Office

In-Rel Properties Oversees $7M Renovation of 32-Story Office Tower in Memphis

by John Nelson March 2, 2017

MEMPHIS, TENN. — In-Rel Properties, a commercial real estate investment firm based in Lake Worth, Fla., is overseeing the $7 million renovation of Clark Tower in Memphis. Located at 5100 Poplar Ave., the 32-story, 668,009-square-foot office tower is the second-tallest building in Memphis. The renovation was designed by the Crump Firm and includes a new entry, updates to the lobbies, bathrooms and common areas and new elevators and mechanical systems. Existing amenities at Clark Tower include 24-hour security, a fitness center, on-site banking, structured parking and an on-site conference center. Colliers International leases Clark Tower on behalf of In-Rel. Dan Walker Associates began construction in the third quarter of 2016 and expects to wrap up at the end of the first quarter this year.

March 2, 2017

North Carolina Office Southeast

Portman Holdings Adds Accounting Firm to Tenant Lineup at Office Building in Uptown Charlotte

by John Nelson March 2, 2017

CHARLOTTE, N.C. — Portman Holdings has added BDO USA LLP, an accounting and consulting firm, to the tenant roster at 615 South College in Uptown Charlotte. The 19-story office building is nearing completion, and BDO expects to occupy its new space as early as August. Located at Lynx Blue Line’s Stonewall Station, the 370,000-square-foot office building is situated near Whole Foods Market, the Charlotte Convention Center and Westin Charlotte. Travis Garland of Portman Holdings and John Ball of Trinity Partners represented the ownership in the lease transaction, and Brent Royall of Colliers International represented BDO. Other committed tenants include Regions Bank, which pre-leased 60,000 square feet of space in 2016.

March 2, 2017

New York Northeast Office

Cushman & Wakefield Brokers $9.5M Sale of Development Site in Brooklyn

by Amy Works March 2, 2017

NEW YORK CITY — Cushman & Wakefield has negotiated the sale of a development site located at 233 Butler St. in the Gowanus section of Brooklyn. Private investors sold the property to an undisclosed buyer for $9.5 million, or $300 per buildable square foot. The development site is zoned M1-2, which allows for commercial development of 31,800 square feet. The site is currently improved by a two-story, 13,447-square-foot structure, which was once home to the Brooklyn headquarters for American Society for the Prevention of Cruelty to Animals. A majority of the land was vacant at the time of sale, while 5,400 square feet of building space will remain leased until September. Winfield Clifford of Cushman & Wakefield brokered the transaction.

March 2, 2017

Mixed-Use North Carolina Office Southeast Top Stories

Bissell Sells Ballantyne Office Portfolio in Charlotte to Northwood Investors for $1B

by John Nelson March 2, 2017

CHARLOTTE, N.C. — The Bissell Cos. Inc. has completed the sale of most of its interests in Ballantyne Corporate Park, a 535-acre, master-planned business community in Charlotte, to Northwood Investors, a global real estate investment and management firm. Northwood will acquire over 4 million square feet of Class A office space and nearly 600 hotel rooms within the development, including The Ballantyne Hotel Charlotte. Terms of the sale were not released, but the Charlotte Business Journal reports that the sale closed in more than 40 separate transactions totaling in excess of $1 billion. Current office tenants at Ballantyne Corporate Park include MetLife, Wells Fargo, Premier, TIAA, Liberty Mutual, Snyder’s-Lance, Synchrony Financial, Sonic Automotive, XPO Logistics and Siemens. “What Smoky Bissell and the Bissell team have created in Ballantyne Corporate Park is remarkable,” says John Kukral, president and CEO of Northwood Investors. “We are excited that the Bissell team will join Northwood and help lead the next phase of Ballantyne Corporate Park. This transaction represents one of our largest acquisitions to date and reinforces our commitment to Charlotte.” Northwood has been an active investor in the Charlotte market since 2011, when Northwood and David Ravin formed Northwood Ravin, a multifamily development …

March 2, 2017

Arizona Office Western

Riva Ridge Development Buys CBIZ Plaza Office Tower in Phoenix for $26M

by Nellie Day March 1, 2017

PHOENIX — Riva Ridge Development has purchased CBIZ Plaza, a 266,231-square-foot office property in Phoenix, for $26 million. The 16-story tower is located at 3101 and 3111 N. Central Ave. CBIZ Plaza is 78 percent occupied. The Class B project was constructed in 1980. The seller was LNR Property Corp. Eric Wichterman and Mike Coover of Cushman & Wakefield executed the sale.

March 1, 2017

Loans Office Texas

Hunt Mortgage Group Secures $5M in Financing for Office Park in Stafford, Texas

by Taylor Williams March 1, 2017

STAFFORD, TEXAS — Commercial lender Hunt Mortgage Group has secured a $5 million first mortgage bridge loan for Park Place Business Park, an office property located at 11104 W. Airport Blvd. in Stafford, a city on the outskirts of Houston. The financing, originated by Texas-based lender Q10 Kinghorn, Driver, Hough & Co., is structured as a 24-month floating rate loan with three one-year extension options. The borrower, Stafford Office Park II LP, originally acquired the 92,864-square-foot, Class B office property in 2005.

March 1, 2017

Illinois Midwest Office

Reed Construction Completes Corporate Headquarters for Medline in Northfield, Illinois

by Kristin Harlow March 1, 2017

NORTHFIELD, ILL. — Reed Construction has completed construction of the new corporate headquarters for Medline Industries Inc. in Northfield, approximately 20 miles north of Chicago. Medline is a global medical supply manufacturer and distributor, providing products and clinical solutions to hospitals, physician offices, ambulatory surgery centers, nursing homes, home care and retail. Renovations encompassed more than 530,000 square feet in the space that formerly housed Kraft Food’s corporate headquarters. The property is located at 3 Lakes Drive. MB Real Estate and Medline selected Reed Construction to complete the project, which included an interior demolition and rebuild of the large existing space. The workspace areas include both open layouts and private offices. The space also features a large break area, cafeteria and various meeting and breakout rooms for employee use. More than half of the employees formerly located at One Medline Place in Mundelein, Ill. made the move to the new headquarters. The former campus will remain open. Jason Gunderson of Reed Construction led the project, along with Chris Ashman, Kari Hanson, Jay Crane and Michael Whited. Partners by Design provided architectural services. MB Real Estate served as the owner’s representative.

March 1, 2017

New Jersey Northeast Office

Broadridge Financial Solutions Leases 160,000 SF Office Space in Downtown Newark

by Amy Works March 1, 2017

NEWARK, N.J. — Broadridge Financial Solutions has signed a long-term lease for approximately 160,000 square feet of office space at 2 Gateway Center in downtown Newark. Broadridge provides communications, technology, managed services, data and analytics solutions to financial firms in capital markets. Dudley Ryan, Cheryl Hardt and Kadeem Goodall-Reid of CBRE represented the landlord, C&K Properties, while Paul Amoruso and Michael Ciotta of Oxford & Simpson Realty Services represented the tenant in the lease transaction.

March 1, 2017

Loans Office Western

LaSalle, Pacshore Partners Receives $89.2M in Financing to Acquire LA Creative Office Portfolio

by Nellie Day February 28, 2017

LOS ANGELES — A joint venture between LaSalle Investment Management & Pacshore Partners has received $89.2 million in acquisition financing for a three-building creative office portfolio in West Los Angeles. The portfolio contains a total of 215,261 square feet of Class A office space in Playa Vista and Malibu. Brad Zampa, Mike Walker and Megan Woodring of CBRE Capital Markets’ Debt & Structured Finance team secured the five-year, non-recourse, floating-rate financing. A life company provided the capital.

February 28, 2017

Northeast Office Pennsylvania

M&J Wilkow, DRA Advisors Acquire 467,843 SF Office Tower in Pittsburgh

by Amy Works February 28, 2017

PITTSBURGH — M&J Wilkow, in a joint venture partnership with DRA Advisors, has acquired 11 Stanwix Street, an office tower located on the southwest edge of Pittsburgh’s Golden Triangle. The 24-story tower features 467,843 square feet of Class A office space. Commonwealth of Pennsylvania, KeyBank and HDR Engineering, among others, currently occupy the building. M&J Wilkow Properties will serve as the building’s manager, while JLL will represent the new ownership for all leasing activity. The name of the seller and acquisition price were not released.

February 28, 2017

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