Office

Bentall Kennedy Receives $52.4M in Acquisition Financing for Office Building in Colorado

by Nellie Day October 25, 2017

ENGLEWOOD, COLO. — Bentall Kennedy has received $52.4 million in financing to acquire a 223,177-square-foot trophy office asset in Englewood. The asset is located at 9151 E. Panorama Circle within the Panorama Corporate Center. The property was built in 2017. It is fully leased to Arrow Electronics. Amenities include an employee kitchen, cafeteria, 8,000 square feet of meeting space, and a fitness center with showers and a locker room. HFF’s Cary Abod and Eric Tupler secured the five-year, 3.41 percent fixed-rate, full-term, interest-only loan through a correspondent life insurance company lender.

October 25, 2017

Office Texas

Patrinely, Rosewood to Develop 343,800 SF Office Building in Plano

by Taylor Williams October 25, 2017

PLANO, TEXAS — A partnership between Patrinely Group and Rosewood Property Co. will develop One Heritage Creekside, a 343,800-square-foot office building within Heritage Creekside, a 72-acre master-planned community in Plano. The 12-story property will offer elevated terrace garden areas, ground-floor dining and shopping and an adjacent covered parking structure. Delivery is currently scheduled for the fourth quarter of 2019. JLL will handle the leasing of the property.

October 25, 2017

Midwest Missouri Office

Franklin Partners Acquires 325,172 SF Office Building in Clayton, Missouri

by Kristin Harlow October 25, 2017

CLAYTON, MO. — Franklin Partners has acquired The Plaza in Clayton, a 325,172-square-foot office building in Clayton, about nine miles west of St. Louis. The purchase price was not disclosed. The 16-story property is located at 190 Carondelet Plaza. Smallwood, Reynolds, Stewart, Stewart designed the building, while St. Louis-based THF Realty developed the property in 2001. Paul Lundstedt, Dan Deuter, Mark Palmer, Artie Kerckoff and TJ Redmond of CBRE represented the seller, KBS REIT.

October 25, 2017

New York Northeast Office

Savanna Acquires 303,943 SF Office Building in Midtown Manhattan

by Amy Works October 25, 2017

NEW YORK CITY — Savanna has acquired an office building located at 19 W. 44th St. in Midtown Manhattan. Deka Immobilien GmbH sold the 18-story, 303,943-square-foot property for an undisclosed price. Originally constructed in 1916, the property features pre-war architecture as well as oversized loft-style windows, outdoor terraces and a historic masonry façade and entrance. Savanna plans to reposition the building through a series of cosmetic and base building capital improvements, along with a new branding campaign. Mesa West Capital provided financing for the acquisition and repositioning of the property. Russell Frahm of Mesa West Capital originated the financing, which was arranged by Lawrence Britvan, Matt Jacobs and Michael Straw of Hodges Ward Elliott. Cole Schotz PC advised Savanna in the transaction, while Colliers International represented the seller in the deal.

October 25, 2017

Massachusetts Northeast Office

CBRE/NE Brokers $40.7M Sale of Four-Building Office Park in Westborough, Massachusetts

by Amy Works October 25, 2017

WESTBOROUGH, MASS. — CBRE/New England has arranged the sale of Westborough Office Park, a four-building Class A office park located in Westborough. Equus Capital Partners sold the property to Carruth Capital for $40.7 million. Situated on 46 acres, the 384,000-square-foot property comprises 1700, 1800, 1900 and 2000 W. Park Drive. At the time of sale, the property was 90 percent occupied. Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer in the deal.

October 25, 2017

Market Reports New Jersey Northeast Northeast Market Reports Office

Northern New Jersey Shows Strength in Office Construction and Redevelopment

by Taylor Williams October 25, 2017

Despite a slow start to the year, the Northern New Jersey office market decreased vacancy to 20.2 percent as we moved from fourth quarter 2016 into 2017. More than 750,000 square feet of office space is expected to be absorbed in the market to drop the vacancy rate 20 basis points. New deliveries in Morris and Essex Counties, including a 200,000-square-foot office for UPS in Parsippany, are leading the way. Moreover, landlords and investors alike are upgrading and investing in larger redevelopment projects throughout the state which has increased leasing activity. In response to healthier market conditions, owners have also increased rents for office space, which caused higher vacancy rates at the beginning of the year. The average asking rent is anticipated to climb to $27.59 per square foot this year, outpacing the 2 percent rise in office rents posted in 2016. In first quarter, the Hudson Waterfront saw an increase of 3.6 percent per square foot. Hudson Waterfront The main trends in Jersey City and Hoboken are driven by the large populations of millennials in and around surrounding areas. Millennials account for 27.2 percent of the population in Hudson County. In the last 12 months, investors — particularly New …

October 25, 2017

Office Texas

Bridge Investment Group Purchases 243,109 SF Office Tower in Irving

by Taylor Williams October 24, 2017

IRVING, TEXAS — Bridge Investment Group LLC has purchased Tower 1320, a 243,109-square-foot, Class A office tower located within the 12,000-acre Las Colinas business district in Irving. Built in 1981, the 10-story tower features an adjacent two-story parking deck with 1,045 spaces. Evan Stone, Gary Carr, Eric Mackey, John Alvarado, Jared Chua, Robert Hill and Mary Claire Houseman of CBRE represented the seller, Arden Group, in the transaction. Peloton Commercial Real Estate will handle the marketing and leasing of the property.

October 24, 2017

Industrial Office Texas

J. Beard Arranges Sale of 22,000 SF Flex Property in Metro Houston

by Taylor Williams October 24, 2017

SPRING, TEXAS — The J. Beard Real Estate Co. has arranged the sale of a 22,000-square-foot office/warehouse property situated on two acres at 26009 Budde Road in the northern Houston suburb of Spring. The four-building property was built in 1999 and is currently occupied by seven tenants. Jeff Beard of J. Beard represented the seller, Pines Business Park LLC. San Antonio-based Windswood Corp. purchased the asset for an undisclosed price.

October 24, 2017

Illinois Midwest Office

J.C. Anderson Completes 11,000 SF Office Renovation for Athenex in Schaumburg, Illinois

by Kristin Harlow October 24, 2017

SCHAUMBURG, ILL. — J.C. Anderson Inc. has completed an 11,000-square-foot office renovation for Athenex in Schaumburg, a northwest suburb of Chicago. New York-based Athenex is a biopharmaceutical company. The property is located at 10 N. Martingale Road. J.C. Anderson added conference rooms, a videoconference boardroom, open offices and a pantry. Matt Kantro and Bob Hickey of J.C. Anderson led the project team, while Whitney Architects provided architectural services.

October 24, 2017

Illinois Midwest Office

PREMIER Completes 51,000 SF Office Headquarters for Echo in Lake Zurich, Illinois

by Kristin Harlow October 23, 2017

LAKE ZURICH, ILL. — PREMIER Design + Build Group LLC has completed a 51,000-square-foot office headquarters for Echo Inc. in Lake Zurich, about 40 miles northwest of Chicago. The manufacturer of power equipment already occupies an existing industrial facility at the site. In addition to a two-story lobby, the property features 14 private offices on the first floor and 27 offices on the second floor. A new training and conference area can accommodate more than 100 people. Mark Melone, Samantha Skopek and Tom Johnson led the project team on behalf of PREMIER. The project team also included architect Stephen Rankin Associates, structural engineer Structurelogic Inc. and civil engineer Kimley-Horn.

October 23, 2017

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