Office

Weiss Realty Acquires 48,492 SF Office Building in Neptune, New Jersey, for $8.6M

by Amy Works December 18, 2017

NEPTUNE, N.J. — An affiliate of Weiss Realty has acquired an office building located at 1800-1836 W. Lake Ave. in Neptune for $8.6 million. James Gunning, Donna Falzarano and Kyle Saviano of CBRE Capital Markets Debt and Structured Finance arranged a $6 million permanent loan from Natixis of behalf of the buyers, West Lake Neptune LLC and West Lake Neptune 11 LLC, for the acquisition. Built in 2010, The three-story building offers 48,492 square feet of office space. Current tenants include Hackensack Meridian Health, the Department of Treasury for the State of New Jersey and West Lake Pharmacy. Fred Meyer of NAI Mertz and Jack Sudia of NAI Atlantic Coast Realty brokered the transaction. The Meyner and Landis Law Firm of Newark, N.J., represented the undisclosed seller, while Saverio Celeste of Fort Lee and William Schmidt of West Orange represented the buyer in the deal.

December 18, 2017

Office Texas

Stream Completes Renovation of 549,000 SF Office Building in Dallas

by Taylor Williams December 18, 2017

DALLAS — Stream Realty Partners has completed the renovation of Pinnacle Tower, a 24-story, 549,000-square-foot office building located along the LBJ Freeway in Dallas. The yearlong project delivered upgrades such as new exterior lighting to showcase the design and a remodeled lobby with a Starbucks Coffee, full-service restaurant and outdoor patio. Other additional features include a tenant lounge, fitness center, conference center and shuttle service to and from the Galleria mall and local restaurants.

December 18, 2017

Industrial Office Texas

NAI Robert Lynn Secures 36,450 SF Flex Lease in Arlington

by Taylor Williams December 18, 2017

ARLINGTON, TEXAS — NAI Robert Lynn has secured a 36,450-square-foot industrial/office lease at 640 107th St. in Arlington. Michael Stanzel of NAI Robert Lynn represented the landlord in the lease negotiations. George Curry and Blake Rogers of JLL represented the tenant, Incab America LLC, a Georgia-based manufacturer of fiber optic cable.

December 18, 2017

California Office Western

Mindspace to Open First U.S. Location of Co-Working Space in San Francisco

by Nellie Day December 15, 2017

SAN FRANCISCO — Mindspace has announced plans to open its first U.S.-based co-working outpost in San Francisco. The European co-working provider has leased 36,000 square feet at the Market Center Building at 575 Market St. The new office will open in the second quarter of 2018. It will be able to hold around 600 members. Market Center is owned by Equity Office. JLL advised Mindspace in this lease transaction.

December 15, 2017

Loans New Jersey Northeast Office

Cushman & Wakefield Secures $26.2M in Financing for Office Building in Woodcliff, New Jersey

by Amy Works December 15, 2017

WOODCLIFF, N.J. — Cushman & Wakefield has arranged $26.2 million in financing on behalf of Hudson Equities Management. The financing is secured by 300 Tice Boulevard, a 240,291-square-foot office property. Streamline Realty Funding provided the four-year, floating-rate financing. At the time of financing, the property was 78.5 percent occupied by a variety of tenants in the auto, pharmaceutical and financial services industries. John Alascio, Sridhar Vankayala and Andre Hass of Cushman & Wakefield represented the sponsor in the transaction.

December 15, 2017

Office Texas

Realty Capital Breaks Ground on 21,750 SF Office Building in Metro Dallas

by Taylor Williams December 15, 2017

FLOWER MOUND, TEXAS — Realty Capital Management has broken ground on Lakeside Professional Office, a 21,750-square-foot project in Flower Mound. The Class A property is being developed on a speculative basis. Bancorp South provided the construction loan for the project, which is expected to be complete by summer 2018.

December 15, 2017

Arkansas Office Southeast

NAS Purchases 30,829 SF Office Building in Bentonville, Arkansas

by Camren Skelton December 15, 2017

BENTONVILLE, ARK. — NAS Investment Solutions has acquired a 30,829-square-foot office building in Bentonville, along with five tenants-in-common (TIC) co-owners. Nick Viscount and Tim Winton of Keystone Mortgage Corp. arranged a 10-year, fixed-rate loan for the acquisition on behalf of the buyer. Other terms of the transaction were not disclosed. The property features a brick-and-glass architectural design and was solely occupied by a Fortune 500 company at the time of sale.

December 15, 2017

Midwest Minnesota Office

WeWork Signs 46,000 SF Office Lease in Minneapolis

by Kristin Harlow December 15, 2017

MINNEAPOLIS — WeWork has signed a 46,000-square-foot office lease at MoZaic East in the Uptown neighborhood of Minneapolis. The 198,000-square-foot creative office and retail property is currently under construction, with completion slated for late 2018. This lease represents one-quarter of the total office space available at MoZaic East. WeWork is a shared workspace for entrepreneurs, freelancers, startups and small businesses. WeWork currently has more than 170 locations spread across 56 cities in 18 countries. The company maintains one other location in Minnesota at Capella Tower in downtown Minneapolis. Emily Nicoll of CBRE represented WeWork in the lease transaction. Mark McCary, Larissa Champeau, Brent Karkula and Joe Conzemius of CBRE represented the landlord, Ackerberg.

December 15, 2017

Loans Mixed-Use New York Northeast Office Restaurant Retail

Rockwood Capital, Midtown Equities Receive $245M Loan for Mixed-Use Project in Brooklyn

by Amy Works December 14, 2017

NEW YORK CITY — Rockwood Capital and Midtown Equities, in joint partnership, have received $245 million in financing for a portion of Empire Stores in Brooklyn’s DUMBO neighborhood. The loan is for 55 Water Street, an 1860s-era warehouse building that was recently renovated, including the addition of a sixth floor to the original five stories. Upon completion, the overall project will feature 380,000 square feet of commercial space, including office, retail, restaurant and exhibition space, as well as rooftop gardens and public facilities. Provided by M&T Bank, the loans consisted of a $217.3 million land loan, plus $27.7 million for future project costs. Diana Brummer and Elizabeth Akerman of Stroock represented the joint venture in the financing.

December 14, 2017

New Jersey Northeast Office

NAI Hanson Arranges Sale of 11,000 SF Office Building in Mountain Lakes, New Jersey

by Amy Works December 14, 2017

MOUNTAIN LAKES, N.J. — NAI James E. Hanson has brokered the sale of The Plaza at Mountain Lakes, an office building located at 60 Midvale Road in Mountain Lakes. Giovanna Levato acquired the 11,000-square-foot property from 60 Midvale LLC for an undisclosed price. The two-story multi-tenant office building features ample parking and flexible zoning allowing for both office and retail uses. Andrew Kirshenbaum, Barry Mayer, Arthur Hixson, Josh Levering and Nicholas DePaolera of NAI Hanson represented the seller in the transaction.

December 14, 2017

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