Office

Bridge Investment Sells Office Park in Richmond for $62.4M

by Camren Skelton May 30, 2018

RICHMOND, VA. — Bridge Investment Group has sold SunTrust Center One and Two, a two-building office park located at 11011 and 11013 W. Broad St. in Richmond. Washington, D.C.-based FD Stonewater acquired the buildings, which total 419,653 square feet, from Bridge for $62.4 million. SunTrust Center One is fully leased to SunTrust Banks Inc. for 10 years. The building recently underwent a $30 million renovation that included a new lobby, fitness center, cafeteria, new glass storefront and collaborative workspaces. SunTrust Center Two is fully leased to five tenants: Magellan Health, SunTrust Banks, RetailData, Home Care Delivered and EMC Corp. Eric Robison of Cushman & Wakefield | Thalhimer and Eric Berkman and Williams Collins of Cushman & Wakefield’s D.C. office arranged the transaction on behalf of Bridge. Cushman & Wakefield | Thalhimer will manage the property and handle the buildings’ leasing assignments.

May 30, 2018

Acquisitions Florida Office Southeast

HFF Brokers $39.2M Sale of Two-Building Office Portfolio in Orlando

by Camren Skelton May 30, 2018

ORLANDO, FLA. — HFF has arranged the $39.2 million sale of Resource Square One and Three, a two-building office portfolio in Orlando. The buildings are located at 13501 Ingenuity Drive and 12001 Research Parkway within Orlando’s Central Florida Research Park, which is adjacent to the University of Central Florida. Hermen Rodriguez, Ike Ojala, Tracey Goo and Anthony Frogameni of HFF arranged the transaction on behalf of the sellers, an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management LP. The HFF team also procured the buyer, an affiliate of TerraCap Management LLC. The three-story Resource Square One totals 91,667 square feet and was built in 1999. Resource Square Three spans five stories and totals 152,882 square feet. The property was constructed in 2003. Collectively, the portfolio was 84.9 percent leased at the time of sale to tenants such as General Dynamics, AVNET, Cisco Systems and Raytheon.

May 30, 2018

Leasing Activity Office Texas

Brewery, Distilling Architecture Firm to Open Dallas Office in June

by Taylor Williams May 29, 2018

DALLAS — Method Architecture, a Houston-based architecture and interior design firm that specializes in breweries and distilleries, will open an office in Dallas in June. The company, which has designed more than 25 breweries across the state, acquired an Austin-based firm in late 2017, making the new Dallas office its third in Texas. Method’s Dallas office will be located at 1919 McKinney Ave. near Klyde Warren Park in the downtown area.

May 29, 2018

Leasing Activity Office Texas

Elevate Credit Doubles Office Footprint at Spectrum Center in Metro Dallas

by Taylor Williams May 29, 2018

ADDISON, TEXAS — Elevate Credit, a publicly traded provider of online credit solutions, has doubled the size of its office lease at Spectrum Center, a 614,000-square-foot office complex located in the northern Dallas metro of Addison. The company is expanding its footprint from 26,000 to 52,000 square feet. Cribb Altman and Mike Wyatt of Cushman & Wakefield represented Elevate Credit in the lease negotiations. The expansion will allow the company to grow its staff count from about 130 employees to 300.

May 29, 2018

Kentucky Loans Office Southeast

FM Capital Originates $10M Acquisition Loan for Office Building in Florence, Kentucky

by Camren Skelton May 29, 2018

FLORENCE, KY. — An affiliate of FM Capital LLC has originated a $10 million acquisition loan for Turfway Ridge Office Park, a 217,000-square-foot office building in Florence, located roughly six miles from Cincinnati/Northern Kentucky International Airport, home to Amazon’s $1.5 billion Prime Air cargo hub. The borrower, a Los Angeles-based real estate investor, acquired the asset from a special servicer via an auction process. Other terms of the bridge financing were not disclosed. The five-story Turfway Ridge Office Park was originally constructed in 1988 and renovated in 2006. The building was 81 percent leased at the time of sale to tenants such as ADP, Central Bank and the U.S. Department of Veterans Affairs.

May 29, 2018

Florida Market Reports Office Property Type Southeast Southeast Market Reports

Tampa Bay’s Office Market is Evolving with New Spec Construction on the Horizon

by John Nelson May 28, 2018

Economic growth in Tampa Bay continues at an impressive pace, driven by strong population and employment growth over the past several years. The unemployment rate has steadily declined, dropping 110 basis points from December 2016 to a current 3.4 percent, and the strong pace of job growth continues with a rise in non-farm employment of 35,000 new jobs during the trailing 12-month period ending December 2017. As a result, leasing activity has increased, rental rates continue to show incremental growth and there is a strong likelihood of new speculative office construction in the coming year. Major corporations continue to reaffirm their confidence in Tampa with significant announcements of planned corporate expansions by MetLife, Pricewaterhouse Coopers (PwC), AAA and USAA during the second half of 2017. In fact, the Tampa Bay metropolitan area ranked as one of the top 20 “U.S. Markets to Watch” for overall real estate prospects in the Emerging Trends in Real Estate 2018 report published by PricewaterhouseCoopers and the Urban Land Institute. Investment Activity Many investors who in years past were seeking opportunities in gateway markets are now turning their attention to secondary markets like the Tampa Bay area in search of higher yields. There were several …

May 28, 2018

Acquisitions New York Northeast Office

Savanna Acquires Office Tower in Midtown Manhattan for $640M

by David Cohen May 25, 2018

NEW YORK CITY — New York City-based real estate investment manager Savanna has acquired a 682,988-square-foot office and retail property in Midtown Manhattan for $640 million. The property, known as 5 Bryant Park, was purchased from an affiliate of Blackstone. Savanna plans to modernize the property through a capital improvement program that will include a redesigned lobby, entrance and building signage. 5 Bryant Park is located directly across from Bryant Park on Sixth Avenue and features 100 feet of frontage facing the park. A joint team of JLL and HFF represented Savanna in the financing of the acquisition. Laurie Grasso of Hunton Andrews Kurth represented Savanna as legal counsel in the transaction. CBRE has been selected as the exclusive leasing agent for the property.

May 25, 2018

Loans Office Texas

Meridian Arranges $7.5M Acquisition Loan for Office Building in Houston’s Westchase District

by Taylor Williams May 25, 2018

HOUSTON — New York-based Meridian Capital Group has arranged a $7.5 million loan for the acquisition of 5800 North Course, a 75,000-square-foot office building located in the Westchase area of Houston. The property includes 2,500 square feet of food service space and roughly 600 parking spaces. The building has been fully leased to financial services firm Alltran since it was constructed in 2001. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the loan on behalf of Windmill Investments, a firm specializing in value-add projects.

May 25, 2018

Leasing Activity Midwest Minnesota Office

Cantel Medical Leases 160,000 SF for Headquarters in Plymouth, Minnesota

by Kristin Harlow May 25, 2018

PLYMOUTH, MINN. — Cantel Medical has signed a 160,000-square-foot lease for its regional headquarters in Plymouth, about 15 miles northwest of Minneapolis. The provider of infection prevention products will relocate from several sites throughout Plymouth to the four-story office building, which is located at 9800 59th Ave. Dave Paradise, Sydney Johnson and David Itzkowitz of Cushman & Wakefield represented the tenant in the lease transaction. Bob Revoir of Cushman & Wakefield represented the undisclosed landlord. Cantel Medical plans to occupy the space in the fourth quarter of this year.

May 25, 2018

Development Kansas Midwest Office

Rock Enterprises Begins Office Conversion Project in Wichita, Kansas

by Kristin Harlow May 25, 2018

WICHITA, KAN. — Contractor Rock Enterprises is converting a 12,674-square-foot historic building into a multi-tenant office and retail development. Built in 1911, the property is located at 930 W. Douglas Ave. in Wichita’s Delano District. Property suites will range from 1,200 to 3,500 square feet in size. The building will have a common kitchen, lounge area and conference room. Jeff Englert and Nathan Farha of NAI Martens, the leasing agents for the property, have negotiated leases for No Coast Salon and Point Guard Management. No Coast Salon will occupy 1,245 square feet of ground-floor retail space while property management firm Point Guard Management will occupy 1,337 square feet on the second level. 3 Ten studio is the architect for the project.

May 25, 2018

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