Office

CB Global Investors Purchases 311,000 SF Office Tower in Irvine for $120M

by Nellie Day January 10, 2018

IRVINE, CALIF. — CB Global Investors has purchased a 311,000-square-foot office tower in Irvine for $120 million. The 16-story tower is located at 2600 Michelson Drive. The trophy property is 99 percent occupied. Notable tenants include Loan Depot, Jacobs Engineering, Zillow and Premier Business Centers. The property was built in 1986 and renovated last year. The tower features a polished-granite-and-glass exterior, a two-story lobby that overlooks a koi pond and courtyard, and a five-story adjacent parking structure. CB Global Investors represented itself in this transaction, while NKF represented the seller, Ocean West Capital Partners.

January 10, 2018

Idaho Loans Office Western

MedEquities Realty Trust Funds $19M Loan to Build Behavioral Health Center in Boise

by Nellie Day January 10, 2018

BOISE — MedEquities Realty Trust has provided a $19 million acquisition and construction loan to fund the purchase and conversion of an existing long-term acute care hospital to a 72-bed inpatient psychiatric hospital in Boise. Haven Behavioral Healthcare operates six inpatient psychiatric hospitals in Arizona, New Mexico, Ohio, Pennsylvania and Texas. The firm provides inpatient psychiatric stabilization and treatment to adults experiencing acute symptoms of depression, anxiety, psychosis or other severe behavioral problems. The loan has a three-year term and an annual interest rate of 10 percent. Upon completion of the planned renovation, MedEquities has the exclusive right to acquire the property for a purchase price equal to the outstanding loan balance in a sale-leaseback transaction that would include a 15-year triple-net master lease at an initial lease rate of 9.3 percent.

January 10, 2018

Office Texas

Cousins, Partners to Develop $175M, 309,000 SF Office Tower in Downtown Austin

by Taylor Williams January 10, 2018

AUSTIN, TEXAS — A partnership between Atlanta-based Cousins Properties (NYSE: CUZ), Riverside Resources and Ironwood Real Estate will develop 300 Colorado, a 309,000-square-foot office tower that will be located in downtown Austin. Total development costs of the project are anticipated to be about $175 million. The property will be situated across the street from Cousins’ Colorado Tower, a 373,334-square-foot office asset. The property is 100 preleased to independent oil and gas firm Parsley Energy Inc., which has signed a 12-year, 302,000-square-foot lease; and restaurant Del Frisco’s, which has signed a 10-year, 7,000-square-foot lease. The partnership expects to begin construction in December and deliver the building in December 2020.

January 10, 2018

Office Texas

Goldman Sachs, Crescent to Redevelop 200,000 SF Office Asset in Uptown Dallas

by Taylor Williams January 10, 2018

DALLAS — A partnership between Goldman Sachs Asset Management (GSAM) and Crescent Real Estate LLC will redevelop 2401 Cedar Springs, a 200,000-square-foot office building located in the Uptown area of Dallas that it recently acquired from Guidestone Financial Resources. Jack Crews of JLL represented Guidestone in that sale. The single-tenant property was built in 1989 and will soon be vacant. The redevelopment project will focus on the building’s exterior façade and lobby and will deliver new amenities while modernizing the tenant spaces and common areas. A timetable for completion of the project has not yet been established.

January 10, 2018

Office Texas

HFF Brokers Sale of 162,188 SF Office Property in Houston’s Galleria District

by Taylor Williams January 10, 2018

HOUSTON — HFF has brokered the sale of 5757 Woodway, a 162,188-square-foot office property situated on four acres in Houston’s Galleria neighborhood. Dan Miller and Marty Hogan of HFF represented the seller, a joint venture sponsored by Fuller Realty Partners and Harbert Management Corp., and procured the buyer, Houston-based Braun Enterprises. The property was 70 percent leased at the time of sale to tenants spanning the finance, healthcare, communication, technology and education sectors.

January 10, 2018

Office Texas

ECR Arranges 55,000 SF Office Lease in Austin

by Taylor Williams January 10, 2018

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has arranged an office lease at Regency Office Center in Austin. Mood Media, a provider of interactive mobile marketing solutions, will occupy 55,000 square feet at the property, which will serve as its new headquarters. ECR represented the landlord in the lease negotiations. Sam Pruitt and Jeff Sheehan of Site Selection Group represented Mood Media.

January 10, 2018

Connecticut Mixed-Use Multifamily Northeast Office Restaurant Retail

BLT Transforms Waterfront Property into Mixed-Use Development in Stamford, Connecticut

by Amy Works January 10, 2018

STAMFORD, CONN. — Building and Land Technology (BLT) is developing Harbor Landing, the redevelopment and rebranding of Stamford Landing and Davenport Landing in Stamford. The project will connect the Stamford Landing office complex and the Davenport Landing boatyard and residential properties. The newly connected waterfront property will be a combination of the former Stamford Landing, a 200,000-square-foot waterfront office complex, and the former Davenport Landing, featuring 218 residential rental units, two restaurants, a full-service boatyard operated by The Hinckley Co., a boardwalk and a marina with more than 120 available slips. The residential portion of the property is slated to begin leasing early this year. On-site amenities at the property include security, a shuttle to the train, a fitness center with yoga studio, marina slips, and two restaurants, Crab Shell and Prime. BLT has retained RHYS as leasing agent for the property.

January 10, 2018

New Jersey Northeast Office

Marcus & Millichap Negotiates $8.8M Sale of Office Building in West Orange, New Jersey

by Amy Works January 10, 2018

WEST ORANGE, N.J. — Marcus & Millichap has brokered the sale of Skyline Plaza, an office building located at 414 Eagle Rock Ave. in West Orange. A private investor sold the property to an undisclosed buyer for $8.8 million. The three-story, 60,000-square-foot property was 92 percent occupied at the time of sale. Fahri Ozturk and Kim Kretowicz of Marcus & Millichap represented the seller in the transaction.

January 10, 2018

Mixed-Use Multifamily New York Northeast Office Retail

TerraCRG Brokers $5.1M Sale of Development Site in Brooklyn

by Amy Works January 10, 2018

NEW YORK CITY — TerraCRG has arranged the sale of a development site located at 52-56 Ainslie St. in Brooklyn’s Williamsburg neighborhood. An undisclosed buyer acquired the 4,950-square-foot site for $5.1 million. The site offers mixed zoning, allowing for a development project ranging in size from 13,365 square feet to 17,820 square feet depending on use. Ofer Cohen, Dan Marks, Matt Trotter, Peter Matheos and David Algarin of TerraCRG brokered the transaction. The name of the seller was not released.

January 10, 2018

California Office Western

Barker Pacific Group, WHI Real Estate Partners Buy 213,982 SF Office Center Near Sacramento

by Nellie Day January 9, 2018

ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased Douglas Corporate Center, a 213,982-square-foot office center in Roseville, for an undisclosed sum. The Class A center is located at 2901 Douglas Blvd. in the Douglas Corridor, just north of Sacramento. The joint venture purchased the property through auction. BBVA Compass Bank provided debt financing for the transaction. Chris Lemmon and Zac Collie of Newmark Cornish & Carey will handle the property’s leasing.

January 9, 2018

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