Office

Ware Malcomb Completes Construction of Medical Office in Metro Phoenix

by Amy Works October 24, 2018

GOODYEAR, ARIZ. — Ware Malcomb has announced the completion of Arizona Desert Ear, Nose & Throat Specialists, a medical office located at 13555 W. McDowell Road in Goodyear, a suburb of Phoenix. Ware Malcomb provided interior architecture and design services for the project. The redesigned 5,200-square-foot property features seven exam rooms, four offices, a sinus procedure room, allergy testing room, audio room, instrument cleaning room, conference room and break room. Design features include sliding barn doors for the conference room, a prominent work surface for the medical assistant station, a spacious waiting room and a check-in/out desk that doubles as a workroom behind a built-in bookshelf. Aksarben served as general contractor for the project.

October 24, 2018

Acquisitions Massachusetts Mixed-Use Northeast Office Top Stories

NKF Negotiates $107M Sale of Mixed-Use Complex in Downtown Boston

by David Cohen October 24, 2018

BOSTON — Newmark Knight Frank (NKF) has negotiated the $107 million sale of a 192,890-square-foot office and retail complex in Downtown Boston. Located at 226 Causeway St., the property features a tenant roster anchored by the corporate headquarters of Oxfam America, the Boston Celtics and two divisions of TripAdvisor, as well as a regional office for Stantec. Street-level retail at the property includes Equal Exchange Café and Title Boxing Club. The complex is located near The Hub on Causeway, a 1.5 million-square-foot residential, retail and office addition to the TD Garden, a multi-purpose arena that serves as home to the Boston Bruins and Boston Celtics. Located along the Charles River in the bustling Haymarket Square submarket, the property sits in the shadow of the three bridges connecting downtown Boston to Cambridge, Charlestown and the North Shore suburbs. EdwardMaher, Matthew Pullen, James Tribble, Samantha Hallowell and Robert Griffin of NKF’s Boston Capital Markets team represented the seller, Invesco, in the transaction. The buyer was Boston-based real estate private equity firm Rockpoint Group. “226 Causeway epitomizes the ‘cool core’ investment profile, offering stable cash flow and tangible upside potential,” says Edward Maher, NKF vice chairman. “The asset is the beneficiary of significant …

October 24, 2018

Acquisitions Midwest Minnesota Office

Arch Street Acquires Four-Building Office Portfolio in Metro Minneapolis

by Kristin Harlow October 23, 2018

MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired the Lafayette Park Office Campus in metro Minneapolis. The purchase price was $86.4 million, according to the Minneapolis/St. Paul Business Journal. The four office buildings total 677,514 square feet and are fully leased to the state of Minnesota. The properties have served as the headquarters for four state agencies since the mid-1980s. Ladder Capital, a New York-based real estate investment trust, was the seller.

October 23, 2018

Acquisitions Office Texas

Pillar, Artemis Acquire 130,371 SF Office Building in Plano

by Taylor Williams October 23, 2018

PLANO, TEXAS — A partnership between Dallas-based Pillar Commercial and investment firm Artemis Real Estate Partners has acquired Lincoln Legacy II, a 130,371-square-foot office building in Plano. The property is located near the intersection of the Dallas North Tollway and Tennyson Parkway and offers amenities such as a fitness center, tenant lounge and conference facilities. Curtis Jaggers of JLL secured acquisition financing through MetLife Inc. for the deal.

October 23, 2018

Leasing Activity Office Texas

MetroPCS Renews 115,583 SF Office Lease in Metro Dallas

by Taylor Williams October 23, 2018

RICHARDSON, TEXAS — MetroPCS Communications Inc. has renewed its 115,583-square-foot office lease at Lakeside Centre II, an office property located at 2250 Lakeside Blvd. in the northeastern Dallas metro of Richardson. Tim Terrell and Chase Lopez of Stream Realty Partners represented the landlord, Vereit, in the lease negotiations. CBRE represented the tenant.

October 23, 2018

Acquisitions California Office Western

Invesco Real Estate Buys Three-Building Creative Office Campus in Costa Mesa, California

by Amy Works October 23, 2018

COSTA MESA, CALIF. — Invesco Real Estate has acquired The Hive, a three-building creative office campus in Costa Mesa. A joint venture between Goldman Sachs and Steelwave sold the asset for an undisclosed price. Situated on 14.2 acres at 3333, 3335 and 3337 S. Susan St., the 181,822-square-foot property features flexible and open floor plans, a coffee bar adjacent to an outdoor tenant lounge area, a fitness facility with showers and lockers, a conference center, and multiple open-air patios with community activities. At the time of sale, the property was 82 percent occupied by five tenants: Los Angeles Chargers, Lazy Dog Café, Coding Dojo, Agility Fuel Solutions and Steelwave. In addition to existing buildings, the site is entitled for 65,000 square feet of additional commercial development. The seller purchased the property in 2015 and invested approximately $22 million into transforming the development, which was built in 2003, into a creative Class A environment. Kevin Shannon, Paul Jones, Blake Bokosky, Ken White and Brunson Howard of Newmark Knight Frank represented the seller, while Invesco Real Estate was self-represented the in the deal.

October 23, 2018

Acquisitions Florida Industrial Office Southeast

Savlan Capital Buys Flex Property in Jacksonville for $18.3M

by Amy Works October 23, 2018

JACKSONVILLE, FLA. — Savlan Capital has purchased Exchange South, a multi-tenant flex business property on Philips Highway in Jacksonville’s Southside. An undisclosed seller sold the property for $18.3 million, or $94 per square foot. Built from 1990 through 1996, the 194,400-square-foot building features 16 dock-high doors and 35 drive-in doors. At the time of acquisition, the property was 75 percent leased to 25 tenants, including Omnicare, Univar, ALS Group, Orion Energy Systems, Schindler Elevators, Konica Minolta, Lab Corp. and LendingTree. Savlan Capital plans to invest $2 million in upgrades to the property to improve the interiors of vacant units, exterior repainting and upgraded landscaping and curb appeal. Keith Goldfaden and Christian Harden of NAI Hallmark were retained to lead the leasing initiative for the property.

October 23, 2018

Acquisitions New York Northeast Office

Avison Young Brokers $12.8M Sale of Office Condominium in Manhattan

by David Cohen October 22, 2018

NEW YORK CITY — Avison Young has brokered the $12.8 million sale of a 13,998-square-foot office condominium in Manhattan. Located at 20 W. 33rd St., the property is currently vacant. James Nelson, Henry Post and David Lawrence of Avison Young represented the sellers, 60 Guilders and The Carlyle Group, in the transaction. Rudder Property Group represented the buyer, Glocap Search LLC.

October 22, 2018

Development North Carolina Office Southeast

Dominion Realty Partners Set to Break Ground on 209,000 SF Office Building in West Raleigh

by Amy Works October 22, 2018

RALEIGH, N.C. — Dominion Realty Partners is breaking ground on the newest office building at The Offices at Wade in West Raleigh. Development for Wade V will commence on Tuesday, Oct. 23, at 5438 Wade Park Blvd. The six-story, 209,000-square-foot office building has been designed to achieve LEED Gold certification and marks the Dominion Realty’s 21st green certified development. PGIM Real Estate is partnering with Dominion Realty on the project, which Triangle Business Journal reports will cost $62 million to develop. The media outlet is also reporting that the project is being built on a speculative basis.

October 22, 2018

Mill-Creek-Medical-Pavilion-Mill-Creek-WA

Acquisitions Healthcare Office Washington Western

Coast Equity Partners Sells 26,126 SF Mill Creek Medical Pavilion in Metro Seattle

by Amy Works October 22, 2018

MILL CREEK, WASH. — Coast Equity Partners has completed the sale of Mill Creek Medical Pavilion (MCMP), a medical office building in Mill Creek, a suburb north of Seattle. A private investor acquired the property for $9.5 million. Located at 16030 Bothell Everett Highway, MCMP features 26,126 square feet of medical office space. Built in 1983 and renovated in 2011, the property is fully leased to a variety of healthcare providers, including outpatient services for family medicine, physical therapy, vision care, psychiatry and dentistry. Chris Bodnar and Lee Asher of CBRE’s Denver office, along with Paul Carr, Steve Perovich and Marcus Yamamoto of CBRE Puget Sound Healthcare Properties, represented the seller.

October 22, 2018

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