MONTICELLO, N.Y. — Middletown Medical Group has signed a lease for 8,413 square feet of medical office space at Thompson Square Shopping Center in Monticello. The combined three-tenant space will be the medical group’s new location. The new location will allow Middletown Medical to consolidate two existing Monticello physician offices. The new facility will offer 20 exam rooms, an X-ray unit, a CAT scan machine and urgent care services. With the addition of Middletown Medical Group, the 242,000-square-foot shopping center will be 95 percent leased. Additional tenants include Catskill Hudson Bank, Brother Bruno’s and GameStop. A joint venture between Heidenberg Properties Group, Strategic Real Estate Partners and Norse Realty Group owns the property.
AUSTIN, TEXAS — AQUILA Commercial has broken ground on East6, a 115,000-square-foot office project for marketing firm Main Street Hub in Austin. Designed by The Beck Group, the four-story property will be located at 2010 E. 6th St. and will serve as Main Street’s new headquarters. Delivery of the property is slated for spring 2019. The tenant plans to consolidate 550 employees from its existing offices into the building.
HOUSTON — The NAI Investment Fund has sold a 75,166-square-foot, Class B office building located at 12600 N. Featherwood Drive in southeast Houston. The property was the first asset purchased by NAI Investment Fund I, which was launched in 2015. Andrew Pappas and Adam Hawkins of NAI worked with Marty Hogan of HFF to close the sale, the buyer in which was not disclosed. NAI plans to fully deploy another fund this year with more than $80 million in capital.
NEW YORK CITY — NKF Capital Markets has arranged an $81 million loan for the acquisition and redevelopment of 25-11 49th Avenue, a 135,000-square-foot warehouse located in the Long Island City area of Queens. The borrower is a partnership between New Jersey-based development and management firm Normandy Real Estate Partners and two New York-based investment firms, Keystone Equities and Drake Street Partners. Dustin Stolly and Jordan Roeschlaub of NKF Capital Markets secured the loan through Deutsche Bank. The redevelopment calls for a full repositioning of the two-story, loft-style warehouse, which will be converted into an 11-story office building totaling 238,000 square feet. Nine stories will be built atop the existing structure, which is located within the area’s factory district. “This property is ideally located near main transportation hubs, which represent part of the growing appeal of this neighborhood,” says Stolly. “This is an excellent opportunity for tenants that will allow them to recruit and retail quality talent.” The financing will also be used to implement a capital improvement plan, which will target the office entrances, lobby and common areas and outdoor roof deck. New elevators and HVAC systems, as well as new security and electronics system, are also included in …
Eight years into the recovery, Raleigh-Durham’s office market conditions remain decidedly in favor of landlords, but increased construction following years of limited development activity is at last providing much needed new leasing opportunities for tenants. While a combination of factors, including new construction, drove office vacancy higher by the second half of 2017, the market began the year with the tightest Class A leasing market witnessed since the dot-com boom. Class A vacancy bottomed out in the first quarter of 2017 at 9.1 percent, down from a cyclical peak of 17.6 percent in the third quarter of 2009, and the lowest level since fourth-quarter 2000. Class A vacancy rose to 11 percent in the third quarter of 2017 as a wave of new deliveries hit the market. Total vacancy ended the third quarter at 13.5 percent, up 70 basis points year-over-year. It is worth noting that this figure includes a handful of large, formerly corporate-owned facilities in the Interstate 40/Research Triangle Park (RTP) submarket. Originally constructed for single tenants such as GlaxoSmithKline, Dupont and Reichold, these facilities are likely to need substantial retrofitting to achieve lease-up. While they are certainly a factor in the market, they are not an option …
CANONSBURG, PA. — Laurus Corp., through its affiliate 501 Technology Partners LLC, has completed the disposition of an office building located at 501 Technology Drive within Southpointe Business Park in Canonsburg. The three-story property sold for an undisclosed price. At the time of sale, the 98,314-square-foot office building was fully occupied. The name of the buyer was not released.
PLANO, TEXAS — Dallas-based Billingsley Co. will develop a 967,000-square-foot office campus within International Business Park, a 300-acre mixed-used development that spans the cities of Carrollton and Plano. The campus at 6161 Plano Parkway will include five buildings ranging in size between 180,000 and 211,000 square feet. Phase I will deliver a four-story speculative building and an amenity center with a 4,300-square-foot fitness center, 108-seat conference room and a tenant lounge with a coffee bar. Construction is slated to begin in May and wrap by August 2019.
PLANO, TEXAS — Legacy Central, an office redevelopment located in the northern Dallas metro of Plano, has landed its first tenant. Roland Technology Group, an IT consulting firm, leased 22,761 square feet at the property, which features amenities such as nature trails, coffee kiosks, a rotation of food trucks, a fitness center and a 400-seat food hall. Kent Smith and Leslie Wood of NAI Robert Lynn represented Roland in the lease negotiations. Nathan Durham of Transwestern represented the landlord, Regent Properties.
CHARLESTON, S.C. — Trinity Capital Advisors and Durlach Associates have sold Faber Plaza, a 125,822-square-foot office building located at 4400 Leeds Ave. in Charleston. Hall Capital purchased the asset for $36.4 million. Durlach Associates, which developed the building in a joint venture with Trinity in 2015, will remain an investor in the property under the new ownership. Patrick Gildea, Matt Smith and Charlie Carmody of CBRE arranged the transaction. Faber Plaza is home to tenants including BlueCross BlueShield of South Carolina, Paychex, Cummins, HDR, Sonepar, TranSystems and TY Lin International. The building features 12-foot ceilings, floor-to-ceiling windows and park views.
WASHINGTON, D.C. — The Meridian Group has signed a 103,300-square-foot office lease with Baker Botts LLP, an international law firm, in Washington D.C.’s East End. The firm’s new office will be located at Anthem Row, a four-building office complex currently under development. The Meridian Group is underway on an extensive renovation of the 12-story building at 800 K St. The original building had a large floor plate with two cores and one main lobby. Upon completion, the property will function as two office buildings with separate main lobbies and separate addresses — 700 K St. and 800 K St. In addition, the buildings will include three levels of retail space totaling 80,000 square feet. Baker Botts, which signed a 17-year lease, will occupy the top four floors of 700 K, beginning March 2020. Evan Behr and Doug Mueller of JLL represented Meridian in the lease transaction, and Randy Harrell and Lara Nealon of CBRE represented Baker Botts. In December, fitness company Equinox announced it will open a 33,817-square-foot full-service health club at Anthem Row. In September, Truluck’s Seafood, Steak & Crab House announced plans to open a 10,313-square-foot restaurant at the project.