Office

NKF Arranges $20.1M Sale of Two-Building Office Property in Philadelphia

by Amy Works August 15, 2017

PHILADELPHIA — Newmark Knight Frank (NKF) has arranged the sale of a two-building property located at 421 N. Seventh St. in Philadelphia. Arts & Crafts Holdings acquired the property from Callowhill Center Associates for $20.1 million. Situated on 2.4 acres, the property features 188,167 square feet and is the long-term home of The Electric Factory, an iconic 50-year-old concert promotion company. At the time of sale, the property was 38.2 percent occupied with small tenants and The Electric Factory. Mike Margolis, Dave Dolan, Dave Garonzik, Jeff Tertel and Jim Egan of NKF represented the seller in the transaction.

August 15, 2017

New Jersey Northeast Office

Larken Associates Purchases 90,000 SF Office Building in Branchburg, New Jersey

by Amy Works August 15, 2017

BRANCHBURG, N.J. — Larken Associates has acquired Branchburg Centre, a two-story office building located at 3040 U.S. 22 West in Branchburg, for an undisclosed price. At the time of sale, the 90,000-square-foot Class B property was 74 percent leased. Kronus, Pure Technologies and Tri-County Care Management are tenants at the building. Larken is renovating and updating the property, including the commons areas, lobby and hallways. Additionally, the company will install new tenant signage, refresh the landscaping and renovate the entrance-facing employee parking lot. The name of the seller was not released.

August 15, 2017

Kansas Midwest Office Top Stories

JLL Secures $221.3M Loan for Acquisition of 2.2 MSF Office Campus in Metro Kansas City

by Katie Sloan August 15, 2017

OVERLAND PARK, KAN. — JLL has secured $221.3 million in acquisition financing for the majority of Corporate Woods, a 2.2 million-square-foot office campus located roughly 11 miles outside Kansas City in Overland Park. The borrower was an affiliate of Group RMC Corp. The acquisition includes 22 of the 29 buildings that make up Corporate Woods. Seven buildings on the property, including the Doubletree Hotel, are under separate ownership and were not included in the sale. Adam Schwartz, Jonathan Schwartz and Mark Fisher of JLL secured the 10-year, fixed-rate loan through an institutional lender. A joint venture between CenterSquare Investment Management and Stoltz Real Estate Partners sold the property, according to reports by the Kansas City Business Journal. The office campus offers 2.17 million square feet of rentable space, and was over 90 percent leased at the time of sale to tenants including symplr, Affinis Corp., Kansas City Vision Performance Center and KBP Foods. Amenities at Corporate Woods include a wooded park with jogging trails, streams and wildlife; a PGA regulation-sized putting green; restaurants; free parking; and on-site banking facilities. Group RMC Corp. is a real estate co-investment group based in New York and Montreal. The company invests in and sponsors income-producing office properties …

August 15, 2017

Hawaii Market Reports Office Western Western Market Reports

Competition Increases for Hawaii’s Office Space

by Camren Skelton August 15, 2017

Hawaii’s office market is dominated by Honolulu, which is home to 70 percent of the state’s population and commerce. More than 90 percent of the state’s 12 million square feet of multi-tenant Class A and B office space is located in Honolulu, with nearly 80 percent of Honolulu’s inventory situated in the four-mile stretch between the Central Business District and Waikiki. Hawaii’s office tenants are primarily in industries that support tourism, military, construction and government – Hawaii’s economic drivers. These include FIRE (Finance, Insurance, Real Estate), plus legal, CPAs, architects, engineers and contractors. Hawaii also has a small but growing innovation economy that has spawned several co-working centers, incubators and impact investment firms backed by the University of Hawaii. These names include Lauren Powell Jobs (widow of Steve Jobs), Pierre Omidyar (founder of eBay) and Henk Rogers (Tetris). Larry Ellison purchased 97 percent of the Island of Lanai in 2012 for $300 million and could join the list of tech billionaires interested in supporting Hawaii’s innovation economy. Hawaii has seen slow but steady job growth in office-using businesses, but the drive to reduce square feet per office worker and the related cost savings has resulted in a net loss of …

August 15, 2017

California Loans Office Western

Five Point Holdings Obtains $339M in Financing for Five Point Gateway in Irvine

by Nellie Day August 14, 2017

IRVINE, CALIF. — A subsidiary of Five Point Holdings has obtained $339 million in financing for Five Point Gateway, a four-building office/R&D campus in Irvine. The campus is located at 15101, 15131, 15161 and 15191 Alton Parkway. It is part of the larger 72-acre Great Park Neighborhoods master-planned community in the Irvine Spectrum submarket. The borrower is acquiring the assets through a partial sale-leaseback transaction with Broadcom Corp., the project’s developer. Broadcom plans to lease 15101 and 15191 Alton Parkway, which total 640,944 square feet (64 percent of the total portfolio) on a triple-net basis. Tenants at the other two buildings include Lennar Corp. and Five Point. There is still 232,223 square feet available for lease. The campus will feature open park space with landscaping and extensive amenities. HFF’s Kevin MacKenzie, Lee Redmond and Peter Thompson arranged the financing. Starwood Property Trust provided the five-year, floating-rate loan.

August 14, 2017

Connecticut Industrial Northeast Office

Sun Equity Partners Acquires 452,414 SF Flex Building in Shelton, Connecticut, for $26.2M

by Amy Works August 14, 2017

SHELTON, CONN. — Sun Equity Partners has purchased a flex building located at 710 Bridgeport Ave. in Shelton. RA 710 Bridgeport Avenue LLC, an entity controlled by RNY Property Trust, sold the property for $26.2 million. At the time of sale, the 452,414-square-foot property was 72 percent leased by a variety of tenants, including PerkinElmer Health Sciences and Panolam Industries International. The property is approximately 30 percent office and R&D space, with the remainder warehouse and distribution space. Additionally, the facility features 16 loading docks and nearly 870 parking spaces. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller and procured the buyer in the deal.

August 14, 2017

Industrial New Jersey Northeast Office

Weiss Realty Brokers Sale of Office, Flex Building in Pine Brook, New Jersey

by Amy Works August 14, 2017

PINE BROOK, N.J. — Weiss Realty has arranged the sale of an office and flex building located at 34 Maple Ave. in Pine Brook. iStar Realty acquired the property from a partnership between the principals of CHT Group and Jaime Weiss, managing member of 34 Maple Avenue LLC, for an undisclosed price. Situated on 10.4 acres, the property features 130,180 square feet of space. Prior to the sale, Weiss Realty acted as property manager and leasing agent for the ownership. Greg Sabato and Scott Peck of Resource Realty of Northern New Jersey represented the buyer in the transaction. Meyner & Landis of Newark, N.J., acted as legal advisor to the seller, while Roseland, N.J.-based Mandelbaum Salsburg acted as counsel to the buyer.

August 14, 2017

Office Texas

Heady Investments to Develop 210,000 SF Office Building in Plano

by Taylor Williams August 14, 2017

PLANO, TEXAS — Heady Investments will develop Legacy South Office Center, a seven-story, 210,000-square-foot office property in Plano. Designed by Jack O’Brien & Associates and financed by Stillwater National Bank, the property will be situated on 4.4 acres on the west side of the Dallas North Tollway near Tennyson Parkway. General contractor Ed Henry & Associates expects to break ground on the project during the fourth quarter, with occupancy slated for February 2019.

August 14, 2017

Office Texas

UMB Bank Signs 19,000 SF Office Lease in Fort Worth

by Taylor Williams August 14, 2017

FORT WORTH, TEXAS — UMB Bank, a subsidiary of Kansas City-based UMB Financial Corp., has signed a 10-year office lease at 777 Main St. in Fort Worth. The lease includes 12,000 square feet of office space on the fifth floor and a 7,000-square-foot lobby. The company expects to move into the new space in 2018. Mike Gosslee and Jay Holland of Cushman & Wakefield represented UMB Bank in the lease negotiations.

August 14, 2017

Illinois Midwest Office

J.C. Anderson Completes 40,000 SF Office Renovation in Schaumburg, Illinois

by Kristin Harlow August 14, 2017

SCHAUMBURG, ILL. — J.C. Anderson Inc. has completed a 40,000-square-foot office expansion and renovation for Sagent Pharmaceuticals Inc. in Schaumburg. The property, used for the biopharmaceutical company’s corporate headquarters, is located at 1901 N. Roselle Road. The project included a full rehab of existing workspaces, new conference and meeting rooms, private offices, workstations and boardrooms. New office fronts, ceilings, wall and flooring upgrades/replacements were made to the renovated space. Joe Maguire and Joe Rojas of J.C. Anderson led the project team. Partners by Design provided architectural services.

August 14, 2017

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