Office

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

Acquisitions Office Texas

CBRE Negotiates Sale of Pier 1 Headquarters Building in Fort Worth

by Taylor Williams August 21, 2018

FORT WORTH, TEXAS — CBRE has negotiated the sale of the Pier 1 Imports Building, a 20-story, 409,977-square-foot office property in Fort Worth that has served as the headquarters for the home furnishings and décor retailer since 2008. The building includes a fitness center and yoga studio, as well as a full-service cafeteria. Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua of CBRE represented the seller, Houston-based Hines, which acquired the property in 2014, in the transaction. California-based Hertz Investment Group purchased the asset for an undisclosed price.

August 21, 2018

Acquisitions Florida Office Southeast

Colliers Brokers $22.3M Sale of Former School-Turned Office Building in West Palm Beach

by Camren Skelton August 21, 2018

WEST PALM BEACH, FLA. — Colliers International has arranged the $22.3 million sale of a 66,770-square-foot building located at 2410 Metrocentre Blvd. in West Palm Beach. The property formerly housed the Lincoln College of Technology Campus, but was converted into an office property in 2017 to fit the needs of Belcan Engineering Group, which houses its regional headquarters at the building. Kevin McCarthy and Bastian Laggerbauer of Colliers arranged the transaction on behalf of the seller, a partnership between Tambone Cos. and Catalfumo Cos., and procured the buyer, Czech Republic-based ICP Capital Partners. In addition, the Colliers team secured a $13.5 million acquisition loan on behalf of the buyer.

August 21, 2018

Illinois Leasing Activity Midwest Office

U.S. Headquarters of Iterum Therapeutics Relocates in Chicago

by Kristin Harlow August 21, 2018

CHICAGO — Iterum Therapeutics US Limited, a subsidiary of Iterum Therapeutics, has signed a 10,318-square-foot office lease at 200 S. Wacker Drive in Chicago to relocate its American headquarters. The Ireland-based pharmaceutical company develops anti-infectives aimed at combatting multi-drug resistant pathogens. The U.S. subsidiary of Iterum Therapeutics is relocating from 200 W. Monroe St. Geoffrey Kasselman, Matthew Whipple, Bob Chodos and Steve Levitas of Newmark Knight Frank represented the tenant in the lease transaction. John Hancock Real Estate owns the building.

August 21, 2018

Acquisitions Arizona Office Western

Buchanan Street Partners Sells 106,209 SF Office Property in Arizona for $15.6M

by Amy Works August 21, 2018

MESA, ARIZ. — Newport Beach, Calif.-based Buchanan Street Partners has completed the sale of Mesa Corporate Center, an office property located at 1001 W. Southern Ave. in Mesa. Escondido, Calif.-based Buster’s Bounce Texas acquired the property for $15.6 million, or $147 per square foot. Eric Wichterman, Mike Coover, Jerry Noble and Greg Mayer of Cushman & Wakefield Phoenix represented the buyer and seller in the transaction. Constructed in 2000, Mesa Corporate Center is a two-story, multi-tenant property totaling 106,209 square feet of Class A office space on 8.3 acres. At the time of sale, the property was 94.5 percent occupied by a variety of national and local corporations, including Allstate Insurance, Adtalem Global Education, Allied Universal Security, Teledoc and Kimley-Horn.

August 21, 2018

Acquisitions Massachusetts Northeast Office

Kelleher & Sadowsky Orchestrates Sale of 3,960 SF Office Building Near Boston

by Kristin Harlow August 20, 2018

WESTBOROUGH, MASS. — Kelleher & Sadowsky has orchestrated the sale of a 3,960-square-foot office building in Westborough for an undisclosed price. The property is located at 32-36 Milk St. in downtown Westborough, approximately 34 miles west of Boston. Drew Higgins of Kelleher & Sadowsky represented the buyer, Francis Vaccaro of Masis Staffing Solutions, in the transaction. The seller was undisclosed.

August 20, 2018

Acquisitions Florida Office Retail Southeast

HFF Negotiates $9.3M Sale of Retail, Office Building in Palm Beach County

by Camren Skelton August 20, 2018

PALM BEACH GARDENS, FLA. — HFF has brokered the $9.3 million sale of the Shoppes & Offices at PGA West, a retail and office property located in Palm Beach Gardens. Luis Castillo, Danny Finkle, Eric Williams and Nat Scarmazzi of HFF arranged the transaction on behalf of the seller, LNR Partners Inc., and procured the buyer, Juster Development Co. Constructed in 2001, the Shoppes & Offices at PGA West includes 18,348 square feet of retail space and 19,434 square feet of office space. The property was 98.3 percent leased at the time of sale to a mix of experiential retailers, restaurants and boutique office tenants.

August 20, 2018

Acquisitions California Office Western

NKF Arranges Sale of Three-Building Office Campus in Mountain View, California

by Amy Works August 20, 2018

MOUNTAIN VIEW, CALIF. — NKF Capital Markets has arranged the sale of Castro Station, a three-building office campus located in downtown Mountain View. TH Real Estate sold the property to Northwestern Mutual Life Insurance and McCarthy Cook for an undisclosed price. Built in phases between 2000 and 2014, the three-building, Class A property is located at 100, 150 and 200 W. Evelyn Ave. on approximately four acres of land. At the time of sale, the 114,809-square-foot asset was 94 percent leased to seven tenants, with Dropbox as its anchor. Additionally, the campus features ample parking with a three-story, below-grade parking garage that offers 346 stalls. Steven Golubchik, Edmund Najera, Tyler Meyerdirk and Darren Hollak of NKF Capital Markets represented the seller in the transaction.

August 20, 2018

Leasing Activity Midwest Office Wisconsin

FIS Signs 124,550 SF Office Lease in Milwaukee

by Kristin Harlow August 20, 2018

MILWAUKEE — Fidelity National Information Services Inc. (FIS) has signed a 124,550-square-foot office lease at Parkland Center in Milwaukee. The financial services technology and outsourcing services company will occupy the second and third floors of the Class A building, which was formerly home to Molina Healthcare of Wisconsin Inc. The building underwent an extensive renovation in late 2016, including a complete update of the lobby and the addition of a fitness center and full-service cafeteria. FIS joins neighboring tenant Global Industrial to bring the 222,704-square-foot building to an occupancy level of 67 percent. Ned Purtell and Patti Stevens of Founders 3 Real Estate Services represented the landlord, Griffin Capital Essential Asset REIT Inc., in the lease transaction. Erik Ozolins of Orion Realty Group and Kate Hanson of Founders 3 represented FIS.

August 20, 2018

Newer Posts

Older Posts