Office

3M to Sell 156-Acre Flex Campus in Austin to World Class Capital

by Taylor Williams June 29, 2017

AUSTIN, TEXAS — Minnesota-based 3M, which manufactures more than 55,000 material goods, will sell its 156-acre flex campus located at 6801 River Place Blvd. in Austin to World Class Capital Group, a private investment firm headquartered in the state capital, for an undisclosed price. The deal is expected to close during the fourth quarter. 3M is investing in a new 272,000-square-foot facility within the Class A Parmer development on the city’s north side, which currently houses the likes of Apple, General Motors, Dell and Samsung, among others. Construction of the new facility is scheduled to begin later this year, with move-ins slated for April 2019.

June 29, 2017

Office Texas

CBRE Fund Acquires 508,102 SF Office Tower in Dallas

by Taylor Williams June 29, 2017

DALLAS — A fund advised by CBRE Global Investors has acquired 8750 NCX, a 508,102-square-foot, Class A office tower located at 8750 N. Central Expressway in Dallas. The fund purchased property for roughly $120 million, according to The Dallas Business Journal. The 20-story property, which was 91 percent leased at the time of sale, features an on-site fitness center, conference center and cafe. The fund will invest an undisclosed amount of additional capital in the property’s mechanics and cosmetics

June 29, 2017

Loans Multifamily Office Seniors Housing Utah Western

Bridge Investment Group Completes $1.6B Capital Raise for Investment Fund

by Nellie Day June 29, 2017

SALT LAKE CITY — Bridge Investment Group, an investment fund manager headquartered in Salt Lake City, has completed a $1.6 billion in equity commitments, which will be managed by the company’s subsidiary, Bridge Debt Strategies Fund Manager LLC. Bridge Debt Strategies invests in select Freddie Mac securitization vehicles. The strategy focuses on underserved parts of commercial real estate and lends against assets in multifamily housing, commercial office, and seniors housing and medical properties.

June 29, 2017

Office Texas

TIER REIT Begins Development of 324,000 SF Office Building in Austin

by Taylor Williams June 29, 2017

AUSTIN, TEXAS — TIER REIT Inc., a publicly traded, Dallas-based investment firm, has begun developing Domain 11, a 16-story, 324,000-square-foot office building in Austin. Scheduled for a late 2018 delivery, the property is 98 percent preleased to Austin-based vacation rental firm HomeAway. TIER REIT is also planning to develop a 306,000-square-foot office tower adjacent to Domain 11.

June 29, 2017

Florida Office Southeast

Rose & Berg Realty to Develop 200,000 SF Office Building in Miami’s Wynwood District

by Camren Skelton June 29, 2017

MIAMI — Rose & Berg Realty, a New-York-based private real estate company, has unveiled plans to develop The Gateway at Wynwood, a 12-story, 200,000-square-foot office building located at 2916 N. Miami Ave. in Miami’s Wynwood neighborhood. The building will have eight floors of office space above four floors of covered parking. In addition, The Gateway at Wynwood will include approximately 25,000 square feet of retail space being marketed by RKF. Kobi Karp Architecture and Interior Design is the architect of the project, and Jack Lowell, Adriana Rosillo and Noa Figari of Colliers International will handle the leasing of the building’s office space.

June 29, 2017

Florida Office Southeast

Michael Development Purchases Office Tower in Downtown Jacksonville for $15.2M

by Camren Skelton June 29, 2017

JACKSONVILLE, FLA. — Michael Development Corp. has acquired One Enterprise Center, a 317,571-square-foot office building located at 225 Water St. in downtown Jacksonville. The Los Angeles-based company purchased the 22-story tower via Rosecrans 2004 LLC. John Bell of Transwestern negotiated the sale on behalf of the buyer. The property features a glass panel exterior, marble lobby and a glass atrium dome with a tower directly connected to the 354-room Omni Jacksonville Hotel. The office building and hotel share a parking garage that offers a ratio of 2.26 spaces per 1,000 square feet. One Enterprise Center was 51 percent leased at the time of sale.

June 29, 2017

Michigan Midwest Office

Marcus & Millichap Arranges Sale of 153,279 SF Office Building in Detroit

by Kristin Harlow June 29, 2017

DETROIT — Marcus & Millichap has arranged the sale of Orchestra Place in Detroit for an undisclosed price. The five-story, 153,2790-square-foot office building is located at 3663 Woodward Ave. next to the Detroit Symphony Orchestra building. Built in 1997, the property is within walking distance of Wayne State University and the Detroit Medical Center. John Godwin of Marcus & Millichap represented the seller, a Detroit-area non-profit. He also procured the buyer, a regional investment group.

June 29, 2017

California Loans Office Western

Square Mile Capital Management Originates $70.5M Loan for Koreatown Office Building

by Nellie Day June 28, 2017

LOS ANGELES — Square Mile Capital Management has originated a $70.5 million loan that is secured by a 415,000-square-foot office building in the Koreatown neighborhood of Los Angeles. The 22-story building is located at 3600 Wilshire Blvd. The property spans a full city block from Wilshire to 7th Street. It also includes an 825-space parking deck behind the office building. Jamison Services acquired the building in 1999 and is refinancing the existing debt. Square Mile’s loan also includes proceeds to fund future capital expenditures and leasing costs.

June 28, 2017

Michigan Midwest Office

Hayman Co. Acquires 732,000 SF Office Property in Troy, Michigan for $55M

by Kristin Harlow June 28, 2017

TROY, MICH. — Hayman Co. has acquired the Troy Officentre in Troy for $55 million. The 732,000-square-foot, five-building office property is located along East Big Beaver Road about 22 miles north of Detroit. Hayman Co. will manage and lease the building, as well as serve as construction manager for the nearly $10 million building enhancements, signage improvements and exterior property upgrades. Planned improvements to the property include new elevators, roof replacements, upgrades to the parking deck and landscaping enhancements. The company is also planning additional amenities, including a dog day care and food and beverage options. The complex is 83 percent occupied and home to tenants such as J.D. Power & Associates, St. John Providence, Urban Fulfillment Services, General Physics Corp. and Dialog Direct. A subsidiary of Osprey S.A. Ltd. was the seller.

June 28, 2017

Indiana Midwest Office

Colliers Brokers Sale of Two Office Buildings in Indianapolis

by Kristin Harlow June 28, 2017

INDIANAPOLIS — Colliers International has brokered the sale of Corporate Center North Buildings 4 and 6 in Indianapolis for an undisclosed price. Totaling 101,727 square feet, the two office buildings are located at 6026–6036 Lakeside Blvd. and 5915–5935 Lakeside Blvd. The buildings are 100 percent leased to four tenants, including Stericycle. Alex Cantu of Colliers marketed the property on behalf of the sellers, Building 4 LLC and Building 6 LLC. Tower Investments, an investment manager based out of Woodland, California, purchased the asset.

June 28, 2017

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