Office

TH Real Estate Sells 651,495 SF Office Building in Manhattan for $467.5M

by Amy Works October 16, 2017

NEW YORK CITY — TH Real Estate, an affiliate of Nuveen, has completed the disposition of 685 Third Avenue, an office building with ground-level retail space in Midtown Manhattan. UNIZO Holdings Co., a Tokyo-based real estate company, acquired the property for $467.5 million. The 31-story office building features 651,492 square feet of office and retail space. Office tenants include Sales Force, Tribune and Crain’s. The retail space houses Luke’s Lobster and Maison Kayser, an artisanal bakery. Bill Shanahan and Darcy Stacom of CBRE represented the buyer in the deal. This is UNIZO’s sixth New York City purchase.

October 16, 2017

Delaware Industrial Northeast Office

NAI Emory Hill Facilitates Sale of 8,000 SF Office, Industrial Building in Wilmington, Delaware

by Amy Works October 16, 2017

WILMINGTON, DEL. — NAI Emory Hill has arranged the sale of an industrial and office building located at 510 Century Blvd. in Wilmington. Mark Landis and Karen Landis of Metro Merchant Services acquired the 8,000-square-foot condominium building for an undisclosed price. Metro Merchant Services plans to move its operations from 132 Clinton St. in Delaware City, Del., to the newly acquired facility. WSFS provided financing for the deal. David Morrison of NAI Emory Hill represented the seller, while Lorraine Sheldon and Becky Harrington of NAI Emory Hill represented the buyer in the transaction.

October 16, 2017

Healthcare Loans Maryland Office Southeast

Capital One Provides $311M in Loans for 28-Building Medical Office Portfolio Across U.S.

by Camren Skelton October 16, 2017

BETHESDA, MD. — Capital One has provided $311 million in financing to recapitalize a 28-asset medical office building portfolio located across 11 states. The portfolio was 95 percent leased to 150 tenants at the time of sale, with eight of the buildings each occupied by a single tenant. The borrower was a joint venture between an institutional investor and another joint venture between Kayne Anderson Real Estate Advisors and MB Real Estate Healthcare, which previously owned the 1.5 million-square-foot portfolio. Six of the 28 buildings are located on or adjacent to a health system campus. In addition to the principal loan, the financing included a loan for one property that required separate financing due to ground-lease restrictions.

October 16, 2017

Industrial Office Self-Storage Texas

United to Redevelop 90,000 SF Office Campus in Greater Fort Worth

by Taylor Williams October 16, 2017

SOUTHLAKE, TEXAS — United Development Co. has acquired Park Forest office complex, a three-building, 90,000-square-foot campus located in the Fort Worth metro of Southlake. The company will invest $10 million in the redevelopment of the property, which will involve razing two single-story, 10,000-square-foot buildings and repurposing them into a climate-controlled self-storage facility. Demolitions are expected to begin in January 2018.

October 16, 2017

Office Texas

Marcus & Millichap Brokers Sale of 32,154 SF Office Building in Dallas

by Taylor Williams October 16, 2017

DALLAS — Marcus & Millichap has brokered the sale of a 32,154-square-foot office building located at 9319 Lyndon B. Johnson Freeway in Dallas. Built in 1982, the building consists of 36 office suites and recently received upgrades to its interior, landscaping and signage. Cody Payne and Wayne Bares of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company. Both parties requested anonymity.

October 16, 2017

Michigan Midwest Office

Service Express Signs 60,361 SF Office Lease in Grand Rapids, Michigan

by Kristin Harlow October 16, 2017

GRAND RAPIDS, MICH. — Service Express Inc. has signed a 60,361-square-foot office lease at Bridge Pointe Office Park in Grand Rapids. The computer support company will occupy 39,617 square feet on the first floor, while holding an additional 20,744 square feet on the second floor for future expansion. The six-story property, located at 3855 Sparks Drive Southeast, is now fully leased. Nate Scherpenisse and Blake Rosekrans of CBRE represented the landlord, Bridge Pointe Office Equities LLC.

October 16, 2017

Market Reports Office Southeast Southeast Market Reports Virginia

Office Users Gravitate to Richmond CBD Following Surge in Out-of-Market Activity

by John Nelson October 16, 2017

Over the past 12 months, a surge in out-of-market activity has stabilized Richmond’s downtown office market, which had faced a seemingly insurmountable glut of space just last year. For years, Richmond’s Central Business District (CBD) struggled to retain tenants as many sought more affordable locations in the suburbs, while other tenants shed space as they optimized their footprints. However, with a steady flow of high-profile inbound operations into Richmond’s CBD, the momentum has since shifted and the re-urbanization trend, an established facet of many of the nation’s major markets, has now taken hold in Richmond. Out-of-Market Demand Swells After five consecutive quarters of securing a sizable new-to-market operation, the cumulative direct impact of this inflow climbed to over 300,000 square feet. This surge in inbound activity played a pivotal role in stabilizing the CBD, which captured 94 percent of these inbound operations. Much of this activity has been driven by the explosive 14.9 percent growth in Richmond’s millennial population from 2010 to 2015, per a recent study by the Urban Land Institute for Time magazine. According to the study, Richmond is the second fastest growing city for millennials in the country, only behind Hampton Roads. Similarly, Virginia shot up in …

October 16, 2017

Georgia Office Southeast

Anthem to Anchor New 21-Story Tower in Midtown Atlanta’s Tech Square

by Camren Skelton October 13, 2017

ATLANTA — Anthem Inc. has unveiled plans to locate its information technology hub to a new 21-story tower in Midtown Atlanta’s Technology Square. The health insurance company has entered into a build-to-suit agreement with Portman Holdings, which will develop the 352,000-square-foot building. The new facility will be a hub for approximately 3,000 IT professionals and will create 1,800 new jobs upon completion in 2020. Anthem Technology Center will rise at the corner of 4th and West Peachtree streets, near the Georgia Institute of Technology and Portman’s neighboring 645,000-square-foot Coda building currently under construction. Architectural firm John Portman & Associates designed Anthem Technology Center, which will include more than 14,000 square feet of terrace space and will be LEED- and Fitwel-certified. David DiPietro, Kelly Givens and Liron Nelik of Savills Studley represented Anthem in the lease transaction, and Travis Garland of Portman Management Co. represented the landlord.

October 13, 2017

The-Center-Corporate-Drive-Burlington-MA

Massachusetts Northeast Office

Spear Street Capital Acquires 487,000 SF Office Campus in Burlington, Massachusetts

by Amy Works October 13, 2017

BURLINGTON, MASS. — Spear Street Capital has purchased The Center at Corporate Drive, a four-building office campus located at 10, 25, 30 and 35 Corporate Drive in Burlington. The Davis Companies, in a joint venture with Principal Real Estate Investors, sold the 487,000-square-foot campus for an undisclosed price. At the time of sale, the property was 94 percent leased. The sellers originally purchased the property in September and implemented a $8 million capital improvement plan at the property. Along with architectural firm CBT, the joint venture renovated the park into a Class A office campus featuring a state-of-the-arts amenities hub and extensive outdoor green space and patio area. On-site amenities include a 7,850-square-foot cafeteria with flexible conference space; a 2,100-square-foot fitness center with yoga room, new showers and locker facilities; and a 4,500-square-foot outdoor patio with green space and numerous collaboration areas with Wi-Fi connectivity.

October 13, 2017

Connecticut Healthcare Northeast Office

Jacobson Properties, RE/MAX Right Choice Broker Sale of 80,000 SF Medical Office Portfolio in Connecticut

by Amy Works October 13, 2017

TRUMBULL AND STRATFORD, CONN. — Jacobson Properties and RE/MAX Right Choice have arranged the sale of Fairfield County Medical Office Building Portfolio, a two-building medical office portfolio in Trumbull and Stratford. A private healthcare REIT acquired the portfolio for an undisclosed price. Advanced Radiology anchors the 80,000-square-foot portfolio. Additional tenants include Yale New Haven Health and Ascension Health. At the time of sale, the portfolio was 94 percent occupied. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice represented the undisclosed sellers in the deal.

October 13, 2017

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