Office

Rich Uncles Acquires 162,714 SF Creative Office, Warehouse Space in Arizona for $26.5M

by Nellie Day January 18, 2018

CHANDLER, ARIZ. — Rich Uncles NNN REIT Inc. has purchased a 162,714-square-foot creative office/warehouse space in Chandler for $26.5 million. The property serves as the headquarters for AvAir, a commercial aircraft parts business. The property is located at 6877 and 6971 W. Frye Road. The sale agreement allows AvAir to occupy the space for 15 years. Developed in 2015, the two buildings sit on 6.1 acres in the Santan Technology Park at the northeast corner of Loop 202 and 56th Street. Andy Ogan of Lee & Associates Arizona brokered the sale. John Hink of Tiffany & Bosco P.A. assisted the seller, Reasons Aviation LLC.

January 18, 2018

Connecticut Northeast Office

Trumbull Developers Acquires 78,692 SF Office Building in Trumbull, Connecticut, for $4.5M

by Amy Works January 18, 2018

TRUMBULL, CONN. — Trumbull Developers has purchased an office building located on 10.7 acres at 100 Oakview Drive in Trumbull. Canon USA sold the 78,692-square-foot property for $4.5 million. The buyer plans to demolish the existing building and develop a six-building residential community featuring 202 apartments. Tim McMahon and Rich Lee of O,R&L Commercial represented the seller and procured the buyer in the deal.

January 18, 2018

Company News Massachusetts Northeast Office

Powers & Co. to Merge with The Dartmouth Co.

by Amy Works January 18, 2018

BOSTON — Lynnfield, Mass.-based Powers & Co., a boutique retail brokerage firm, is merging with The Dartmouth Co., a retail real estate advisory and brokerage firm. Focusing on the Greater Boston suburbs and Cape Cod, Mass., Powers & Co. specializes in representing retail landlords and owners throughout New England. The Dartmouth Co. specializes in tenant and landlord representation in the Northeast and throughout the United States and provides a variety of services, including dispositions, investment sales and consulting and advisory services. Additionally, the company recently created a full-service commercial retail property management division. Powers & Co.’s suburban focus will enhance Dartmouth’s depth of market and solidify its place as the area’s best-in-class retail real estate advisory and brokerage company.

January 18, 2018

Midwest Office Wisconsin

Manitowoc Co. to Relocate Headquarters to Northwest Milwaukee

by Kristin Harlow January 18, 2018

MILWAUKEE — The Manitowoc Co. has signed a 16,266-square-foot office lease at One Park Plaza in Milwaukee for its corporate headquarters. The global manufacturer of cranes and lifting solutions for the construction industry will occupy the space within the Park Place office park by the end of the first quarter. The 199,326-square-foot office building is one of the 24 buildings that make up the office park. The move will allow the company better access to infrastructure and a larger talent pool, according to David Antoniuk, senior vice president and CFO of Manitowoc. Matt Hunter of CBRE represented Manitowoc in the lease transaction. Alyssa Geisler, also of CBRE, represented the landlord, GLL Real Estate Partners.

January 18, 2018

Office Top Stories Washington Western

Amazon Narrows Down List of Candidates for $5B HQ2 to 20 Metros

by John Nelson January 18, 2018

SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) has chosen the following 20 metropolitan areas (in alphabetical order) as potential locations for HQ2, the company’s planned $5 billion second headquarters in North America: – Atlanta – Austin, Texas – Boston – Chicago – Columbus, Ohio – Dallas – Denver – Indianapolis – Los Angeles – Miami – Montgomery County, Md. – Nashville, Tenn. – Newark, N.J. – New York City – Northern Virginia – Philadelphia – Pittsburgh – Raleigh, N.C. – Toronto – Washington, D.C. “Thank you to all 238 communities that submitted proposals. Getting from 238 to 20 was very tough — all the proposals showed tremendous enthusiasm and creativity,” says Amazon spokesperson Holly Sullivan. “Through this process we learned about many new communities across North America that we will consider as locations for future infrastructure investment and job creation.” In the coming months, Amazon will work with each of the candidate locations to dive deeper into their proposals, request additional information and evaluate the feasibility of a future partnership that can accommodate the company’s hiring plans, as well as benefit its employees and the local community. Amazon expects to make a decision this year. Amazon has emphasized that HQ2 will …

January 18, 2018

Market Reports Midwest Midwest Market Reports Missouri Office

Uptick in Speculative Development Bodes Well for Tenants in St. Louis Office Market

by Kristin Harlow January 18, 2018

Welcome to St. Louis, Missouri. Home to nine Fortune 500 companies and the 11-time world champion St. Louis Cardinals franchise. St. Louis currently lays claim to nearly 3 million residents in the metropolitan statistical area and has exemplified economic stability and consistent growth since the Great Recession. Herein we’ll explore one key indicator of the economic health of the region: the slow but steady growth of the St. Louis office market. Demand drivers With approximately 136 million square feet of space, St. Louis is one of the largest office markets in the Midwest, and it is getting larger. Increased demand in the local office market has been predominantly driven by job growth and the consistent decrease in unemployment since its high mark of 10.4 percent in the fourth quarter of 2009. As of November 2017, the region’s unemployment rate is down to a healthy 3.3 percent, compared to a national average of 4.1 percent. Consequently, this demand for office space has resulted in decreased vacancy, increased rental rates and, ultimately, new construction. At the end of the third quarter of 2017, the vacancy rate was 7.6 percent, down from 8.7 percent in 2016. Average asking rental rates were up to …

January 18, 2018

Colorado Office Western

Red Robin Renews Office Lease at Tuscany Plaza Near Denver

by Nellie Day January 17, 2018

DENVER — Red Robin International has renewed its office lease for 65,000 square feet of space at Tuscany Plaza in the Denver submarket of Greenwood Village. The plaza is located at 6312 S. Fiddler’s Green Circle. The casual dining restaurant chain has been headquartered at Tuscany Plaza since 2000. NKF’s Jim McGrath and Tom Pappas represented Red Robin in the lease renewal.

January 17, 2018

2301-Renaissance-Blvd-King-of-Prussia-PA

Northeast Office Pennsylvania

Liberty Property Trust Sells 189,502 SF Office Building in Metro Philadelphia for $47M

by Amy Works January 17, 2018

KING OF PRUSSIA, PA. — Liberty Property Trust has completed the disposition of an office building located at 2301 Renaissance Blvd. in King of Prussia, a suburb of Philadelphia. M&H Properties acquired the property for $47 million. Situated on 15.5 acres within the 200-acre Renaissance Park corporate campus, the property is the home to Vertex Inc.’s corporate headquarters and features 957 parking spaces, a conference center, first-floor locker rooms with showers, multiple break-out hubs per floor and a café. Brett Segal and Doug Rodio of HFF represented the seller in the transaction.

January 17, 2018

Office Southeast Virginia

Digital Currency Company to Invest $64.8M, Establish 84,000 SF Headquarters in Virginia Beach

by Camren Skelton January 17, 2018

VIRGINIA BEACH, VA. — Bcause LLC, a privately held company that is building the world’s first full-stack cryptocurrency ecosystem, will expand its operations and move its corporate headquarters to 5465 Greenwich Road in Virginia Beach. The company will invest $64.8 million and will occupy 84,000 square feet of the former Hoffman Beverage building. Cryptocurrency is a digital asset that uses cryptography to secure transactions, control the creation of additional units and verify the transfer of assets. This type of currency, including bitcoin, is available only in digital form. The U.S. Treasury classified bitcoin as a legal, convertible, decentralized virtual currency in 2013. Bcause plans to create 100 new full-time jobs with the expansion. The new building has an additional 21,000 square feet of space available for future expansion.

January 17, 2018

Loans Midwest Office Ohio

Bellwether Arranges $57M Refinancing of Office Building in Cleveland, Ohio

by Kristin Harlow January 17, 2018

CLEVELAND, OHIO — Bellwether Enterprise Real Estate Capital LLC has arranged a $57 million loan for the refinancing of One Cleveland Center in Cleveland. Renovated in 2011, the property includes 543,945 square feet of Class A office space, along with a 1,100-square-foot attached parking garage. The 31-story building features an on-site café, dry cleaning service, security and an underground pedestrian connection. Jim Doyle and Ross Halloran of Bellwether arranged the 10-year CMBS loan on behalf of the borrower, Optima 1375 II LLC. Rialto provided the loan, which was used to refinance both the building and parking garage as well as fund tenant improvements.

January 17, 2018

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