Office

Q Investments Refinances 391,091 SF Office Complex in Metro Dallas

by Taylor Williams August 15, 2018

RICHARDSON, TEXAS — A subsidiary of Q Real Estate Holdings LP, an affiliate of Fort Worth-based Q Investments LP, has refinanced 2400 Glenville, a 391,091-square-foot office complex located in the northeastern Dallas suburb of Richardson. The property, which is situated on 35 acres, underwent several renovations over the past few years to upgrade its common areas and add a new fitness center. Brian Carlton of HFF arranged the three-year, floating-rate refinancing for the transaction through CapitalSource, a division of Pacific Western Bank. The loan amount was not disclosed.

August 15, 2018

Acquisitions Office Texas

Global Net Lease Acquires 145,000 SF Office Building in Metro Dallas for $54M

by Taylor Williams August 15, 2018

ALLEN, TEXAS — New York-based REIT Global Net Lease (NYSE: GNL) has acquired a 145,000-square-foot office building located in the northern Dallas metro of Allen for $54 million. The Class A property is currently net leased for 12 years to a subsidiary of NetScout Systems Inc., a Massachusetts-based tech firm. GNL acquired the building in conjunction with a 669,000-square-foot industrial facility in Akron, Ohio, which carried a price tag of $21.4 million.

August 15, 2018

California Development Hospitality Mixed-Use Office Western

Broadreach, Rockwood Break Ground on $250M Bay Area Mixed-Use Project

by Amy Works August 15, 2018

MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners and Rockwood Capital have broken ground on Ameswell Mountain View, a mixed-use development situated on one of last fully entitled development sites in Mountain View, just northwest of San Jose. Located at the convergence of U.S. 101 and State Route 85, the property is the culmination of four years of planning and land assemblage by Broadreach. Situated on 10 acres, the project will feature a 220,000-square-foot, Class A office building and The Ameswell Hotel, a 255-room luxury hotel. The office building will feature 47,000-square-foot floor plates, ceiling heights up to 16 feet and full-height windows. On-site amenities include a roof deck, terraces and breakout areas to connect tenant space with the outdoor environment. Additionally, parking is structured as three parking stalls per 1,000 square feet of office space. Broadreach has retained Newmark Cornish & Carey as leasing agents for the office building, which is slated for completion in November 2019. Set to open in July 2020, The Ameswell Hotel will feature creative, local design with a strong emphasis on art and technology. The hotel will include more than 6,000 square feet of meeting space, a fitness center, restaurant with outdoor dining, beer garden, …

August 15, 2018

Acquisitions Colorado Mixed-Use Office Retail Western

NavPoint Real Estate Negotiates $6.5M Sale of Mixed-Use Property in Boulder

by Amy Works August 15, 2018

BOULDER, COLO. — NavPoint Real Estate Group has arranged the sale of a multi-tenant retail/medical office property located at 3280-3300 28th St. in Boulder. REM Investment sold the property to Peterman Properties for $6.5 million. The property features 39,368 square feet of retail and medical office space. John Witt and Matt Call of NavPoint Real Estate Group represented the seller in the deal.

August 15, 2018

Acquisitions Midwest Office Ohio Retail

KRA Management Acquires Office Tower in Downtown Cleveland

by Kristin Harlow August 14, 2018

CLEVELAND — KRA Management has acquired the Galleria and Tower at Erieview in downtown Cleveland. The purchase price was not disclosed, but local media report the sales price was approximately $17 million. The property includes a 760,339-square-foot office tower and a 93,663-square-foot retail center. The 40-story property is the fourth-tallest building in Cleveland and features amenities such as a 40,000-square-foot YMCA fitness facility. The retail portion of the property includes a two-story retail center and a food hall. Bryan Rosenberg, Patrick Shields, Jaime Fink, Jeffrey Bramson, John Merrill and Doug Rodio of HFF represented the seller, RAIT Financial Trust of Philadelphia, and procured the buyer. Last summer, the Tower was 45 percent leased while the Galleria was 60 percent leased, according to the Plain Dealer. KRA Management is a family-owned and operated real estate development and property management business that was founded by James Kassouf.

August 14, 2018

Company News Illinois Midwest Office

Aries Conlon Capital Rebrands, Relocates to Willis Tower in Chicago

by Kristin Harlow August 14, 2018

CHICAGO — Aries Conlon Capital has rebranded to Mag Mile Capital and is relocating its Chicago headquarter offices from River North to the 84th floor of Willis Tower. Rushi Shah will continue to serve as principal and CEO and retain the same sales team, pipeline and national commercial mortgage and investment banking platform. Shah bought out his partners’ interest in the company to become majority owner. Previous partners include Neil Freeman and Sean Conlon of Aries Capital LLC and Conlon and Co., respectively. The name change is a nod to Chicago’s Magnificent Mile on North Michigan Avenue.

August 14, 2018

Loans Office Pennsylvania

Maverick Commercial Arranges $47M Refinancing for Office Portfolio in Pittsburgh

by David Cohen August 14, 2018

PITTSBURGH — Maverick Commercial Mortgage has secured $47 million in refinancing for a six-building office portfolio in Pittsburgh. Located within the Parkway West Corridor submarket, the property features 585,000 rentable square feet. Maverick Commercial secured a 10-year, fixed-rate loan with a 30-year amortization schedule through a national lender for the borrower, a joint venture between JDI Realty and Market Street Real Estate Partners. The borrowers acquired the property in 2014. Since acquisition the borrowers have added a new food hall and tenant fitness center, and have performed extensive renovations to corridors, bathrooms and building lobbies. The property is currently 87 percent occupied.

August 14, 2018

Acquisitions Healthcare New Jersey Northeast Office

Marcus & Millichap Negotiates $3.2M Sale of Medical Office Building in New Jersey

by David Cohen August 14, 2018

FLEMINGTON, N.J. — Marcus & Millichap has negotiated the sale of 31 North Office Center, a 33,000-square-foot medical office property in Flemington for $3.2 million. Ben Sgambati, Alan Cafiero, Anthony Asencio and Victor W. Nolletti of Marcus & Millichap represented the seller, a bank/financial institution. Anthony Asencio of Marcus & Millichap represented the buyer, a limited liability company. The class B building is located at 121 State Route 31.

August 14, 2018

Acquisitions Office Washington Western

Lincoln Property Co. Buys 103,494 SF Office Building in Seattle for $58.7M

by Amy Works August 14, 2018

SEATTLE — Lincoln Property Co. has purchased 501 Eastlake, an office property located in Seattle’s South Lake Union submarket. LBA Realty sold the five-story property for $58.7 million, or $568 per square foot. Built in 2002, the 103,494-square-foot property features an on-site athletic facility and walkable amenities. At the time of sale, the building was 79 percent leased to a variety of tenants, including the regional headquarters of Capital One. Kevin Shannon, Nick Kucha, Michael Moll, Tim O’Keefe and James Childress of NKF Capital Markets represented the seller in the transaction.

August 14, 2018

Acquisitions Nevada Office Western

Sun Commercial Real Estate Brokers $6.5M Sale-Leaseback of Office Property in Las Vegas

by Amy Works August 14, 2018

LAS VEGAS — Sun Commercial Real Estate has arranged the sale-leaseback of Windmill Place, an office property located at 370 E. Windmill Lane in Las Vegas. MSA Engineering Consultants sold the property to an East Coast-based buyer for $6.5 million, or $299 per square foot. The seller signed a new 10-year lease at closing for the 21,638-square-foot building. In operation since 1978, MSA Engineering is licensed in 40 states. Cathy Jones, Jessica Cegavske, Roy Fritz, Paul Miachika and Taylor Vasquez of Sun Commercial’s Investment Service Group brokered the transaction.

August 14, 2018

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