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501-Deep-Valley-Dr-Palos-Verdes-Peninsula-CA

NKF Capital Markets Brokers $12.7M Sale of Medical Office Building in Metro Los Angeles

by Amy Works June 13, 2018

PALOS VERDES PENINSULA, CALIF. — NKF Capital Markets has facilitated the sale of a medical office building located at 501 Deep Valley Drive in Palos Verdes Peninsula, a city within the South Bay submarket of Los Angeles County. Deep Valley Drive LLC sold the property to Beverly Hills, Calif.-based Dayani Partners for $12.7 million. UCLA Health occupies 77 percent of the four-story, 33,770-square-foot building. Sean Fulp, Ken White, Michael Moore and Kevin Shannon of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction.

June 13, 2018

Acquisitions California Office Western

Hunter Street Partners, Mana Investments Purchase 78,747 SF Vacant Office Complex in California

by Amy Works June 13, 2018

LIVERMORE, CALIF. — Minneapolis-based Hunter Street Partners, in partnership with California-based Mana Investments, has completed the acquisition of Sunset Office Plaza in Livermore for an undisclosed price. Situated on 13.5 acres, the asset features 10 single-story office buildings totaling 78,747 square feet of office space. The property was vacant at the time of acquisition. The name of the seller was not released.

June 13, 2018

Acquisitions Arizona Office Western

Biltmore RE Acquires Office Building in Phoenix for $3.1M

by Amy Works June 13, 2018

PHOENIX — Biltmore RE, a net-leased investment group, has purchased an office building located at 2701 E. Camelback Road in Phoenix, for $3.1 million. The sale was an absolute triple-net leaseback to the seller, Arciterra Cos., a real estate investment and development company. The property features 8,501 square feet of Class A office space. Jenette Bennett of Kidder Mathews represented the buyer in the transaction.

June 13, 2018

Development North Carolina Office Southeast

Trinity Capital to Break Ground on 198,195 SF Office Building Within Charlotte’s Toringdon Office Park

by Camren Skelton June 13, 2018

CHARLOTTE, N.C. — Trinity Capital Advisors will begin construction this month on Toringdon 7, a 198,195-square-foot office building located in Charlotte. The eight-story building will be the seventh and final office building within Toringdon Office Park, which Trinity Capital began acquiring in 2012. After bringing the park under single ownership, the firm invested in capital improvements that included a new fitness center and pocket park. Toringdon 7 will feature column-free floor plans, floor-to-ceiling windows and a parking ratio of four spaces per 1,000 square feet. Architecture firm Gensler designed the building, Brasfield & Gorrie is the project’s general contractor and D&A Wolverine is the civil engineer. Trinity Capital expects to wrap up construction on the building in summer 2019. Located immediately off Interstate 485, Toringdon Office Park is 95 percent leased to tenants such as Blue Cross Blue Shield of North Carolina, Coats, Coldwell Banker, Crown Castle, Harsco, Keller Williams, Novolex, PepsiCo, Regus, Selective Insurance, Heartland Payment Systems and TIAA.

June 13, 2018

Acquisitions North Carolina Office Southeast

Dilweg Acquires 14-Building Office Park in Charlotte for $45.6M, Plans Renovation

by Camren Skelton June 13, 2018

CHARLOTTE, N.C. — The Dilweg Cos. has acquired Vanguard Center, a 14-building office park in Charlotte, in two separate transactions. The sales price was not disclosed, but the Charlotte Business Journal reports the Durham-based company acquired the assets from True North Management Group for $45.6 million. Dilweg plans to invest significant capital to improve the park, which was constructed between 1975 and 1997. Planned renovations include exterior improvements, updates to mechanical systems and common area and tenant amenity upgrades. Perkins + Will, an architectural firm, will assist with the renovations. Vanguard Center totals 563,504 square feet and was 65 percent leased at the time of sale to tenants including MapAnything, National Welders, MI Home and The Home Depot. Patrick Gildea and Matt Smith of CBRE arranged the transaction on behalf of the seller. Dilweg has retained CBRE’s Joe Franco, Ralph Oldham, Stephanie Spivey and Katherine Richey to handle the park’s leasing assignment. The purchase of Vanguard Center brings Dilweg’s Charlotte office portfolio to more than 1.7 million square feet and its Southeast office holdings to more than 6.4 million square feet.

June 13, 2018

Acquisitions Maryland Office Southeast

Finmarc Purchases Two-Building Office/Flex Portfolio in Maryland’s Howard County for $10.9M

by Camren Skelton June 13, 2018

COLUMBIA, MD. — Finmarc Management Inc. has acquired a two-building office/flex portfolio in Columbia for $10.9 million. The sold portfolio includes a single-story, 49,000-square-foot flex building at 9151 Rumsey Road and a single-story, 61,000-square-foot flex/office building at 9130 Red Branch Road. Jay Wellschlager of JLL arranged the transaction on behalf of the seller, Greenfield Partners. The portfolio was 90 percent leased at the time of sale. With this acquisition, Finmarc currently owns and manages more than 100 commercial office, flex, industrial and retail properties in the Mid-Atlantic area, as well as several residential projects. The company’s assets total just under 6 million square feet of space.

June 13, 2018

Illinois Loans Midwest Office

HFF Arranges $59.6M Refinancing for Office Complex in Skokie, Illinois

by Kristin Harlow June 13, 2018

SKOKIE, ILL. — HFF has arranged a $59.6 million refinancing for Old Orchard Towers in Skokie in suburban Chicago. The 349,814-square-foot Class A office complex consists of two seven-story towers. Located at 5202 and 5250 Old Orchard Road, the property is approximately 13 miles from Chicago O’Hare International Airport. The towers are 91 percent leased to 16 tenants, including National Louis University, healthcare consultant Sg2 and management consulting firm Kaufman, Hall & Associates. The property also includes a vacant 2.5-acre parcel for future development. Christopher Carroll of HFF represented the borrower, Zeller Realty Group. Ares Commercial Real Estate Corp. provided the three-year loan.

June 13, 2018

California Loans Office Top Stories Western

Broadreach Secures $150M Financing for Google Build-to-Suit Office Building in Mountain View, California

by David Cohen June 13, 2018

MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners has secured $150 million in financing for 1625 Plymouth, a 245,738-square-foot, build-to-suit office development in the North Bayshore submarket of Mountain View. The property is 100 percent pre-leased to Google Inc. The closing of the loan coincided with the completion of construction of the shell of the building and delivery to Google for a tenant improvement build-out. The highly amenitized, LEED Platinum certified building will feature multiple outdoor deck spaces for functions and activities. HFF arranged the fixed-rate, permanent loan through the New York State Teachers Retirement System (NYSTRS). “Working with the team at Broadreach Capital Partners and assisting them in securing a new relationship with NYSTRS was a tremendous opportunity and we are excited to watch the continued progress on site as the tenant completes its work and occupies this best-in-class office building,” said Bruce Ganong, senior managing director at HFF. Architecture firm WRNS Studio designed the building. Broadreach Capital Partners is a Palo Alto-based real estate investment firm focused on development, acquisitions and asset management of commercial real estate in the Western states. — David Cohen

June 13, 2018

Development Illinois Midwest Office

Construction Begins at Innovation and Research Park at Rosalind Franklin University in North Chicago

by Kristin Harlow June 12, 2018

NORTH CHICAGO, ILL. — Construction is underway at the new Innovation and Research Park at Rosalind Franklin University of Medicine and Science in North Chicago. Academic and industry scientists and entrepreneurs will use the property to translate the university’s biomedical research into new treatments for disease. The university hired Cushman & Wakefield to attract international and national bioscience companies to the new science park. The four-story, 100,000-square-foot addition to the campus will feature laboratories as well as conferencing and office space for faculty, commercial startups, and healthcare and life science companies. The University Finance Foundation and Gateway Development completed the $53 million financing for the expansion late last year. Completion is expected by summer 2019.

June 12, 2018

Acquisitions Office Southeast Tennessee

CBRE Brokers $43.3M Sale of 20-Story Office Tower in Nashville’s CBD

by Camren Skelton June 12, 2018

NASHVILLE, TENN. — CBRE has arranged the sale of 4th & Church, a 20-story office tower located at 201 4th Ave. N. in Nashville’s central business district. Stolz Real Estate Partners acquired the property from Albany Road Real Estate Partners. The sales price was not disclosed, but the Nashville Business Journal reports the building sold for $43.3 million. CBRE’s Jay O’Meara, Douglass Johnson, Justin Parsonnet and Morgan Hillenmeyer arranged the transaction on behalf of Albany. ServiceSource, a cloud-based software firm, anchors the building, which was 92 percent leased at the time of sale. Additional tenants include IQTalent Partners, Nashville City Club, Leitner Williams Dooley Napolitan and Parker Lawrence Cantrell & Smith. The building was fully renovated in 2008, and lobby renovations were completed in 2016.

June 12, 2018

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