Office

Holladay Properties Sells 28,674 SF Office Building in South Bend, Indiana

by Kristin Harlow September 5, 2018

SOUTH BEND, IND. — Holladay Properties has sold Colfax Place in downtown South Bend for $1 million. Colfax Place Offices LLC was the buyer. The seven-story, 28,674-square-foot office building is located at 220 W. Colfax Ave. The building is currently 81 percent occupied by tenants such as Michiana Health Information Network, The American National Red Cross, Christopher B. Burke Engineering Ltd. and Vanguard Eldercare Medical Group. Indiana & Michigan Power constructed the building in the 1920s and Holladay has owned the property since 1988. Cressy Commercial Real Estate brokered the transaction.

September 5, 2018

Acquisitions New York Northeast Office Top Stories

Lexington Realty Trust Sells 21 Office Assets for $726M

by David Cohen September 5, 2018

NEW YORK CITY — Lexington Realty Trust (NYSE: LXP) has sold a 21-office asset portfolio for $726 million to a joint venture between affiliates of Davidson Kempner Capital Management LP and Lexington. The office properties are spread across the U.S., with properties in the eastern and western regions, the South and the Midwest. The 3.8 million-square-foot portfolio is currently 98.6 percent leased to a tenant roster that includes Amazon, Experian Holdings, Motel 6 and Nissan. “This transaction marks a major step forward as we execute on our strategy to efficiently recycle capital out of suburban office properties and concentrate our portfolio on single-tenant, net leased industrial properties,” says T. Wilson Eglin, CEO of New York City-based Lexington Realty Trust. We intend to use transaction proceeds to continue to acquire high-quality industrial properties and repay our revolving credit facility and other debt, which we believe is the best path to create meaningful long-term shareholder value.” Following the transaction, Lexington’s percentage of industrial assets based on consolidated revenue is expected to increase to 60 percent from 44 percent at year-end 2017. Lexington received net cash proceeds of approximately $565 million at closing. The joint venture is expected to assume approximately $57 million …

September 5, 2018

Market Reports New York Northeast Northeast Market Reports Office

Office Market Picking Up the Pace in Manhattan

by David Cohen September 5, 2018

After a sluggish start to the year, the Manhattan office market has experienced a strong rebound. In the second quarter, more than 10 million square feet of space was leased, the highest quarterly total since 2014, pushing year-to-date leasing activity to just over 17 million square feet. At mid-year 2018, there were 17 new leases exceeding 100,000 square feet and 35 new leases of more than 50,000 square feet. Although the economy has been at a peak for an unusually long time, the Manhattan office market has reached new highs. This presents an interesting exception to the norm, where real estate typically lags the economy, and it is good news for the market. Market Drivers While demand has come from a variety of sectors, the most recent top occupiers have come from the FIRE (financial services, insurance, and real estate), TAMI (technology, advertising, media and information), law firm and coworking sectors. Early in the year, the FIRE sector dominated large-block transactions. Examples include JPMorgan Chase’s 420,000-square-foot lease at the newly renovated 390 Madison Ave., and Bank of America Corp.’s 343,000-square-foot lease at 1100 Avenue of the Americas and 127,000-square-foot lease at 1114 Avenue of the Americas. This level of expansion …

September 5, 2018

Development Midwest Missouri Office

HDA Architects Designs New Headquarters for ADB Cos. in Pacific, Missouri

by Kristin Harlow September 4, 2018

PACIFIC, MO. — HDA Architects has designed a new corporate headquarters for ADB Cos. in Pacific, about 35 miles west of St. Louis. ADB is part of the Keeley family of companies, which also includes a construction arm and development group. The project consists of a 36,852-square-foot office building and a 24,137-square-foot maintenance building. Plans call for a two-story lobby entrance and a lounge space. Completion of construction is slated for December.

September 4, 2018

Acquisitions California Office Western

LNR Partners Divests 44,187 SF Office Building in Pomona Valley

by Amy Works September 4, 2018

POMONA, CALIF. — LNR Partners has completed the sale of Pomona Tech Center, an office building located at 3201 Temple Ave. in Pomona. A private buyer acquired the asset for $6.5 million, or $147 per square foot. The two-story, 44,187-square-foot building features institutional-quality, steel-frame improvements with a recently renovated vaulted lobby, mountain and valley views, and ample surface parking. Additionally, the property offers immediate access to Orange County and the Inland Empire. At the time of sale, the property was 89 percent leased to six tenants, with national credit tenants St. Joseph Health and Henkels & McCoy occupying 46 percent of the building. Jeffrey Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s Capital Markets Group, along with Sean Kern and Ryan Russell of Cushman & Wakefield, represented the seller in the transaction.

September 4, 2018

Development Georgia Office Southeast

Inspire Brands to Locate $32M Global Headquarters in Metro Atlanta

by Camren Skelton September 4, 2018

SANDY SPRINGS, GA. — Multi-brand restaurant company Inspire Brands will locate its global headquarters in Sandy Springs, roughly 20 miles north of Atlanta. The Global Support Center is expected to open in 2019 and will be the corporate hub for Inspire and its portfolio of restaurant brands. Founded in February, Inspire’s portfolio includes more than 4,600 Arby’s, Buffalo Wild Wings and R Taco restaurants worldwide, with combined global system sales of more than $7.6 billion in 2017. The new headquarters is expected to create more than 1,100 jobs in Fulton County over the next six years.

September 4, 2018

Leasing Activity Office South Carolina Southeast

Serendipity Labs to Open Two Coworking Locations in Charleston Totaling 63,200 SF

by Camren Skelton September 4, 2018

CHARLESTON, S.C. — Serendipity Labs Coworking will open two office coworking locations in Charleston totaling 63,200 square feet. A 30,200-square-foot, corporate-owned location will anchor Holder Properties’ Portside-Ferry Wharf Development at the base of the Mount Pleasant Ravenel Bridge. The second, a 33,000-square-foot franchised location owned by hotel industry veteran Trey Scott, will be part of the Garco Mill mixed-use redevelopment project in North Charleston at 4854 O’Hear St. WECCO Development is developing the project. Both Serendipity Labs locations will feature a Lab Café, event space, wellness rooms, private rooms, studios with full A/V capabilities and complimentary tech support. In addition, the locations will feature art shows from local artists and member-only events. Lee Allen and Michael Berman of JLL represented Serendipity Labs in the lease transactions.

September 4, 2018

Market Reports New Mexico Office Western Western Market Reports

Albuquerque’s Office Market Sees Positive Absorption, New Construction

by Taylor Williams September 4, 2018

New Mexico’s office market has held steady along with the rest of the country throughout 2017. New development in areas outside of metro Albuquerque, like the Facebook development in Los Lunas, is attracting retail- and service-related businesses. While it remains to be seen what this means to the general commercial real estate industry, it is encouraging to see increases in activity in areas where there had been little to no growth in recent years. Albuquerque, the heart of New Mexico’s office market, saw positive absorption start to increase from the past two quarters. The market is seeing organic tenant movement and, more importantly, there has been a swelling interest in Albuquerque metro areas from out-of-state companies looking for a Mountain Time Zone location that is economically attractive. Co-working spaces have gained in momentum with several cropping up since the end of 2016. New co-working spaces include Gravitate, which has expanded into two new locations near FreeRange and the new Tramway Plaza. We expect this trend to continue as the state focuses on investing in entrepreneurs and startup companies. New construction is expected to increase the overall Class A inventory over the course of 2018 and 2019. Compared to many other …

September 4, 2018

Acquisitions Connecticut Northeast Office

HK Group Orchestrates $1.2M Sale of Office Property in Westport, Connecticut

by David Cohen August 31, 2018

WESTPORT, CONN. — The HK Group has orchestrated the $1.2 million sale of a two-building, 5,571-square-foot office property in Westport. The complex is fully leased to a tenant roster that includes luxury homes builder Milton Development, an Allstate Insurance Agency and Backspace Westport. The seller was Argentini Corp. of Sarasota, Florida, which acquired the property in 1982. Millennium Brothers LLC. purchased the property as part of a 1031 exchange.

August 31, 2018

Leasing Activity New Jersey Northeast Office

Sheldon Gross Realty Secures 21,000 SF of Office Leases in Freehold, New Jersey

by David Cohen August 31, 2018

FREEHOLD, N.J. — Sheldon Gross Realty has secured five leases totaling 21,000 square feet at the Fairfield Corporate Park in Freehold. The 165,000-square-foot office park is located at 920-922 Route 33. The five companies that signed leases are Declarations Inc. (7,425 square feet); 1-800 Junk (3,600 square feet); Utiliquest LLC (3,600 square feet); Garcia Sequeira LLC (3,209 square feet); and Stylecare Salon Services LLC (3,209 square feet). Glenn Jaffe, Jonathan Glick, and Matthew Leonelli of Sheldon Gross Realty represented the undisclosed landlord in the lease transactions.

August 31, 2018

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