Office

Keystone Property Group Acquires Office Portfolio in Metro Miami for $36M

by John Nelson June 20, 2017

KENDALL, FLA. — Keystone Property Group has purchased Dadeland Towers South, a portfolio comprising two office buildings totaling 228,136 square feet and an on-site, 246,319-square-foot parking garage located at 9400-9500 S. Dadeland Blvd. in the Kendall submarket of Miami. Avison Young’s John Crotty and Michael Fay represented Keystone in the $36 million acquisition. Keystone simultaneously completed a 102,000-square-foot lease with the seller, AvMed Inc., a Florida-based health insurance company, which will remain at the property long-term. For more than 10 years, Keystone has owned Dadeland Towers North, the three-building and parking garage portfolio that makes up the northern section of the office campus. With this acquisition, Keystone now owns the entire property, which was 89 percent leased at the time of sale.

June 20, 2017

Northeast Office Pennsylvania

Brookwood Sells Three Office Properties in Pennsylvania Totaling $22.7M

by Amy Works June 20, 2017

ALLENTOWN, BENSALEM AND HORSHAM, PA. — Brookwood Financial Partners has completed the disposition of three office properties totaling $22.7 million. In the first transaction, Infinera Corp., the sole tenant, acquired a 59,910-square-foot office building at 7360 Windsor Drive in Allentown for $12.4 million, or $207 per square foot. In the second deal, Police and Fire Federal Credit Union purchased One Greenwood Square, a 60,700-square-foot office property located in Bensalem, for $6.8 million, or $112 per square foot. In the third transaction, Pliner Properties acquired a 28,894-square-foot property located at 630 Dresher Road in Horsham for $3.5 million, or $122 per square foot. The buildings are part of a 29-building portfolio that Brookwood acquired in 2015 through its affiliates, Brookwood Philadelphia I and Brookwood Philadelphia II.

June 20, 2017

California Office Western

Harbor Associates Buys Century City Office Property for $14.7M

by Nellie Day June 20, 2017

LOS ANGELES — Harbor Associates has purchased a 30,000-square-foot office property in the Los Angeles submarket of Century City for $14.7 million. The four-story building is located at 10281 West Pico Blvd. It was built in 1981. NKF’s Kevin Shannon, Ken White, Rob Hannan and Brad Feld represented the seller, Spanish Broadcasting System (SBS), in this transaction. SBS owned and occupied the building since 1994.

June 20, 2017

Office Texas

Pioneer Natural Resources to Relocate Headquarters to $1.5B Development in Irving

by Taylor Williams June 20, 2017

IRVING, TEXAS — Publicly traded oil and gas firm Pioneer Natural Resources will relocate its headquarters to the 51-acre, $1.5 billion Hidden Ridge development in Irving. KDC developed the 10-story office property at 777 Hidden Ridge that will serve as Pioneer’s new office space. Chicago-based Mesirow Financial purchased the property from Verizon in August 2016 in a sale-leaseback deal for approximately $344 million.

June 20, 2017

Office Southeast Top Stories Virginia

Lerner Enterprises Secures $200M Financing for 17-Story Office Tower in Virginia

by Katie Sloan June 20, 2017

TYSONS, VA. — Lerner Enterprises has received $200 million in permanent financing for 1775 Tysons Boulevard, a 17-story office tower located in Tysons, Virginia. The developer, Lerner, delivered the property in late 2016. The 476,000-square-foot office tower is LEED Platinum certified, and features a state-of-the-art fitness center, conference center, café, indoor and outdoor social areas, and an onsite Fogo de Chão restaurant. Tenants at the property include EY, DXC Technology and WeWork. JLL is handling leasing at the tower. KPF designed the project. Towers Golde was landscape architect, Dewberry handled engineering and Paladino was LEED consultant. The office complex is the newest building in the Tysons II master plan, which features office, retail, dining, hotel and residential space. The 117-acre development is home to Tysons Galleria, an 800,000-square-foot luxury retail center, and a Ritz-Carlton. TH Real Estate — the real estate investment management arm of TIAA — provided the capital for the financing, which John Sieber Jr. of Phillips Realty Capital structured. Rockville, Md.-based Lerner Enterprises is one of the largest development and management companies in metro Washington, D.C. The company’s portfolio includes Dulles Town Center, a 1.4 million-square-foot regional mall in Loudoun County, Va., and Washington Square, a 1 …

June 20, 2017

Colorado Market Reports Office Western Western Market Reports

Five Transformative Years Elevate Denver’s Office Market

by Camren Skelton June 20, 2017

The region is creating transformative projects that are substantially elevating the desirability of its office market five years into Denver’s strong development cycle. This trend — strongest in Denver’s Central Business District (CBD) and Southeast Suburban (SES) submarkets — is attracting a new breed of tenants to the Denver landscape. About 1.4 million square feet of Class A office space has been delivered in Denver’s CBD since 2012, with an equal amount under construction. Deliveries in the previous development cycles (1999 to2003 and 2007 to 2010) were on a smaller scale, delivering about 800,000 square feet and more than 1.5 million square feet, respectively. During the 2007 to 2010 development cycle, which had the unfortunate timing of commencing right before the financial crisis, new product struggled with pre-leasing. It took an average of 10 quarters to lease up to stabilized occupancy at 85 percent. Only one project, 1800 Larimer Street, was more than 85 percent leased in the first year. In contrast, the current cycle is much different and much stronger. The amount of square footage being added to the CBD outweighs the previous other two cycles. Leasing activity is white hot as well, with new product averaging 60 percent …

June 20, 2017

Mixed-Use Office South Carolina Southeast

CBRE Secures $35.5M in Financing for Mixed-Use Developments in Charleston

by Camren Skelton June 19, 2017

CHARLESTON, S.C. — CBRE has arranged $35.5 million in financing for Half Mile North and Pacific Box & Crate, two mixed-use projects on the Charleston peninsula. CBRE’s Jeff Ackemann and Porter McDonald arranged the permanent mortgage through Nationwide Real Estate Investments on behalf of the borrower, Raven Cliff Co. LLC. In 2016, the CBRE team secured a $35 million construction loan to recapitalize the Half Mile North Development and provide construction financing for the Pacific Box & Crate project. Together, the developments encompass 222,113 square feet of office space and chef-driven food options. The projects were 97 percent leased at the time of sale. SIB, Integral Solutions Group, BoomTown!, Phish Labs and Blue Acorn are among the developments’ current tenants.

June 19, 2017

New Jersey Northeast Office

Rhodium Capital Advisors Acquires Jersey City Office Building for $20M

by Amy Works June 19, 2017

JERSEY CITY, N.J. — Rhodium Capital Advisors has purchased an office building located at 600 Pavonia Ave. in Jersey City. An undisclosed seller sold the 85,000-square-foot property for $20 million. The buyer plans to implement a $3 million new capital expenditure and tenant improvement program at the eight-story building. Rhodium Capital Advisors closed on the property via its newly launched investment platform.

June 19, 2017

New Jersey Northeast Office

Cushman & Wakefield Arranges $19.9M Sale of Office Building in Hampton, New Jersey

by Amy Works June 19, 2017

HAMPTON, N.J. — Cushman & Wakefield has brokered the sale of Perryville III, an office building located at 53 Frontage Road in the Perryville Corporate Park in Hampton. Shelbourne Global Solutions acquired the property for $19.9 million in a private sale. The buyers are rebranding the property as Shelbourne at Hunterdon. Built in 1996, the 288,280-square-foot property features a two-story atrium lobby, a 12,000-square-foot cafeteria with outdoor seating and a game room, a conference center, two fitness rooms, outdoor tennis courts and basketball courts and a jogging trail. Andrew Merin, Gary Gabriel, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield handled the transaction. The name of the seller was not released.

June 19, 2017

Arizona Office Western

Archon Acquisition Buys Phoenix Office Property for $81.7M

by Nellie Day June 19, 2017

PHOENIX — Archon Acquisition LLC has purchased a 295,401-square-foot office property in Phoenix’s Camelback Corridor for $81.7 million. The two-building property is located at 3131 and 3133 Camelback Road. The asset is 93 percent occupied. It was built in 1998. Lincoln Property Co. serves as the property manager. JLL’s John Bonnell, Brett Abramson and Chris Latvaaho will lead the leasing efforts. The seller was TR Camelback Corp. JLL’s Dennis Desmond and Lynn LaChapelle executed the sale.

June 19, 2017

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