HOUSTON — NAI Partners has arranged the sale of a 6,400-square-foot office/warehouse asset situated on 8.9 acres at 8412 Hansen Road in Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, Wallis State Bank, which had previously foreclosed on the property. Greg Williams of Qualified Properties represented the buyer, TBarJ Properties LLC.
NEW YORK CITY — Boston-based Marcus Partners, in partnership with Dalan Management, has acquired two adjacent 12-story office buildings in Midtown Manhattan for $54.5 million. The buildings, which are located at 10-12 E. 33rd St., each contain 35,000 square feet of office space with 2,000 square feet of ground-floor retail. The properties are fully leased to a mix of tenants in industries such as technology, advertising, media and architecture. The loft-style buildings feature exposed brick, windows on three sides and provide small- to mid-size companies the opportunity to occupy an entire floor. Matthew Spiegel, Mo Beler, Glen Tolchin and Anthony Ledesma of JLL arranged the sale on behalf of the buyer. The seller was undisclosed.
FORT LAUDERDALE, FLA. — HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale. Chris Drew, Brian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management. The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley and Mass Mutual.
DEARBORN, MICH. — NAI Farbman has arranged the sale of a 35,800-square-foot office building in Dearborn for $1.5 million. The property, originally built in 1972 and formerly the United Airlines building, spans two stories on a 4.5-acre site at 17501 Michigan Ave. Ali Haidar of Farbman represented the buyer, 17501 Michigan Ave. Acquisitions LLC. UA Investment Group LLC was the seller. Farbman will handle management and leasing for the property, which will be rebranded as Dearborn Office Centre.
PITTSBURGH — Lionstone Investments and Walnut Capital have acquired the Pittsburgh Athletic Association clubhouse, a five-story vacant building in Pittsburgh’s Oakland neighborhood. The property was built in 1911 and had served as the clubhouse for the Pittsburgh Athletic Association since then. The building features Renaissance Venetian palazzo architecture, a bowling alley, basketball and squash courts and a third-floor swimming pool. The structure was added to the U.S. National Register of Historic Places in 1978. HFF brokered the sale of the building on behalf of the Pittsburgh Athletic Association as part of a Chapter 11 bankruptcy reorganization. The buyers plan to refurbish the exterior of the building and convert the interior into 90,000 square feet of office space. Work on the property is expected to take 18 to 24 months.
MONTCLAIR, N.J. — Marcus & Millichap has negotiated the $2.5 million sale of a 70 Park Montclair, a 12,000-square foot office property located in Montclair. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a partnership, in the transaction. 70 Park Montclair is located at 70 Park St. and currently 83 percent occupied.
Corporate headquarters present unique challenges and opportunities in property valuation discussions with tax assessors. Managing taxes on any real estate property requires an understanding of all three traditional approaches to value, but headquarters are unusual in that good data are hard to find. This article highlights common sticking points in value discussions for this unique property set. A collaborative discussion between an advisor and property owner on these few areas can lead to a successful tax reduction. Cost considerations A headquarters defines an enterprise, but many of its defining improvements lack value to potential buyers. Especially with newly constructed or renovated projects, or when lacking comparable data, the assessor will often rely heavily on the cost approach to estimate market value. This can result in a high valuation with room for fruitful discussion about ways to support a value decrease. Under the cost approach, an assessor using reproduction cost will frequently understate depreciation and obsolescence. It is important to also review treatment of the economic age-life method, which is often misapplied. The effective age, rather than the actual age, must be measured against the life expectancy of improvements. Deferred maintenance also requires deductions. Good appraisal practice mandates that short-lived items …
RICHARDSON, TEXAS — A subsidiary of Q Real Estate Holdings LP, an affiliate of Fort Worth-based Q Investments LP, has refinanced 2400 Glenville, a 391,091-square-foot office complex located in the northeastern Dallas suburb of Richardson. The property, which is situated on 35 acres, underwent several renovations over the past few years to upgrade its common areas and add a new fitness center. Brian Carlton of HFF arranged the three-year, floating-rate refinancing for the transaction through CapitalSource, a division of Pacific Western Bank. The loan amount was not disclosed.
ALLEN, TEXAS — New York-based REIT Global Net Lease (NYSE: GNL) has acquired a 145,000-square-foot office building located in the northern Dallas metro of Allen for $54 million. The Class A property is currently net leased for 12 years to a subsidiary of NetScout Systems Inc., a Massachusetts-based tech firm. GNL acquired the building in conjunction with a 669,000-square-foot industrial facility in Akron, Ohio, which carried a price tag of $21.4 million.
MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners and Rockwood Capital have broken ground on Ameswell Mountain View, a mixed-use development situated on one of last fully entitled development sites in Mountain View, just northwest of San Jose. Located at the convergence of U.S. 101 and State Route 85, the property is the culmination of four years of planning and land assemblage by Broadreach. Situated on 10 acres, the project will feature a 220,000-square-foot, Class A office building and The Ameswell Hotel, a 255-room luxury hotel. The office building will feature 47,000-square-foot floor plates, ceiling heights up to 16 feet and full-height windows. On-site amenities include a roof deck, terraces and breakout areas to connect tenant space with the outdoor environment. Additionally, parking is structured as three parking stalls per 1,000 square feet of office space. Broadreach has retained Newmark Cornish & Carey as leasing agents for the office building, which is slated for completion in November 2019. Set to open in July 2020, The Ameswell Hotel will feature creative, local design with a strong emphasis on art and technology. The hotel will include more than 6,000 square feet of meeting space, a fitness center, restaurant with outdoor dining, beer garden, …