Office

Cushman & Wakefield Brokers Sale of 541,466 SF Office Property in Parsippany, New Jersey

by Amy Works December 20, 2017

PARSIPPANY, N.J. — Cushman & Wakefield has arranged the sale of Morris Corporate Center III (MCCIII), an office property in Parsippany. P3 Properties acquired the 541,466-square-foot Class A asset from institutional investors advised by J.P. Morgan Asset Management for an undisclosed price. The property includes four interconnected buildings on a 27-acre, amenity-rich campus at 400 Interpace Parkway. The park is 62 percent leased to four occupants, including TEVA Pharmaceuticals and Ogilvy CommonHealth Worldwide. Gary Gabriel, Andrew Morin, David Bernhaut, Kevin Donner, Brian Whitmer and Andrew MacDonald of Cushman & Wakefield brokered the sales transaction. John Alascio and Sridhar Vankayala of Cushman & Wakefield’s Equity Debt and Structured Finance Group arranged $58.8 million in acquisition financing, including approximately $15 million of future funding earmarked for property upgrades.

December 20, 2017

New York Northeast Office Retail

Domain Cos. Acquires Development Site in Brooklyn for $26.5M

by Amy Works December 20, 2017

NEW YORK CITY — The Domain Cos. has acquired a development site located at 545 Sackett St. in the Gowanus section of Brooklyn for $26.5 million. The site, which includes an existing 42,000-square-foot building, is zoned for up to 80,000 square feet of development. The site is a part of the area covered by the Bridging Gowanus community planning and land use process, an initiative to create a sustainable, livable and inclusive future for the Gowanus area. Dan Marks, Ofer Cohen and Mike Hernandez of TerraCRG represented the seller, ATS Realty Inc., in the deal.

December 20, 2017

Office Texas

Colvill Secures Two Office Leases Totaling 43,864 SF in Houston

by Taylor Williams December 20, 2017

HOUSTON — Colvill Office Properties has secured two leases totaling 43,864 square feet at Galleria Office Tower 1, a 493,456-square-foot, Class A building in Houston. Accounting firm BKD LLP leased 29,960 square feet and recruiting firm Lucas Associates Inc. leased 14,174 square feet. Brad Beasley and Win Haggard of Colvill Office Properties represented the landlord, a partnership between Azrelli Group and Unilev Capital Corp., in both lease negotiations. Lucian Bukowski and Nicholas Bockhorn of CBRE represented BKD; Bill Boyer and Collin Grimes, also of CBRE, represented Lucas Associates.

December 20, 2017

Office Texas

SVN Trinity Brokers Sale of 40,288 SF Office Building Near Fort Worth

by Taylor Williams December 20, 2017

HURST, TEXAS — SVN Trinity Advisors has brokered the sale of a 40,288-square-foot office building located at 1550 Norwood Drive in Hurst, a northeastern suburb of Fort Worth. Steve Fithian and Clint Montgomery of SVN Trinity represented the seller, AREI LLC, in the transaction. John Fegan of Compass Realty represented the buyer, 1550 Norwood LLC. The multi-tenant building was constructed in 1985.

December 20, 2017

Florida Office Southeast

Cushman & Wakefield Arranges $42M Sale of Broward County Office Building

by Camren Skelton December 20, 2017

PEMBROKE PINES, FLA. — Cushman & Wakefield has arranged the sale of Pembroke Pointe 880, a 143,535-square-foot office building in Pembroke Pines, a city in Broward County. Public records show the building sold for $42 million. Scott O’Donnell, Mike Davis, Michael Lerner, Dominic Montazemi, Miguel Alcivar, Greg Miller and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, Duke Realty. Jason Hochman of Cushman & Wakefield arranged a $22.7 million, long-term acquisition loan on behalf of the buyer, Pembroke Pointe Office LLC, an affiliate of Miami-based Midtown Capital Partners LLC. Pembroke Pointe 880 was constructed in 2015 and features 36,111-square-foot floor plates, a parking ratio of 5.5 per 1,000 square feet and Interstate 75 frontage. In addition, the property is located adjacent to the 400,000-square-foot Shops at Pembroke Gardens, an open-air retail center. At the time of sale, the building was 86 percent leased to tenants including Global Medical Management, Elizabeth Arden, CES Consultants Inc., Boxy Charm, Kronos Inc., Corestaff, Devry Education Group and Evolution Lighting LLC.

December 20, 2017

Alabama Office Southeast

SDM Partners Buys Three-Building Office Portfolio in Metro Birmingham

by Camren Skelton December 20, 2017

HOOVER, ALA. — SDM Partners has acquired Meadow Brook North, a three-building, 365,000-square-foot office portfolio located on Corporate Parkway in Hoover, roughly 11 miles south of Birmingham. Patterson Real Estate Advisory Group arranged acquisition financing for the transaction, which included a joint venture equity partnership with Blue Vista and bridge loans from Hamilton State Bank and State Bank & Trust Co. Other terms of the transaction were not disclosed. The portfolio originally included a fourth building, which SDM negotiated the sale of to a local user that closed simultaneously with SDM. Of the three buildings in SDM’s acquisition, one is fully leased to BlueCross BlueShield of Alabama, one is a multi-tenant building currently 87 percent leased and the third is vacant. Joe Sandner III and Joe Sandner IV of Colliers International will handle the portfolio’s leasing assignment.

December 20, 2017

Office Top Stories Washington Western

Takenaka Corp. Buys 290,573 SF Office Building in Seattle for $268.5M

by Nellie Day December 20, 2017

SEATTLE — Takenaka Corp. has purchased Tilt49, a 290,573-square-foot office building in Seattle, for $268.5 million. The Class A building is located at 1812 Boren Ave. in the Denny Triangle area of the city. Tilt49 is triple-net leased to Amazon through 2033. The newly constructed project includes 1,646 square feet of retail leased to Mighty-O Donuts. NKF represented the seller, a joint venture between Principal Real Estate Investors and Touchstone. The firm’s Kevin Shannon, Ken White, Rob Hannan, Tim O’Keefe and Michael Moll executed the transaction. The 11-story creative office property is nearby more than 100 restaurants, 3,000 hotel rooms, 28,000 urban residential units and public transit. The Denny Triangle submarket has experienced a 51 percent increase in average asking lease rates over the past three years, according to NKF. Tilt49 sold for $924 per square foot. This is approximately about $40 per square foot more than the recently sold Midtown 21 office property, which is situated adjacent to Tilt49 and also leased to Amazon. “The buyer [was sourced] via an ad hoc Asia/Pacific roadshow to four countries,” Shannon says. “As a result, we identified a strong buyer and achieved record-setting pricing for a Seattle office property. Takenaka is a …

December 20, 2017

Office Texas

HFF Negotiates Sale of 40,798 SF Office Building in Northwest Austin

by Taylor Williams December 19, 2017

AUSTIN, TEXAS — HFF has negotiated the sale of 5508 Parkcrest, a 40,798-square-foot office building located in northwest Austin. The Class B property was 92 percent occupied at the time of sale. HFF represented the seller, a family trust, in the transaction. An affiliate of Austin-based F&B Capital purchased the asset for an undisclosed price.

December 19, 2017

Office Texas

Coldwell Banker Arranges Sale of 36,879 SF Office Asset in Wichita Falls, Texas

by Taylor Williams December 19, 2017

WICHITA FALLS, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has arranged the sale of a 36,879-square-foot office property located at 2236 Airport Drive in Wichita Falls, about 100 miles northwest of Fort Worth. The property, which was built in 1992 and is currently leased to USA 800, a Missouri-based call center provider. Gary Walker of CBCA represented the buyer, SkyWalker Property Partners, in the transaction. Sandalwood Pacific LP of Hawaii sold the net-leased asset for an undisclosed price.

December 19, 2017

Multifamily Office Texas

WorkFlourish Opens 10,000 SF Workspace Within Houston Apartment Community

by Taylor Williams December 19, 2017

HOUSTON — WorkFlourish, a Houston-based company that cultivates workspaces within hospitality or residential settings, has opened a 10,000-square-foot co-working space within Ascension on the Bayou, a 280-unit apartment community located in the Westchase area of Houston. The property now features a workspace in the main lounge, two conference rooms, a formal business center, several individual desks, eight private offices and a community kitchen. Co-working space at the property costs between $200 and $450 per month.

December 19, 2017

Newer Posts

Older Posts