PLYMOUTH, MINN. — Cantel Medical has signed a 160,000-square-foot lease for its regional headquarters in Plymouth, about 15 miles northwest of Minneapolis. The provider of infection prevention products will relocate from several sites throughout Plymouth to the four-story office building, which is located at 9800 59th Ave. Dave Paradise, Sydney Johnson and David Itzkowitz of Cushman & Wakefield represented the tenant in the lease transaction. Bob Revoir of Cushman & Wakefield represented the undisclosed landlord. Cantel Medical plans to occupy the space in the fourth quarter of this year.
WICHITA, KAN. — Contractor Rock Enterprises is converting a 12,674-square-foot historic building into a multi-tenant office and retail development. Built in 1911, the property is located at 930 W. Douglas Ave. in Wichita’s Delano District. Property suites will range from 1,200 to 3,500 square feet in size. The building will have a common kitchen, lounge area and conference room. Jeff Englert and Nathan Farha of NAI Martens, the leasing agents for the property, have negotiated leases for No Coast Salon and Point Guard Management. No Coast Salon will occupy 1,245 square feet of ground-floor retail space while property management firm Point Guard Management will occupy 1,337 square feet on the second level. 3 Ten studio is the architect for the project.
The economy of the Rio Grande Valley (RGV) has always been closely linked to foreign trade. The region’s numerous port markets and its proximity to Mexico — in particular, the robust industrial market of the Mexican border city of Reynosa — have always ensured that international commerce plays a key role in the economic success of the RGV. Manufacturing and distribution have always been major drivers of growth in the RGV. We often analyze the performances of these sectors when gauging the health of the region’s office market, as the performance of the office market tends to trail the performance of the industrial sector, usually by a period of 12 to 18 months. The office market of the RGV consists mostly of small, Class B properties developed in the 1980s and 1990s. There are no true skyscrapers or trophy assets in this region, as office users in the RGV simply don’t demand the level of amenities and quality of space as their counterparts in major markets. Small and steady as the office market may be, it is not immune to the influence of larger political movements. Everyone with a vested interest in RGV commercial real estate is keeping a close …
NEW YORK CITY — Caspi Development and Mactaggart Family & Partners LP have acquired 134-136 Broadway, a 23,064-square-foot, six-story office building in the Williamsburg neighborhood of Brooklyn. The sales price was $18.8 million. Michael Sherman of The Manhattes Group represented the buyers in the transaction. The seller was 134-136 Broadway LLC. Caspi and Mactaggart intend to turn the property into a boutique office building for high-tech and creative office tenants.
MILWAUKEE — Spaces has signed a 43,000-square-foot office lease at 1433 N. Water St. in downtown Milwaukee. This will be the first Milwaukee location for the co-working company. The fourth- and fifth-floor space will feature a business club, private offices and desks. Members will also have access to a rooftop patio, meeting rooms and other amenities. A project of Wangard Partners, the 115,600-square-foot property is a redevelopment of the former Laacke & Joys building. John Mazza and Alyssa Geisler of CBRE represented Wangard Partners in the lease transaction. Michael Streit and Patrick Savoie of JLL represented Spaces.
FORT MILL, S.C. — RoundPoint Mortgage Servicing Corp. will expand and relocate its headquarters from Charlotte, N.C., to a new $34 million office building in Fort Mill, a South Carolina suburb of Charlotte. The new facility will bring 1,100 new jobs to the area upon completion in the third quarter of 2019. Dan Woodley of Savills Studley arranged the 150,000-square-foot, build-to-suit deal on behalf of RoundPoint. The new building will be located within Southbridge Business Park, a 350-acre property owned by Lincoln Harris and Cato. The RoundPoint building is the first planned new construction of the Southbridge development since the joint venture acquired the property in 2014. The South Carolina Coordinating Council for Economic Development approved job development credits, as well as a $500,000 Set Aside grant to York County to assist with the costs of site preparation and building construction. Founded in 2007, RoundPoint is a fully licensed agency and non-agency subservicer for commercial banks, credit unions, mortgage companies and hedge funds.
LAS VEGAS — Commercial Executives Real Estate Services has brokered the sale of a professional office space located at 1120 Shadow Lane in Las Vegas. Shadow Lane Property sold the building to Moorea Holdings LLC for $1.8 million. The property features 9,800 square feet of office space. Soozi Jones Walker and Bobbi Miracle of Commercial Executives Real Estate Services represented the seller in the deal.
CLEVELAND — KeyBank Real Estate Capital has originated a $125 million CMBS loan for the refinancing of Griffin Capital Essential Asset REIT II, a four-property commercial real estate portfolio. The properties total 2.7 million square feet and include two industrial buildings and two office buildings. The properties are located in Columbus, Ohio; Chicago; Las Vegas; and Birmingham, Ala. Randy Martin of Cleveland-based KeyBank originated the 10-year loan. In addition to KeyBank’s loan, Bank of America NA provided $125 million in CMBS financing.
PASADENA, CALIF. — Coretrust Capital Partners, through its investment fund Coretrust Value Fund I, has purchased Corporate Center Pasadena, a four-building office campus located at 201, 225, 251 and 283 S. Lake Ave. in Pasadena. The acquisition price was not disclosed. The 640,000-square-foot property features 40,000 square feet of retail space, a 60,000-square-foot plaza and more than 2,000 parking stalls. Coretrust acquired the campus from an ownership group that controlled the property for more than 30 years. The buyer plans to invest more than $90 million in renovations to the property. Renovations include upgrading the buildings with state-of-the-art technologies; creating inviting public spaces, including plazas, gardens and terraces; updating all lobbies; modernizing elevators; and adding on-site tenant serving businesses.
Lincoln Property Co., Harvard Investments Selected to Build 1.35 MSF Office Project in Mesa, Arizona
MESA, ARIZ. — The Mesa City Council has selected Lincoln Property Cos. and Harvard Investments to develop 28.2 acres of city-owned land in the Riverview mixed-use district of Mesa. Upon completion, the “Union” project will bring 1.35 million square feet of Class A office space to the district. Union will include four buildings ranging from four to eight stories and fro 225,000 square feet to 450,000 square feet. Each building will feature large and open floorplates and high ceilings. Constructed in phases, the first building will be the four-story, 225,000-square-foot Building A located at the northwest corner of the property, followed by Buildings B and C, totaling up to six stories and 337,500 square feet. The final building, Building D, will feature eight stories and 450,000 square feet. Construction on Building A is slated to begin in 2019. DAVIS is the project architect, and Layton Construction Co. is serving as the general contractor. Dave Carder and Scott Boardman of Cushman & Wakefield are exclusive leasing brokers for the project.