Office

Missner Group Completes 38,000 SF Office Renovation in Skokie, Illinois

by Kristin Harlow October 23, 2017

SKOKIE, ILL. — The Missner Group has completed a 38,000-square-foot office headquarters renovation for Generation Brands in Skokie, about 15 miles northwest of Chicago. The two-phase project included 19,000 square feet of office renovations and the build-out of a 19,000-square-foot showroom for the lighting and ceiling fan company. Phase I included the construction of private offices, conference areas, a corporate training room, kitchen area and employee lounge area. The showroom features lighting and fan fixtures with ceilings and floors that complement the lighting. Kent Nepras and Scott Nomellini led the project team on behalf of the Missner Group. Dearborn Architects provided architectural services.

October 23, 2017

Georgia Office Southeast

Ackerman & Co. Sells 334,675 SF Office Park in South Atlanta for $22M

by Camren Skelton October 20, 2017

ATLANTA — Ackerman & Co. has sold nine buildings within Phoenix Office Park in South Atlanta for $22 million. Stewart Calhoun, Samir Idris and David Meline of Cushman & Wakefield represented Ackerman & Co. in the transaction. WePartner, an Atlanta-based firm, purchased the assets, which total 334,675 square feet. The properties included in the portfolio were Two Crown Center, located at 1745 Phoenix Blvd.; four buildings located at 1800 Phoenix Blvd.; South Pointe located at 1691 Phoenix Blvd.; 1640 Phoenix Blvd.; and 1680 Phoenix Blvd. Ackerman & Co. originally acquired the 100-acre, 11-building Phoenix Office Park in 2005 and invested in capital improvements. The properties that sold to WePartner were the remaining assets in the portfolio. Located within the Airport South Community Improvement District (CID), the office park is roughly three miles from Hartsfield-Jackson Atlanta International Airport. At the time of sale, the portfolio was 86 percent leased to tenants including LogistiCare, the State of Georgia and the U.S. Department of Veterans Affairs.

October 20, 2017

Midwest Minnesota Office

Kraus-Anderson Completes Its 100,000 SF Headquarters in Downtown Minneapolis

by Kristin Harlow October 20, 2017

MINNEAPOLIS — Kraus-Anderson has completed its new downtown Minneapolis headquarters, located at 8th Street and 5th Avenue. Employees from throughout the metro are now moving into the 100,000-square-foot campus, which consolidates the construction firm’s Twin Cities operations in a five-story facility. The new headquarters will accommodate approximately 300 employees, doubling the current downtown staff with room for future expansion on the site. Consolidation will combine employees from the Kraus-Anderson construction office in Circle Pines, as well as Kraus-Anderson Realty Co. and the development offices in Bloomington. The new building will also house Kraus-Anderson Mortgage and the parent corporation, Kraus-Anderson Cos. Kraus-Anderson Insurance will continue to operate from its offices in Burnsville. The first floor features a waiting area, conference rooms, employee cafeteria and fitness center. The majority of employee office space is located on floors two through five. An open office concept is used throughout the building, featuring electrically operated workstations, which allow employees to easily change from sitting to standing positions. Pope Architects designed the office. Kraus-Anderson partnered with ESG Architects to develop the downtown block surrounded by 8th and 9th streets.

October 20, 2017

Connecticut Healthcare Northeast Office

Jacobson Properties, RE/MAX Choice, Cushman & Wakefield Broker Sales of Three Medical Office Buildings in Connecticut

by Amy Works October 19, 2017

PLAINFIELD AND DANIELSON, CONN. — A national healthcare real estate company has purchased three medical office buildings in Plainfield and Danielson in two separate transactions for an undisclosed price. Two of the properties were sold by Day Kimball Healthcare as part of a sale-leaseback, while the third property was sold by PGLC LLC, a physicians group. Day Kimball Healthcare also executed a long-term lease for the third property. The three properties offer a total of 45,000 square feet. Lisa Menin of Jacobson Properties, John LaBella of RE/MAX Right Choice and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. advised Day Kimball in the transaction.

October 19, 2017

North Carolina Office Southeast

CBRE | Raleigh Arranges $38.9M Sale of Five-Building Office Portfolio in Metro Raleigh

by Camren Skelton October 19, 2017

RALEIGH AND CARY, N.C. — CBRE | Raleigh has arranged the sale of a five-building office portfolio in metro Raleigh. Ben Kilgore, Jim McMillan, Elliott Brewer and Leslie Holmes of CBRE | Raleigh arranged the transaction on behalf of the seller, Highwoods Properties Inc. Alder Kawa Real Estate Advisors (AKREA) acquired the assets for a combined $38.9 million, according to the Triangle Business Journal. The portfolio includes Situs Office Park, a three-building office park totaling 156,665 square feet located adjacent to the interchange of Interstates 440 and 40 in Raleigh, that sold for $25.5 million. At the time of sale, the office park was 89.7 percent leased to tenants including Circle K Convenient Stores, GSA, Millennial Patient Services and Ameriprise. ParkWest Office Park, located off of Weston Parkway in Cary, was acquired for $13.4 million. The property includes ParkWest One and Two and totals 94,800 square feet. At the time of sale, the property was 85.5 percent leased to tenants including Arysta Lifescience’s U.S. headquarters, Informatica and Ignite Social Media. Lee Clyburn and Brian Carr of CBRE | Raleigh’s Investor Leasing group will handle the portfolio’s leasing assignment.

October 19, 2017

Florida Office Southeast

Brookwood Sells Four-Building Office Portfolio in Orlando for $16.7M

by Camren Skelton October 19, 2017

ORLANDO, FLA. — Brookwood Financial Partners LLC has sold Lakefront I & II, a four-building, 192,654-square-foot office complex in Orlando, for $16.7 million. Mark Busekus of HFF represented Brookwood in the transaction. The buyer was not disclosed. Brookwood originally acquired the asset in 2012 for $11.3 million and invested in capital improvements, including upgraded landscaping, enhanced exterior lighting, improved signage and construction of an additional surface lot. At the time of sale, the property was 86 percent leased, including a long-term lease to an indirect subsidiary of CVS Health Corp.

October 19, 2017

Florida Office Southeast

Cushman & Wakefield Arranges $9.2M Sale of Office Building in South Florida

by Camren Skelton October 19, 2017

PALM BEACH, FLA. — Cushman & Wakefield has arranged the $9.2 million sale of 231 Royal Palm Way, an 11,576-square-foot, freestanding office building on Palm Beach’s Banker’s Row. Michael Osiecki and Mark Pateman of Cushman & Wakefield arranged the transaction on behalf of the seller, 231 Royal Palm Way LLC. Primary Properties Inc., a subsidiary of Procaccianti Properties, acquired the asset. Constructed in 1973, 231 Royal Palm Way features 29 on-site, covered parking spaces and was 67 percent leased at the time of sale to PNC Bank and Private Wealth Management.

October 19, 2017

Kansas Midwest Office

Opus Begins Construction of 190,000 SF Office Headquarters in Wichita, Kansas

by Kristin Harlow October 19, 2017

WICHITA, KAN. — The Opus Group has begun construction on a new headquarters for Cargill’s North America protein business in Wichita. The 190,000-square-foot build-to-suit is slated for completion in October 2018. The property will feature four stories of office space with a technology center, presentation kitchen, sensory center kitchen and testing booths. Up to 950 employees will work at the office. Opus Design Build is constructing the project in collaboration with Key Construction. HOK is the project architect. Cargill Protein produces, distributes and markets beef, turkey, chicken and egg products.

October 19, 2017

Features Northeast Feature Archive Office Top Stories

Office Tenants Prefer Dynamic Workspace with Amenities, Says Coldwell Banker Survey

by John Nelson October 19, 2017

MADISON, N.J. — Physical office space can have a positive influence on its tenant base, which ultimately helps companies attract and retain employees, according to a new survey conducted by Coldwell Banker Commercial Affiliates, a Madison-based company made up of independently owned and operated commercial real estate service practices. The survey uncovered which popular office amenities resonated with respondents to see how office spaces could further improve the functionality of their square footage. “Offices are becoming a center for social activity, and it is important for office commercial real estate to accommodate this,” says Fred Schmidt, president and COO of Coldwell Banker Commercial Affiliates. Working on behalf of Coldwell Banker, Harris Poll surveyed 2,001 adults from Aug. 15-17 as part of the online study. The participating cohort included younger Millennial workers (age 18-29), older Millennials (30-34), Gen Xers (ages 35-49) and Baby Boomers (50-69), to identify worker attitudes toward their current physical workplace and better understand how office space can be optimized to meet worker needs and comfort. The highest concentration of respondents identified themselves as Baby Boomers (a little over 44 percent), followed by Gen Xers, younger Millennials and older Millennials. Overall, the survey found that the most coveted office …

October 19, 2017

Market Reports Midwest Midwest Market Reports Office Ohio

Downtown Columbus Office Market Devises Solutions to Parking Shortage

by Kristin Harlow October 19, 2017

In today’s world, nearly every company is a technology company. That trend is changing the way we do business and interact with one another. Ted Anglyn, president of the Parking Property Advisors, summarizes how these changes are impacting space utilization, which in turn affects parking needs: The space per square foot per employee in newly leased office space decreased from a range of 300 to 350 square feet per person in 2005 to 150 to 200 square feet in 2010. Some of this space reduction is linked to the recession, but much of it is because of open office design and the predominance of electronic storage, which reduces the need for physical file storage. This change has the potential to increase the typical office parking ratios that range from three to four spaces per 1,000 square feet to five to six spaces per 1,000 square feet. This begs the question of how we, as commercial real estate experts, address this gap. Parking, access and location are not new issues, but they are still major factors in today’s real estate environment. Landlords and economic development directors are all striving to address the needs of business today while also looking to future …

October 19, 2017

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