Office

L. Mason Capitani CORFAC International Brokers Sale of 55,528 SF Office Building in Auburn Hills, Michigan

by Kristin Harlow April 2, 2018

AUBURN HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Oakland Euro Center in Auburn Hills. The 55,528-square-foot office building is located at 3201 University Drive. The property is 97 percent leased by 10 tenants. The sales price was not disclosed, but the asking price was reported to be $5.7 million. Mason L. Capitani represented the buyer, LSTC Michigan LLC, in the transaction. This sale represents the seventh acquisition in metro Detroit for the California-based buyer. L. Mason Capitani CORFAC International will oversee leasing at the building, while its affiliated company, Liberty Property & Asset Management, will manage the property.

April 2, 2018

California Loans Office Top Stories

HFF Arranges $384.8M Refinancing for Two Office Towers in San Francisco

by Taylor Williams April 2, 2018

SAN FRANCISCO — HFF has arranged $384.8 million in refinancing for Genesis North and South Towers, two office and life science buildings in San Francisco that feature 717,883 square feet of lab and office space. HFF secured two loans on behalf of San Diego-based Phase 3 Real Estate Partners Inc. The financing package included a $199.8 million, three-year loan for Genesis North Tower and a $185 million, five-year loan for Genesis South Tower. An undisclosed life insurance company provided the funds for the first loan, while a national bank provided the funds for the second. Genesis North Tower, which was recently completed, stands at 21 stories and spans roughly 390,000 square feet. Genesis South Tower was completed in 2016, standing at 12 stories and encompassing approximately 328,000 square feet. The two-property campus, which serves as the hub for the city’s biotech industry, is located adjacent to U.S. Highway 101 on the city’s south side. The site includes a seven-story parking garage. Amenities include a performing arts center, a bakery and market, two fitness centers, meeting and conference center, and a shuttle service. Upon completion of Genesis North Tower, the fitness center at Genesis South Tower will be converted into amenity space …

April 2, 2018

Market Reports Maryland Office Southeast Southeast Market Reports

Sustained Job Creation Translates to Excellent Health of Baltimore Office Market

by John Nelson April 2, 2018

It is a simple formula: No metropolitan region can achieve extended economic growth without a healthy job market that is sustainable over the long-term. The greater Baltimore region has been able to accomplish just that — especially over the past two years, starting when a new governor was installed in Maryland. The State of Maryland’s rallying cry “We’re open for business” is putting its money where its mouth is with the generation of more than 135,000 new jobs since the start of 2015, and the state unemployment rate dipping to 3.8 percent, which makes it substantially lower than the national average of 4.4 percent. As an official with the Maryland Department of Commerce so accurately stated at our company’s year-end market update, Baltimore is known for having three famous birds: the Ravens, Orioles and — with all the construction underway — cranes. Momentum has been achieved with the continued distancing of the state’s previous “business unfriendly” reputation, the influx of institutional money targeting the region, its immediate proximity to the Nation’s Capital, a highly educated labor base and a diverse business economy led by the medical, high-technology and educational institution sectors. And, the most telling barometer of all is where …

April 2, 2018

Leasing Activity Office Texas

Tech Firm Signs 40,000 SF Office Lease for Austin Headquarters

by Taylor Williams March 30, 2018

AUSTIN, TEXAS — Innovative Aftermarket Systems (IAS), a provider of management solutions for the finance and insurance industries, has signed a 40,000-square-foot office lease at Preserve at 620 in Austin. The company will establish its headquarters at the 225,000-square-foot property, which is currently under construction. Amenities at the property will include a fitness center, sports court and open courtyard spaces. Ryan Bohls of Newmark Knight Frank represented IAS in the lease negotiations. Ben Tolson and Joe Simmons with AQUILA Commercial represented the landlord and developer, San Diego-based PacVentures Inc.

March 30, 2018

Acquisitions Colorado Office Restaurant Retail Western

M&J Wilkow, MetLife Buy 1.7 MSF Shopping Center in Metro Denver

by Amy Works March 30, 2018

AURORA, COLO. — M&J Wilkow Ltd., along with MetLife Investment Management, has acquired The Southlands, a retail center located in southeast Aurora. Developed in 2005, the 1.7 million-square-foot complex features retail and office space. Tenants include AMC Theatres, Dick’s Sporting Goods, H&M, Bed Bath & Beyond, Barnes and Noble, Ross Dress for Less, Ulta Beauty and Best Buy. Additionally, the center consists of a traditional power center component, an open-air lifestyle component (known as the Town Center) with fashion, food and entertainment and office space totaling more than 917,000 square feet. Southlands is the third retail center co-owned by M&J Wilkow and MetLife. The name of the seller and acquisition price were not released.

March 30, 2018

Acquisitions California Healthcare Office Western

Commercial Asset Group Brokers $13.7M Sale of Medical Office Building in Mission Hills, California

by Amy Works March 30, 2018

MISSION HILLS, CALIF. — Commercial Asset Group has arranged the acquisition of a medical office building located at 11155-11166 Sepulveda Blvd. in Mission Hills. Porter Ranch, Calif.-based San Fernando Professional Building sold the property to a Burbank, Calif.-based family investment group for $13.7 million. Facey Medical Group, a division of Providence Hospitals, occupies the 33,438-square-foot building. David Aschkenasy of Commercial Asset Group represented the buyer, while Mark Oliver of Realty Executives Valencia represented the seller in the deal.

March 30, 2018

Development Healthcare Office Southeast Virginia

Washington Property Breaks Ground on 67,000 SF Medical Office Building in Metro D.C.

by Camren Skelton March 30, 2018

DULLES, VA. — Washington Property Co. (WPC) has started construction on Stone Ridge Medical Center, a 67,000-square-foot medical office building in Dulles, roughly 30 miles west of Washington, D.C. The three-story building is currently preleased to three tenants: Virginia Pediatric Group, which will occupy 4,500 square feet; Jackson Clinics, which will occupy 3,000 square feet; and Royal Care Pharmacy, which will occupy 1,500 square feet. Total project costs for the development, including land acquisition, are $21 million. Stone Ridge Medical Center will be located across the street from the recently opened HCA StoneSprings Medical Center hospital. The building is expected to open by the end of the year.

March 30, 2018

Acquisitions Colorado Office Western

Pinnacle Real Estate Arranges $3.4M Sale of Office Building in Castle Rock, Colorado

by Amy Works March 29, 2018

CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has brokered the sale of a multi-tenant office building located at 1189 S. Perry St. in Castle Rock, a suburb of Denver. An undisclosed buyer acquired the property for $3.4 million, or $269.51 per square foot. Built in 2005, the property features approximately 12,801 square feet of office space. Corey Sandberg and Jeff Johnson of Pinnacle represented the undisclosed seller in the transaction.

March 29, 2018

Development Michigan Midwest Office

Jonna Breaks Ground on 180,000 SF Tech Office Building for Autoliv in Southfield, Michigan

by Kristin Harlow March 28, 2018

SOUTHFIELD, MICH. — Jonna Construction has broken ground on a 180,000-square-foot tech office building for Autoliv in Southfield near American Drive and I-696. Autoliv, an automotive safety systems company, will use the facility as its North American electronics technical center. Approximately 600 workers will relocate to the site. The landlord is Jonna Realty Ventures. John Gordy of Signature Associates brokered the lease transaction between the two parties. Completion is slated for the first half of 2019. Cathy Bronkema of Cohen Financial, a division of SunTrust Bank, arranged a $40 million construction loan for the project.

March 28, 2018

Loans Midwest Missouri Office

CBRE Arranges $8.7M Refinancing for Coworking Office Building in Kansas City

by Kristin Harlow March 28, 2018

KANSAS CITY, MO. — CBRE has arranged an $8.7 million loan for the refinancing of Westport Commons in Kansas City. The borrower, Sustainable Development Partners of Kansas City, purchased the abandoned former school and converted it into a coworking office property. The project, completed in mid-2017, is now fully leased. John Perlik and Don Coleman of CBRE | Capstone arranged the permanent fixed-rate loan, which features a 20-year amortization schedule.

March 28, 2018

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