Office

Joint Venture Acquires 140,000 SF Office Building in Minneapolis, Plans Renovation

by Kristin Harlow June 25, 2018

MINNEAPOLIS — A joint venture between TriCoastal Group and The Davis Companies has acquired Renaissance Square in Minneapolis for an undisclosed price. The companies plan to renovate the 140,000-square-foot office building and rename it The Andrus in homage to the building’s first owner, John Emory Andrus. The scope of the renovation includes a new street-level façade and retail space, a new tenant lounge, upgraded lobby and conference facility. RSP Architects will manage the design and renovation work for the 11-story building. Construction is expected to begin this summer and be completed by early 2019. Cushman & Wakefield is providing leasing, property management, engineering and construction management services. WSP, Sedgwick, Cue Inc., Genus Technologies, Fastbridge, CBX and DLR Group currently occupy the property, which first opened in 1898.

June 25, 2018

Acquisitions Healthcare Nevada Office Western

Fairfield Asset Advisors Brokers $20.7M Sale of Medical Office Building in Henderson, Nevada

by Amy Works June 25, 2018

HENDERSON, NEV. — Denver-based Fairfield Asset Advisors has arranged the sale of a medical office building located at 10561 Jeffreys St. in Henderson. An undisclosed buyer acquired the property for $20.7 million. The seller was a physician group. Built in 2008, the property features 48,000 square feet of medical office space. The anchor tenant is an orthopedic surgery center operated by USPI and Dignity Health.

June 25, 2018

Development Office Texas

WatchGuard Video Opens 140,000 SF Corporate Office in Allen, Texas

by Taylor Williams June 22, 2018

ALLEN, TEXAS — WatchGuard Video, a provider of video systems for law enforcement, has opened its new, 140,000-square-foot corporate office in Allen, a northeastern suburb of Dallas. Designed by Texas-based GFF Inc., the two-story property can accommodate approximately 500 employees and offers amenities such as a fitness center, racquetball court, recreation room and an in-house medical clinic for employees. Adolfson & Peterson handled construction of the building, which began in April.

June 22, 2018

Acquisitions North Carolina Office Southeast

CBRE Global Investors Acquires Newly Constructed Office Building in Uptown Charlotte for $222M

by Camren Skelton June 22, 2018

CHARLOTTE, N.C. — CBRE Global Investors has acquired 615 South College, a newly constructed office building located in Charlotte’s Uptown district. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $222 million, or roughly $590 per square foot. The seller, Atlanta-based Portman Holdings, delivered the 375,865-square-foot property in 2017. The 18-story building is connected to The Westin hotel and features 10-foot ceiling heights, floor-to-ceiling glass windows, multiple two-story balconies and a parking garage with 1,456 spaces. CBRE will manage 615 South College, and Anne Vulcano and Joe Franco of CBRE will handle the building’s leasing assignment. At the time of sale, the property was 84 percent leased to tenants including Regions Bank, WeWork and BDO USA.

June 22, 2018

Development Midwest Missouri Office

HDA Designs 36,000 SF Office Building for Desco Group in Frontenac, Missouri

by Kristin Harlow June 22, 2018

FRONTENAC, MO. — HDA Architects is designing a 36,000-square-foot office building on behalf of The Desco Group in Frontenac, a suburb of St. Louis. The property will feature underground parking, first-floor retail space and two floors of office space. The building is part of an $80 million mixed-use development that will include a Life Time Fitness and two stand-alone restaurants. The Desco Group is demolishing the Old Shriners Hospital in order to make way for the project. Completion is slated for fall 2019.

June 22, 2018

Acquisitions North Carolina Office Southeast

OA Development Buys Four-Building Office Portfolio in Durham from Two Different Sellers for $31.4M

by Camren Skelton June 22, 2018

DURHAM, N.C. — OA Development has acquired four buildings located within Durham’s Imperial Center office park for $31.4 million. The Atlanta-based company acquired the Canterbury, Cambridge, Chelsea and Oxford buildings from two different sellers — ROC III Fairlead Imperial Center LLC and Crown Realty — and combined the assets to assemble one 211,308-square-foot portfolio. The Class B buildings were constructed in the late 1980s and are situated on 15 acres at the entrance of the 456-acre park. Scot Humphrey, Ryan Clutter and Chris Lingerfelt of HFF arranged the transaction on behalf of the sellers. Patterson Real Estate Advisory Group arranged acquisition financing for OA Development through SunTrust Bank.

June 22, 2018

Healthcare Loans Maryland Office Southeast

CIT Group Provides $26.6M Acquisition Loan for Medical Office Center in Metro D.C.

by Camren Skelton June 22, 2018

ROCKVILLE, MD. — CIT Group Inc. has provided a $26.6 million loan for the acquisition of Shady Grove Professional Center, a two-building medical office complex in Rockville, roughly 16 miles north of Washington, D.C. The two-building center is situated on 5.6 acres and totals more than 100,000 square feet. CIT Group arranged the loan on behalf of the borrower, a joint venture between Anchor Health Properties, MedProperties and CDC Realty.

June 22, 2018

Acquisitions Office Texas

JLL Brokers Sale of Former Halliburton Office Campus in Houston

by Taylor Williams June 21, 2018

HOUSTON — JLL has brokered the sale of Halliburton’s former Oak Park campus, a 48-acre office property located in the Westchase District of Houston. The property includes a 568,000-square-foot office building, a 17,500-square-foot fitness center, daycare, central plant and a five-level parking garage. The office building was built in 1979 and upgraded in 2013. Rudy Hubbard, Kevin McConn, Rick Goings and Dan Bellow of JLL led the sales effort. A local private investment group purchased the asset for an undisclosed price.

June 21, 2018

Stonebriar-Commons-on-Legacy-Frisco-Texas

Development Office Texas

Windmill to Develop 103,958 SF Office Building in Frisco

by Taylor Williams June 21, 2018

FRISCO, TEXAS — Windmill Development will develop Stonebriar Commons on Legacy, a 103,958-square-foot office building that will be located in the northern Dallas metro of Frisco. The property will feature several floors of parking, views of a nearby golf course and floor-to-ceiling glass, as well as access to a variety of walkable amenities. Construction is scheduled to begin during the fourth quarter. Fults Commercial will handle leasing of the property.

June 21, 2018

Loans Office Texas

Q10 KDH Arranges Two Refinancings Totaling $44.5M for Houston-Area Retail, Multifamily Assets

by Taylor Williams June 21, 2018

HOUSTON — Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged two refinancings totaling $44.5 million in the Houston area. In the first transaction, Larry Peters of Q10 KDH arranged $29 million for two undisclosed multifamily assets totaling 642 units. These deals included a 15-year interest-only loan for the first property and a floating-rate loan for the second property. In the second transaction, Buddy Hopson of Q10 KDH placed a $15.5 million loan through a regional bank for the refinancing of Ravenswood Village Shopping Center, a 121,694-square-foot retail center in Huntsville. Additional terms of the transactions were not disclosed.

June 21, 2018

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