Office

HFF Arranges $47M Refinancing of Two-Building Office Portfolio in Metro D.C.

by Camren Skelton October 17, 2017

RESTON, VA. — HFF has secured $47 million in loans for the refinancing of Reston Metro Center One & Two, a two-building office portfolio in Reston, roughly 20 miles west of Washington, D.C. Cary Abod and Robert Carey of HFF secured the floating-rate loan through AllianceBernstein on behalf of the borrower, a joint venture between Coretrust Capital Partners LLC and Normandy Real Estate Partners. The portfolio totals 185,671 square feet and is located at 12120 and 12180 Sunrise Valley Drive, within walking distance to the future Reston Town Center Silver Line Metrorail Station. At the time of sale, Reston Metro Center Two was fully leased. Together, the portfolio was 35 percent leased.

October 17, 2017

Industrial New Jersey Northeast Office

HFF Brokers Sale of 26-Building Office/Flex Portfolio in Southern New Jersey

by Amy Works October 17, 2017

MOORESTOWN AND BURLINGTON, N.J. — HFF has facilitated the sale of a 26-building office/flex portfolio located in Moorestown and Burlington. Mack-Cali Realty Corp. sold the portfolio to Brennan Investment Group for an undisclosed price, free and clear of any mortgage financing. Totaling 1.2 million square feet, the portfolio comprises 24 buildings in Moorestown and two buildings in Burlington. At the time of sale, the portfolio was 91 percent leased. Tenants at the portfolio include businesses in healthcare services, pharmaceutical/clinical packaging and medical supplies. Jose Cruz, Doug Rodio, Brett Segal and Kevin O’Hearn of HFF represented the seller in the transaction.

October 17, 2017

Connecticut Northeast Office Retail

Press/Cuozzo Negotiates $3.1M Sale of Two-Building Mixed-Use Portfolio in Hamden, Connecticut

by Amy Works October 17, 2017

HAMDEN, CONN. — Press/Cuozzo Commercial Services has arranged the sale of a two-building mixed-use portfolio located at 2340-2348 Whitney Ave. in Hamden. Town Hall Center LLC sold the portfolio to a private investor for $3.1 million. Totaling 23,320 square feet, the properties were 100 percent occupied at the time of sale. The properties feature a mix of retail and office tenants. Stephen Press of Press/Cuozzo Commercial Services represented the seller in the deal.

October 17, 2017

Office Texas

Marketing Firm to Open 114,000 SF Headquarters in Downtown Austin

by Taylor Williams October 17, 2017

AUSTIN, TEXAS — Main Street Hub, a marketing firm that targets local businesses, will open a new, 114,000-square-foot headquarters at 2010 E. Sixth St. in downtown Austin. The company will relocate employees from its two existing Austin offices, as well as those in its New York City office, to the new office space starting in 2019. The four-story property will offer amenities such as a rooftop patio, bicycle storage, on-site showers and dedicated parking for food trucks.

October 17, 2017

Features Office Top Stories

Strong Tech Sector, Robust Construction Pipeline Influence U.S. Office Fundamentals, Says Cushman & Wakefield

by Camren Skelton October 17, 2017

CHICAGO — A strong tech sector and the effects of a robust construction pipeline influenced U.S. office fundamentals during 2017’s third quarter, according to Cushman & Wakefield. The commercial real estate services firm today released its third quarter statistics, which demonstrated that nationally markets remained stable during the past three months. Overall, though, the strength of these and additional top markets — including Midtown Manhattan and Dallas — was offset by significant negative absorption elsewhere. Out of the 87 markets tracked by Cushman & Wakefield, 27 markets posted a combined total of 5.3 million square feet of negative absorption during the third quarter, a third more than the 3.4 million square feet of negative absorption recorded in the second quarter. “The flow of tenants into new construction is beginning to impact fundamentals in some markets,” says Greenwood. “Developers delivered more than 11 million square feet of office space nationwide during the third quarter. The pipeline of new product is and will remain an important influence on the U.S. office market for the balance of 2017 and beyond.” Currently, Cushman & Wakefield tracks approximately 104 million square feet of new office development — representing 2 percent of total U.S. office inventory — in …

October 17, 2017

New York Northeast Office

TH Real Estate Sells 651,495 SF Office Building in Manhattan for $467.5M

by Amy Works October 16, 2017

NEW YORK CITY — TH Real Estate, an affiliate of Nuveen, has completed the disposition of 685 Third Avenue, an office building with ground-level retail space in Midtown Manhattan. UNIZO Holdings Co., a Tokyo-based real estate company, acquired the property for $467.5 million. The 31-story office building features 651,492 square feet of office and retail space. Office tenants include Sales Force, Tribune and Crain’s. The retail space houses Luke’s Lobster and Maison Kayser, an artisanal bakery. Bill Shanahan and Darcy Stacom of CBRE represented the buyer in the deal. This is UNIZO’s sixth New York City purchase.

October 16, 2017

Delaware Industrial Northeast Office

NAI Emory Hill Facilitates Sale of 8,000 SF Office, Industrial Building in Wilmington, Delaware

by Amy Works October 16, 2017

WILMINGTON, DEL. — NAI Emory Hill has arranged the sale of an industrial and office building located at 510 Century Blvd. in Wilmington. Mark Landis and Karen Landis of Metro Merchant Services acquired the 8,000-square-foot condominium building for an undisclosed price. Metro Merchant Services plans to move its operations from 132 Clinton St. in Delaware City, Del., to the newly acquired facility. WSFS provided financing for the deal. David Morrison of NAI Emory Hill represented the seller, while Lorraine Sheldon and Becky Harrington of NAI Emory Hill represented the buyer in the transaction.

October 16, 2017

Healthcare Loans Maryland Office Southeast

Capital One Provides $311M in Loans for 28-Building Medical Office Portfolio Across U.S.

by Camren Skelton October 16, 2017

BETHESDA, MD. — Capital One has provided $311 million in financing to recapitalize a 28-asset medical office building portfolio located across 11 states. The portfolio was 95 percent leased to 150 tenants at the time of sale, with eight of the buildings each occupied by a single tenant. The borrower was a joint venture between an institutional investor and another joint venture between Kayne Anderson Real Estate Advisors and MB Real Estate Healthcare, which previously owned the 1.5 million-square-foot portfolio. Six of the 28 buildings are located on or adjacent to a health system campus. In addition to the principal loan, the financing included a loan for one property that required separate financing due to ground-lease restrictions.

October 16, 2017

Industrial Office Self-Storage Texas

United to Redevelop 90,000 SF Office Campus in Greater Fort Worth

by Taylor Williams October 16, 2017

SOUTHLAKE, TEXAS — United Development Co. has acquired Park Forest office complex, a three-building, 90,000-square-foot campus located in the Fort Worth metro of Southlake. The company will invest $10 million in the redevelopment of the property, which will involve razing two single-story, 10,000-square-foot buildings and repurposing them into a climate-controlled self-storage facility. Demolitions are expected to begin in January 2018.

October 16, 2017

Office Texas

Marcus & Millichap Brokers Sale of 32,154 SF Office Building in Dallas

by Taylor Williams October 16, 2017

DALLAS — Marcus & Millichap has brokered the sale of a 32,154-square-foot office building located at 9319 Lyndon B. Johnson Freeway in Dallas. Built in 1982, the building consists of 36 office suites and recently received upgrades to its interior, landscaping and signage. Cody Payne and Wayne Bares of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company. Both parties requested anonymity.

October 16, 2017

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