Office

North American Properties, PGIM to Break Ground on $2.5B Mixed-Use Development in New Jersey

by Katie Sloan November 14, 2017

SAYREVILLE, N.J. — A joint venture between North American Properties (NAP) and PGIM Real Estate is set to break ground on Riverton, a $2.5 billion, 418-acre, mixed-use development located roughly 33 miles south of Manhattan along the Raritan River in Sayreville. Upon completion, the project is set to include residential, retail, entertainment, office and hotel space alongside a marina. The development will also incorporate passive recreation and open space along the riverfront, programmed gathering spaces and street-level commercial space. Key approvals for the site were initially obtained in 2014. NAP has updated the redevelopment plan for the property, and is in the process of securing the necessary state and local approvals required to begin development. A critical component of the project’s financing will be support from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program, which the EDA approved in 2014 and will be asked to reaffirm for the updated development plan. Pending approvals and financing, the project is scheduled for completion in 2021. NAP recently appointed David Weinert as partner and senior vice president of leasing. Weinert will lead the leasing efforts for Riverton, alongside the other properties in NAP’s development pipeline. North American Properties …

November 14, 2017

Lee-Farm-Corporate-Office-Park-Danbury-CT

Connecticut Northeast Office

JV Sells 215,649 SF Office Building in Danbury, Connecticut, for $31.7M

by Amy Works November 13, 2017

DANBURY, CONN. — A joint venture between Quincy, Mass.-based The Grossman Cos. and Southport, Conn.-based Summit Development has completed the disposition of Lee Farm Corporate Office Park in Danbury. CT Property Realty LLC acquired the property for $31.7 million. The five-story building features 215,649 square feet of Class A office space. The joint venture originally purchased the property in 2013.

November 13, 2017

Hospitality Massachusetts Mixed-Use Multifamily Northeast Office Restaurant Retail

Related Beal Tops Off Redevelopment of 40 Water Street in Boston

by Amy Works November 13, 2017

BOSTON — Related Beal has placed the final beam in the redevelopment of 40 Water Street, which formerly served as the Fidelity Investment headquarters. The redeveloped property, called Congress Square, will create a 24-hour mixed-use environment connecting Government Center, Faneuil Hall, Post Office Square and Downtown Crossing. The building features a glass curtainwall addition on top of the more than 320,000-square-foot office building. The redevelopment also includes preserving the landmarked property’s efficient and versatile floor plates, active rooftops and retail and restaurant space on the lower and ground floor. The redevelopment plan for the building includes office, residential, hospitality and more than 43,000 square feet of retail space, as well as the transformation of Quaker Lane into a pedestrian-oriented food and beverage destination with boutiques and cafés. Related Beal Construction and Consigli Construction Co. are general contractors for the project and Arrowstreet is serving as architect. Congress Square is slated to open in 2018.

November 13, 2017

Office Texas

Cushman & Wakefield Secures 68,263 SF Office Lease Renewal in Dallas

by Taylor Williams November 13, 2017

DALLAS — Cushman & Wakefield has secured a 68,263-square-foot office lease renewal at One McKinney Plaza, a 263,921-square-foot, Class A office property located at 3232 McKinney Ave. in Uptown Dallas. Craig Wilson, Randy Cooper, Dan Harris, and Wills Bauer of Cushman & Wakefield represented the tenant, ISNetworld, a Dallas-based human resources firm. The landlord, Gaedeke Group, was represented internally by Elliot Prieur.

November 13, 2017

Office Oregon Western

National Financial Realty Sells Wells Fargo Bank Office Building in Oregon for $39.7M

by Nellie Day November 10, 2017

HILLSBORO, ORE. — National Financial Realty (NFR) has sold the 211,863-square-foot Wells Fargo Bank office building in Hillsboro for $39.7 million. The building is located at 18700 N.W. Walker Road. The buyer was not named. The transaction represents the final sale and investment exit of a 3.6 million-square-foot portfolio that contained 41 office and retail buildings in nine states. NFR originally purchased the Hillsboro property in 2010. In March 2013, the firm acquired a 40-building, 3.3 million-square-foot portfolio with 90 percent of the buildings leased to Wells Fargo. NFR and its capital partners invested several million dollars in capital improvements throughout the portfolio.

November 10, 2017

California Office Western

C.W. Driver Breaks Ground on Newport Harbor Medical Plaza in Newport Beach

by Nellie Day November 10, 2017

NEWPORT BEACH, CALIF. — C.W. Driver has broken ground on Newport Harbor Medical Plaza, a 26,500-square-foot medical facility in Newport Beach. The Class A facility will be located at 330 Old Newport Blvd. It is situated near Hoag Memorial Presbyterian Hospital Newport Beach. The facility is scheduled for completion in fall 2018. Office spaces will range from 2,000 square feet to 16,500 square feet. The property will offer second-floor patio deck amenities, two levels of below-grade parking and gurney-accessible elevators. Shaoulian Properties is developing Newport Harbor Medical Plaza, which Bundy-Finkel Architects is designing.

November 10, 2017

Massachusetts Northeast Office

Digital Federal Credit Union Acquires 129,000 SF Office Building in Chelmsford, Massachusetts

by Amy Works November 10, 2017

CHELMSFORD, MASS. — Digital Federal Credit Union has purchased an office building located at 297 Billerica Road in Chelmsford for an undisclosed price. The three-story, 129,000-square-foot building features a state-of-the-art data center, outdoor grilling and seating area, training rooms, in-house café, and shower and locker rooms. The buyer plans to use the facility to accommodate its continued expansion. The property was built and formerly occupied by Kronos Inc., which recently relocated its global headquarters for Lowell, Mass. Mark Reardon, Peter Dominski, Alex Plaisted and Ben Roopenian of CBRE/New England represented the seller, Anchor Line Partners, on behalf of Kronos. Garry Holmes of R.W. Holmes Realty represented the buyer in the deal.

November 10, 2017

New Jersey Northeast Office

Billtrust Leases 90,000 SF of Office Space at Princeton Pike Corporate Center in New Jersey

by Amy Works November 10, 2017

LAWRENCEVILLE, N.J. — Billtrust, a payment cycle management software company, has leased 90,000 square feet of office space at 1009 Lenox Drive within Princeton Pike Corporate Center in Lawrenceville. The company plans to establish its new headquarters at the Class A office campus. Vision Real Estate Partners (VREP) owns the eight-building, 817,000-square-foot office campus, which recently underwent a multi-million-dollar revitalization program. Steve Tolkach of Newmark Knight Frank represented the landlord, while Bradford Fenlon of Colliers International represented the tenant in the deal.

November 10, 2017

Loans Michigan Midwest Office

Bernard Financial Arranges $67.5M CMBS Loan for Refinancing of Office Building in Detroit

by Kristin Harlow November 10, 2017

DETROIT — Bernard Financial Group has arranged a $67.5 million CMBS loan for the refinancing of a 489,786-square-foot office building in Detroit. The multi-tenant, 25-story building is located at 150 W. Jefferson Ave. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan on behalf of the borrower, 150 West Jefferson Owner LLC.

November 10, 2017

North Carolina Office Retail Southeast

Northridge Capital, Insite Break Ground on 107,000 SF Office, Retail Building in Midtown Charlotte

by Camren Skelton November 10, 2017

CHARLOTTE, N.C. — Northridge Capital LLC, in partnership with Insite Properties, has broken ground on The Refinery, a 107,000-square-foot creative office and retail project located at 1213 W. Morehead St. in Charlotte’s Midtown district. The five-story building will include four upper levels of 22,500-square-foot floorplates, 10- to 14-foot ceilings heights and floor-to-ceiling glass windows. The first floor will be dedicated to retail space and will feature 16-foot ceiling heights. The Refinery will also feature a rooftop amenity space, free parking in a 350-space parking deck, electric car charging stations, interior bike storage, private showers and locker rooms and a gathering space in the main lobby. The building will sit adjacent to a 287-unit multifamily community currently under construction. In addition, The Refinery is within walking distance to a number of restaurants in Charlotte’s Freemore West neighborhood. Barry Fabyan and Charley Leavitt of JLL are handling the leasing assignment for the office portion of the project, and John Hadley of The Nichols Co. is overseeing retail leasing. The project team includes architect BB+M Architecture, civil engineer LandDesign and general contractor Edifice Construction. Northridge and Insite plan to deliver The Refinery in fall 2018.

November 10, 2017

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