Office

Cleveland Office Market Sees String of New Projects

by Kristin Harlow August 17, 2017

Cleveland’s central business district (CBD) continues to make headlines as events like the Republican National Convention, the 2016 and 2017 NBA Championships and the 2016 World Series earned national attention. Within the office market, trends such as “flight to quality” and office-to-residential conversions, which are driven by a hot apartment market, have reduced surplus supply and lowered vacancies. This has shaped metrics positively, and has put Cleveland in a position of strength for the upcoming years. The news of the year has been the purchase of Key Tower by Millennia Cos., a local real estate developer known mostly for multifamily. The company moved its headquarters from a property in Valley View to two entire floors spanning approximately 40,000 square feet in Cleveland’s signature office tower. Almost immediately after, Forest City announced its headquarters move from the historic Terminal Tower to the Key Tower, backfilling almost 150,000 square feet of space that KeyCorp gave back in a downsizing strategy. By the first quarter of 2018, Key Tower will benefit from lobby and building amenity upgrades, and should see a vacancy rate of less than 10 percent. Another story on the horizon is the potential move of Medical Mutual of Ohio, now …

August 17, 2017

Mixed-Use Northeast Office Pennsylvania Retail

KeyBank Secures $44.7M in Financing for Mixed-Use Assets in Philadelphia

by Amy Works August 16, 2017

PHILADELPHIA — KeyBank Real Estate Capital has provided a $44.7 million CMBS first mortgage loan for Rodin Place, a mixed-use building, and an adjacent retail property located in Philadelphia. Totaling 241,884 square feet, the assets include a single-story retail building, leased by Target, and one six-story office and retail building. John Christen of Key’s Commercial Mortgage Group arranged the financing with a 10-year term, five-year interest-only period and 30-year amortization schedule. Loan proceeds were used to refinance existing debt.

August 16, 2017

Michigan Midwest Mixed-Use Office

CBRE Arranges Sale of Mixed-Use and Office Buildings in Ann Arbor, Michigan

by Kristin Harlow August 15, 2017

ANN ARBOR, MICH. — CBRE has arranged the sale of McKinley Towne Centre and The Offices at Liberty Square in Ann Arbor for an undisclosed price. McKinley Towne Centre is a 130,824-square-foot mixed-use building located at 401 E. Liberty St. The Offices at Liberty Square is a 59,381-square-foot office building located at 500 E. Washington St. The portfolio was nearly 99 percent occupied at the time of sale. Tenants include supply chain software company LLamasoft, TD Ameritrade, the University of Michigan, Bar Louie, AT&T and FedEx. Ann Arbor-based commercial real estate firm McKinley sold the assets to Hillside Investments. Anne Galbraith Kohn of CBRE represented McKinley in the transaction.

August 15, 2017

Illinois Midwest Office

Spaces Signs 27,110 SF Office Lease in Chicago

by Kristin Harlow August 15, 2017

CHICAGO — Spaces has signed a 27,110-square-foot office lease in Chicago’s Lincoln Park. The creative workspace company will occupy the second through fourth floors of the building, located at 1500 N. Halsted St. Spaces Lincoln Park is slated to open in early 2018 and will offer tenants a contemporary loft-style design with large windows. This will be the 14th location in North America for the Amsterdam-based company. Chad Schroedl of SVN | Chicago Commercial represented the landlord, Newcastle Limited, in the lease transaction. Bill Rogers and Kerry Gilar of JLL represented Spaces.

August 15, 2017

Office Texas

Coldwell Banker Brokers Sale of 48,898 SF Office Building in Fort Worth

by Taylor Williams August 15, 2017

FORT WORTH, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has brokered the sale of Atrium West, a 48,898-square-foot, Class B office building located at 8851 Camp Bowie West in Fort Worth. Theron Bryant and Joe Hamilton of CBCA represented the seller, Hangover Opportunity Fund, in the transaction. Greg Hoffman of Colliers represented the buyer, Aberfeldy Properties Inc. The building was 93 percent leased at the time of sale.

August 15, 2017

Office Texas

Oldham Goodwin Negotiates Sale of 19,888 SF Office Building in Metro San Antonio

by Taylor Williams August 15, 2017

CASTLE HILLS, TEXAS — Oldham Goodwin Group LLC has negotiated the sale of The Gallery, a 19,888-square-foot office building located in the San Antonio suburb of Castle Hills. The three-story property is situated on the east side of Northwest Military Highway, just north of Loop 410. Steve Monroe and Ben Berry of Oldham Goodwin represented the buyer, a San Antonio-based investment firm, in the transaction. Jonathan Haag and Guyla Sineni of JLL represented the seller.

August 15, 2017

Office Texas

Cintas Leases 22,622 SF of Office/Warehouse Space in Metro Dallas

by Taylor Williams August 15, 2017

GRAND PRAIRIE, TEXAS — Cintas Corp., a Cincinnati-based provider of uniforms and other customized products, has leased 22,622 square feet at Trinity 161 Trade Center, an office/warehouse property located at 3100 N. State Highway 161 in Grand Prairie. John Leinbaugh, Michael Stanzel and Patrick Embry of NAI Robert Lynn represented the undisclosed landlord in the lease negotiations.

August 15, 2017

Northeast Office Pennsylvania

NKF Arranges $20.1M Sale of Two-Building Office Property in Philadelphia

by Amy Works August 15, 2017

PHILADELPHIA — Newmark Knight Frank (NKF) has arranged the sale of a two-building property located at 421 N. Seventh St. in Philadelphia. Arts & Crafts Holdings acquired the property from Callowhill Center Associates for $20.1 million. Situated on 2.4 acres, the property features 188,167 square feet and is the long-term home of The Electric Factory, an iconic 50-year-old concert promotion company. At the time of sale, the property was 38.2 percent occupied with small tenants and The Electric Factory. Mike Margolis, Dave Dolan, Dave Garonzik, Jeff Tertel and Jim Egan of NKF represented the seller in the transaction.

August 15, 2017

New Jersey Northeast Office

Larken Associates Purchases 90,000 SF Office Building in Branchburg, New Jersey

by Amy Works August 15, 2017

BRANCHBURG, N.J. — Larken Associates has acquired Branchburg Centre, a two-story office building located at 3040 U.S. 22 West in Branchburg, for an undisclosed price. At the time of sale, the 90,000-square-foot Class B property was 74 percent leased. Kronus, Pure Technologies and Tri-County Care Management are tenants at the building. Larken is renovating and updating the property, including the commons areas, lobby and hallways. Additionally, the company will install new tenant signage, refresh the landscaping and renovate the entrance-facing employee parking lot. The name of the seller was not released.

August 15, 2017

Kansas Midwest Office Top Stories

JLL Secures $221.3M Loan for Acquisition of 2.2 MSF Office Campus in Metro Kansas City

by Katie Sloan August 15, 2017

OVERLAND PARK, KAN. — JLL has secured $221.3 million in acquisition financing for the majority of Corporate Woods, a 2.2 million-square-foot office campus located roughly 11 miles outside Kansas City in Overland Park. The borrower was an affiliate of Group RMC Corp. The acquisition includes 22 of the 29 buildings that make up Corporate Woods. Seven buildings on the property, including the Doubletree Hotel, are under separate ownership and were not included in the sale. Adam Schwartz, Jonathan Schwartz and Mark Fisher of JLL secured the 10-year, fixed-rate loan through an institutional lender. A joint venture between CenterSquare Investment Management and Stoltz Real Estate Partners sold the property, according to reports by the Kansas City Business Journal. The office campus offers 2.17 million square feet of rentable space, and was over 90 percent leased at the time of sale to tenants including symplr, Affinis Corp., Kansas City Vision Performance Center and KBP Foods. Amenities at Corporate Woods include a wooded park with jogging trails, streams and wildlife; a PGA regulation-sized putting green; restaurants; free parking; and on-site banking facilities. Group RMC Corp. is a real estate co-investment group based in New York and Montreal. The company invests in and sponsors income-producing office properties …

August 15, 2017

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