Office

Morehouse School of Medicine, Carter Break Ground for $52M Mixed-Use Project in Atlanta

by Amy Works October 30, 2018

ATLANTA — Morehouse School of Medicine (MSM) and Carter, an Atlanta-based developer, have broken ground for the first phase of Lee Street Campus, a $52 million mixed-use development in Atlanta’s Historic West End. The $52 million development will include MSM’s first on-campus graduate student housing, offering 187 units in a mix of studio, one- and two-bedroom layouts; a 25,000-square-foot ambulatory health facility; 9,000-square-foot fitness/wellness center; 2,500 square feet of retail space; and a four-level parking deck at the corner of Lee Street and Westview Drive. The ownership joint venture for the project includes equity investments by MSM, Carter and Campus Life Fund, sponsored by Atlantic American Partners. Patterson Real Estate Advisors Group secured construction financing, which was provided by First Citizens Bank. Construction is slated for completion in time for the 2020 school year.

October 30, 2018

Florida Industrial Loans Office Southeast

NorthMarq Capital Arranges $24M Refinancing for 311,287 SF Flex Property in Melbourne, Florida

by Amy Works October 30, 2018

MELBOURNE, FLA. — NorthMarq Capital has secured the $24 million refinancing of an office and manufacturing property located at 100 N. Babcock St. in Melbourne. Leonardo DRS Inc. occupies the 311,287-square-foot facility. The company is a developer of mission-critical products and services that support military forces, intelligence agencies and prime contractors. Robert Hernandez and Lauren Hanley of NorthMarq’s Tampa office arranged the 11-year loan through an unnamed life insurance company.

October 30, 2018

Acquisitions Midwest Office Ohio

Zamir Equities Acquires 559,299 SF Office Tower in Cleveland

by Kristin Harlow October 30, 2018

CLEVELAND — Zamir Equities LLC has acquired 1111 Superior Avenue, a 559,299-square-foot office tower in downtown Cleveland. While the purchase price is not available, The Plain Dealer reports that Zamir took out a $46 million mortgage on the property. The property is positioned along the city’s main thoroughfare and overlooks Lake Erie. The 28-story tower was renovated in 2014. Amenities include a conference facility, fitness facility, yoga room and David’s Deli. Anchored by the Cleveland Metropolitan School District, the property is 83.4 percent leased to tenants such as Asurint and MetLife Services & Solutions. Jaime Fink, Jeffrey Bramson, John Merrill, Bryan Rosenberg and Patrick Shields of HFF represented the seller, American Landmark Properties Corp. The team also procured the buyer.

October 30, 2018

Acquisitions Office Utah Western

Terracom Acquires 120,000 SF Office Campus in Provo, Utah

by Amy Works October 30, 2018

PROVO, UTAH — Terracom has purchased The Park at Riverwoods, an office campus situated on 9.2 acres in Provo. Brentwood Provo sold the property for an undisclosed price. The two-building, 120,000-square-foot property formerly served as headquarters for Ancestry.com. Brandon Fugal, Josh Smith and James Bullington of Colliers International represented both parties in the transaction.

October 30, 2018

Acquisitions California Office Western

Gemdale USA, Lincoln Property Co. Sell 56,179 SF Office Building in Downtown San Francisco

by Amy Works October 30, 2018

SAN FRANCISCO — Gemdale USA Corp. and Lincoln Property Co. have completed the sale of 500 Pine, an office building in downtown San Francisco. Heitman acquired the property on behalf of an affiliate for an undisclosed price. Michael Leggett, Gerry Rohm, Ben Bullock, David Dokko and Thomas Foley of HFF represented the seller and procured the buyer. Completed in 2017, the 56,179-square-foot building is LEED-Gold certified and features open floor plans, floor-to-ceiling window lines, a rooftop balcony and on-site parking with a bike room and showers. CVS/pharmacy and Blend fully lease the five-story building.

October 30, 2018

Acquisitions California Office Western

Shorenstein Purchases 565,000 SF Sorrento Towers in San Diego

by Amy Works October 29, 2018

SAN DIEGO — Shorenstein Properties has acquired Sorrento Towers North & South, two Class A office project in San Diego. Rick Reeder and Brad Tecca of Cushman & Wakefield advised Shorenstein in the transaction. The name of the seller and acquisition price were not released. The 565,000-square-foot asset serves as the gateway to Sorrento Mesa, San Diego’s technology hub. First developed in 1989 and renovated in 2014, the North buildings consist of two seven-story structures totaling approximately 286,000 square feet at 5355 and 5375 Mira Sorrento Place. Built in 2001, the South buildings consists of two six-story structures totaling 278,000 square feet at 9276 and 9330 Scranton Road. The towers feature high-image glass exteriors, modern building lobbies and common areas, outdoor lounge areas, modern fitness centers, state-of-the-art conference facilities and structured parking. The properties are also located adjacent to the Sorrento Court and Sorrento Plaza retail centers.

October 29, 2018

Acquisitions Hawaii Office Retail Western

Cushman & Wakefield Chaney Brooks Brokers Sale of 56,250 SF Commercial Property in Honolulu

by Amy Works October 29, 2018

HONOLULU — Honolulu-based Cushman & Wakefield Chaney Brooks has arranged the sale of 1659 and 1673 Kapiolani Boulevard in Honolulu. Evershine acquired the two-parcel asset from a multi-seller group, including Seiju Co. Ltd., Maruito USA and TYA LLC, for an undisclosed price. Combined, the properties feature 56,250 square feet of commercial space. The assets are situated in the Kapiolani-Ala Moana corridor, which is transforming into a transit-oriented live, work and play district near the under-construction Ala Moana rail station. Steve Sombrero of Cushman & Wakefield Chaney Brooks represented the sellers in the transaction.

October 29, 2018

Development Illinois Midwest Office

J.C. Anderson Completes 22,000 SF Buildout for Northwestern Mutual in Downers Grove, Illinois

by Kristin Harlow October 29, 2018

DOWNERS GROVE, ILL. — J.C. Anderson has completed an office renovation and reconfiguration for Northwestern Mutual in Downers Grove. The firm relocated from another floor within the same building to occupy a tailored 22,000-square-foot space. Construction included the addition of new private offices, open workspace and meeting areas, as well as modern finishes and amenities throughout. J.C. Anderson’s Joe Maguire oversaw the construction team, which included Mike Ruffolo as project manager and Gary Kuechler as superintendent. Whitney provided the architectural services and Avison Young represented Northwestern Mutual in lease negotiations. Hamilton Partners owns the property, Esplanade IV.

October 29, 2018

Acquisitions District of Columbia Office Southeast Top Stories

JBG Smith Sells 154,384 SF Office Building in Washington, D.C. for $65M

by Taylor Williams October 29, 2018

WASHINGTON, D.C. — Maryland-based REIT JBG Smith Properties (NYSE: JBGS) has sold the Lion Building, a 154,384-square-foot office property in Washington, D.C., for $65 million. The Lion Building, which is located at 1233 20th St. near Dupont Circle, houses the embassies of Vietnam and South Sudan. The location puts the property within walking distance of three different Metrorail stations, 500 retail stores and restaurants and eight hotels. Jim Meisel, Andrew Weir, Matt Nicholson and David Baker of HFF represented JBG Smith in the sale. This quartet of investment advisory professionals also procured the buyer, a joint venture between private investment manager GreenOak Real Estate and Mid-Atlantic investment firm MRP Realty. Cary Abod, Dan McIntyre and Robert Carey of HFF arranged $47.6 million in acquisition financing for the transaction. The lender and loan terms were not disclosed. JBG Smith’s stock price closed at $37.10 per share on Friday, October 26, up from $31.26 per share a year ago. The company, which is listed on Standard & Poor’s MidCap 400 Index, owns and operates assets in infill markets around the Washington, D.C. area. — Taylor Williams

October 29, 2018

Market Reports Office Southeast Southeast Market Reports Virginia

Richmond’s Office Market Grows in Prominence as Corporate-Friendly Destination

by John Nelson October 29, 2018

Richmond is thriving and the office market is following suit. The office market, like the broader Richmond region, benefits from Richmond’s diverse economy, high-quality of life at a reasonable cost of living and the steadily growing, highly educated workforce. These attributes make Richmond an attractive option for large employers evaluating cities for operations. Recent entrants to Richmond include CoStar Group, ICMA-RC and Owens & Minor. The CEO of CoStar pointed to Richmond’s educated workforce, affordability and excellent quality of life as the reasons Richmond recently beat out several other Southeast U.S. cities as the new home for the company’s global research headquarters. Growth from within Richmond is also driving the market with new developments of over $1 billion in the pipeline or currently under construction from two of Richmond’s largest employers: Virginia Commonwealth University Health System and Dominion Energy. Their developments in downtown Richmond are accompanied by a wide array of creative office developments in the formerly industrial Scott’s Addition micro-market located near the convergence of Interstates 64 and 95. The city of Richmond continues to be the recipient of most new office development with suburban development being limited and mainly healthcare centric, led by Bon Secours Health System and …

October 29, 2018

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