Office

Valley East Management Acquires 141,000 SF Office Complex in Long Island

by Amy Works April 25, 2018

NEW YORK CITY – Valley East Management has acquired a two-building office complex located at 100 Merrick Road within Rockville Centre in Long Island. A New York investment advisory firm sold the asset for an undisclosed price. The 141,000-square-foot complex features an on-site café, tenant storage and on-site parking. At the time of sale, the property was 93 percent leased to a variety of tenants in the legal services, medical/healthcare and accounting industries. Jose Cruz, Kevin O’Hearn, Jeffrey Julien, Stephen Simonelli and Michael Oliver of HFF represented the seller and procured the buyer in the deal.

April 25, 2018

Acquisitions Connecticut Northeast Office

Angel Commercial Negotiates $8.2M Sale of Two Office Buildings in Fairfield, Connecticut

by Amy Works April 25, 2018

FAIRFIELD, CONN. – Angel Commercial has arranged the sale of two adjacent office buildings located at 328 and 338 Commerce Drive in Fairfield. CDR-328 LLC acquired the properties from 328 Commerce Drive LLC and 338 Commerce Drive LLC for $8.2 million. Situated on 1.9 acres, the properties total 48,958 square feet of office space. Angel Commercial solely handled the off-market transaction.

April 25, 2018

Acquisitions New York Northeast Office

Marcus & Millichap Arranges $2.7M Office Building Sale in Middletown, New York

by Amy Works April 25, 2018

MIDDLETOWN, N.Y. – Marcus & Millichap has brokered the sale of an office property located at 220 Crystal Run Road in Middletown. A private investor sold the property to an undisclosed buyer for $2.7 million. Since 1998, Fresenius Dialysis has occupied the 10,000-square-foot building. Michael Lombardi and Steven Schiavello of Marcus & Millichap represented the seller, while Christopher Mitchel and Ryan Moore, also of Marcus & Millichap, represented the buyer in the transaction.

April 25, 2018

Acquisitions Louisiana Office Southeast

Stirling Properties Brokers Sale of 14-Story Office Building Near New Orleans

by Camren Skelton April 25, 2018

METAIRIE, LA. — Stirling Properties has brokered the sale of The Executive Office Tower, a 184,608-square-foot office building located at 3500 N. Causeway Blvd. in Metairie, roughly eight miles northwest of New Orleans. Roger Bajon of Stirling Properties arranged the transaction on behalf of the undisclosed seller. A Dallas-based investor acquired the 14-story building for an undisclosed price. The Executive Office Tower is home to tenants such as Keystone Engineering.

April 25, 2018

Acquisitions Office Oregon Western

NKF Capital Markets Brokers Sale of 100,022 SF Office Property in Portland

by Amy Works April 25, 2018

PORTLAND, ORE. — NKF Capital Markets has arranged the sale of the historic Towne Storage, an office property located in Portland’s Central Eastside submarket. CBRE Global Investors acquired the 100,022-square-foot property for an undisclosed price. Autodesk Inc., an investment-grade credit tenant, occupies property. Nick Kucha and James Childress of NKF Capital Markets represented the seller, Westport Capital Partners.

April 25, 2018

Acquisitions California Lee & Associates Office Western

Lee & Associates Negotiates $11M Sale of Office Building in Metro Los Angeles

by Amy Works April 25, 2018

WESTLAKE VILLAGE, CALIF. — Lee & Associates-LA North/Ventura has arranged the sale of an office building located at 31248 Oak Crest Drive in Westlake Village in metro Los Angeles. K-Swiss, an athletic footwear maker, sold the property to Selleck Development Group for $11 million. The 53,133-square-foot building was constructed as a build-to-suit for K-Swiss and the company occupied the property from 1999 until it relocated to downtown Los Angeles. Joe Jusko of Lee & Associates represented the seller, while Mike Tingus and Grant Fulkerson of Lee & Associates represented the seller.

April 25, 2018

Acquisitions Illinois Midwest Office

Franklin Partners, Bixby Acquire Former OfficeMax Headquarters in Suburban Chicago, Plan Redevelopment

by Kristin Harlow April 25, 2018

NAPERVILLE, ILL. — Franklin Partners, in a joint venture with Bixby Bridge Capital, has purchased the former OfficeMax headquarters at 263 Shuman Blvd. in Naperville with plans to redevelop the property. The 350,000-square-foot vacant office building will be transformed into a multi-tenant building. The main entrance and atrium will be redesigned with a grand staircase. A lower level will feature baristas, a market-style deli, fitness center, co-working lounges and other amenities. Construction is scheduled to begin later this year with completion slated for early 2019. Wright Heerema Architects is the project architect. Francis Prock and David Florent of Colliers International will market the renovated property for lease.

April 25, 2018

Acquisitions Massachusetts Northeast Office

Invesco Real Estate Acquires Life Science Campus in Cambridge

by Amy Works April 24, 2018

CAMBRIDGE, MASS. – Invesco Real Estate, on behalf of an institutional client, has acquired the Quad, a life science campus located in Cambridge. The Davis Cos. sold the property for an undisclosed price. Totaling 199,487 square feet, the campus comprises four buildings: 75 Moulton St., 10 Wilson Ave., 40 Smith Place and 75 Smith Place. The Davis Cos. will continue to manage the asset and oversee its redevelopment. Coleman Benedict, Christopher Phaneuf, Ben Sayles and Kerry Hawkins of HFF represented the seller and procured the buyer in the deal.

April 24, 2018

Leasing Activity New York Northeast Office

Media iQ Digital Leases Two Floors at 261 Fifth Avenue in Manhattan

by Amy Works April 24, 2018

NEW YORK CITY – Media iQ Digital, a global analytics and technology company, has leased more than 23,000 square feet comprising the entire 25th and 26th floors of 261 Fifth Avenue in Manhattan. The company is nearly tripling its space by relocating from 8,013 square feet at 853 Broadway. The lease brings the 405,000-square-foot building to more than 87 percent occupancy. Other tenants at the building include Himatsingka USA, Richloom Fabrics Group, Dan Klores Communications and Tumi Inc. The Feil Organization owns the property. The asking price for the 10-year lease was $85 per square foot.

April 24, 2018

Acquisitions Office Southeast Virginia

Mercer Street Partners Acquires Office Building in Virginia Beach for $9.9M

by Camren Skelton April 24, 2018

VIRGINIA BEACH, VA. — Mercer Street Partners has acquired Corporate Center V, a 71,000-square-foot office building in Virginia Beach, for $9.9 million. Amerigroup Corp., a health insurance provider and wholly owned subsidiary of Anthem Inc., is headquartered at the building. Canal Capital Management arranged the transaction on behalf of Mercer Street Partners. Cushman & Wakefield | Thalhimer represented the undisclosed seller. Located at 4425 Corporation Lane within Corporate Center office park, the building is located within walking distance to Pembroke Mall and Town Center of Virginia Beach. The $608 million Town Center is home to more than 800,000 square feet of office space, 19 restaurants, apartment units, hotel rooms and more than 30 shopping and entertainment venues.

April 24, 2018

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