Office

Harbert Management Corp., Bancroft Capital Obtain $44.6M Refinancing for Denver Highlands Office Building

by Nellie Day January 4, 2018

DENVER — A joint venture between Harbert Management Corporation and Bancroft Capital has obtained a $44.6 million loan to refinance Denver Highlands, a 359,919-square-foot office property in Denver. The asset is located at 10375 and 10065 E. Harvard Ave. The JV acquired the property in 2014 and repositioned the property. Renovations included exterior building improvements, landscaping, renovated lobbies and common areas, new elevators and tenant amenity space. Proceeds will be used to pay off the existing loan and fund leasing costs to bring the property to stabilization. Dennis Williams of NorthMarq Capital arranged the three-year, interest-only loan. Funds were provided by Bedrock Capital.

January 4, 2018

Healthcare Office Southeast Virginia

Avison Young Arranges $62.5M Sale of Medical Office Building in Metro D.C.

by Camren Skelton January 4, 2018

FAIRFAX, VA. — Avison Young has arranged the sale of Merrifield-Fairfax Medical Campus, a 119,788-square-foot medical office building located at 3023 Hamaker Court in Fairfax, roughly 20 miles west of Washington, D.C. Grosvenor Americas Inc. sold the asset for $62.5 million to Harrison Street Real Estate, according to the Washington Business Journal. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Mark Johnson of Avison Young arranged the transaction. Situated adjacent to the Inova Fairfax Hospital campus, the building was 84.5 percent leased at the time of sale to tenants including Children’s National Health System and Pediatric Specialists of Virginia, a venture between Children’s and Inova. In addition, the transaction included a 120,000-square-foot adjacent site that has been approved for a second phase of development.

January 4, 2018

Georgia Office Southeast

ATPS Realty Partners Acquires Office Building in Atlanta’s Buckhead District for $50M

by Camren Skelton January 4, 2018

ATLANTA — ATPS Realty Partners, a joint venture between Israel-based Sage Equities and Atlanta-based Anchor Capital Partners, has acquired Live Oak Square, a 201,488-square-foot office building in Atlanta’s Buckhead district. The Atlanta Business Chronicle reports HighBrook Investors sold the asset for approximately $50 million. Justin Parsonnet, Jay O’Meara, Will Yowell and Ryan Reeth of of CBRE arranged the transaction on behalf of the seller. The 10-story building is located at the intersection of Peachtree and Lenox roads, across the street from both Lenox Square mall and Phipps Plaza and within walking distance of the Lenox MARTA Station. The University of Georgia’s Terry College of Business anchors the building, which was 74 percent leased at the time of sale to tenants including Merchant E-Solutions, MRI Software and The Bucket Shop Café. Kevin Lott and Claire Ross of JLL will oversee the building’s leasing assignment, and JLL’s Stacy Goldworn will manage the property.

January 4, 2018

Midwest Office Wisconsin

Colliers Brokers Sale of 578,000 SF Office Complex in Milwaukee

by Kristin Harlow January 4, 2018

MILWAUKEE — Colliers International has brokered the sale of 310 W. Wisconsin Avenue in Milwaukee for an undisclosed price. The 578,000-square-foot office complex is the third largest multi-tenant, stand-alone office complex in the state of Wisconsin, according to Colliers. Built in 1984, the blue glass building features two office towers connected by an atrium that reaches 14 stories high. The property is situated on the planned streetcar path and is walking distance to the new Bucks arena currently under construction and the proposed Milwaukee Symphony Orchestra development. Major tenants at the property include Captel, Previant Law, the General Services Administration, 540 ESPN and the Capital Grille. Tom Shepherd and Dan Wroblewski of Colliers represented the seller, RAIT Reuss Federal Plaza LLC. Time Equities Inc. purchased the complex and an attached 606-stall parking deck.

January 4, 2018

Midwest Minnesota Office

CBRE Arranges Sale of 166,650 SF Flex Office Portfolio in Eden Prairie, Minnesota

by Kristin Harlow January 4, 2018

EDEN PRAIRIE, MINN. — CBRE Capital Markets has arranged the sale of the Southwest Office/Tech portfolio in Eden Prairie, a southwestern suburb of Minneapolis, for an undisclosed price. The portfolio consists of three flex office buildings totaling 166,650 square feet: Edenvale Executive Center A & B and Valley Gate North. The buildings were constructed between 1986 and 1987. The portfolio is currently 82 percent occupied. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the undisclosed seller. Red Tail Acquisitions, a private real estate investment firm based in Irvine, Calif., purchased the portfolio.

January 4, 2018

California Office Top Stories Western

CIM Commercial Trust Agrees to Purchase Nine-Story Office Building in Beverly Hills for $130M

by John Nelson January 4, 2018

BEVERLY HILLS, CALIF. — CIM Commercial Trust Corp. (NASDAQ: CMCT), a REIT that owns and manages Class A office assets, has signed a definitive agreement to purchase a nine-story office building located at 9460 Wilshire Blvd. in the Golden Triangle area of Beverly Hills. The sales price was undisclosed, but multiple media outlets are reporting the Dallas-based REIT bought the Class A office building from Beverly Union Co. for approximately $130 million. The acquisition is expected to close this quarter. “9460 Wilshire is in a highly desirable and high-barrier-to-entry office market. It is a strong addition to CIM Commercial Trust’s portfolio,” says Charles Garner, CEO of CIM Commercial Trust. “The property has not changed ownership in almost 40 years, and is positioned for growth by tapping CIM’s operational expertise and long-term experience in the Los Angeles market.” The 97,000-square-foot office building was built in 1959 and last renovated in 2008. The building is located at the corner of Wilshire Boulevard and Beverly Drive, adjacent to the Four Seasons Beverly Wilshire Hotel and one block from the future Metro Purple Line Wilshire/Rodeo Station. Beverly Hills is situated within the Los Angeles West office submarket, which had a vacancy rate of 12.7 …

January 4, 2018

California Office Western

Olive Hill Purchases 112,987 SF Office Building in Santa Monica for $117M

by Nellie Day January 3, 2018

SANTA MONICA, CALIF. — Olive Hill has purchased a 112,987-square-foot office building in downtown Santa Monica for $117 million. The Class A building is located at 520 Broadway. The asset was built in 1981. It underwent a $13.2 million renovation in 2013. The space is now 82 percent occupied. Eastdil Secured represented Olive Hill in this transaction, while Steven Edwards and Grace Winters of Manatt, Phelps & Phillips served as its legal guidance. The seller was not named.

January 3, 2018

Midwest Minnesota Office

Onward Investors Sells 85,404 SF Office Building in Maple Grove, Minnesota

by Kristin Harlow January 3, 2018

MAPLE GROVE, MINN. — Onward Investors has sold Wedgewood Commerce Center in Maple Grove, a northwest suburb of Minneapolis, for $8.4 million. Built in 1988, the 85,404-square-foot office building is located at 6900 Wedgwood Road. Onward purchased the property in February 2015 and subsequently renovated vacant office spaces and made significant upgrades to the lobby. Additional upgraded amenities include a bike room that allows tenants to store and service their bikes on site. Major tenants include Henningson & Snoxell, PartnerRe America Insurance Co. and McKinstry Communications. Atlanta-based WCC Partners LP was the buyer.

January 3, 2018

Civic New Hampshire Northeast Office

A&G Partners Completes $11.6M Sale of Daniel Webster College Campus in Nashua, New Hampshire

by Amy Works January 3, 2018

NASHUA, N.H. — A&G Partners has closed the sale of Daniel Webster College’s 53-acre campus, formerly owned by ITT Educational Services, to Hong Kong-based user for $11.6 million. The campus housed 13 buildings totaling 281,000 square feet. The transaction — approved October 25, 2017, by the U.S. Bankruptcy Court in Indianapolis — followed the closing in November of A&G’s sale of the college’s aviation-specific facilities to Southern New Hampshire University. Assets at the former aviation school included a hangar, flight center, library, gym, townhouse and six additional buildings.

January 3, 2018

Connecticut Northeast Office

Sentry Commercial Arranges $1.2M Acquisition of Office Building in West Hartford, Connecticut

by Amy Works January 3, 2018

WEST HARTFORD, CONN. — Sentry Commercial has brokered the acquisition of an office building located at 28 N. Main St. in West Hartford. North Main Holdings LLC purchased the property from Rosenfield/Hollander Associates for $1.2 million. Situated on half an acre, the property features 9,392 square feet of office space. Sentry Commercial represented the buyer, while Chozick Realty represented the seller in the deal.

January 3, 2018

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