Office

YAM Properties Sells Medical Office Campus for $16.5M in Glendale, Arizona

by Amy Works July 9, 2018

GLENDALE, ARIZ. — Scottsdale-based YAM Properties has completed the disposition of Arrowhead Professional Center, located at 18301 N. 79th Ave. in Glendale. Cleveland, Ohio-based Woodside Health acquired the property for $16.5 million. Steve Lindley, Bob Buckley and Tracy Cartledge of Cushman & Wakefield Phoenix’s capital markets group, along with the healthcare team of Sheila Bale, Tom Weinhold and Ryan O’Connor, represented the seller in the deal. The eight-building medical and professional office campus features 70,652 square feet of space. At the time of sale, the property was fully occupied and anchored by a surgery center jointly owned by Banner Health and the CORE Institute.

July 9, 2018

Market Reports Northeast Northeast Market Reports Office Rhode Island

Rhode Island’s Office Sector No Longer Tenant’s Market

by David Cohen July 9, 2018

The office sector in Rhode Island’s commercial real estate market has seen a strong carryover and positive momentum from 2017, into 2018, which we continue to enjoy today. The market has seen positive absorption in most areas and with little speculative development on the horizon, lease rates are being affected accordingly. It’s safe to say, it is no longer a Tenant’s market. In Providence, vacancy rates are hovering in the 12 percent range, down from 16.5 percent just a few years ago. Recent projects include the redevelopment of South Street Landing, a $230 million dollar renovation of the former Narragansett Electric power station which is now home to the URI/CCRI Nursing School as well as some of the administrative offices of Brown University. Just a block away, construction is underway for the 191,000-square-foot Providence Innovation Center. This will be occupied by the Brown University School of Professional Studies, Johnson & Johnson and the Cambridge Innovation Center. The redevelopment of 75 Fountain Street, a 160,000-square-foot building, once fully occupied by the Providence Journal, has also enjoyed positive absorption. The redevelopment by Nordblom Company and Cornish Associates has attracted companies such as Tufts Healthcare, GE Digital and Virgin Pulse to join the Providence …

July 9, 2018

Acquisitions New Jersey Northeast Office

BHN Associates Acquires Office Park in Bergen County, New Jersey for $10.8M

by David Cohen July 6, 2018

RAMSEY, N.J. — BHN Associates has acquired the Office Court of Ramsey, a 78,000-square-foot office park located at 500 Lake St. in Ramsey for $10.8 million. Ramsey is located approximately 28 miles north of Newark. The 8.5-acre property includes 11 buildings and is currently 95 percent leased to 100 tenants. Cushman & Wakefield represented the seller, a private ownership entity, in the transaction.

July 6, 2018

Acquisitions New Jersey Northeast Office

Houlihan-Parnes Arranges Sale of 400,000 SF Business Park in Northern New Jersey

by David Cohen July 6, 2018

MAHWAH, N.J. — Houlihan-Parnes Realtors has arranged the sale of the Mawah Business Park in Mahwah. The property consists of nearly 400,000 square feet of office and warehouse space. Robert V. Tiburzi, Jr. of Houlihan-Parnes represented the seller, a closely held investment group, in the transaction. A Rockland County, N.Y.-based real estate investment company purchased the property for an undisclosed amount. Attorney Doran Golubtchik of Goldberg Weprin Finkel Goldstein LLP provided legal counsel to the seller.

July 6, 2018

Acquisitions North Carolina Office Southeast

Coldwell Banker Brokers $7.4M Sale of Two Adjacent Office Buildings in Wilmington, N.C.

by Camren Skelton July 6, 2018

WILMINGTON, N.C. — Coldwell Banker Commercial Sun Coast Partners, a division of Coldwell Banker Commercial, has brokered the $7.4 million sale of two adjacent office buildings in Wilmington. MegaCorp Logistics, a Wilmington-based freight and logistics firm, acquired the assets from First Capital Group. Cody Cress and Tyler Pegg of The Cress Group, a division of Coldwell Banker Commercial Sun Coast Partners arranged the transaction on behalf of First Capital Group, and Spruill Thompson of Cape Fear Commercial represented MegaCorp Logistics. The two-story buildings, located at 1011 and 1013 Ashes Drive, total 30,595 square feet and 16,800 square feet, respectively.

July 6, 2018

Market Reports Office Texas Texas Market Reports

Fort Worth Office Market Embodies Live-Work-Play Mentality

by Taylor Williams July 6, 2018

Over the last 15 years, the office market of Fort Worth, as well as that of the metroplex as a whole, has experienced steady growth in both development and absorption of new product. DFW’s office vacancy rate currently sits at 15 percent, according to CoStar Group, indicating the ceiling for new growth has not yet been hit. The traditional drivers of job and population growth have fueled new construction and strong leasing velocity for office properties in Dallas. But in Fort Worth, particularly the downtown area, the growth is more visibly tied to the live-work-play trend embodied by millennials and other young members of the workforce. The health of Fort Worth’s multifamily, restaurant and hotel markets are all contributing to the growth of the office sector. Office developers consider a number of factors when constructing new space. But much like any project, location is key. As Fort Worth’s need for more housing, dining and hotels has grown, the walkability factor in the office sector has only increased in importance. As such, it’s not only the employees that are drawn to properties that are located within walking distance to residential buildings and entertainment destinations. Developers are also coveting these sites. Entertainment …

July 6, 2018

Leasing Activity New York Northeast Office

Fisher Brothers Signs GoldPoint Partners to 29,768 SF Office Lease In Manhattan

by David Cohen July 5, 2018

NEW YORK CITY — Fisher Brothers has signed GoldPoint Partners to a 29,768-square-foot lease at 299 Park Ave. in Midtown Manhattan. The property is one of Fisher Brothers’ signature buildings. GoldPoint Partners, a global financial firm, signed a 15-year lease to occupy the entire 37th floor of the 42-story building. The tower was constructed in 1967 and occupies the full block between 48th and 49th streets. Richard Bernstein, Steve Braun and Christine Colley of Cushman & Wakefield represented GoldPoint Partners in the transaction. Fisher Brothers was represented in-house by Marc Packman and Clark Briffel, as well as by Andrew Sachs and Pete Shimkin of Newmark Knight Frank.

July 5, 2018

Acquisitions Connecticut Northeast Office

Normandy Real Estate Partners Sells Office Campus in Connecticut for $4.9M

by David Cohen July 5, 2018

DARIEN, CONN. — Normandy Real Estate Partners has sold Darien Green, a 79,287-square-foot, two-building office campus in Darien for $4.9 million. Darien is located five miles east of Stamford. Fletcher Development and Silver Heights Development acquired the property and, following a capital improvement project, will rebrand the campus as Darien Crossing. The campus was built between 1976 and 1978 and consists of a 50,182-square-foot office building at 320 Boston Post Road and a 29,105-square-foot office building at 330 Boston Post Road. Stamford-based commercial real estate firm RHYS has been appointed as the exclusive leasing agent for the property.

July 5, 2018

Acquisitions Industrial Office Texas

Transwestern Arranges Sale of 61,139 SF Flex Property in Metro Dallas

by Taylor Williams July 5, 2018

FARMERS BRANCH, TEXAS — Transwestern has arranged the sale of Spring Valley Tech Center, a 61,139-square-foot flex property located at 4200-4288 Spring Valley Road in Farmers Branch, a northern suburb of Dallas. The property was built in 1979 and includes industrial features such as 12- to 18-foot clear heights and three dock-high loading doors. Steve Rowland and Timothy Veler of Transwestern represented the buyer, LCG Spring Valley LLC, in the transaction. Hal Pollard, also with Transwestern, represented the seller, 669 Fairway LLC.

July 5, 2018

Market Reports Michigan Midwest Midwest Market Reports Office

Detroit Office Market Development Quickly Accelerates

by Kristin Harlow July 5, 2018

The most exciting story in Michigan’s overall recovery from the Great Recession has been the revitalization of downtown Detroit. For locals and out-of-towners, Detroit’s development boom is surprising, exciting, refreshing, and at times, hard to believe. This real estate cycle may go down as the most important and consequential in 50 years. Indeed, the numbers and the anecdotal evidence demonstrate that we are not just witnessing a hot market — we are witnessing a once-in-a-generation shift in Detroit’s office market. Where we were What makes Detroit’s renaissance so amazing is how far the city has come in just eight years. For decades, downtown Detroit’s office market was effectively in the Detroit River. The central business district (CBD) continuously bled tenants to suburban markets, and heavy concessions along with incentives were required to lure office users to the city. Office tenants tended to be law firms, city, county and federal government agencies, non-profits, and city contractors — generally users that had to be downtown for proximity to the courts and City Hall. While the real estate statistics were not strong, the larger issue was the overall look and feel of the setting. Many buildings sat ominously vacant, the restaurant scene was …

July 5, 2018

Newer Posts

Older Posts