Office

Dominion Realty, Blue Vista Capital Acquire Office Park in Columbia for $24.3M

by Camren Skelton August 29, 2018

COLUMBIA, S.C. — Dominion Realty Partners (DRP), in partnership with Blue Vista Capital Management, has acquired Synergy Business Park, a 315,919-square-foot office park in Columbia, for $24.3 million. The new ownership plans to make significant investments in building renovations and capital improvement projects. The four-building property was 78 percent leased at the time of sale. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller.

August 29, 2018

Development Midwest Minnesota Office

Vomela Cos. to Build New Headquarters in St. Paul, Minnesota

by Kristin Harlow August 28, 2018

ST. PAUL, MINN. — The Vomela Cos. has unveiled plans to build a new corporate headquarters in St. Paul. The full-service specialty graphics provider, which has operated in St. Paul since 1947, will consolidate its four Twin Cities’ facilities into the new location. The 300,000-square-foot building will be located within Beacon Bluff Business Center on the site of 3M’s former campus. RJ Ryan Construction Inc. is serving as general contractor for the project. Construction began this month. The property will feature 252,000 square feet of production space and 47,500 square feet of office space. Completion is slated for July 2019.

August 28, 2018

Loans Multifamily Office Retail Texas

NorthMarq Arranges $54.9M in Financing for Commercial, Multifamily Properties in Metro Houston

by Taylor Williams August 28, 2018

HOUSTON — NorthMarq Capital has arranged $54.9 million in loans for the acquisition and refinancing of four commercial properties and one apartment community located throughout the Houston area. The properties include Deer Park Marketplace, a 35,000-square-foot retail asset in Deer Park; Havenwood Office Park, a 240,000-square-foot office property in The Woodlands; Hidden Lakes Phase III, a 9,000-square-foot retail property in League City; 2700 Research Forest, a 75,000-square-foot office building in The Woodlands; and Jacinto Palms Apartments in Jacinto City. Warren Hitchcock of NorthMarq Capital’s Houston office arranged the loans on behalf of the undisclosed borrowers.

August 28, 2018

Leasing Activity Office Texas

Coworking Firm Leases 19,692 SF at Metro Houston Office Building

by Taylor Williams August 28, 2018

SUGAR LAND, TEXAS — WorkSuites, a provider of coworking, virtual and executive office space throughout Houston, has leased 19,692 square feet at 77 Sugar Creek, a Class A office building located in the southwestern metro of Sugar Land. Dan Boyles and Michael Mannella of NAI Partners, along with John Pelletier and Greg Burns of ESRP Advisory, represented WorkSuites in the lease negotiations. Mat Volz and Craig McKenna of Stream Realty Partners represented the landlord, Velocis.

August 28, 2018

California Leasing Activity Office Western

Splunk Signs 301,000 SF Office Lease at 700 Santana Row in San Jose

by Amy Works August 28, 2018

SAN JOSE, CALIF. — Splunk Inc. has signed a long-term lease for 301,000 square feet of office space at 700 Santana Row. The 319,000-square-foot mixed-use building is under construction at the intersection of Santana Row and Olsen Drive in San Jose. Splunk is a publicly traded software company that creates applications for tracking big data. Developed by Federal Realty Investment Trust, 700 Santana Row is scheduled for delivery in 2019. The property will feature seven levels of office space above ground-floor retail space and a parking garage with approximately 1,300 spaces. San Francisco-based WRNS Studio designed the asset, which Devcon Construction is building. The all-concrete structure features 13-foot ceiling heights, a modern glass curtain wall, private terraces, a world-class urban plaza and is built to LEED Silver standards. Once completed, Santana Row will offer a total of 690,000 square feet of Class A office space, which is fully leased; 50 shops; 30 restaurants; nine personal service businesses; 615 rental apartments; 219 residential condominiums; and the 215-room Hotel Valencia.

August 28, 2018

Acquisitions North Carolina Office Southeast

HFF Brokers $88.5M Sale of Newly Constructed Office Building in Uptown Charlotte

by Camren Skelton August 28, 2018

CHARLOTTE, N.C. — HFF has brokered the sale of 500 East Morehead, a 178,336-square-foot office building in Uptown Charlotte. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF arranged the transaction on behalf of the seller, Beacon Partners. HFF’s Roy Rosenbaum and Sean Bannon procured the buyer, a member company of Zurich North America, advised by Zurich Alternative Asset Management, its alternative investment adviser. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $88.5 million. Constructed in 2017, the seven-story property features a fitness center with locker rooms and showers, conference room, three outdoor terraces, a rooftop terrace and three restaurants on the ground floor. The building was fully leased at the time of sale to tenants such as Elliott Davis, CB&I, Lennar Multifamily Communities, Guggenheim Real Estate and Hood Hargett & Associates. The restaurants at 500 East Morehead include The Packhouse, Joe & Nosh and Capishe.

August 28, 2018

Leasing Activity North Carolina Office Southeast

CBRE | Raleigh Arranges Leases With First Tenants at Office Development in Raleigh

by Camren Skelton August 28, 2018

RALEIGH, N.C. — CBRE | Raleigh has arranged leases with the first tenants at Crabtree Terrace, a 173,000-square-foot office building under construction in Raleigh. Coworking company Spaces signed a lease for 31,794 square feet of office space, Longleaf Law Partners signed a lease for 8,000 square feet and a high-end, large-format restaurant signed a lease for 12,500 square feet of ground-floor retail space. Chapel Hill-based East West Partners is developing Crabtree Terrace, which will include 145,000 square feet of office space and 28,000 square feet of ground-floor retail space upon completion in the fourth quarter of 2019. The building will be situated adjacent to a luxury hotel and conference center that will house a rooftop bar and full-service restaurant. Architecture firms Gensler and Kimley-Horn are designing the building, and Brasfield & Gorrie is the general contractor. Citizens Bank is providing construction financing for the project, and Northridge Capital LLC and SilverCap Partners are providing equity financing.

August 28, 2018

Acquisitions Northeast Office Pennsylvania

Maguire Hayden Acquires Office Campus in Pennsylvania for $9.2M

by David Cohen August 27, 2018

BERWYN, PA. — Maguire Hayden Real Estate Co. has acquired the Cassford Corporate Center, a five-building, 131,509-square-foot office campus in Berwyn for $9.2 million. The property was vacant at the time of sale but previously occupied by tax technology company Vertex Inc. CBRE represented the seller, a Delaware-based LLC, in the transaction.

August 27, 2018

Acquisitions Office Texas

California Investment Firm Acquires 445,322 SF Office Park in Austin

by Taylor Williams August 24, 2018

AUSTIN, TEXAS — An affiliate of The Luzzatto Co. Inc. (TLC), a Los Angeles-based investment firm, has acquired Austin Oaks, a 445,322-square-foot office park in central Austin. Built throughout the 1970s and 1980s, the 12-building property is situated on 31.4 acres and houses 140 tenants in industries such as financial services, healthcare, legal services and technology. TLC will reposition the property to add more green space, as well as a café and fitness center. HFF represented the seller, Dallas-based Spire Realty Group LP, in the transaction and assisted TLC in securing a 10-year acquisition loan through a life insurance company.

August 24, 2018

Acquisitions California Office Western

Salvation Army Sells 199,156 SF Office Tower in Downtown Long Beach, California

by Amy Works August 24, 2018

LONG BEACH, CALIF. — The Salvation Army has completed the sale of an office tower, located at 180 E. Ocean Blvd. in downtown Long Beach. An affiliate of Thrifty Oil Co. acquired the 199,156-square-foot property for an undisclosed price. Completed in 1984, the 12-story building features an ocean view, granite-clad lobby, 16,000-square-foot octagonal floor plates and above-standard parking. The buyer plans to further improve the building. Jeffrey Cole, Robert Gary, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s Capital Markets Group represented the seller in the disposition.

August 24, 2018

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