Office

Granite Properties Acquires 163,861 SF Office Building in North Dallas

by Taylor Williams May 2, 2017

DALLAS — Granite Properties has acquired a 163,861-square-foot, Class A office building located at 8235 Douglas Ave. in the University Park neighborhood of north Dallas. The 13-story building, which will be rebranded “The Douglas,” was built in 1980 and recently received $3 million in interior renovations and $1.5 million in system upgrades. Granite plans to develop a customer lounge and conference center that will feature a coffee bar, grab-and-go food service and a putting green. Transwestern Investment Group sold the property to Granite for an undisclosed price.

May 2, 2017

Cushman & Wakefield | Thalhimer Brokers $57M Sale of ADP Building in Downtown Norfolk

by John Nelson May 2, 2017

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $57 million sale of The ADP Building, a 288,662-square-foot, Class A office building located at 2 Commercial Place in downtown Norfolk. ADP, a human resources management software firm, fully leases the building and has invested more than $32 million to establish the property as its “Small Business Headquarters.” The Hampton Roads Economic Development Authority calculates that ADP will generate $1 billion in economic activity each year for Virginia’s Hampton Roads region. The seller, developer Buddy Gadams of Marathon Development Group, also invested $16.5 million in capital improvements after acquiring the asset in 2016. An unnamed REIT based in Boston purchased The ADP Building. Eric Robison of Cushman & Wakefield | Thalhimer, along with Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, represented the seller in the transaction.

May 2, 2017

California Office Western

Douglas Emmett, QIA Buy Two Office Buildings in Santa Monica for $352.8M

by Nellie Day May 2, 2017

SANTA MONICA, CALIF. — A joint venture between Douglas Emmett and Qatar Investment Authority (QIA) has purchased two office buildings in Santa Monica for $352.8 million. The assets include a 206,000-square-foot building at 1299 Ocean Ave. and an 87,000-square-foot office building at 429 Santa Monica Blvd. The same consolidated joint venture also acquired 12100 and 233 Wilshire Blvd. in 2016. A portion of the purchase price was provided by a $142 million secured, non-recourse, interest-only loan to the joint venture that matures in July 2019 and bears interest at LIBOR plus 1.55 percent. Douglas Emmett provided 20 percent of the equity capital and manages the joint venture.

May 2, 2017

Loans New York Northeast Office

Houlihan-Parnes Secures $17.5M Loan for Office Property in Yorktown Heights, N.Y.

by Haisten Willis May 2, 2017

YORKTOWN HEIGHTS, N.Y. — James Houlihan of Houlihan-Parnes Realtors has secured a $17.5 million first mortgage for an office property located at 2649-2651 Strang Blvd. in Yorktown Heights. The current owners acquired the property in October 2014. The seven-year, fixed-rate loan features a 50 percent loan-to-value ratio and includes an option to extend for another five years. Elizabeth Smith of Goldberg, Weprin, Finkel, Goldstein LLP was the attorney representing the borrower at closing. The property includes two buildings consisting of 200,000 square feet along with 695 on-site parking spaces. Tenants include Putnam County Savings Bank, ENT & Allergy Associates, Mercy College and New York-Presbyterian Medical Group-Hudson Valley Hospital.

May 2, 2017

New Jersey Northeast Office

HFF Brokers Sale of 95,620 SF Office Building in Bridgewater, N.J.

by Haisten Willis May 2, 2017

BRIDGEWATER, N.J. — HFF has brokered the sale of 1125 Route 22, a 95,620-square-foot office building in Bridgewater. HFF marketed the property on behalf of the seller, KBS Realty Advisors, and procured the buyer, a partnership of Atkins Cos. and Capital Solutions. 1125 Route 22 is located along Route 22 West just off of Interstate 287. The property consists of two separate wings and is occupied by Bank of America and MidJersey Health Corp. The HFF investment sales team representing the seller included Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval.

May 2, 2017

Loans New York Northeast Office

Ariel Property Advisors Arranges $1.3M Loan Closing for Office Building in Hartsdale, N.Y.

by Haisten Willis May 2, 2017

HARTSDALE, N.Y. — Ariel Property Advisors has arranged a $1.3 million loan on an office property located at 210 N. Central Ave. in Hartsdale. Ariel arranged the 4.5-year recourse loan at 4.4 percent for the 17-unit, 46,000-square-foot office property. Situated near White Plains, the building — originally an elementary school — was owned free and clear by a family and leased to Empire State College as its anchor tenant. Currently 55 percent occupied, Ariel also negotiated the option for an additional $1.6 million in proceeds once the property reaches a predetermined occupancy threshold.

May 2, 2017

Industrial Office Texas

Farmers Brothers Coffee Opens $90M, 538,000 SF Headquarters in Northlake

by Taylor Williams May 1, 2017

NORTHLAKE, TEXAS — Farmers Brothers Coffee, a wholesaler and distributor of coffee, tea and culinary products, has opened a $90 million, 538,000-square-foot headquarters in the Fort Worth suburb of Northlake. Located at 1912 Farmers Brothers Drive, the headquarters includes a 125,000-square-foot roasting plant with the capacity to roast 24 to 28 million pounds of coffee per year and a 258,000-square-foot distribution center. Stream Realty Partners developed the facility, which will house approximately 175 employees as the company begins its complete relocation from California to Texas.

May 1, 2017

Office Texas

German Investment Firm Purchases Austin Office Complex Leased by Apple for $96M

by Taylor Williams April 28, 2017

AUSTIN, TEXAS — GLL Real Estate Partners, a Germany-based investment firm, has purchased Capital Ridge, a seven-story, 216,511-square-foot office complex in Austin that is currently 100 percent leased to Apple, for approximately $96 million. A joint venture between Denver-based investment firm Miller Global Properties LLC and Austin-based Riverside Resources sold the Class A property, which is situated on 38 acres at 320 S. Capital of Texas Highway in the West Lake Hills area. Apple has leased space at Capital Ridge since early 2015, the year the complex was built.

April 28, 2017

California Office Western

Azusa Pacific University Leases Office Space at Mission Center in San Diego

by Nellie Day April 28, 2017

SAN DIEGO — Azusa Pacific University (APU) has leased 48,000 square feet of office space at Mission Center in San Diego. The space is located at 5333 and 5353 Mission Center Road. It will continue to serve as the university’s San Diego regional campus. CBRE’s Greg Nassir and Scott Kincaid represented APU. JLL’s Richard Gonor, Tony Russell and Brandt Riedman represented the landlord, Kearny Real Estate, in this transaction.

April 28, 2017

Florida Office Southeast

Rockpoint Group Purchases Brickell Office Tower for $155M

by John Nelson April 28, 2017

MIAMI — Boston-based Rockpoint Group has purchased 1221 Brickell, a 408,423-square-foot office building located at Brickell Avenue and Coral Way in Miami’s Brickell Financial District. The sales price was undisclosed, but the South Florida Business Journal reports that the property traded for $155 million. The 26-story tower’s tenant roster includes Lydecker Diaz, Regus, Banco Do Brasil, Safra National Bank of New York and Clyde & Co. Tenant amenities include various restaurants, a conference facility, 24-hour security, dry cleaning services, a 5,000-square-foot daycare center, parking and a car wash facility. Hermen Rodriguez, Manny de Zarraga, Ike Ojala, Tracey Good and Christina Kong of HFF represented the seller, The Blackstone Group. HFF also brokered the sale of the office tower in 2006 on behalf of the previous owner, Equity Office Properties Trust, prior to Blackstone’s acquisition of the REIT later that year.

April 28, 2017

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