Office

JV Buys Olympus Corporate Center Building in Roseville

by Nellie Day February 9, 2017

ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased a Class A office building at the Olympus Corporate Center in Roseville. The center is located at 3001, 3005, 3009, and 3013 Douglas Blvd. The price was not disclosed. Notable tenants at the four-building center include Direct Technology, Granite Bay Development, KB Home, Gallelli Real Estate, Orange Hook and UBS. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as Olympus’s leasing agents. BBVA Compass provided debt financing.

February 9, 2017

Features Office Top Stories

U.S. Office Sector’s Fundamentals Stall Despite Growing Economy, Says Ten-X Research

by John Nelson February 9, 2017

IRVINE AND SILICON VALLEY, CALIF. — The U.S. office real estate sector’s fundamentals appear to be stalling after years of slow recovery, as vacancy rates remain stubbornly high despite a healthy labor market and growing national economy, according to Ten-X’s latest U.S. Office Market Outlook. Ten-X cited Reis data that shows the national vacancy rate for office space has held steady at 16 percent for three consecutive quarters. Vacancies are now 40 basis points lower than a year ago and 160 basis points below their cyclical peak, but they remain well above levels seen during the last economic cycle. Only 70 million square feet of new supply has been occupied during each of the last two quarters. Rent growth has hit a similar slump, with effective rents edging up just 0.4 percent in the third quarter of 2016 and 2.8 percent over the past year — the slowest annual growth since mid-2014. The downturn in office fundamentals comes despite a strong labor market that continues to add jobs and a steadily expanding economy. Low unemployment, consistent payroll gains and rising wages should offer a boost to overall demand for office space, though the national economic picture is marked by stark differences among markets …

February 9, 2017

Mixed-Use New York Northeast Office Retail

Cushman & Wakefield Brokers $11.5M Sale of Mixed-Use Asset in Tribeca

by Amy Works February 8, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 106 Franklin St. in Manhattan’s Tribeca East Historic District. An undisclosed buyer acquired the 10,500-square-foot property for $11.5 million, or $1,095 per square foot. Partially vacant at the time of sale, the five-story building features 4,200 square feet of additional air rights. Will Suarez and Maurice Suede of Cushman & Wakefield represented the undisclosed seller, while Rachel Glazer of Brown Harris Stevens represented the buyer in the deal.

February 8, 2017

Multifamily Northeast Office Vermont

Battell Block Partners Acquires 68,200 SF Office, Apartment Building in Vermont

by Amy Works February 8, 2017

MIDDLEBURY, VT. — Battell Block Partners has acquired the historic Battell Block building, which houses office and residential apartment space, located at 10 Merchants Row in downtown Middlebury for an undisclosed price. The seller was Battell LLC. Commercial tenants at the property include Community College of Vermont, Edgewater Gallery, Sabai Sabai, Carol’s Hungry Mind Café and Middlebury College’s restaurant 51 Main. The buyer intends to redevelop parts of the building. The buyer is a partnership between Doug Nedde, Alain Youkel and Fernando Cresta of Nedde Real Estate.

February 8, 2017

Office Texas

Citadel Partners Arranges 10,000 SF Office Lease in Addison, Texas

by Amy Works February 8, 2017

ADDISON, TEXAS — Citadel Partners has brokered an office lease at 14901 Quorum Place in Addison. RD&F Advertising will occupy 10,000 square feet of space at the property. Scott Morse and Taylor Dickerson of Citadel Partners represented the tenant, while Ryan Evanich, Chase Lopez and Jordan McFarland of Stream Realty Partners represented the undisclosed landlord in the deal.

February 8, 2017

Delaware Loans Northeast Office

HFF Secures $12.6M Refinancing for Office Building in Wilmington, Delaware

by Amy Works February 7, 2017

WILMINGTON, DEL. — HFF has secured $12.6 million in refinancing for an office building located at 1011 Centre Road in Wilmington. Ryan Ade of HFF arranged the long-term, fixed-rate loan with a regional bank for the borrower, Delle Donne & Associates. Built in 1986, the 90,000-square-foot property is fully leased.

February 7, 2017

Loans New Jersey Northeast Office Retail

Denholtz Associates Receives $3.8M Refinancing for Flex Properties in Clark, New Jersey

by Amy Works February 7, 2017

CLARK, N.J. — Denholtz Associates has received $3.8 million in refinancing for two flex properties, located at 89 and 225 Terminal Ave. within Clark Commercial Center in Clark. The properties total 27,332 square feet of space. KinderCare leases 13,464 square feet of space at 89 Terminal Avenue, and Retro Fitness leases 13,868 square feet of space at 225 Terminal Avenue. Brad Fouss of OceanFirst Bank arranged the refinancing for the borrower through OceanFirst Bank.

February 7, 2017

California Office Western

Casey Brown Buys San Diego Office Portfolio for $77M

by Nellie Day February 7, 2017

SAN DIEGO — The Casey Brown Company has purchased a three-property office portfolio in San Diego for $77 million. The transaction includes Chesapeake Park Plaza at 9665 Chesapeake Drive in the Kearny Mesa submarket; Valley Corporate Center, a 176,132-square-foot office tower at 591 Camino De La Reina in Mission Valley; and Old Town Plaza, a two-building creative office project at 2251 San Diego Ave. in Old Town. CBRE’s Louay Alsadek and Hunter Rowe represented the seller on Chesapeake Park Plaza and Valley Corporate Center. Josh Buchholz, Doug Ceresia and Matt Midura of NAI San Diego represented the seller on the Old Town Plaza transaction.

February 7, 2017

Office Washington Western

Pacific Coast Capital Partners Buys Evergreen Office Park in Bellevue for $21.4M

by Nellie Day February 7, 2017

BELLEVUE, WASH. — Pacific Coast Capital Partners has purchased Evergreen Office Park in Bellevue for $21.4 million. The two-building office park is located at 10940 & 11000 N.E. 33rd Place. Pacific Coast Capital Partners plans to make capital improvements to the park’s common areas, including new tenant amenities. Andy Miller, Joe Lynch and Dan Harden of Kidder Mathews represented the seller, SteelWave, in this transaction.

February 7, 2017

Colorado Office Western

General Electric Building in Longmont Sells for $12.5M

by Nellie Day February 7, 2017

LONGMONT, COLO. — An affiliate of Pacific Acquisitions has purchased the 152,218-square-foot General Electric building in Longmont for $12.5 million. The single-tenant, office/flex facility is located at 1844 Nelson Road. General Electric fully occupies the facility, which was originally built in 1994. CBRE’s Jim Bolt represented the buyer, while the firm’s Tyler Carner, Jeremy Ballenger and Geoff Baukol represented the seller, Crescent Real Estate Holdings LLC.

February 7, 2017

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