Office

Allergan Building in Goleta Changes Hands

by Nellie Day May 18, 2017

GOLETA, CALIF. — A local investment team has purchased a 105,257-square-foot office and R&D building in Goleta that is occupied by Allergan. Though the sales price was not disclosed, the asset was listed at $28 million. The office is situated on 10.2 acres in the Campus Pointe project where Los Carneros Road meets the 101 freeway. The facility contains office, laboratory and warehouse space. Raytheon constructed the building in 1990. Breast implant manufacturer McGhan/Allergan occupied the building between 1999 and 2014. Allergan recently subleased the entire building for the remainder of its term, which expires at the end of 2019. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the seller in this transaction.

May 18, 2017

Florida Office Southeast

DRA Advisors Sells Office Portfolio in Metro Orlando to Brookdale Group for $130M

by John Nelson May 18, 2017

LAKE MARY, FLA. — A fund advised by DRA Advisors LLC has sold Colonial Center at TownPark, a four-building, 662,320-square-foot office portfolio located at 100, 200, 300 and 600 Colonial Center Parkway in Lake Mary. An affiliate of Atlanta-based Brookdale Group purchased the metro Orlando complex. The sales price was undisclosed, but the South Florida Business Journal reports the portfolio sold for over $130 million. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller in the transaction. The portfolio was 96.9 percent leased at the time of sale to tenants such as Hartford Fire Insurance Co., Bank of New York, Fiserv, Pershing and IBM.

May 18, 2017

Loans Midwest Office Ohio

NorthMarq Arranges $7.2M Loan for Refinancing of Office Property in Cincinnati

by Kristin Harlow May 18, 2017

CINCINNATI — NorthMarq Capital has arranged a $7.2 million loan for the refinancing of Park 42 office property in Cincinnati. The 396,000-square-foot building is located at 3600 Park 42 Drive. Noah D. Juran of NorthMarq arranged the 10-year loan, which includes a 20-year amortization schedule. First Financial Bank provided the loan. The borrower was a real estate investment and management company.

May 18, 2017

Industrial Office Texas

Majestic Realty to Build 320-Acre Business Park in South Fort Worth

by Taylor Williams May 18, 2017

FORT WORTH, TEXAS — Majestic Realty Co., a California-based industrial developer, will build a 320-acre, master-planned business park approximately 2.5 miles south of the Interstate 20 and Interstate 35 interchange in Fort Worth. Branded Majestic Fort Worth South Business Park, the property will feature more than 6 million square feet of office, industrial and administrative space. Phase I of construction, which is scheduled for a June 2018 completion, will deliver 1.8 million square feet of industrial space across 110 acres.

May 18, 2017

Healthcare Office Texas

E.E. Reed Completes 176,836 SF Medical Office Building in The Woodlands

by Taylor Williams May 18, 2017

THE WOODLANDS, TEXAS — E.E. Reed Construction LP has completed a six-story, 176,836-square-foot medical office building on the Memorial Hermann Woodlands campus in the northern Houston suburb of The Woodlands. Balfour Concord served as construction manager on the development and Powers Brown Architecture served as designer for the project.

May 18, 2017

Indiana Market Reports Midwest Midwest Market Reports Office

Tech Jobs, Population Surge Give Indianapolis Office Market a Big Lift

by Kristin Harlow May 18, 2017

No matter where you turn in the Indianapolis metro area, there is one common thread — change. From Mile Square to Downtown Fishers to Main Street in Speedway to Fletcher Place, all are nearly unrecognizable from a few years ago, and they are just a sampling of central Indiana commercial districts that are transforming at a rapid pace. Restaurants, retail and mixed-use developments are a big part of this rapid evolution, but the ripple effects on office real estate are taking hold. Tech jobs are catalyst Downtown Indy Inc. estimates the population in the central business district (CBD) will double from 2010 to 2020. According to the Indy Partnership, approximately 60 percent of the market’s 11,100 new jobs in 2016 came from the information technology and logistics fields. The downtown office market, where a majority of these jobs are landing, is evolving as a result of this technology job growth. In the past few years, large blocks of vacancy have plagued the Indianapolis CBD, specifically in high-rise office towers. In mid-2016, the largest of those availabilities became an asset. San Francisco-based Salesforce.com signed a new lease to consolidate operations into nearly 250,000 square feet on 11 floors in the tallest …

May 18, 2017

California Office Western

Help U Buy Purchases Bayfront Office Building in San Diego for $5.2M

by Nellie Day May 17, 2017

SAN DIEGO — Help U Buy LLC has acquired the 8,656-square-foot Bayfront office building in San Diego for $5.2 million. The building is located at 2877 Historic Decatur Road within Liberty Station. Central SD Real Estate States anchors the space. The office features a conference room and board room with full audio/visual capabilities, plus a “bull pen” style layout surrounded by private offices with view of the bay. Kelly Nicholls of Lee & Associates – North San Diego County and Peter Quinn of McKinney Advisory Group, represented both the buyer and the seller, Sea Pro LLC, in this transaction.

May 17, 2017

New York Northeast Office

$15M Library Expansion Completed at LaGuardia Community College

by Haisten Willis May 17, 2017

LONG ISLAND CITY, N.Y. — A $15 million, 21,000-square-foot expansion of the LaGuardia Community College library is now complete. The college, part of the City University of New York (CUNY), has an enrollment of more than 50,000. The expansion converted a section of the second floor of the college’s E-Building into additional space for the library. The work makes the library 58 percent larger and doubles its capacity to 732 seats. The expansion also includes media rooms, 11 group study rooms, reading rooms, a media lab, faculty suites, archive space and 50 offices.

May 17, 2017

Office Texas

AECOM to Relocate Regional Headquarters to One Galleria Tower in Dallas

by Taylor Williams May 17, 2017

DALLAS — AECOM, a global engineering firm, will relocate its regional headquarters to One Galleria Tower, a 25-story office complex located at 13355 Noel Road in Dallas. More than 250 employees will inhabit the 30,050 square feet of office space, which features an open floor plan with updated furnishings as well as more collaborative space. The firm expects to complete the move by the end of the year.

May 17, 2017

Georgia Loans Office Southeast

SunTrust Provides $13.7M Loan to TPA Group for Crawford & Co.’s New Headquarters in Metro Atlanta

by John Nelson May 16, 2017

PEACHTREE CORNERS, GA. — SunTrust Commercial Real Estate, a division of SunTrust Banks Inc., has provided a $13.7 million loan to TPA Group for Crawford & Co.’s new global headquarters. TPA Group will use the loan to refinance and proceed with the renovation of the existing building at 5335 Triangle Parkway in Peachtree Corners, a Gwinnett County suburb of Atlanta. Crawford & Co., an independent claims management firm, expects to move its 500 employees from its existing office in Atlanta’s Central Perimeter submarket in November. SunTrust Commercial Real Estate was the sole lender for the new facility.

May 16, 2017

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