawan. Located at 100 Matawan Road, the Class A office building is currently 85 percent leased. More than $1.6 million in capital improvements have been made to the property since 2015. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE Institutional Properties represented the seller, a partnership led by Denholtz Associates, in the transaction. The buyer was Signature Acquisitions.

September 13, 2018

Acquisitions New York Northeast Office

Cushman & Wakefield, Rudder Property Group Negotiate $9.5M Sale of Office Property in Hudson Yards

by David Cohen September 13, 2018

NEW YORK CITY — Cushman & Wakefield and Rudder Property Group have negotiated the $9.5 million sale of an 11,750-square-foot office cooperative in Manhattan’s Hudson Yards neighborhood. Located at 450 West 31st St., the property includes the entire 12th floor of the building as well as the penthouse. The cooperative also includes a 4,750-square-foot private terrace and a basement storage area. Carri Lyon of Cushman & Wakefield, along with Michael Rudder and Michael Heller of Rudder Property Group, represented the seller, Studio 450. Todd Korren of Avison Young represented the buyer, Melkonian Capital Management.

September 13, 2018

Acquisitions Florida Office Southeast

NKF Capital Markets Brokers $12M Sale of AT&T-Leased Office Building in Broward County

by Camren Skelton September 13, 2018

PLANTATION, FLA. — NKF Capital Markets has brokered the $12 million sale of a 130,549-square-foot office building located at 8601 W. Sunrise Blvd. in Plantation, a city in Broward County. Michael Lapointe and Michael Lohmann of NKF, along with Brian Bartlett and John Richardson of Newmark Phoenix Realty Group, arranged the transaction on behalf of the seller, FT-Florida Property LLC. Fifteen Group Capital LLC acquired the asset, which is home to an AT&T training center. AT&T has been the only occupant at the property since it was developed in 1985, according to NKF.

September 13, 2018

Development New York Northeast Office Top Stories

Columbia Property Trust, Normandy to Develop $300M Boutique Office Building in Manhattan

by Camren Skelton September 13, 2018

NEW YORK — Columbia Property Trust Inc. (NYSE: CXP) and Normandy Real Estate Partners LLC plan to form a joint venture to develop 799 Broadway, a 12-story boutique office building in Manhattan’s Midtown South neighborhood. The $300 million, ground-up project will be located at the corner of 11th Street and Broadway, at the convergence of Union Square and Greenwich Village. The loft-style building will total 182,000 square feet and will feature floor plates ranging from 3,600 to 22,000 square feet. Other features will include 15-foot ceilings, floor-to-ceiling glass and private terraces. “We look forward to working with Columbia to jointly develop a Class A, loft-style creative building in this ideal location,” said Jeffrey Gronning, founder and partner of Normandy Real Estate Partners. “With its high-end amenities and features, this unique building will be ideally suited for tenants seeking a creative and collaborative environment and should benefit from the limited supply of newly developed properties in this neighborhood.” Chicago-based architecture firm Perkins+Will is designing the building, which is slated for completion in the second half of 2020. Once completed, 799 Broadway will join Columbia’s existing Manhattan portfolio, which includes 218 W. 18th St., 249 W. 17th St., 114 5th Ave., 229 …

September 13, 2018

Loans Office Texas

TriGate Capital, M-M Properties Refinance 1.5 MSF Office Tower in Downtown Dallas

by Taylor Williams September 12, 2018

DALLAS — A partnership between Dallas-based TriGate Capital LLC and developer/operator M-M Properties has refinanced Comerica Bank Tower, a 60-story, 1.5 million-square-foot office building in downtown Dallas. The Dallas Morning News reports that the amount of the loan is $163 million. Completed in 1987, the property includes ground-floor restaurant space and amenities such as a conference center, tenant lounge and a patio bar. The loan proceeds will be used to repay an existing CMBS loan and provide additional funds for leasing, as well to finance other capital expenditures. John Brownlee and Jim Curtin of HFF placed the loan with Annaly Commercial Real Estate Group Inc. on behalf of the borrower.

September 12, 2018

Acquisitions Office Texas

Colliers Arranges Sale of Two Office Assets Totaling Nearly 600,000 SF in Midland

by Taylor Williams September 12, 2018

MIDLAND, TEXAS — Colliers International has arranged the sale of two Class A office properties totaling nearly 600,000 square feet in the West Texas city of Midland. Fasken Center is a 421,546-square-foot property that was built in phases in 1974 and 1982, according to Wikipedia. Frost Bank Tower is a 12-story, 177,952-square-foot building. David Carter and Patrick Duffy of Colliers International brokered the deal. Other terms of sale were not disclosed.

September 12, 2018

Development Office Oregon Western

Joint Venture Completes $190M Cancer Research Building in Portland

by Amy Works September 12, 2018

PORTLAND, ORE. — The construction joint venture team of McCarthy Building Cos. and Andersen Construction, along with SRG Partnership and Oregon Health & Science University (OHSU), has completed the Knight Cancer Research Building on OHSU’s campus. The $190 million research and development conference center facility features 320,000 square feet of space, with science and data analysis offerings on each floor to maximize interaction and the potential of deeper innovation and idea sharing. The facility also features open-air balconies, communicating stairs, a rooftop terrace and a central collaboration kitchen.

September 12, 2018

Acquisitions California Office Western

Hines Sells 345,775 SF Office Portfolio in Sacramento

by Amy Works September 12, 2018

SACRAMENTO, CALIF. — Hines has completed the sale of Point West, a three-building office portfolio located in Sacramento. Basin Street Properties acquired the asset for an undisclosed price. Totaling 345,775 square feet, the properties are located at 1545 River Park Drive, 1601 Response Road and 1610 Arden Way. At the time of sale, the portfolio was 78 percent occupied by a diverse tenant base, including UBS, GSA, WestAmerica Bank and Covered CA. Grant Lammersen, Steve Golubchik, Edmund Najera and Tyler Meyerdirk of NKF Capital Markets represented the seller in the deal.

September 12, 2018

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