Office

NAI Avant Brokers $11.3M Sale of Office Building in North Charleston

by Camren Skelton July 21, 2017

NORTH CHARLESTON, S.C. — NAI Avant has arranged the $11.3 million sale of 4221 Faber Place Drive, a 48,000-square-foot, Class A pharmaceutical manufacturing and testing facility located within the Faber Place Executive Park in North Charleston. Dexter Rumsey of NAI Avant represented the buyer, JEMA I LLC, in the transaction. CBRE’s Charlie Carmody represented the seller, The Medical University of South Carolina. At the time of sale, the building was leased long-term to a pharmaceutical testing company.

July 21, 2017

Loans Office Texas

Billingsley Receives $110M in Refinancing for Seven-Building Office Portfolio in Metro Dallas

by Taylor Williams July 21, 2017

PLANO AND CARROLLTON, TEXAS — Dallas-based development firm Billingsley Co. has received $110 million in refinancing for a seven-building, 801,153-square-foot portfolio of office properties located within the 50-acre International Business Park in Plano and Carrollton. Built between 1997 and 2001, the buildings are 87 percent leased. Trey Morsbach and Jim Curtin of HFF arranged the three-year, floating-rate loan through Ares Commercial Real Estate Corp.

July 21, 2017

California Office Western

Cypress Equity Investments Acquires Commercial Property in Santa Monica

by Nellie Day July 21, 2017

SANTA MONICA, CALIF. — Cypress Equity Investments has purchased a commercial property located at 3223 Wilshire Blvd. in Santa Monica. Satnam Investments sold the property for an undisclosed price. The property is comprised of two parcels, including a two-story, 11,730-square-foot building. The parcels are zoned mixed-use, allowing for a range of redevelopment opportunities. Mitchell Stokes of Madison Partners represented the seller and buyer in the deal.

July 21, 2017

Loans Michigan Midwest Office

Bernard Financial Arranges $11.2M Refinancing Loan for Office Building in Auburn Hills, Michigan

by Kristin Harlow July 21, 2017

AUBURN HILLS, MICH. — Bernard Financial Group has arranged an $11.2 million loan for the refinancing of a 137,994-square-foot office building in Auburn Hills. Multiple tenants occupy the building, located at 691 N. Squirrel Road. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the CMBS loan on behalf of Auburn Newco LLC.

July 21, 2017

Midwest Missouri Office

SVN/Infinity Commercial Group Negotiates $5.3M Sale of Office Property in St. Louis

by Kristin Harlow July 21, 2017

ST. LOUIS — SVN/Infinity Commercial Group has negotiated the sale of a 105,800-square-foot office and warehouse property in St. Louis for $5.3 million. The building sits on 5.4 acres and is located at 1325 N. Warson Road. Mark Zvibleman of SVN/Infinity Commercial Group represented the seller, North Warson Associates. Tom Schenk represented the buyers, White Warson 1 LLC and WFLP LLC.

July 21, 2017

New Jersey Northeast Office

NAI Hanson Arranges Sale of 4,500 SF Office Building in Ridgefield Park, New Jersey

by Amy Works July 20, 2017

RIDGEFIELD PARK, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 158 Bergen Turnpike in Ridgefield Park. Wooti Realty LLC sold the 4,500-square-foot building to 158 Bergen Owners LLC for an undisclosed price. The buyer plans to relocate its fire and security systems sales business from Brooklyn to the new site. Anthony Cassano of NAI Hanson represented the seller, while Marcus & Millichap represented the buyer in the transaction.

July 20, 2017

Office Southeast Virginia

Hogan Lovells to Relocate to New Office Tower in Northern Virginia

by Camren Skelton July 20, 2017

TYSONS, VA. — Hogan Lovells, an international law firm, will relocate its Northern Virginia office to Boro Tower, a new 20-story office tower under construction at The Boro, a planned 15-acre mixed-use development in Tysons. The first phase of The Boro will deliver 700 residential units, 260,000 square feet of retail space and Boro Tower. The Meridian Group and Rockefeller group are codeveloping the project, with the first phase slated for completion in 2019. Rob Faktorow and Terry Reiley of CBRE represented The Meridian Group in the lease transaction, and Rick Rome and Alexandra deVilliers of Savills Studley represented Hogan Lovells. The law firm will relocate from Park Place II in McLean, Va., and will occupy 44,500 square feet of office space at the new building beginning in June 2019. TEGNA, a digital media company, will lease approximately 46,000 square feet at Boro Tower as well.

July 20, 2017

Office Texas

Mark IV Capital Breaks Ground on 95,000 SF Office Building in Metro Austin

by Taylor Williams July 20, 2017

ROUND ROCK, TEXAS — California-based investment and development firm Mark IV Capital has broken ground on Summit II at La Frontera, a 95,000-square-foot, Class A office building in the greater Austin area. The two-story building located near the intersection of Interstate 35 and SH 45 is the largest office property under construction in the Round Rock submarket. Amenities will include a 10,000-square-foot courtyard with Wi-Fi and food truck services, as well as a fitness center.

July 20, 2017

Market Reports Midwest Midwest Market Reports Office Wisconsin

Millennial Workforce Drives Development Wave in Downtown Milwaukee

by Kristin Harlow July 20, 2017

There’s never been a better time to live and work in downtown Milwaukee. With the recession in the rearview mirror, a massive resurgence in the multifamily and office sectors has originated in Wisconsin’s largest city. Since 2011, 2,500 multifamily units have been completed, with an additional 1,500 units under construction and 2,000 proposed. The office market has seen a similar trend with nearly 2 million square feet of new development being created, the bulk of which is Northwestern Mutual Life Insurance Co.’s new $450 million, 32-story office tower. After decades of decline, downtown Milwaukee is experiencing a surge in population growth largely attributed to the development influx. This has changed the makeup of the city’s job market and molded a new workforce hinged on modern factors. With an increase in residents migrating to urban areas to work and reside, companies are shifting gears to tap into this ever-evolving talent market. Catering to millennials Known as the job-hopping generation, millennials are the focus of companies’ recruiting tactics. Combined with competitive compensation packages, businesses have begun leveraging their chief incentive: the physical office space. A prime example of this development, the Third/Fifth Ward on the city’s southeastern side has become one of …

July 20, 2017

New Jersey Northeast Office

Simone Development Enters Northern New Jersey Market with Office Building Acquisition

by Amy Works July 19, 2017

HACKENSACK, N.J. — Simone Development Cos. has entered the Northern New Jersey market with the acquisition of Prospect Plaza, a medical office building located at 385 Prospect Ave. in Hackensack. The company purchased the property in a bank auction for an undisclosed price. Simone plans to renovate the three-story, 62,000-square-foot property, which was built in 1983, to upgrade the lobbies and common areas, as well as complete façade work and energy management systems updates. The property is 52 percent occupied by medical tenants, including New Jersey Imaging Network. Joseph Simone and Joseph Deglomini of Simone arranged the acquisition.

July 19, 2017

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