Office

HFF Brokers $96.5M Sale of Office Tower in Atlanta’s Buckhead District

by Camren Skelton August 23, 2018

ATLANTA — HFF has brokered the sale of Buckhead Tower, a 19-story office tower located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. Richard Reid, Ed Coco, Ryan Clutter, Dek Potts and Ralph Smalley of HFF arranged the transaction on behalf of the seller, a joint venture led by Parmenter Realty Partners Fund IV. The team also procured the undisclosed buyer. Other terms of the deal were not disclosed, but the Atlanta Business Chronicle reports an affiliate of TPA Group acquired the asset for $96.5 million. Additionally, the HFF team arranged a floating-rate acquisition loan through MetLife Real Estate on behalf of the buyer. The 348,000-square-foot Buckhead Tower is directly connected to Lenox Square Mall and the JW Marriott Hotel and is located adjacent to the Buckhead MARTA station. The building features a full-service café, fitness center, structured parking and 24/7 controlled access. Buckhead Tower is home to tenants such as State Bank, Gables Residential, Applied Systems, Networx Systems and Crowe Hogarth.

August 23, 2018

Georgia Leasing Activity Office Southeast

Avison Young Arranges 41,288 SF Office Sublease for Instacart at Ponce City Market in Atlanta

by Camren Skelton August 23, 2018

ATLANTA — Avison Young has arranged a 41,288-square-foot sublease for Instacart, an on-demand grocery service, at Ponce City Market in Atlanta. Phil Barry, Hilton Barry, Steve Cook and Jack Kerrigan of Avison Young represented the sub-landlord, Athenahealth, in the five-year lease transaction. Sam Pruitt of Site Selection Group, along with Michelle Galvani and Shan Morris of Wildmor Advisors, represented Instacart. The creative loft office space is located on the eighth floor and includes an outdoor deck area. The 2 million-square-foot Ponce City Market is an adaptive reuse of the 1920s-era Sears, Roebuck & Co. building on Ponce de Leon Avenue, which is located along the Atlanta Beltline’s Eastside Trail in Atlanta’s Old Fourth Ward district. In addition to creative office space, the mixed-use development includes a food hall, loft apartments and retail space. Founded in 2012, San Francisco-based Instacart operates as a same-day grocery delivery service. Customers select groceries through a web application from various retailers and the order is delivered by a personal shopper.

August 23, 2018

Acquisitions Florida Office Southeast

CBRE Negotiates $13.1M Sale of Office Building on Florida’s Space Coast

by Camren Skelton August 23, 2018

MELBOURNE, FLA. — CBRE has arranged the $13.1 million sale of Rialto Place, a 150,962-square-foot office building located at 100 Rialto Place in Melbourne, a city on Florida’s Space Coast. Ron Rogg and Chip Wooten of CBRE brokered the transaction on behalf of the undisclosed seller. The name of the buyer was not disclosed. The 10-story office building is home to tenants including Apple, Northrop Grumman, Thales and Leidos. The property is located adjacent to a 240-room Hilton hotel, which features a full-service restaurant and bar and a conference facility.

August 23, 2018

Civic Development Office Texas

TCC, Elm Tree to Build 259,947 SF Immigration Center in Irving

by Taylor Williams August 23, 2018

IRVING, TEXAS — Trammell Crow Co. and Elm Tree Funds will build a 259,947-square-foot government office building on a 27-acre tract in Irving. The project is a build-to-suit for the General Services Administration, which has signed a 20-year lease. U.S. Citizenship and Immigration Services will use the property as its Texas Service Center. Construction is scheduled to begin in August and to be completed in early 2020. Gensler is serving as the project architect and Manhattan Construction Co. is the general contractor.

August 23, 2018

Healthcare Loans Mixed-Use Office Retail Washington Western

Newmark Arranges $42M in Financing for 107,000 SF Mixed-Use Property in Sammamish, Washington

by Amy Works August 23, 2018

SAMMAMISH, WASH. — Newmark has secured $42 million in permanent financing for the Village at Sammamish Town Center, a 107,000-square-foot mixed-use property located in Sammamish. The property features 37,000 square feet of medical office space, a 35,000-square-foot Metropolitan Market and 35,000 square feet of retail space. The newly completed property is the only new commercial development on the Sammamish plateau in more than 20 years, according to Newmark. Michael Taylor, Skip Slavin and Patrick Taylor of Newmark’s Seattle office arranged the non-recourse financing on behalf of the property owner. The 14-year term, 30-year amortization loan was placed with one of Newmark’s correspondent lenders, and Newmark will service the loan.

August 23, 2018

Acquisitions California Industrial Office Western

CJ3 Sells 20,329 SF Industrial/Office Building Near San Diego for $3.5M

by Amy Works August 23, 2018

CARLSBAD, CALIF. — CJ3 has completed the sale of a fully occupied industrial property located at 2721 Loker Ave. West in Carlsbad. A private investor acquired the property for $3.5 million. The freestanding building features 20,329 square feet, with 50 percent of the space dedicated to office use and 50 percent dedicated to warehouse space. The office space includes a mix of window-lined private offices, multiple conference/meeting areas and large open collaborative spaces. Dennis Visser and Chris Baumgart of Cushman & Wakefield’s San Diego office represented the seller, while Baugmart also represented the buyer in the deal.

August 23, 2018

Market Reports Midwest Midwest Market Reports Office Ohio

Cleveland Office Market Is on Very Solid Ground

by Kristin Harlow August 23, 2018

U.S. economic growth in 2018 is expected to be the strongest in three years. The steady momentum in the Cleveland office market fully supports this forecast. Overall vacancy rates in the Cleveland metro area align with national trends in the range of 12 to 14 percent, rental rates are increasing modestly with averages in the low $20s per square foot and the market for Class A office space continues to be very tight. Tenant improvement allowances offered by landlords are rising faster than rents in a competitive leasing environment, ranging from $20 to $60 per square foot. Larger, multi-floor blocks of quality space are becoming especially difficult to come by in both the central business district (CBD) as well as the suburbs, making new office construction projects more viable than in the past. Attraction, retention When it comes to attracting the best and brightest workforce, office occupiers are seeking vibrant, walkable locations, rich with amenities and character. Building owners and developers in the Cleveland CBD continue to introduce office conversion projects that bring more apartments downtown, helping in turn to strengthen the office market. The K&D Group is currently converting a portion of the iconic 52-story Terminal Tower to …

August 23, 2018

Acquisitions Northeast Office Pennsylvania

CBRE Negotiates $8.9M Sale of Flex Portfolio Near Philadelphia

by David Cohen August 22, 2018

BOOTHWYN, PA. — CBRE has negotiated the $8.9 million sale of a two-property flex portfolio in Boothwyn. The portfolio consists of a two-story office building and a single-story industrial facility totaling 50,028 square feet, as well as an adjacent 3.2-acre land parcel. Steve Marzullo and Adam Silverman of CBRE represented the seller, affiliates of RedGo Development. The buyer was an affiliate of SSH Real Estate. Both properties are fully occupied by Pentec Health Inc. The two-story office building was built in 2008 and contains 17,668 square feet of office space. The single-story industrial facility was built in 2006 and contains 32,360 square feet of office, pharmacy, lab and warehouse space.

August 22, 2018

Acquisitions Florida Office Southeast

Avison Young Arranges $16.6M Sale of Office Building in Broward County

by Camren Skelton August 22, 2018

PLANTATION, FLA. — Avison Young has arranged the $16.6 million sale of Pointe 1801, a 99,255-square-foot office building located at 1801 N.W. 66th Ave. in Plantation. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller, a global private equity firm. Zaragon Inc. acquired the property. The transaction represents the final sale of a three-asset portfolio Avison Young listed on behalf of the seller. The three properties, including Southpointe and Pointe Broward, sold separately within one month for a total of $49.3 million. Pointe 1801 was fully leased at the time of sale to two tenants.

August 22, 2018

Acquisitions Illinois Midwest Office Top Stories

GlenStar, Rubenstein Acquire 910,796 SF Office Property in Suburban Chicago for $121.5M

by Kristin Harlow August 22, 2018

ROLLING MEADOWS, ILL. — A partnership between GlenStar and Rubenstein Partners, known as CT Acquisitions LLC, has acquired Continental Towers for $121.5 million. The 910,796-square-foot office property is located in Rolling Meadows, about 30 miles northwest of Chicago. GlenStar initially acquired the property in 2013 and has since completed approximately $30 million in improvements for the asset. GlenStar added a 734-stall parking garage and renovated the fitness center, restrooms and corridors. As a result, occupancy jumped from 55 percent to 90 percent with the addition of tenants such as Verizon and Panasonic. The new joint venture between GlenStar and Rubenstein plans to complete an additional $20 million in renovations, including an overhaul of the two-acre plaza deck as well as the lobbies, café and amenity space. Work is set to begin immediately. Originally constructed in the early 1980s, Continental Towers is a three-tower office complex situated on 34 acres. The Class A property is located near I-90 and Woodfield Mall. “Our main focus as a firm is to seek out and acquire high-quality, value-add office assets in emerging markets,” says Brandon Huffman, portfolio manager of equity investments for Rubenstein. “Continental Towers represents everything we typically look for in an investment.” …

August 22, 2018

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