CLAYTON AND MARYLAND HEIGHTS, MO. — Gershman Commercial Real Estate has brokered the sale of two office buildings near St. Louis. Tim Balk of Gershman represented the seller, CUNA Mutual Financial Group Inc., in both transactions. BMO-1 The Westport LLC purchased a 91,131-square-foot building located at 11960 Westline Industrial Drive in Maryland Heights for $6.2 million. The property was 78 percent leased at the time of sale to tenants such as Kantar Health, YOH Services and Lindenwood University. VAD Realty LLC purchased a 20,838-square-foot building located at 222 S. Meramec Ave. in Clayton for $2.7 million. The Class B property is situated next to Two Twelve Clayton, a newly completed multifamily development.
INDIANAPOLIS — Lee & Associates has negotiated the sale of a 30,375-square-foot office building in Indianapolis for an undisclosed price. The property is located at 3530 S. Keystone Ave. Teresa Harwood and Matt Broderick of Lee & Associates represented the seller, Keystone Business Property LLC. Alex Cantu and Alex Davenport of Colliers International represented the undisclosed buyer.
BROOKHAVEN, GA. — Caddis has acquired Brookhaven Medical Center, a 48,588-square-foot medical office building located at 3925 Peachtree Road in Brookhaven, a city adjacent to Atlanta’s Buckhead district. The sales price was not disclosed, but CoStar reports the Dallas-based healthcare real estate firm acquired the asset for $27.6 million. Korey Prefontaine, Sonny Molloy, Bob Johnson and Jared Kaye of Marcus & Millichap represented the seller, a joint venture between G.H. Anderson & Co. and The Gipson Co. Built in 2016, Brookhaven Medical Center was fully leased at the time of sale, with Walgreens occupying the ground floor and Piedmont Healthcare occupying the top two floors.
ST. PETERSBURG, FLA. — NorthMarq Capital has arranged a $15 million loan for Plaza Tower & Courtyard Shops, a 184,000-square-foot office and retail property located at 111 2nd Ave. N.E. and 201 1st St. N.E. in St. Petersburg. Bob Hernandez of NorthMarq arranged the seven-year loan with a 25-year amortization schedule on behalf of the undisclosed borrower. A local community bank provided the funding. The property is home to tenants such as Keller Williams Realty, LIG Marine and Gulfcoast Ultrasound Institute.
MCLEAN, VA. — Avison Young has brokered the sale of a 79,880-square-foot office building located at 1764 Old Meadow Lane in McLean, roughly 14 miles west of Washington, D.C. Rob Walters, Chip Ryan, John Kevill and Jim Kornick of Avison Young arranged the transaction. Young Group Inc. acquired the six-story building for an undisclosed price. The vacant building is situated on 1.9 acres of land. Young Group plans to convert the building into a self-storage facility. Butz-Wilbern is providing design services for the project.
In 2017, downtown Milwaukee was unrecognizable from its former self — a year that brought additional outside investment, both public and private development and a rethinking of how we utilize office space. Developers broke a decade-long dry spell in 2016, and now nearly 500,000 square feet of office space is under construction downtown. It’s a story of persistence, as an overhaul of available office product has occurred over the past few years. Now, a vast majority of outdated Class B and C office product has been removed from downtown, bolstering rent growth and enticing the outside investment that Milwaukee deeply needed. Outside investors Prior to the close of 2017, one of downtown Milwaukee’s largest office buildings and the third largest multi-tenant office complex in the state, 310 West Wisconsin Avenue, sold to an investment group based in New York. Just as Millbrook Real Estate Co. and Fulcrum Asset Advisors finished renovating, rebranding and reopening the Two-Fifty office building — a downtown tower that struggled for years — Milwaukee’s second largest office tower, 411 East Wisconsin, sold to Middleton Partners. The repositioned property sold for $50 million more than it fetched just three years prior. Both projects are a testament to …
WILTON, CONN. — GHP Office Realty has completed the sale of an office and flex building located at 131 Danbury Road in Wilton. A Westchester County, Conn.-based real estate holding company purchased the property for $9.2 million. Omnicom Group and Enterprise Rent-A-Car occupy the 52,500-square-foot building. Elizabeth Smith of Goldberg Weprin Finkel Goldstein represented the seller, while Bill Anson of RM Friedland represented the buyer in the deal. GHP Office Realty, a division of Houlihan-Parnes Realtors, is a leading owner, operator and purchaser of suburban New York commercial space.
CARMEL, IND. — CBRE has arranged a $50 million loan for the construction of KAR Auction Services Inc.’s new global headquarters in Carmel. Plans call for a 250,000-square-foot office building on a 13-acre site. The property is slated to open in August 2019. Nearly 1,600 of KAR’s 17,400 employees are based in Indiana. The new location will provide space for an additional 400 jobs. Michael Sherman, Irene Lu, Jason Brown and Dan Gable of CBRE arranged the loan. BBVA/Compass Bank provided the loan. The development team includes U.S. Realty Advisors, Ginovus LLC, Ice Miller, PURE Development and RATIO Architects.
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the Tech Arts Office building in Troy. Although the final sales price was not disclosed, the asking price was reportedly $3.6 million. Built in 1986, the 33,092-square-foot property is located at 165 Kirts Blvd. The office building was 86 percent leased at the time of sale. Mason L. Capitani represented the seller, Tech Arts LLC. Jason E. Capitani represented the buyer, Office Ventures Troy I LLC. L. Mason Capitani CORFAC International will continue to oversee leasing at the property, while its affiliate company, Liberty Property & Asset Management, will coordinate all property management services moving forward.
MIAMI BEACH, FLA. — East End Capital and GreenOak Real Estate have acquired 555 Washington Avenue, an office and retail building in Miami Beach. EOSII at 555 Washington LLC, an affiliate of KBS Realty Advisors, sold the asset for $38 million, according to local media reports. Christian Lee and Jose Lobon of CBRE brokered the transaction. Designed by Miami-based architecture firm Arquitectonica, 555 Washington Avenue includes 44,000 square feet of Class A office space, 22,000 square feet of ground-level retail and an attached parking garage with 243 spaces. The office portion of the property was 85 percent leased at the time of sale to tenants such as Warner Music Group, Alacran Records and SKCP Fund Management. The retail portion houses tenants including CVS/pharmacy and Wells Fargo. Steven Hurwitz of CREC is handling the property’s office leasing, while Zach Winkler of JLL is overseeing the leasing of the building’s retail portion.