SOUTHLAKE, TEXAS — New York-based Meridian Capital has arranged a $23.2 million CMBS loan for Cedar Ridge Office Park, a 129,000-square-foot office property in Southlake, a northern suburb of Fort Worth. The two-building development was built in 2005 and 2007 and offers a total of 538 parking spaces. Allan Lieberman, Steven Adler and Simcha Schick of Meridian Capital arranged the 10-year loan on behalf of the borrower, Connecticut-based TS Partners.
TYSONS, VA. — HFF has arranged $104 million in financing for Greensboro Park, a two-building office portfolio totaling 505,085 square feet in Tysons, about 16 miles west of Washington, D.C. Cary Abod and Robert Carey of HFF arranged the five-year, floating-rate loan through JP Morgan Chase & Co. on behalf of the borrowers, Velocis and Altus Realty. Greensboro Park features a 14-story and an 11-story office tower located at 8180 and 8200 Greensboro Drive. The office campus is anchored by BB&T and is collectively 83 percent leased to 59 tenants. Amenities include a fitness center, conference facilities, tenant lounges, an on-site café and concierge services.
SCOTTSDALE, ARIZ. — DBM Ventures, a local partnership, has acquired a 2.8-acre land parcel, located at 8399 E. Hartford Drive within Perimeter Center in Scottsdale, for $9 million. The partnership plans to develop a two-story, 32,054-square-foot office building on the property. LGE Design Build is providing architectural services and general contracting for the project. Construction is slated to begin at the end of year with occupancy scheduled for summer 2019. Jim Keeley of Colliers International’s Greater Phoenix office negotiated the land sale transaction.
DENVER — Patrinely Group and USAA Real Estate have started construction of Block 162, a 30-story office tower in downtown Denver. Located at 675 15th St., the 595,000-square-foot building will include 20 floors of office space on levels 11-30 with an average floor plate size of 29,500 square feet. The property will also include 9,900 rentable square feet of ground-floor retail, three underground parking levels and a 10-floor, above-grade parking garage. “Given the continued strength of the Denver marketplace and the lack of available large blocks of Class A space, we recognized that now is the right time to bring a prestigious building like Block 162 to the urban Denver market,” says Robert Fields, president and CEO of Patrinely Group. “We believe that this state-of-the-art building will continue the amazing transformation of downtown and provide prospective tenants a true 21st century work environment for their employees.” Planned amenities for office tenants at the building include a fitness center, social lounge, conference and meeting space, and a sky terrace on the 11th floor with an outdoor roof garden, seating areas and fire pits. Patrinely Group, which specializes in commercial office building and build-to-suit corporate headquarters, and USAA Real Estate are the co-developers of Block 162. The architect …
SPRING, TEXAS — A joint venture led by Patrinely Group has broken ground on CityPlace 1, a 149,600-square-foot office building in Spring, a northern suburb of Houston. The property will include 26,900 square feet of retail space and a parking structure that will be delivered as part of the project, which is slated for a second-quarter 2019 completion. Other developers in the joint venture include San Antonio-based USAA Real Estate and CDC Houston
SUNRISE, FLA. — Birmingham, Ala.-based Regions Bank has provided a $44 million non-recourse loan for Sawgrass Lake Center, a 239,373-square-foot office building in Sunrise, a city in Broward County. The owner, Foundry Commercial, will use the loan proceeds to refinance debt on the six-story property. Sawgrass Lake Center is LEED certified and features a five-level parking garage and an onsite café.
PLEASANT GROVE CITY, UTAH — Four Foods Group (FFG) has acquired five acres of land for the development of a new corporate headquarters in Pleasant Grove City. FFG plans to begin construction on the parcel by this fall. In addition to the new headquarters, the company will develop a restaurant cluster housing some of its fast-growing brands, including R&R Barbecue, which is slated to open in July. The restaurant development, operations, finance and management company currently owns or manages 158 restaurants employing more than 5,000 workers in 11 states, 1,500 of those in Utah. The FFG family includes local Utah chains: Kneaders Bakery & Café, Mo’Bettahs Hawaiian Style Food, Swig and R&R Barbecue. Out-of-state restaurants include 74 Little Caesars locations across the south, including Alabama, Louisiana, Mississippi and Florida.
The Inland Empire office market got off to a slow start in 2018, continuing a trend of positive momentum with little excitement. The average asking rent registered $1.81 per square foot, down 3.7 percent from the fourth quarter of 2017 and $0.01 below the first quarter of 2017. Preliminary sales and lease volumes are off 39.1 percent over the prior year. However, the Inland Empire is seeing one of the lowest vacancy rates since 2007, with more than 108,000 square feet of new construction added to the market this quarter. As of the first quarter of 2018, vacancy was 7.9 percent, down 30 basis points over the quarter and 90 basis points below last year at this time. Nine projects totaling 201,671 square feet are under construction, with the largest being Rady Children’s Medical Plaza at 60,000 square feet. Much of the new growth in the office sector is being driven by the healthcare industry. Office medical space comprised more than half of the space under construction, as the education and health services sector employment has grown by 4 percent between January 2017 and January 2018. This has accounted for 8,800 of the 13,500 new jobs in the office-occupying sectors. …
NEW YORK CITY — The Feil Organization has signed three tenants to nearly 52,000 square feet of office leases at 841 Broadway, 250 Park Ave. South, and 257 Park Ave. South in Manhattan. Global professional services firm Ernst & Young renewed its lease at 841 Broadway for a total of 27,000 square feet; cryptocurrency trading firm Digital Currency Group signed a new 11,985-square-foot lease at 250 Park Ave. South; and digital marketing agency Bulletproof signed a new 13,000-square-foot lease for the entire eighth floor of 257 Park Ave. South. Feil’s three-building portfolio in Manhattan is 98 percent occupied following the transactions.
PLANTATION, FLA. — Encore Capital Management has signed an 85,000-square-foot lease with Aetna at Plantation Walk, a $350 million mixed-use project under development in Plantation. The healthcare company will move from its current location in Sunrise, Fla., to a 160,000-square-foot office building at the new development in December. Aetna’s new location will house several divisions of the company including commercial business, Medicare, Medicaid and Aetna International. At full build-out, Plantation Walk will feature 700 multifamily units, 200,000 square feet of retail and restaurant space, 160,000 square feet of office space, a 263-room Sheraton Hotel and two parking garages. Aetna is the first announced tenant at the new office building.
