Office

Buchanan Street Partners Sells 106,209 SF Office Property in Arizona for $15.6M

by Amy Works August 21, 2018

MESA, ARIZ. — Newport Beach, Calif.-based Buchanan Street Partners has completed the sale of Mesa Corporate Center, an office property located at 1001 W. Southern Ave. in Mesa. Escondido, Calif.-based Buster’s Bounce Texas acquired the property for $15.6 million, or $147 per square foot. Eric Wichterman, Mike Coover, Jerry Noble and Greg Mayer of Cushman & Wakefield Phoenix represented the buyer and seller in the transaction. Constructed in 2000, Mesa Corporate Center is a two-story, multi-tenant property totaling 106,209 square feet of Class A office space on 8.3 acres. At the time of sale, the property was 94.5 percent occupied by a variety of national and local corporations, including Allstate Insurance, Adtalem Global Education, Allied Universal Security, Teledoc and Kimley-Horn.

August 21, 2018

Acquisitions Massachusetts Northeast Office

Kelleher & Sadowsky Orchestrates Sale of 3,960 SF Office Building Near Boston

by Kristin Harlow August 20, 2018

WESTBOROUGH, MASS. — Kelleher & Sadowsky has orchestrated the sale of a 3,960-square-foot office building in Westborough for an undisclosed price. The property is located at 32-36 Milk St. in downtown Westborough, approximately 34 miles west of Boston. Drew Higgins of Kelleher & Sadowsky represented the buyer, Francis Vaccaro of Masis Staffing Solutions, in the transaction. The seller was undisclosed.

August 20, 2018

Acquisitions Florida Office Retail Southeast

HFF Negotiates $9.3M Sale of Retail, Office Building in Palm Beach County

by Camren Skelton August 20, 2018

PALM BEACH GARDENS, FLA. — HFF has brokered the $9.3 million sale of the Shoppes & Offices at PGA West, a retail and office property located in Palm Beach Gardens. Luis Castillo, Danny Finkle, Eric Williams and Nat Scarmazzi of HFF arranged the transaction on behalf of the seller, LNR Partners Inc., and procured the buyer, Juster Development Co. Constructed in 2001, the Shoppes & Offices at PGA West includes 18,348 square feet of retail space and 19,434 square feet of office space. The property was 98.3 percent leased at the time of sale to a mix of experiential retailers, restaurants and boutique office tenants.

August 20, 2018

Acquisitions California Office Western

NKF Arranges Sale of Three-Building Office Campus in Mountain View, California

by Amy Works August 20, 2018

MOUNTAIN VIEW, CALIF. — NKF Capital Markets has arranged the sale of Castro Station, a three-building office campus located in downtown Mountain View. TH Real Estate sold the property to Northwestern Mutual Life Insurance and McCarthy Cook for an undisclosed price. Built in phases between 2000 and 2014, the three-building, Class A property is located at 100, 150 and 200 W. Evelyn Ave. on approximately four acres of land. At the time of sale, the 114,809-square-foot asset was 94 percent leased to seven tenants, with Dropbox as its anchor. Additionally, the campus features ample parking with a three-story, below-grade parking garage that offers 346 stalls. Steven Golubchik, Edmund Najera, Tyler Meyerdirk and Darren Hollak of NKF Capital Markets represented the seller in the transaction.

August 20, 2018

Leasing Activity Midwest Office Wisconsin

FIS Signs 124,550 SF Office Lease in Milwaukee

by Kristin Harlow August 20, 2018

MILWAUKEE — Fidelity National Information Services Inc. (FIS) has signed a 124,550-square-foot office lease at Parkland Center in Milwaukee. The financial services technology and outsourcing services company will occupy the second and third floors of the Class A building, which was formerly home to Molina Healthcare of Wisconsin Inc. The building underwent an extensive renovation in late 2016, including a complete update of the lobby and the addition of a fitness center and full-service cafeteria. FIS joins neighboring tenant Global Industrial to bring the 222,704-square-foot building to an occupancy level of 67 percent. Ned Purtell and Patti Stevens of Founders 3 Real Estate Services represented the landlord, Griffin Capital Essential Asset REIT Inc., in the lease transaction. Erik Ozolins of Orion Realty Group and Kate Hanson of Founders 3 represented FIS.

August 20, 2018

Market Reports North Carolina Office Southeast Southeast Market Reports

Charlotte Companies Getting in on Amenities Arms Race to Attract Top Office Users

by John Nelson August 20, 2018

Companies looking to attract and retain talent are now offering top amenities, a modern office space and a healthy work environment with a sense of community. Employees are a company’s most vital asset, and firms are willing to pay a higher rate for office space if it provides a place that employees want to work. One of the trends this year in commercial office space is enhancing the work environment. According to a recent Pew Research Center analysis, millennials have become the largest generation in the U.S. workforce. To attract today’s workers, office users must offer an overabundance of amenities. Companies are now providing gaming lounges that include video games, foosball, air hockey and darts. They are also offering napping rooms, coffee shops with baristas and even onsite bars with wine and craft beer on tap. This type of atmosphere enhances employee interaction and provides the employee a place to relax while at work. Technology allows employees to be more efficient, but it will never replace the connection that happens with face-to-face conversations. Companies are looking to create an atmosphere where employees can collaborate throughout the workday, which in turn has a positive effect on worker productivity. The key to …

August 20, 2018

Acquisitions District of Columbia Loans Office Southeast

HFF Secures Sale, Financing for 73,168 SF Office Building in D.C.

by Camren Skelton August 17, 2018

WASHINGTON, D.C. — HFF has arranged the sale and financing for the Jefferson Building, a 73,168-square-foot office building located in Washington D.C.’s central business district. Jim Meisel, Andrew Weir, Stephen Conley, Matt Nicholson and Dave Baker of HFF brokered the transaction on behalf of the seller, Invesco Real Estate, and procured the buyer, Marcus Partners. In addition, HFF’s Dan McIntrye and Jay Graham arranged acquisition financing through a balance sheet lender on behalf of the buyer. The purchase price and loan amount were not disclosed. The eight-story Jefferson Building, most recently renovated in 2016, is situated within walking distance to four Metrorail stations. The property was 87 percent leased at the time of sale to 12 tenants including SN/SI Networks LLC, International Center for Alcohol Policies, Relman, Dan & Colfax PLLC and London & Mead/Andrew J. Kline LLC. In addition, the Jefferson Building houses The Palm, one of D.C.’s landmark restaurants.

August 17, 2018

Arizona Development Office Western

VanTrust Real Estate Delivers 117,000 SF Office Development in Chandler, Arizona

by Amy Works August 17, 2018

CHANDLER, ARIZ. — VanTrust Real Estate has completed the development of Chandler Corporate Center, a Class A office building located at 350 N. McClintock Drive in Chandler. Layton Construction Co. served as general contractor and Butler Design Group served as architect for the 117,000-square-foot building. Situated on 11 acres, the property features a two-story glass entrance enhanced with stone, wood and ceramic tile lobby finishes and integrated LED light fixtures. VanTrust plans to develop the remaining 15 acres of land surrounding the completed property.

August 17, 2018

Acquisitions Office Texas

Highland Capital Management Acquires 42-Story Office Building in Dallas

by Taylor Williams August 17, 2018

DALLAS — Highland Capital Management, a Dallas-based alternative investment manager, has acquired Cityplace Tower, a 42-story, 1.3 million-square-foot office building located in the Uptown area of Dallas. The seller was Parmenter Realty Partners. Completed in 1988, the transit-oriented property features 51,000 square feet of meeting space, a fitness center with a spa and proximity to more than 65 retail and dining establishments. Highland plans to upgrade the property’s common areas and introduce new retail space. Creighton Stark, Chris Boyd and Jihane Boury of Colliers International brokered the sale. Avison Young will handle leasing of the property following the change in ownership.

August 17, 2018

Acquisitions Office Texas

Stream Realty Partners Brokers Sale of 165,500 SF Office Building in San Antonio

by Taylor Williams August 17, 2018

SAN ANTONIO — Stream Realty Partners has brokered the sale of One Alamo Center, a 165,500-square-foot office building in downtown San Antonio. The eight-story building offers a conference center and concierge services. Jamie Jennings, James Mantzuranis and Andrew Rabinovich of Stream Realty Partners marketed the property on behalf of a private family office and procured the buyer, Los Angeles-based Entrada Partners. Market experts Ryan Harrison, Garrett Carlson and Kenneth Hartmann of Stream Realty Partners also contributed to the transaction.

August 17, 2018

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