Office

ZMI Real Estate Receives $16M Loan for Flex, Office Campus in Carlsbad

by Nellie Day June 13, 2017

CARLSBAD, CALIF. — ZMI Real Estate has received a $16 million loan to refinance the 145,759-square-foot Carlsbad Commerce Center. The center is located at 2185-2237 Faraday Ave. It contains a mixture of office, creative office and flex units. The campus was built between 1984 and 1986. It was renovated in 2004. The campus is currently 91.3 percent leased to tenants like Advanced Brain Monitoring, SabreSciences and GIMDx. CBRE’s Mark McGovern, Scott Peterson and Brian Cruz secured the five-year loan through Aetna Life Insurance Company. It will pay off the existing mortgage, which was coming due in September.

June 13, 2017

Office Texas

Parkway Signs Apache to 524,000 SF Office Lease Renewal at Post Oak Central in Houston

by Taylor Williams June 13, 2017

HOUSTON — Oil and gas firm Apache Corp. has signed a 26-month lease extension at Post Oak Central, a 1.3 million-square-foot campus in Houston’s Galleria neighborhood, with owner Parkway Inc., a publicly traded REIT. Apache, which currently occupies 524,000 square feet within the complex, will remain on the site through February 2022. Tim Relyea and Scott Wegmann of Cushman & Wakefield represented Apache in the lease negotiations.

June 13, 2017

Georgia Office Southeast

Crestlight Capital Buys 11-Story Office Building in Midtown Atlanta

by John Nelson June 13, 2017

ATLANTA — Crestlight Capital LLC has purchased an 11-story, 217,090-square-foot office building located at 730 Peachtree St. in Midtown Atlanta. The private real estate investment firm has tapped Hunter Henritze, Michael Howell and Caroline Cole of Lincoln Property Co. Southeast to lease and manage the Class B asset. The property was 92 percent leased at the time of sale and features loft office build-outs with exposed ceilings and modern finishes. The building is situated within walking distance of the Fox Theatre and the North Avenue and Midtown MARTA stations. The seller and sales price were undisclosed.

June 13, 2017

New York Northeast Office

Bellwether Enterprise Closes $55M Acquisition Loan for Office Building in Uniondale, New York

by Amy Works June 13, 2017

UNIONDALE, N.Y. — Bellwether Enterprise Real Estate Capital has closed a $55 million acquisition loan for the purchase of an office building in Uniondale. The borrower, Salus Government Properties, acquired the single-tenant office building, which is located at 60 Charles Lindbergh Blvd. Nassau County Department of Health and Human Services occupies the 217,226-square-foot building that was constructed in 1986. C. Cooper Willis of Bellwether Enterprise arranged the loan for the borrower. Morgan Stanley provided the financing.

June 13, 2017

Midwest Missouri Office

Newmark Grubb Zimmer Brokers Sale of 26,000 SF Office Building in Lee’s Summit, Missouri

by Kristin Harlow June 13, 2017

LEE’S SUMMIT, MO. — Newmark Grubb Zimmer has brokered the sale of a 26,000-square-foot office building in Lee’s Summit, about 20 miles southeast of Kansas City. The sales price was not disclosed. Once fully occupied by Lafarge North America, the building is now home to nine tenants including American Family Insurance. Susan Smith, Michael VanBuskirk and Chris Robertson of Newmark Grubb Zimmer represented the seller, Jefferson Commons LLLP. A private investor was the buyer.

June 13, 2017

Market Reports New Mexico Office Western Western Market Reports

Albuquerque’s Office Market Struggles to Recover

by Camren Skelton June 13, 2017

The New Mexico office market heart is found in Albuquerque. During the first quarter of 2017, the Albuquerque office market has seen an increase in activity from local companies looking for newer and updated spaces, but not necessarily more space. The office market has been the last to see any type of recovery after the recession. The vacancy rate remains steady at about 21 percent. Continuing through 2017, we anticipate moderately positive absorption. Albuquerque remains over-built and under-demolished, with many office buildings being functionally obsolete. Other than two new, build-to-suit medical buildings, one being 43,000 square feet and the other being 90,000 square feet, there are not any planned speculative office buildings. State Farm recently announced it will vacate 35,000 square feet and move its call center operations to Arizona. A multi-market, healthcare administration office has downsized from 67,000 square feet to about 25,000 square feet. These shifts will yield two properties with large contiguous spaces, an excellent opportunity for tenants with large space requirements. However, there are fewer opportunities for those looking for updated spaces. There are currently less than 10 modern office buildings for lease or sale. As such, modern Class A office buildings continue to have high …

June 13, 2017

California Office Western

Harbor Group International Purchases Torre Plaza in Cupertino for $66.2M

by Nellie Day June 12, 2017

CUPERTINO, CALIF. — Harbor Group International (HGI) has purchased Torre Plaza, an 88,580-square-foot office complex in Cupertino, for $66.2 million. The Class A property is situated near the 280 and 85 freeways. It is fully leased. This is HGI’s second Cupertino acquisition in the past five months.

June 12, 2017

Colorado Office Western

Swisslog Healthcare Leases 29,731 SF in Denver

by Nellie Day June 12, 2017

DENVER — Swisslog Healthcare has signed a 10-year lease for 29,731 square feet of office space in Denver. The space is situated within the 90-acre Circle Point Corporate Campus at Circle Point 2. The lease was part of Swisslog Healthcare’s goal to relocate its global headquarters from the Montbello industrial neighborhood to the tech-savvy Northwest Corridor. JLL’s Jason White, Billy Byrne and Mitch Zatz represented the material transport, medication management and supply chain management services and solutions provider. The company will take occupancy in January 2018.

June 12, 2017

Industrial Office Texas

MenMar Acquires 21,000 SF Flex Property in Houston

by Taylor Williams June 12, 2017

HOUSTON — MenMar Properties LLC has acquired a 21,000-square-foot building with office and warehouse space located at 4202 Telephone Road in Houston. The property will be leased to Fiesta Beverage Mart for retail and storage purposes. Barrett Von Blon of Davis Commercial represented the seller, City Office Supply Inc., in the transaction.

June 12, 2017

Loans New Jersey Northeast Office

G.S. Wilcox & Co. Secures $19M Loan for Office Building in Morristown, New Jersey

by Amy Works June 12, 2017

MORRISTOWN, N.J. — G.S. Wilcox & Co. has arranged a $19 million loan for 1776 On the Green, an office building located at 67 Park Place in Morristown. The 10-story building features 145,358 square feet of rentable Class A office space and 1,136 square feet of storage space. At the time of financing, the property was 79 percent leased. The loan, which was provided by Mutual of Omaha, features a 10-year term. Gretchen Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox secured the loan for the undisclosed borrower.

June 12, 2017

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