Office

USC-Leased Office Building in San Diego Sells for $12.5M

by Nellie Day June 15, 2017

SAN DIEGO — A high-net-worth individual has acquired a 40,000-square-foot office building that is fully leased to the University of Southern California (USC) for $12.5 million. The building is located at 9860 Mesa Rim Road. USC’s Alzheimer’s Therapeutic Research Institute, which is a part of the Keck School of Medicine, occupies the property. It was built in 2000. The 1031 exchange buyer plans to keep the property as a long-term investment. CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo and Mark Shaffer represented the seller, Washington Capital Management, in this transaction.

June 15, 2017

North Carolina Office Southeast

Arden Group Acquires BB&T Center in Charlotte for $148.5M, Plans $10M in Renovations

by Camren Skelton June 15, 2017

CHARLOTTE, N.C. — Arden Group has purchased the BB&T Center, a 22-story, 567,835-square-foot office tower located on 200 S. College St. in uptown Charlotte. The Philadelphia-based investment firm purchased the property through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $148.5 million, according to The Charlotte Observer. HFF brokered the transaction, and Starwood Property Trust Inc. provided acquisition financing. Arden plans to invest $10 million in capital improvements to modernize the common areas and building systems. Charlotte-based commercial real estate firm Trinity Partners will handle the office leasing, property and project management. BB&T, AIG, TekSystems, AeroTek and Ring Central Inc. are among the building’s current tenants.

June 15, 2017

Georgia Office Southeast

Terra Cap Management Acquires Metro Atlanta Office Developments for $47M

by John Nelson June 15, 2017

ALPHARETTA, GA — Terra Cap Management LLC has closed on the $47 million acquisition of Deerfield and Windward Pointe, a three building, Class A office portfolio consisting of 336,000 rentable square feet in the Atlanta suburb of Alpharetta. Located at 12725 and 12735 Morris Road, Deerfield Pointe consists of two four-story office buildings totaling more than 208,000 square feet. The property offers four parking spaces per 1,000 square feet, a fitness center and nearby walkable amenities. Windward Pointe, a five-story, 131,732-square-foot building located at 5900 Windward Parkway, was opened in 1997 and renovated in 2014. Lincoln Property Co. Southeast was awarded leasing for the properties, while Crocker Partners LLC will remain in place for property management. Florida Community Bank provided acquisition financing and Samir Idris of Cushman & Wakefield represented the undisclosed seller.

June 15, 2017

Loans New York Northeast Office

Paramount Group Completes $300M Refinancing for 543,000 SF Office Building in NYC

by Amy Works June 15, 2017

NEW YORK CITY — Paramount Group has completed a $300 million refinancing for 712 Fifth Avenue, an office building located in the Plaza District of New York City. The new 10-year, interest-only loan matures in July 2027 and has a fixed rate of 3.39 percent. The net proceeds of the loan were used to repay the existing $246.5 million loan that bears interest at 4.41 percent and was scheduled to mature in March 2018. The building features 543,000 square feet of Class A office space. Eastdil Secured arranged the financing for the borrower.

June 15, 2017

New Jersey Northeast Office

Colliers Facilitates Sale of Two Office Buildings in Marlton, New Jersey, for $7.5M

by Amy Works June 15, 2017

MARLTON, N.J. — Colliers International has arranged the sale of two office properties located at 400 and 406 Lippincott Drive within the South Crossing Office Complex in Marlton. LSOP 3 NJ LLC, a related entity of Somerset Properties and Greenfield, sold the assets for $7.5 million. Citizens Bank, Advocare, South Jersey Fertility and the General Services Administration occupy the buildings, which total more than 80,000 rentable square feet. Evan Zweben and Ian Richman of Colliers represented the undisclosed buyer, while the seller had in-house representation.

June 15, 2017

Office Texas

Tech Firm Opens New Office in Southwest Austin

by Taylor Williams June 15, 2017

AUSTIN, TEXAS — SOCi, a California-based social media consulting firm, has opened a new office at 3755 S. Capital of Texas Highway, a 74,000-square-foot, Class A office property in southwestern Austin. The opening of the new office, which is the company’s second, comes two months after SOCi closed its $8.5 million Series A financing round.

June 15, 2017

Office Texas

Cresa DFW to Relocate Office to Pinnacle Tower in Midtown Dallas

by Taylor Williams June 15, 2017

DALLAS — Tenant representation firm Cresa DFW will relocate its Dallas office from its current location on Knoll Trail Drive to the Pinnacle Tower in Dallas’ Midtown neighborhood, effective August 1. The company has signed a three-year lease at the 24-story property, which is located at 5005 LBJ Freeway. The company’s new offices will provide enough space for 20 employees. Cresa DFW eventually plans to expand its office space to accommodate as many as 50 employees.

June 15, 2017

Midwest Office Ohio

Reichle Klein Negotiates 26,586 SF Office Lease in Maumee, Ohio

by Kristin Harlow June 15, 2017

MAUMEE, OHIO — Reichle Klein Group has negotiated a 26,586-square-foot office lease in Maumee, a southwest suburb of Toledo. Adecco USA Inc. will occupy Suite 200 within the Arrowhead Business Park, located at 1695 Indian Wood Circle. Mike Poulos, Harlan Reichle and Walter Plath of Reichle Klein represented the landlord, Arrowhead Toledo Realty LP. Jason Westendorf of Reichle Klein represented Adecco USA, which is a job staffing firm.

June 15, 2017

Illinois Market Reports Midwest Midwest Market Reports Office

Strong Tenant Demand Continues to Propel Chicago’s Office Market

by Kristin Harlow June 15, 2017

In spite of the ongoing fiscal woes of the State of Illinois and City of Chicago, the downtown office market in the Windy City continues to experience solid growth in demand for quality office space. The first quarter of 2017 saw net absorption of 374,000 square feet, a 54 percent increase from the 243,000 square feet of net absorption recorded during the first quarter of 2016. This comes on the heels of a spike in supply in the central business district (CBD) of Chicago, with the opening of two new Class A office towers during the past two quarters: 150 North Riverside Plaza and 444 West Lake Street, developed by Riverside Investment & Development Co. and Hines Interests, respectively. These trophy assets added 2.4 million square feet of office space to the CBD. With these additions, Chicago’s office inventory in the CBD expanded from 132.6 million square feet in the first quarter of 2016 to 135 million square feet in the first quarter of 2017. Two additional towers under construction now at 151 N. Franklin Street and 625 W. Adams Street will open in the next 12 months, adding an additional 1.3 million square feet to the supply and bringing …

June 15, 2017

Healthcare New Jersey Northeast Office

Larken Associates Continues Redevelopment of Raritan Valley Professional, Medical Center in New Jersey

by Amy Works June 14, 2017

RARITAN, N.J. — Larken Associates has broken ground on a 14,000-square-foot built-to-suit building at the former Henderson Building property in Raritan. Rebranded as Raritan Valley Professional Center, the redeveloped property will offer more than 70,000 square feet of professional and medical office space by September. The property currently features a fully leased 40,000-square-foot building and a 17,000-square-foot Carriage House, which is original to the site. The existing building underwent renovations and modernizations, and the new building is slated for completion in September. Larken Associates acquired the assets in 2015 for an undisclosed price.

June 14, 2017

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