Office

Intercontinental Real Estate Corp. Acquires 337,904 SF Office Campus in Burbank for $123.5M

by Nellie Day February 15, 2018

BURBANK, CALIF. — Intercontinental Real Estate Corp. has acquired Connexion Burbank, a 337,904-square-foot office campus in downtown Burbank, for $123.5 million. The three-building urban campus is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. The properties were built in 1983, 1978 and 1984, respectively, and recently underwent a major renovation. The renovation and rebranding, which totaled nearly $8 million, included upgrades to all three lobbies, addition of two outdoor decks that tier down into an open patio area, extensive plaza renovation, new common areas and other modern enhancements. The buildings are situated on just over three acres of land and provide direct access to downtown Burbank. Connexion Burbank is 91 percent occupied by tenants including Turner Broadcasting (Cartoon Network), Regus, Citibank, Blackmagic Design, University of Redlands, WGBH Educational Foundation and Gerencia 360. Intercontinental Real Estate represented itself in this transaction. NKF’s Kevin Shannon, Rob Hannan, Michael Moll and Laura Stumm represented the seller, a joint venture between Lincoln Property Co. and Angelo Gordon. Kent Handleman of Lincoln Property Co. and Doug Marlow of CBRE served as local market leasing advisors in the sale.

February 15, 2018

California Office Western

Foremost Cos. Buys 100,000 SF Office Building in Pomona

by Nellie Day February 15, 2018

POMONA, CALIF. — Foremost Cos. has purchased a 100,000-square-foot office building in Pomona for an undisclosed sum. The building is located at 901 Corporate Center Drive. The building’s interior is currently improved with classrooms and administrative offices. The asset is situated within the 50-acre University Corporate Center business park. Current owners and tenants at the business park include pharmaceutical, professional offices and businesses, educational, and state and county offices. Stonewood Properties was hired as property manager to undertake deferred maintenance and service current tenant needs. NKF’s John Ewart and John Daciolas have been hired as leasing agents.

February 15, 2018

Loans Massachusetts Northeast Office

New York Life Real Estate Investors Originates $42M Loan for Office Building in Boston’s Seaport District

by Amy Works February 15, 2018

BOSTON — New York Life Real Estate Investors has originated a $42 million loan for Tower Point, a 157,000-square-foot office building located in Boston’s Seaport District. The property is owned by an institutional fund represented by Bayerische Versorgungskammer. The fund’s investment manager is a German company, Universal-Investment, as advised by Northwood Investors LLC. The loan has a 10-year term. Mark Young of New York Life Real Estate negotiated the loan.

February 15, 2018

Illinois Midwest Office

Summit Completes Two Office Build-Outs in Chicago

by Kristin Harlow February 15, 2018

CHICAGO — Summit Design + Build LLC has completed two office build-outs for Level Office, a company that rents private offices, co-working desks and meeting space. Summit renovated and expanded two of the company’s four Chicago locations. The 21,348-square-foot Level Office River North features private offices, office suites, co-working desks, reception, event space and conference rooms. This location also features a unique space off the first floor where a loading dock was converted to open office and lounge space. Summit’s scope of work also included building out a new floor plan for all four floors. Private offices feature a custom glass storefront, and a first-floor community kitchen includes bamboo and tile flooring and custom millwork. For the second project, Level Office West Loop, Summit built out amenity spaces and perimeter offices similar to the River North location. Summit also added two conference rooms and five phone booths. A 7,200-square-foot space on the 17th floor now serves as the primary amenity floor for all Level Office tenants within the building. Warren Johnson Architects Inc. served as the architect for both projects.

February 15, 2018

Midwest Missouri Office

Gershman Brokers $8.9M Sale of Two Office Buildings Near St. Louis

by Kristin Harlow February 15, 2018

CLAYTON AND MARYLAND HEIGHTS, MO. — Gershman Commercial Real Estate has brokered the sale of two office buildings near St. Louis. Tim Balk of Gershman represented the seller, CUNA Mutual Financial Group Inc., in both transactions. BMO-1 The Westport LLC purchased a 91,131-square-foot building located at 11960 Westline Industrial Drive in Maryland Heights for $6.2 million. The property was 78 percent leased at the time of sale to tenants such as Kantar Health, YOH Services and Lindenwood University. VAD Realty LLC purchased a 20,838-square-foot building located at 222 S. Meramec Ave. in Clayton for $2.7 million. The Class B property is situated next to Two Twelve Clayton, a newly completed multifamily development.

February 15, 2018

Indiana Lee & Associates Midwest Office

Lee & Associates Negotiates Sale of 30,375 SF Office Building in Indianapolis

by Kristin Harlow February 15, 2018

INDIANAPOLIS — Lee & Associates has negotiated the sale of a 30,375-square-foot office building in Indianapolis for an undisclosed price. The property is located at 3530 S. Keystone Ave. Teresa Harwood and Matt Broderick of Lee & Associates represented the seller, Keystone Business Property LLC. Alex Cantu and Alex Davenport of Colliers International represented the undisclosed buyer.

February 15, 2018

Georgia Healthcare Office Southeast

Caddis Acquires Urban Medical Office Building Near Atlanta for $27.6M

by Camren Skelton February 15, 2018

BROOKHAVEN, GA. — Caddis has acquired Brookhaven Medical Center, a 48,588-square-foot medical office building located at 3925 Peachtree Road in Brookhaven, a city adjacent to Atlanta’s Buckhead district. The sales price was not disclosed, but CoStar reports the Dallas-based healthcare real estate firm acquired the asset for $27.6 million. Korey Prefontaine, Sonny Molloy, Bob Johnson and Jared Kaye of Marcus & Millichap represented the seller, a joint venture between G.H. Anderson & Co. and The Gipson Co. Built in 2016, Brookhaven Medical Center was fully leased at the time of sale, with Walgreens occupying the ground floor and Piedmont Healthcare occupying the top two floors.

February 15, 2018

Florida Loans Office Retail Southeast

NorthMarq Arranges $15M Loan for Office, Retail Property in Tampa Bay Area

by Camren Skelton February 15, 2018

ST. PETERSBURG, FLA. — NorthMarq Capital has arranged a $15 million loan for Plaza Tower & Courtyard Shops, a 184,000-square-foot office and retail property located at 111 2nd Ave. N.E. and 201 1st St. N.E. in St. Petersburg. Bob Hernandez of NorthMarq arranged the seven-year loan with a 25-year amortization schedule on behalf of the undisclosed borrower. A local community bank provided the funding. The property is home to tenants such as Keller Williams Realty, LIG Marine and Gulfcoast Ultrasound Institute.

February 15, 2018

Office Southeast Virginia

Avison Young Brokers Sale of Vacant 79,880 SF Office Building in Metro D.C.

by Camren Skelton February 15, 2018

MCLEAN, VA. — Avison Young has brokered the sale of a 79,880-square-foot office building located at 1764 Old Meadow Lane in McLean, roughly 14 miles west of Washington, D.C. Rob Walters, Chip Ryan, John Kevill and Jim Kornick of Avison Young arranged the transaction. Young Group Inc. acquired the six-story building for an undisclosed price. The vacant building is situated on 1.9 acres of land. Young Group plans to convert the building into a self-storage facility. Butz-Wilbern is providing design services for the project.

February 15, 2018

Market Reports Midwest Midwest Market Reports Office Wisconsin

Downtown Milwaukee Is Experiencing Booming Development Across Sectors

by Kristin Harlow February 15, 2018

In 2017, downtown Milwaukee was unrecognizable from its former self — a year that brought additional outside investment, both public and private development and a rethinking of how we utilize office space. Developers broke a decade-long dry spell in 2016, and now nearly 500,000 square feet of office space is under construction downtown. It’s a story of persistence, as an overhaul of available office product has occurred over the past few years. Now, a vast majority of outdated Class B and C office product has been removed from downtown, bolstering rent growth and enticing the outside investment that Milwaukee deeply needed. Outside investors Prior to the close of 2017, one of downtown Milwaukee’s largest office buildings and the third largest multi-tenant office complex in the state, 310 West Wisconsin Avenue, sold to an investment group based in New York. Just as Millbrook Real Estate Co. and Fulcrum Asset Advisors finished renovating, rebranding and reopening the Two-Fifty office building — a downtown tower that struggled for years — Milwaukee’s second largest office tower, 411 East Wisconsin, sold to Middleton Partners. The repositioned property sold for $50 million more than it fetched just three years prior. Both projects are a testament to …

February 15, 2018

Newer Posts

Older Posts