Office

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

Development Hospitality Mixed-Use North Carolina Office Restaurant Retail Southeast

Spectrum, Invesco to Develop Five-Acre Mixed-Use Project in Charlotte

by Amy Works October 22, 2018

CHARLOTTE, N.C. — The Spectrum Cos., in partnership with Invesco Real Estate, is developing a mixed-use project located on a five-acre tract linking Charlotte’s South End with its Uptown business district. Located on South Tryon Street at Carson Boulevard, the project will include two nine-story, 220,000-square-foot office buildings, an urban plaza with event space, 40,000 square feet of street-level restaurant and retail space and a 200-room boutique hotel atop a parking deck. The office component includes a flared design that offers private terraces on each floor overlooking the urban plaza, street-level retail and Uptown city lights. Located on top of a parking deck, the lifestyle hotel will include a rooftop bar. The project is the first venture between Spectrum and Invesco.

October 22, 2018

Leasing Activity Office Texas

Coworking Firm to Open 53,000 SF Space in Downtown Austin

by Taylor Williams October 19, 2018

AUSTIN, TEXAS — Coworking firm Spaces will open a 53,000-square-foot space at 501 Congress Ave. in downtown Austin. Kelly Woodruff and Mike Cleary of CBRE represented Spaces in the lease negotiations. Brent Powdrill of JLL represented the landlord, AFIAA U.S. Investment Inc. The space, which is the company’s first in Austin, will officially open during the third quarter of 2019. Spaces is a brand owned by Regus PLC, a Luxembourg-based coworking office operator with more than 3,000 business centers in 120 countries.

October 19, 2018

Acquisitions New Jersey Northeast Office

HFF Brokers Sale of 120,000 SF Office Building in New Jersey

by David Cohen October 19, 2018

CEDAR KNOLLS, N.J. — HFF has brokered the sale of a 120,000-square-foot office building in Cedar Knolls. Located at 240 Cedar Knolls Road, the four-story property is situated on 14 acres and is approximately two miles from downtown Morristown. HFF represented the seller, MB1 Capital Partners, in the transaction. The buyer was Highstone Equity Group. The building is currently 78 percent leased to a tenant roster that includes JAG Physical Therapy and P Value Communications.

October 19, 2018

Leasing Activity Office Southeast Tennessee

Global Investment Firm to Move Headquarters to Fifth + Broadway in Downtown Nashville

by Amy Works October 19, 2018

NASHVILLE, TENN. — AllianceBernstein (AB), a global investment firm with approximately $500 billion in assets under management, has selected Fifth + Broadway, a 6.2-acre mixed-use project in downtown Nashville, as its global headquarters. AB has leased 205,000 square feet at 501 Commerce, Fifth + Broadway’s Class A office tower. The company will occupy floors 18 to 25, the top floors of the tower. AB’s staff will have 360-degree views of Nashville’s Central Business District, Lower Broadway and the Cumberland River. AB announced in May 2018 that it would relocate its global headquarters to Nashville. The company expects to complete all phases of its move by 2024, bringing approximately 1,050 corporate office jobs. OliverMcMillan Spectrum | Emery LLC (OM-SE) is developing Fifth + Broadway, which is slated to open by mid-year 2020. The project also includes the 55,000-square-foot National Museum of African American Music; 200,000 square feet of entertainment and retail space, including a flagship H&M, multi-story food hall from The Food Hall Co. and Shake Shack; and 386 residential units. Neil Goldmacher, Brian Goldman and Jared Horowitz of Newmark Knight Frank and Kim Moore with Newmark Knight Frank’s Incentive Group represented AB in the lease transaction. Rob Lowe and Stewart …

October 19, 2018

Leasing Activity Michigan Midwest Office

Quicken Loans to Open Tech Office in Canada Across River from Detroit Headquarters

by Kristin Harlow October 19, 2018

WINDSOR, CANADA — Detroit-based Quicken Loans and its family of affiliated companies has unveiled plans to open a new office location in the historic Old Fish Market Building in downtown Windsor, Ontario. The expansion into Canada will enable Quicken Loans to recruit top talent from Windsor, Toronto and Waterloo to support the growing need for additional technology talent, according to the company. Quicken Loans will lease more than 9,000 square feet of office space at the building, which is undergoing renovations that are expected to be completed in the first half of 2019. The company plans to grow the office to more than 100 tech workers.

October 19, 2018

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