Office

Inland Real Estate Acquires Two Medical Office Buildings in Metro Phoenix

by Amy Works July 16, 2018

MESA AND CHANDLER, ARIZ. — Inland Real Estate Acquisitions has negotiated and closed on the purchase of two Swagel Wootton Hiatt Eye Centers in Mesa and Chandler, approximately 20 miles east of Phoenix. Matthew Tice of Inland Real Estate Acquisition and David Neboyskey of The Inland Real Estate Group Law Department completed the deal on behalf of an Inland affiliate. Located at 220 S. 63rd St. in Mesa and 3940 S. Alma School Road in Chandler, the properties provide a combined total of 25,340 square feet of medical office space and seven board-certificated physicians. Specializing in eye care procedures, Swagel Wootton Hiatt Eye Centers offer patients laser cataract, corneal and retinal surgeries, corneal transplants, procedures for Descement’s Membrane Endothelial Keratoplaty and glaucoma and treatment of diabetic eye disease, macular degeneration and primary open-angle glaucoma. To date, Inland Real Estate Acquisitions has facilitated more than $45 billion of purchases including retail centers, apartments, single-tenant properties and a total of more than $323 million in medical office buildings.

July 16, 2018

Acquisitions California Office Western

NKF Capital Markets Negotiates Sale of 124,529 SF Office Building in Inland Empire for $29.9M

by Amy Works July 13, 2018

ONTARIO, CALIF. — NKF Capital Markets has brokered the sale of Empire Towers V, a five-story office building located at 3990 Concours St. in Ontario. TA Associates sold the property to MGR Realty for $29.9 million. Kevin Shannon, Ken White and Michael Moore of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Built in 2007, the 124,529-square-foot property is situated on 4.4 acres and within walking distance to various amenities, including restaurants, hotels, Ontario Mills Mall, Citizens Business Bank Arena and the Ontario Convention Center. At the time of sale, the property was 100 percent occupied by 11 tenants, including United Health Care Services, Chapman University and CEMEX.

July 13, 2018

Acquisitions New York Northeast Office Top Stories

Alexandria Acquires Pfizer-Occupied Office Building in Manhattan for $203M

by Kristin Harlow July 13, 2018

NEW YORK, N.Y. — Alexandria Real Estate Equities Inc. (NYSE: ARE) has acquired 219 E. 42nd St. in Manhattan for $203 million from Pfizer Inc. The pharmaceutical giant will lease back the 350,000-square-foot office building on a triple-net basis from an affiliated purchasing entity of Alexandria known as 219/235 East LLC. Pfizer announced plans earlier this year to relocate its global headquarters to Manhattan’s Hudson Yards neighborhood in 2022. Tishman Speyer is currently building the 2.85 million-square-foot, 65-story tower known as The Spiral. Located in the heart of Manhattan’s East Side Medical Corridor, 219 E. 42nd St. rises 10 stories. Upon expiration of Pfizer’s lease, Alexandria plans to redevelop the property into office and laboratory space. Pasadena, Calif.-based Alexandria was instrumental in creating the New York City life science cluster through the development of its Alexandria Center for Life Science, which opened in 2010. Alexandria is an urban office REIT focused on collaborative life science and technology campuses with a total market capitalization of $17.9 billion and a North American asset base of 30.2 million square feet as of March 31. Alexandria’s stock price closed at $127.96 per share on Thursday, July 12, up from $118.73 per share one year ago. …

July 13, 2018

Leasing Activity Office Texas

Nokia Signs 350,000 SF Office Lease in Dallas for New North American HQ

by Taylor Williams July 12, 2018

DALLAS — Nokia has signed a 350,000-square-foot office lease at Cypress Waters, a mixed-use development by Billingsley Co. in northwest Dallas. The move will allow the Finnish telecommunications giant to consolidate its operations in the metroplex and move its North American headquarters to Cypress Waters. Nokia is aiming for the consolidation, which is expected to bring about 2,300 jobs to the area, to be complete by the third quarter of 2019. Randy Cooper, Craig Wilson, Chad Tsitovich, Scott Goldman and Chris Wood of Cushman & Wakefield represented Nokia in the lease negotiations. Marijke Lantz internally represented Billingsley Co.

July 12, 2018

Development Office Texas

Crescent to Redevelop 200,000 SF Office Property in Uptown Dallas

by Taylor Williams July 12, 2018

DALLAS — Crescent Real Estate LLC will redevelop 2401 Cedar Springs, an office property in Uptown Dallas that was built in 1989. The property will offer 200,000 square feet of Class A office space upon completion of the project, which will upgrade the lobby, amenity spaces and individual office spaces. Following the redevelopment, 2401 Cedar Springs will feature a fitness center with locker rooms and a social lounge, a multipurpose conference room and a golf simulator. Crescent acquired the property earlier this year in a joint venture with Goldman Sachs Asset Management Private Real Estate.

July 12, 2018

Acquisitions Office Texas

Innovatus Capital Acquires 163,923 SF Office Building in Frisco

by Taylor Williams July 12, 2018

FRISCO, TEXAS — New York-based Innovatus Capital Partners LLC has acquired Frisco Bridges Place, a 163,923-square-foot office building located along the $5 Billion Mile in Frisco. The Class A property was 93 percent leased at the time of sale to 23 tenants and features structured parking and direct access to the Dallas North Tollway. Innovatus will implement capital improvements to certain amenities, including the fitness center and café. The seller and sales price were not disclosed.

July 12, 2018

Acquisitions Illinois Midwest Office

Mansueto Properties Acquires Chicago’s Wrigley Building for $255M

by Kristin Harlow July 12, 2018

CHICAGO — Mansueto Properties LLC has acquired The Wrigley Building, which is located on North Michigan Avenue in Chicago. HFF arranged $150 million in acquisition financing, but the actual purchase price was $255 million, according to local media reports. The iconic Class A office and retail property totals 478,920 square feet. Originally built in 1921 and 1924, the property is listed on the National Register of Historic Places. The two-tower property, which has connecting walkways on the third and 14th floors, was renovated from 2012 to 2014 to create modern office and retail space, to further enhance the historic façade and to provide amenities such as a fitness center, tenant lounge and conference center. The towers are 90 percent leased. Tenants include American Medical Association, Leo Burnett, ABA, Nuveen, Walgreens and Perkins + Will. Stephen Skok of HFF arranged the 30-year, fixed-rate financing through a major life insurance company. The seller was BDT Capital Partners, according to local media.

July 12, 2018

Acquisitions California Industrial Office Western

PCCP, Lincoln Property Co. Buy 464,000 SF Office/R&D Complex in San Jose

by Amy Works July 12, 2018

SAN JOSE, CALIF. — PCCP, in a joint venture with Lincoln Property Co., has acquired Valley Technology Centre, a seven-building office and R&D complex located on 26.4 acres in San Jose. MWest sold the property for an undisclosed price. Built in 2000, the 464,000-square-foot property was 74 percent leased at the time of sale. The complex comprises seven two-story office and R&D facilitates with 18-foot clear height on the ground floors to accommodate roll-up doors and shipping/receiving requirements. The properties are located at 2660, 2680, 2700, 2720, 2740 Zanker Road and 2585 and 2595 Junction Ave. in North San Jose.

July 12, 2018

California Loans Office Western

Bellwether Enterprise Arranges $25M Refinancing for Office Building in Los Angeles

by Amy Works July 12, 2018

LOS ANGELES — Bellwether Enterprise Real Estate Capital has arranged $25 million in refinancing for a single-tenant office building located in the South Bay region of Los Angeles. Shelley Magoffin and Max Sauerman of Bellwether’s Los Angeles office secured the first mortgage financing for the borrower, a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The new non-recourse loan features a 12-year term and three years of interest-only payments followed by a 30-year amortization. Originally constructed in the 1950s and expanded in the 1980s, the property features 200,000 square feet of office space. At the time of refinancing, the building was occupied by a defense company, which recently extended its lease for 10 years. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 12, 2018

Development Georgia Office Southeast

Hines, Cousins to Build $97M Office Building Within Metro Atlanta’s Avalon Mixed-Use Development

by Camren Skelton July 12, 2018

ALPHARETTA, GA. — A joint venture between Hines and Cousins Properties will develop 10000 Avalon, a 251,000-square-foot, Class A office building in Alpharetta, a northern suburb of Atlanta. The new building will be the second and final office building within Avalon, a 2.4 million-square-foot mixed-use development. The total development cost for the building is expected to be $97 million. Cousins has a 90 percent ownership interest in the joint venture and Hines has a 10 percent ownership interest. AXIS Reinsurance Co. will anchor the new building, occupying 76,000 square feet. Sam Holmes of CBRE arranged the 15-year lease on behalf of the insurance company, which is a subsidiary of AXIS Capital Holdings Ltd. Hines and Cousins will start construction on 10000 Avalon this month, with initial occupancy scheduled for early 2020. The building is located adjacent to 8000 Avalon, which Hines and Cousins delivered in June 2017. The building is currently 98 percent leased to tenants such as SAP, Microsoft and coworking operator Spaces.

July 12, 2018

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