AUSTIN, TEXAS — Peloton Commercial Real Estate LP has secured a 5,631-square-foot office lease at 3918 N. Lamar Blvd. in north Austin on behalf of Austin-based restaurant operator K&N Management. The site will serve as the new location for Rudy’s Country Store and Bar-B-Q. Tom Rhea and Brian Liverman of Peloton represented the tenant in the lease negotiations. Jack Burton of Crockett Partners represented the landlord.
LAGUNA HILLS, CALIF. — An affiliate of Laurus Corp. has purchased Saddleback Financial Center, a 72,928-square-foot medical office tower in Laguna Hills, for an undisclosed sum. The building is situated adjacent to Laguna Woods Village and the Laguna Hills Mall in the South Orange County submarket. Saddleback Financial Center is currently 68 percent leased. Notable tenants include the Department of Rehabilitation and California Bank and Trust. The four-story building was renovated in 2003. HFF’s Evan Kovac, Derreck Barker, Andrew Milne and Trent Jemmett represented both the buyer and seller, True North Management Group, in this transaction.
SAN DIEGO — Tower Investments LLC has acquired a 19,129-square-foot office building in the San Diego submarket of La Jolla for $3.2 million. The building is located at 800 Silverado St. The three-story building is situated on an 11,326-sqaure-foot parcel with a remaining 31-year ground lease. The building was constructed in 1986. It was fully occupied at the time of sale. Notable tenants include City National Bank and Blanchard, Krasner and French law firm. The LLC represented itself, while Paul Lafrenz of Colliers International and Pascal Aubry-Dumand of JLL represented the seller, Laubro No.1 LLC, in this transaction.
LEHI, UTAH — Sorenson Media has expanded its headquarters in Lehi, absorbing an additional 30,648 square feet. The office building is located at 2000 W. Ashton Blvd. in Thanksgiving Station. Construction of the project is ongoing, and Sorenson will occupy a total of 91,977 square feet. Chris Falk and Braxton Willie of Newmark Grubb ACRES represented Sorenson in this transaction.
CHARLOTTE, N.C. — Trinity Partners has arranged the sale of Harris Corners Corporate Park, a three-building, 357,654-square-foot office park in Charlotte. Dunn Mileham, David Morris, Mark Alviano, Jennifer Kurz and John Ball of Trinity Partners arranged the transaction on behalf of the seller, an entity affiliated with New Boston Fund. Bridge Investment Group acquired the buildings for an undisclosed price. At the time of sale, Harris Corners was 84 percent leased to more than 40 tenants. Trinity’s Ball and Kurz will continue to handle the property’s leasing assignment under the new ownership.
NEWPORT BEACH, CALIF. — KBS Strategic Opportunity REIT Inc. has sold a portfolio of 11 office properties to various subsidiaries of Keppel-KBS US REIT, a newly formed Singapore-based REIT, for $804 million. “We believe that the Singapore transaction was an excellent opportunity to monetize these assets at attractive pricing and to utilize a substantial portion of the net proceeds to invest in new opportunistic investments, as well as current capital projects,” says Keith Hall, CEO and director of KBS Strategic Opportunity REIT. The portfolio of properties includes: 1800 West Loop, a 400,101-square-foot office tower in Houston. Westech 360, a 175,529-square-foot, four-building office park in Austin, Texas. Great Hills Plaza, a 139,252-square-foot, three-story office building in Austin. Westmoor Center, a 612,890-square-foot, six-building office campus in Westminster, Colo., 11 miles northwest of Denver. Iron Point Business Park, a five-building, 211,887-square-foot office park in Folsom, Calif. The Plaza Buildings, two office properties totaling 490,994 square feet in Bellevue, Wash., 10 miles outside Seattle. Bellevue Technology Center, a 330,508-square-foot, nine-building office campus located in Bellevue. Northridge Center I and II, two office buildings totaling 188,509 square feet in Atlanta. West Loop I and II, a 313,873-square-foot, multi-tenant office complex in the Bellaire submarket of Houston. Powers …
NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.
MAUMEE, OHIO — Reichle Klein Group has arranged the sale of a 36,000-square-foot office building in Maumee, about 10 miles southwest of Toledo, for $2.2 million. The property is situated on three acres at 1789 Indian Wood Circle within Arrowhead Business Park. John Sluhan of Reichle Klein Group represented the seller, Manhattan Building Co. Marty Gallagher, also of Reichle Klein Group, represented the buyer, Walbridge Investors LLC.
Although so-called “creative office space” is for now a tiny slice of the overall supply in Atlanta, it represents the most significant change in the use of office space in generations. Tenants and landlords have only begun to use creative design principles to push rents past levels previously thought unreachable, while increasing worker productivity and satisfaction. Trends in this sector will define the American workplace for decades. The largest users of creative office space — also commonly referred to as loft office space — today are in the TAMI sector (tech, advertising, media and information), but law practices, engineering firms and others are also embracing the open office concept. In Atlanta, there is 3 million square feet of creative office space, which is only 1.2 percent of the metro area’s total inventory. But the vacancy rate for creative spaces is just 8.3 percent and the gross asking price is $29.90 per square foot, both considerably outperforming the traditional office arena. Since 2013 the asking rate for traditional office space in Atlanta has grown 17.2 percent. For creative space the asking rate has shot up 62.5 percent. The top end asking rate for creative spaces is more than $6.50 higher than …
SACO, MAINE — Cardente Real Estate has arranged the sale of an office building located at 42 Industrial Park Road in Saco. Ohio Mutual Insurance Co. sold the property to 42 IPR LLC for $2.1 million. The building features 13,874 square feet of Class A office space. Greg Perry of Cardente Real Estate represented the seller, while Andrew Ingalls of Malone Commercial Brokers represented the buyer in the deal.