Office

Marcus & Millichap Negotiates Sale of 6,186 SF Office, Retail Property in Arlington

by Amy Works February 14, 2017

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of a multi-tenant office and retail property located at 1251 W. Green Oaks Blvd. in Arlington. A developer sold the 6,186-square-foot property to an undisclosed buyer. At the time of sale, the property was fully leased to a mix of tenants including Alamo Title, Farmers Insurance and Edward Jones Investments. Blake Burnett of Marcus & Millichap represented the seller in the deal, while Chris Parker of Mark One Capital arranged financing for the acquisition. The acquisition price was not released.

February 14, 2017

Office Retail Texas

KW Commercial Arranges Sale of Office, Retail Building in Arlington

by Amy Works February 14, 2017

ARLINGTON, TEXAS — KW Commercial has brokered the sale of an office and retail property located at 1215 W. Randol Mill in Arlington. Acupuncture & Allergy Center sold the 1,512-square-foot property for an undisclosed price. David Tuttle of KW Commercial represented the seller and procured the undisclosed buyer in the deal.

February 14, 2017

California Office Western

Savills Studley Acquires Cresa Orange County

by Nellie Day February 14, 2017

IRVINE, CALIF. — Savills Studley has acquired Cresa Orange County. Savills Studley’s existing Irvine office and the former Cresa Newport Beach office will consolidate into a single workplace by mid-year. The group will continue to provide tenant representation, transaction management, project administration and workplace solutions. There will be an enhanced focus on industrial services and the Inland Empire. Savills Studley has recently acquired a number of other firms specializing in tenant representation. This includes offices in Seattle in 2016, and in San Jose and Palo Alto, Calif., in 2015. The firm also hired several teams in Phoenix and Denver earlier this year.

February 14, 2017

Michigan Midwest Office

Signature Associates Arranges Sale of 39,598 SF Office Building in Muskegon, Michigan

by Kristin Harlow February 14, 2017

MUSKEGON, MICH. — Signature Associates has arranged the sale of a 39,598-square-foot office building in Muskegon in western Michigan. The sales price was not disclosed. The property is located at 2389 Laketon Ave. Camcar Plastics, a full-service plastic injection molding company, purchased the building. Jim Olsen of Signature Associates represented the seller, Orchard View Public Schools.

February 14, 2017

District of Columbia Office Southeast

Skanska Completes Excavation Work at 99M Office Building in D.C.’s Capitol Riverfront Area

by John Nelson February 14, 2017

WASHINGTON, D.C. — Skanska has completed the excavation and foundation work for 99M, an 11-story, 234,000-square-foot office building under construction in Washington, D.C.’s Capitol Riverfront neighborhood. The building will be situated at the corner of 1st and M streets within walking distance of Nationals Ballpark and Navy Yard-Ballpark Metrorail entrances and seven blocks from the U.S. Capitol. Set to open in 2018, the asset will feature about 11,000 square feet of retail and restaurant space, with two committed restaurants in place: CIRCA and Open Road. The property will also feature a green roof, rooftop terrace, fitness center, bicycle storage and four levels of underground parking. The excavation work began in November 2015. Skanska has five other development projects underway in the greater D.C. area: 2112 Pennsylvania Ave., RESA at Tyber Place, the First Street Tunnel, the headquarters facility for the District of Columbia Water and Sewer Authority and American University’s East Campus project.

February 14, 2017

Office Southeast Virginia

Bridge Investment Group Purchases 416,311 SF Office Campus in Richmond

by John Nelson February 14, 2017

RICHMOND, VA. — Bridge Investment Group has purchased WestMark Office Park, a 416,311-square-foot, two-building office complex located on a 40-acre campus at 11000 W. Broad St. in Richmond. Bridge purchased the asset with equity partner Mandalay-CRE Venture II from RER/New Boston West Broad LLC for an undisclosed price. Bridge will rebrand the asset SunTrust Center once SunTrust Bank takes occupancy of the entire 211,689-square-foot WestMark One building. WestMark was previously home to Capital One. Cushman & Wakefield | Thalhimer and Cushman & Wakefield’s Washington, D.C., office represented the seller in the transaction. Bridge will invest in improvements to WestMark’s lobbies, common areas and the exterior façade.

February 14, 2017

Georgia Office Southeast

Cushman & Wakefield Relocates Atlanta Office to 1180 Peachtree in Midtown Atlanta

by John Nelson February 14, 2017

ATLANTA — Cushman & Wakefield has signed a 50,203-square-foot office lease at 1180 Peachtree, a 41-story, Class A office building located in Midtown Atlanta. The company will consolidate its two existing offices to two-and-a-half floors at the building this summer. The commercial real estate services firm signed the lease with building owner Hines, which developed 1180 Peachtree in 2006. The nearly 700,000-square-foot property was the first high-rise office building in the world to be pre-certified LEED-CS Silver, and an acre of the site is devoted to public spaces, plazas and gardens.

February 14, 2017

California Market Reports Office Western Western Market Reports

Los Angeles Office Market Points to Steady Demand, Further Growth in 2017

by Camren Skelton February 14, 2017

The Los Angeles office market continues to experience steady demand and accelerated rent growth as we enter 2017. The market is heading into its sixth consecutive year of expansion, after seeing a sharp contraction between 2008 and 2011. The Los Angeles office market has witnessed vacancy rates steadily decline from 16.3 percent to 13.7 percent since 2011, all the while absorbing more than 10.5 million square feet of occupied space. The market only added 4.5 million square feet of new construction during that same period, allowing vacancy to steadily decline back into the low teens, while average full-service gross asking rents have increased from $29.28 per square foot to $35.76 per square foot, up 22.1 percent. More importantly is the accelerated rent growth during this period. Rents increased 1.6 percent in 2012; 2.8 percent in 2013; 3.9 percent in 2014; 5.3 percent in 2015; and 6.8-percent to date in 2016. On the demand side, net absorption growth rates have been trending higher since 2012, averaging 0.8 percent during the past five years. They will finish above 1 percent for the second consecutive year. This remains below the growth rates experienced from 2003 to 2007, which averaged an annual growth of …

February 14, 2017

Colorado Office Western

Park Forum Office Park in Lakewood Sells for $3M

by Nellie Day February 13, 2017

DENVER — An unnamed buyer has acquired the 22,627-square-foot Park Forum Office in Lakewood for $3 million. The two-building property is located at 3222-3232 S. Vance St. The buyer intends to occupy one of the buildings, while leasing out the other. Eric Shaw of Pinnacle Real Estate Advisors executed the transaction.

February 13, 2017

California Office Western

Worldwide Facilities Renews 23,389 SF Office Lease in Downtown LA

by Nellie Day February 13, 2017

LOS ANGELES — Worldwide Facilities has renewed its headquarters space in downtown Los Angeles. The firm leases 23,389 square feet at Ernst & Young Plaza. The space is located at 725 S. Figueroa St. Worldwide Facilities will remodel and modernize the space. JLL’s Darren Eades, Tony Morales and Maureen Hawley represented Worldwide Facilities, while the landlord, Brookfield Office Properties, was represented in-house by James Malone.

February 13, 2017

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