Office

PCCP, Lincoln Property Co. Buy 464,000 SF Office/R&D Complex in San Jose

by Amy Works July 12, 2018

SAN JOSE, CALIF. — PCCP, in a joint venture with Lincoln Property Co., has acquired Valley Technology Centre, a seven-building office and R&D complex located on 26.4 acres in San Jose. MWest sold the property for an undisclosed price. Built in 2000, the 464,000-square-foot property was 74 percent leased at the time of sale. The complex comprises seven two-story office and R&D facilitates with 18-foot clear height on the ground floors to accommodate roll-up doors and shipping/receiving requirements. The properties are located at 2660, 2680, 2700, 2720, 2740 Zanker Road and 2585 and 2595 Junction Ave. in North San Jose.

July 12, 2018

California Loans Office Western

Bellwether Enterprise Arranges $25M Refinancing for Office Building in Los Angeles

by Amy Works July 12, 2018

LOS ANGELES — Bellwether Enterprise Real Estate Capital has arranged $25 million in refinancing for a single-tenant office building located in the South Bay region of Los Angeles. Shelley Magoffin and Max Sauerman of Bellwether’s Los Angeles office secured the first mortgage financing for the borrower, a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The new non-recourse loan features a 12-year term and three years of interest-only payments followed by a 30-year amortization. Originally constructed in the 1950s and expanded in the 1980s, the property features 200,000 square feet of office space. At the time of refinancing, the building was occupied by a defense company, which recently extended its lease for 10 years. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 12, 2018

Development Georgia Office Southeast

Hines, Cousins to Build $97M Office Building Within Metro Atlanta’s Avalon Mixed-Use Development

by Camren Skelton July 12, 2018

ALPHARETTA, GA. — A joint venture between Hines and Cousins Properties will develop 10000 Avalon, a 251,000-square-foot, Class A office building in Alpharetta, a northern suburb of Atlanta. The new building will be the second and final office building within Avalon, a 2.4 million-square-foot mixed-use development. The total development cost for the building is expected to be $97 million. Cousins has a 90 percent ownership interest in the joint venture and Hines has a 10 percent ownership interest. AXIS Reinsurance Co. will anchor the new building, occupying 76,000 square feet. Sam Holmes of CBRE arranged the 15-year lease on behalf of the insurance company, which is a subsidiary of AXIS Capital Holdings Ltd. Hines and Cousins will start construction on 10000 Avalon this month, with initial occupancy scheduled for early 2020. The building is located adjacent to 8000 Avalon, which Hines and Cousins delivered in June 2017. The building is currently 98 percent leased to tenants such as SAP, Microsoft and coworking operator Spaces.

July 12, 2018

Market Reports Michigan Midwest Midwest Market Reports Multifamily Office

The Hunt for Yield Returns to Detroit and Its Suburbs

by Kristin Harlow July 12, 2018

In 2008, the credit crisis had gripped the world and in particular, the Midwest. Lenders, whether CMBS or life insurance companies, had put large “X’s” through Michigan on their maps. And Detroit? South of 8 Mile, you couldn’t get a deal done. Enter entrepreneur businessman Dan Gilbert. Inspired by an intern spurning his then Livonia-based Quicken Loans for a more urban, walkable environment in Chicago, Gilbert made the bold decision to move his entire operation to downtown Detroit. Now in 2018, Ford, GM and Chrysler (and various suppliers) are humming, resulting in a decade-low statewide unemployment rate of 4.8 percent. The central business district (CBD) and Midtown Detroit multifamily occupancy rates are at 95 percent, with office just a touch under that, according to CoStar Group. And in downtown Detroit, which many in the metro area once regarded as a quasi-War Zone, vacant buildings are selling for millions of dollars and millennials in yoga pants dot the streets. Detroit’s resurgence since 2008 has earned it the nickname of “America’s Great Comeback City,” with no better metaphor than Ford Motor Co. recently buying one of the world’s great eyesores, Michigan Central Station, the former train station. However, the city’s renaissance is …

July 12, 2018

Acquisitions Massachusetts Northeast Office

JLL Negotiates $107.7M Sale of Creative Office Campus Near Boston

by David Cohen July 11, 2018

BEDFORD, MASS. — JLL has negotiated the sale of the Xchange at Bedford, a 479,000-square-foot creative R&D and life science campus in Bedford. The property sold for $107.7 million. JLL represented the seller, The Davis Companies, in the transaction. A partnership between Jumbo Capital Management and Sound Mark Partners purchased the eight-building office campus. The Xchange was 89 percent leased to five tenants at the time of sale. The campus is anchored by iRobot’s 272,000-square-foot long-term lease, which runs through 2030. iRobot is an advanced technology company that produces the Roomba Robot Vacuum.

July 11, 2018

Acquisitions Office Texas

Coworking Firm Acquires Dallas Gym, Will Offer Tenants Fitness Options

by Taylor Williams July 11, 2018

DALLAS — Common Desk, a Dallas-based coworking and office amenities provider, has acquired The Gym of Social Mechanics, a fitness concept that revolves around body weight movements, yoga and cardio. The east Dallas-based gym was founded in 2013. Common Desk will offer similar fitness services to occupants at the buildings it serves, giving landlords an alternative to developing full-service gyms.

July 11, 2018

Acquisitions Illinois Midwest Office

Echo Development Purchases 93,000 SF Office Building in Chicago for $14M

by Kristin Harlow July 11, 2018

CHICAGO — Echo Development Group Inc. has purchased 2401 W. Grace on Chicago’s northwest side for just under $14 million. AT&T Services Inc., a subsidiary of AT&T, occupies the single-tenant office building. AT&T has completed a renovation of the 93,000-square-foot property and recently announced the addition of 500 call center jobs at the site. The seller was not disclosed.

July 11, 2018

Illinois Loans Midwest Office

ASC Arranges $3.5M Bridge Loan for Acquisition of 25,000 SF Office Building in Chicago

by Kristin Harlow July 11, 2018

CHICAGO — American Street Capital (ASC) has arranged a $3.5 million bridge loan for the acquisition of a 25,000-square-foot office building in Chicago’s River North neighborhood. Built in 1920, the five-story building is currently vacant and in need of repairs. The buyer plans to renovate the property to include modern floor plans and amenities for tenants. Igor Zhizhin of ASC arranged the floating-rate loan, which features a full term 18 month interest reserve. A commercial bank provided the loan.

July 11, 2018

California Development Hospitality Loans Office Western

HFF Arranges $250M Development Financing for Bay Area Office, Hotel Project

by Amy Works July 11, 2018

MOUNTAIN VIEW, CALIF. — HFF has arranged the $250 million capitalization of Ameswell Mountain View, a fully entitled mixed-use project under development in Mountain View. Bruce Ganong, Michael Leggett, Ben Bullock, Thomas Foley, Austin White and Bercut Smith of HFF arranged the joint venture equity partnership with Rockwood Capital for the borrower, Broadreach Capital. Additionally, the HFF team worked on behalf of both parties to secure $140 million in construction financing with Wells Fargo Bank. Ameswall will feature a 255-room independent hotel and a 216,700-square-foot Class A office building. The Ameswall Hotel will feature a creative, local design with a strong emphasis on art and technology; 6,258 square feet of meeting and events space; food and beverage offerings, including a destination bar and restaurant and a grab-and-go market; and outdoor gathering spaces with a swimming pool, fire pits, bocce ball court and a lawn. Aiming for LEED Platinum certification, the five-story creative office building will feature floor-to-ceiling glass lines to provide natural light, 14-foot ceilings and 47,000-square-foot floorplates. Amenities for the property include a 2.5-acre park, terraces, break-out areas to merge workspace and nature, dedicated bike and pedestrian trails, and electric vehicle charging stations. The development will also feature a …

July 11, 2018

Acquisitions Office Southeast Virginia

Joint Venture Acquires Three-Building Office Portfolio in Arlington for $152M

by Camren Skelton July 11, 2018

ARLINGTON, VA. — PRP, in a joint venture with Riyiad Capital and GMF Capital, has acquired Sequoia Plaza I, II and III in Arlington for $152 million. The name of the seller was not disclosed. The 370,000-square-foot office portfolio, constructed between 1987 and 1991, was fully renovated between 2012 and 2017. The buildings are 98 percent net-leased to The Arlington County Department of Human Services and Arlington Public Schools through 2030 and 2032, respectively. Sequoia Plaza is located at the intersection of Washington Boulevard and Route 50, near the Clarendon Metrorail Station.

July 11, 2018

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