Office

HFF Secures $8.9M Sale of Newmarket Center in Boston

by Haisten Willis May 19, 2017

BOSTON — HFF has secured the $8.9 million sale of Newmarket Center, a 55,000-square-foot office building located at 67 Kemble St. in Boston’s Roxbury submarket. HFF arranged the sale on behalf of the seller, DDJB Real Estate Holdings, and procured the buyer, The Winhall Cos., on an off-market basis. Urban Core Development redeveloped the property and served as its manager. Newmarket Center was originally built in the 1880s to house one of the area’s blacksmith shops, which operated until the 1930s. After sitting vacant, the building was again occupied in the 1940s by Newmarket Wool and operated as a wool storage and sorting warehouse for roughly 50 years. The building then ended up vacant during the late 1990s. Urban Core Development redeveloped the former warehouse into a loft-style office building in 2014 and 2015. Ben Sayles and Adam Dunn led the HFF investment sales team representing the seller.

May 19, 2017

Industrial Massachusetts Northeast Office

NAI Hunneman Brokers $6.3M Sale of Office/Industrial Property in Greater Boston

by Haisten Willis May 19, 2017

REVERE, MASS. — NAI Hunneman has brokered the $6.3 million sale of 777 N. Shore Road, a 31,950-square-foot office/warehouse building located on Route 1A in Revere. The location will be the new headquarters location for AmQuip, a crane rental company. NAI Hunneman’s Trey Agnew represented the landlord, N.S. Realty Trust, while Steve Clancy of CBRE represented the buyer, Alterra LLC. The property includes a one- and two-story office and warehouse building, with the office component accounting for 25 percent. The warehouse component features 23-foot clear heights and 10 overhead doors.

May 19, 2017

Midwest Office Wisconsin

Marcus & Millichap Arranges $3.3M Sale of Office Building in Brookfield, Wisconsin

by Kristin Harlow May 19, 2017

BROOKFIELD, WIS. — Marcus & Millichap has arranged the sale of Executive III office property in Brookfield for $3.3 million. The 55,863-square-foot, multi-tenant building is located at 125 N. Executive Drive adjacent to Brookfield Square Mall. Joe Powers and Frank Roti of Marcus & Millichap marketed the property on behalf of the seller, a loan servicer. The team also procured the buyer, a private investor based in Illinois.

May 19, 2017

Market Reports Office Texas Texas Market Reports

Fort Worth Office Market Poised for Steady Growth in 2017

by Taylor Williams May 19, 2017

Despite waves of new development and rebounding oil prices, the Fort Worth office market hasn’t changed. It reflects the city’s lifestyle and attitude — stable and patient — and optimistic as to what the future holds. As businesses come and go and vacancy rates fluctuate, the Fort Worth office market views the long-term potential of its investments and confidently forges ahead. Go West Much of the new development we are seeing is southwest of downtown. The West Southwest submarket accounts for 62 percent of the construction begun or underway in 2016, with The Offices at Clearfork accounts for 330,000 of the 734,000 square feet built after 2016. The new vision for the master-planned, 270-acre Clearfork development includes 2,500 apartment units, two million square feet of office space, and 1.2 million square feet of retail space anchored by Nieman Marcus. Fort Worth’s CBD is adding its first new building since Sundance Square, which was built in 2014. The property at 640 Taylor St. will add 280,000 square feet and will be 51.5 percent leased upon completion. Its owner, Jetta Operating Co. Inc., and namesake, Frost National Bank, will occupy 140,000 square feet. Effects of Westward Migration The Offices at Clearfork and …

May 19, 2017

California Office Western

PCCP, Align Purchase Two-Building Office Property in Walnut Creek

by Nellie Day May 18, 2017

WALNUT CREEK, CALIF. — A joint venture between PCCP and Align Real Estate has purchased a two-building, 236,122-square-foot office property in Walnut Creek for an undisclosed sum. The property is located at 100 and 200 Pringle Ave. It is 96 percent leased. On-site amenities include a conference room, bike storage with lockers and bike pump, electric vehicle charging stations, four on‐demand Zip Car vehicles and an on‐site deli. The JV plans to enhance street frontage and offer outdoor amenities on the third-floor deck.

May 18, 2017

California Office Western

Allergan Building in Goleta Changes Hands

by Nellie Day May 18, 2017

GOLETA, CALIF. — A local investment team has purchased a 105,257-square-foot office and R&D building in Goleta that is occupied by Allergan. Though the sales price was not disclosed, the asset was listed at $28 million. The office is situated on 10.2 acres in the Campus Pointe project where Los Carneros Road meets the 101 freeway. The facility contains office, laboratory and warehouse space. Raytheon constructed the building in 1990. Breast implant manufacturer McGhan/Allergan occupied the building between 1999 and 2014. Allergan recently subleased the entire building for the remainder of its term, which expires at the end of 2019. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the seller in this transaction.

May 18, 2017

Florida Office Southeast

DRA Advisors Sells Office Portfolio in Metro Orlando to Brookdale Group for $130M

by John Nelson May 18, 2017

LAKE MARY, FLA. — A fund advised by DRA Advisors LLC has sold Colonial Center at TownPark, a four-building, 662,320-square-foot office portfolio located at 100, 200, 300 and 600 Colonial Center Parkway in Lake Mary. An affiliate of Atlanta-based Brookdale Group purchased the metro Orlando complex. The sales price was undisclosed, but the South Florida Business Journal reports the portfolio sold for over $130 million. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller in the transaction. The portfolio was 96.9 percent leased at the time of sale to tenants such as Hartford Fire Insurance Co., Bank of New York, Fiserv, Pershing and IBM.

May 18, 2017

Loans Midwest Office Ohio

NorthMarq Arranges $7.2M Loan for Refinancing of Office Property in Cincinnati

by Kristin Harlow May 18, 2017

CINCINNATI — NorthMarq Capital has arranged a $7.2 million loan for the refinancing of Park 42 office property in Cincinnati. The 396,000-square-foot building is located at 3600 Park 42 Drive. Noah D. Juran of NorthMarq arranged the 10-year loan, which includes a 20-year amortization schedule. First Financial Bank provided the loan. The borrower was a real estate investment and management company.

May 18, 2017

Industrial Office Texas

Majestic Realty to Build 320-Acre Business Park in South Fort Worth

by Taylor Williams May 18, 2017

FORT WORTH, TEXAS — Majestic Realty Co., a California-based industrial developer, will build a 320-acre, master-planned business park approximately 2.5 miles south of the Interstate 20 and Interstate 35 interchange in Fort Worth. Branded Majestic Fort Worth South Business Park, the property will feature more than 6 million square feet of office, industrial and administrative space. Phase I of construction, which is scheduled for a June 2018 completion, will deliver 1.8 million square feet of industrial space across 110 acres.

May 18, 2017

Healthcare Office Texas

E.E. Reed Completes 176,836 SF Medical Office Building in The Woodlands

by Taylor Williams May 18, 2017

THE WOODLANDS, TEXAS — E.E. Reed Construction LP has completed a six-story, 176,836-square-foot medical office building on the Memorial Hermann Woodlands campus in the northern Houston suburb of The Woodlands. Balfour Concord served as construction manager on the development and Powers Brown Architecture served as designer for the project.

May 18, 2017

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