Office

Stream Realty, J.P. Morgan Unveil $135M Renovation Plans for Trammell Crow Center in Dallas

by Kristin Harlow March 10, 2017

DALLAS — Stream Realty Partners and J.P. Morgan Asset Management have unveiled plans for the $135 million renovation and expansion of Trammell Crow Center in Dallas. This will be the first major renovation of the office tower in 32 years. The building, located at 2001 Ross Ave., will be transformed into a mixed-use property. The redevelopment of the 1.2 million-square-foot office tower will include enhancements to the building’s interior lobby, lower exterior and plaza. A ground-up, mixed-use development on an adjacent 2.66-acre site will be anchored by more than 26,000 square feet of restaurant-driven retail space and a parking facility. The transformation of the Dallas landmark will collectively total five acres. The redesign will also focus on expanding the building’s on-site amenities to include a new 3,000-square-foot tenant lounge, an expanded, 9,000-square-foot athletic club and a 9,000-square-foot conference center located on the second floor. The most notable change for the building will consist of a new 50-by-80-foot glass and metal façade below the third floor, which will extend out to Ross Avenue. A similar glass entry will be featured at the Flora Street entrance, and the ground floor of the Olive and Harwood Street corners will extend towards Ross Avenue …

March 10, 2017

Arizona Office Western

Lincoln Property Buys 104,618 SF Office Building in Phoenix for $24.6M

by Nellie Day March 9, 2017

PHOENIX — Lincoln Property Co. (LPC) has purchased a 104,618-square-foot office building in Phoenix for $24.6 million. The Class A building is located at 2777 E. Camelback Road in the Camelback Corridor. LPC plans to reposition the asset with lobby and common area renovations, an indoor tenant lounge and conference facility, a new outdoor lounge area, improved signage, and upgraded landscape and hardscape. Notable tenants at the property include UMB Bank, WFG National Title, The Lavidge Company, Hill International and Avison Young. Chris Toci of Cushman & Wakefield executed the sale. JLL’s John Bonnell and Chris Latvaaho serve as the building’s exclusive leasing brokers.

March 9, 2017

Office Texas

EDGE Realty Brokers Sale of Office Asset in Plano

by Taylor Williams March 9, 2017

PLANO, TEXAS — EDGE Realty Capital Markets has arranged the sale of 5212 Village Creek, a 7,979-square-foot office property located at the corner of Preston Road and President George Bush Turnpike in Plano. Brandon Crow of EDGE represented the undisclosed seller in the transaction, and Matt Fulgham represented the buyer, Wynmark Commercial, a brokerage firm specializing in healthcare and medical office properties.

March 9, 2017

Midwest Office Wisconsin

MPI Corporate Holdings Enters Into 6,500 SF Office Lease in Milwaukee

by Kristin Harlow March 9, 2017

MILWAUKEE — MPI Corporate Holdings Inc. has entered into a 6,500-square-foot office lease in Milwaukee. The investment holding company will occupy space at 1123 N. Water St. Matt Fahey and Ben Anderson of Colliers International brokered the lease transaction. MPI currently maintains an office in Indianapolis.

March 9, 2017

Hospitality Massachusetts Mixed-Use Multifamily Northeast Office Retail

Cottonwood Management Opens Boston Office, Commences Pre-Construction on Mixed-Use Development

by Haisten Willis March 9, 2017

BOSTON — Cottonwood Management Group is opening a new Boston regional office at 101 Seaport Blvd. in the city’s Seaport district. The California-based asset management and development company has also commenced pre-construction on its Seaport Square Parcel M1M2 development, which is located next door. The M1M2 project consists of 1 million square feet of mixed-use development over 3.5 acres in Seaport Square. The residential component includes 730-plus units in two condominium towers and one luxury rental tower. In addition to the residences, the project includes 125,000 square feet of two-story retail and restaurants centered around a vibrant public courtyard. Construction is scheduled to span three years with phased completion dates in late 2019 to early 2020. In addition to serving as its regional office, part of Cottonwood’s Seaport Boulevard space will be used as the sales center for the project’s residential component. The company is preparing for an official groundbreaking for the project in May.

March 9, 2017

Industrial New Jersey Northeast Office

Stafford Smith Realty Arranges $5.5M Sale of 75,000 SF Office/Warehouse Building in Eatontown, N.J.

by Haisten Willis March 9, 2017

EATONTOWN, N.J. — Ray Smith of Stafford Smith Realty has arranged the $5.5 million sale of 40 Christopher Way, Block 3901, Lot 46 in Eatontown to Victory International. The building formerly served as the headquarters of DSCI, a government defense contractor. Victory International is a distributor of cosmetics and perfumes and is relocating from Edison, N.J. Stafford Smith Realty was the broker for both the seller and the buyer. Stafford Smith marketed the property with Keen Associates for Bank of America. The building sits on seven acres and consists of 45,000 square feet of offices and 30,000 square feet of warehouse space.

March 9, 2017

Georgia Loans Office Southeast

MetLife Provides Refinancing for 348,000 SF Office Tower in Atlanta

by John Nelson March 9, 2017

ATLANTA — MetLife Real Estate has provided a loan for the refinancing of Buckhead Tower, a 348,000-square-foot, Class A office building located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. The 19-story office tower is situated on two acres and is directly connected to Lenox Square Mall and the JW Marriott Hotel. The property features a full-service café, fitness center, structured parking and 24/7 access. Ed Coco and Matt Casey of HFF placed the loan through MetLife Real Estate on behalf of the borrower, a partnership managed by Parmenter Realty Partners. Details of the financing were not released.

March 9, 2017

Maryland Office Southeast Top Stories

First Potomac Realty Trust, AEW Sell Two Office Assets in Maryland for $59.5M

by John Nelson March 9, 2017

COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets. First Potomac owned a 25 percent interest in Rivers Park I and II and a 50 percent interest in Aviation Business Park. “The sale of these joint-venture assets marks another meaningful step forward at FPO,” says Robert Milkovich, CEO of First Potomac Realty Trust. “In 2017, we have generated over $100 million of proceeds, at our share, providing capital to repay debt and fund our redevelopment program, and have now sold $311 million of assets. As we progress through 2017, we remain focused on completion of our strategic plan and driving long-term value for our shareholders.” First Potomac’s share of the gross proceeds from the sales — approximately $19 million — was utilized to pay down its share of mortgage …

March 9, 2017

Market Reports Midwest Midwest Market Reports Office Wisconsin

Developers in Downtown Milwaukee Play With Hot Hand Due to Strong Demand

by Kristin Harlow March 9, 2017

Ben Franklin, one of our nation’s Founding Fathers, famously said, “Well done is better than well said.” Milwaukee has a long history of ideas that are well said. There is no shortage of opinions and sound ideas on how to attract companies to the city, how to improve the public transportation system and how to get more people to live in the city. But these well-intentioned ideas, more often than not, don’t get implemented. Finally, after a decade of virtually no new development, things are happening. In the August 2015 issue of this magazine, I wrote a column focusing on development in downtown Milwaukee titled “Proposed New Arena for Milwaukee Bucks Could Lead to a Development Run.” Indeed, that’s what is happening. After much debate, the arena is finally under construction. It will span 715,000 square feet and hold 17,500 people. Just as impressive is the ancillary development surrounding the arena, including the Froedtert & the Medical College of Wisconsin Sports Science Center that will serve as the new practice and training facility for the Milwaukee Bucks as well as a health center. The new Arena District will also be home to a “live block” comprised of four to five …

March 9, 2017

Office Texas

Colliers Arranges Sale of Two-Building Office Property in North Dallas

by Taylor Williams March 8, 2017

DALLAS — Colliers International Group Inc. has brokered the sale of Banner Place, a two-building office property located at 12660 and 12770 Coit Road in north Dallas. Built in 1985, the property, which consists of a 12-story, 258,493-square-foot tower and a three-story, 27,018-square foot mid-rise and medical office building, was 70 percent leased at the time of sale. Creighton Stark and Chris Boyd of Colliers represented Gaedeke Group, which sold the property to Mark Jordan of JP Realty Partners for an undisclosed amount.

March 8, 2017

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