LOUISVILLE, COLO. — Koelbel and Co. has broken ground on a 57,700-square-foot office project in Louisville. The Class A building is located at 168 Centennial Parkway within the Centennial Valley Business Park. The property offers direct access to U.S. Highway 36 and is nearby to Boulder.
DENVER — HFF has arranged a $32 million refinancing for a 151,500-square-foot creative office development in downtown Denver. The property is located at 3001 Brighton Blvd. in the River North (RiNo) submarket. The property was built in 1939 as a produce depot before. It is 97.7 percent leased to a mix of office, retail and restaurant tenants, including CorePower Yoga, Booyah Marketing and Uber. HFF’s Josh Simon, Kristian Lichtenfels and Riaz Cassum secured the seven-year, fixed-rate loan through a life insurance company. The team worked on behalf of Industry Founders and Clarion Partners.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has arranged three office leases totaling 11,483 square feet in Austin. In the first lease, Revolution Insurance Technologies Inc. leased 6,277 square feet of office space at Crystal Mountain located at 9433 Bee Caves Road. Haley Smith and Patrick Ley of ECR represented the undisclosed landlord in the deal. In the second lease, fd2s leased 2,516 square feet of space at Chavez Village located at 1634 E. Cesar Chavez St. Ley and Lee Ellison of ECR represented the undisclosed landlord, while Chrissy Fuller and Ted Rohan of Avison Young represented the tenant. In the third lease, The Goodman Corp. leased 2,700 square feet of space at Lamar Gateway at 911 W. Anderson Lane. Matt Fain and Haley Berry of ECR represented the undisclosed landlord in the transaction.
NEW YORK CITY AND WEST DEPTFORD, N.J. — Ready Capital Structured Finance has closed two non-recourse loans totaling $12.3 million in Brooklyn and West Deptford. In the first transaction, Ready Capital closed a $7.9 loan for the acquisition, renovation and conversion of a 12,000-square-foot private residence into a six-unit condominium residence at 277 First St. in Brooklyn’s Park Slope neighborhood. Simultaneous with the closing, the undisclosed sponsor acquired 2,000 square feet of air rights through an adjacent parcel to reclassify the additional square footage. The interest-only loan includes an 18-month term with one extension option and a flexible prepayment feature. In the second transaction, the company closed a $4.4 million loan for the acquisition, renovation and stabilization of a 106,000-square-foot industrial and office building located at 301 Grove Road in West Deptford. The undisclosed borrower is renovating the property to increase the industrial space by demolishing the second story office space and removing drop ceilings. The interest-only loan includes a 24-month term with one extension option and a flexible prepayment feature.
CARLSTADT, N.J. — Water-Jel Technologies has renewed its 109,410-square-foot lease at 50 Broad St. in Carlstadt. The burn-care product manufacturer uses the space as its headquarters and production facility. John Donnelly of Colliers International represented Water-Jel in the long-term lease renewal. The property is owned by Prologis.
BRIDGEWATER, N.J. — Allstate Insurance Co. has leased an entire 63,000-square-foot office building at CenterPointe I, located at 1130 Route 22 East within CenterPointe at Bridgewater in Bridgewater. The four-building corporate park features 331,846 square feet of office space. Susan Mason, Robert Ryan and John Buckley of JLL, in collaboration with Michael Gribbon of American Real Estate Partners, represented the landlord, American Real Estate Partners, while Edward DaCosta and John Morris III of CBRE represented the tenant.
TAMPA, FLA. — Citi, a global bank based in New York, has purchased Citibank Center, a 672,500-square-foot, six-building office campus located at 3800 Citibank Center in Tampa. Citi is the sole occupant of the Class A development, which was built in 1998 on a 92-acre site within Sabal Park, a 1,000-acre master-planned development. The sales price was undisclosed, but court documents show the sales price as $116 million. Citi purchased the campus from an affiliate of Zurich Alternative Asset Management. Situated near I-75 and I-4, Citibank Center features a full-service cafeteria, fitness center and wellness center. Christian Lee, Dale Peterson, Jose Lobon, Marcos Minaya, Andrew Chilgren and Amy Julian of CBRE represented the seller in the transaction. Lou Varsames, David Harris, James Garvey and Ryan Reynolds of Cushman & Wakefield represented Citi.
LAKE MARY, FLA. — Cushman & Wakefield has brokered the $20 million sale of Northpoint III, a 108,499-square-foot, Class A office building located within Northpoint Center Office Park in Central Florida. Built in 2001, the four-story property is located at 2200 Exchange Place in Lake Mary. Charlotte, N.C.-based Duke Energy, Northpoint III’s sole tenant, purchased the asset from Gramercy Property Trust, a New York-based investment firm. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield’s Capital Markets team represented Gramercy in the sale.
Cleveland’s relatively affordable cost of living compared with other major Midwestern cities is attracting businesses to the metro area, fueling demand for office space. A steady stream of new employment opportunities supported the 1.6 percent expansion of Cleveland’s workforce over the 12-month period that ended Sept. 30. Hiring during that period was driven by the education and health services sectors, which collectively added 9,300 positions. It is expected that by year-end 2016, Cleveland employers will have increased payrolls 1.3 percent with the addition of 14,000 workers. Office-using employment is expected to rise 0.4 percent this year, remaining steady with only a slight variation over the past three years. Cleveland’s stable economic fundamentals, coupled with businesses attracted to the city, have supported the revival of a dormant development pipeline. During 2015, just 46,000 square feet was added to Cleveland’s office property inventory. The majority of the new office completions are located downtown. In the four-quarter period that ended in September, approximately 660,000 square feet came into service. Construction Surges While office completions were sluggish in 2015, construction has picked up significantly and builders are on track to deliver more than 1 million square feet of new office product by year’s end. …
LOS ANGELES — An undisclosed buyer has acquired two ground lease investments at One and Two California Plaza at a public sale for more than $100 million. The leased-fee land parcels, which include six acres underneath the office property, were offered for public sale in conjunction with the liquidation of 52 assets held by CRA/LA. One California Plaza is a 42-story office tower and six-level subterranean parking garage at 300 S. Grand Ave. Notable tenants include AECOM, Skadden Arps, Morgan Lewis, Nixon Peabody and Bank of the West. Two California Plaza is a 52-story office building with a 44,000-square-foot retail plaza and a six-level subterranean parking garage at 350 S. Grand Ave. Tenants include Mayer Brown, Constellation New Energy, Merrill Lynch, Reliance Steel, Mizuho Bank, BlackRock and the Consulate General of Japan. The full CRA/LA portfolio contained a total of 52 commercial and residential properties located in Los Angeles urban infill districts like downtown Los Angeles, Hollywood and the North Hollywood Arts District. The initial disposition began July 15, 2015. The sale of CRA/LA properties represents the conclusion of a legislative mandate to terminate redevelopment agencies across California. Other primary assets involved in the public disposition included the ArcLight Hollywood Parking …
