Office

Gramercy Property Trust, TPG Buy Nexus at ASU Research Park in Tempe for $27.6M

by Nellie Day May 5, 2017

TEMPE, ARIZ. — A partnership between Gramercy Property Trust and TPG has acquired Nexus at ASU Research Park, a 123,864-square-foot office building in Phoenix, for $27.6 million. The Class A building is situated just off Loop 101 in the ASU Research Park. The building is fully leased to an online retailer. Amenities at the park include a day care center, six miles of jogging and bike trails, lakes, a helipad and security patrol. JLL’s Mark Detmer, Bo Mills, Mark Gustin and Ryan Sitov executed the sale. The seller was a joint venture between ViaWest Group and Blue Vista Capital.

May 5, 2017

Michigan Midwest Office Retail

Ford Land Begins Construction of Wagner Place Office and Retail Development in Dearborn, Michigan

by Kristin Harlow May 5, 2017

DEARBORN, MICH. — Ford Land Development Corp., the real estate arm of Ford Motor Co., has begun transformation of the Dearborn campus with the groundbreaking of Wagner Place, a development featuring office and retail space. The $60 million Ford investment will provide Ford employees and nearby residents with new retail and restaurant options, complemented by green space, outdoor seating and enhanced walkability. Ford is transforming about two blocks of largely vacant buildings into the 150,000-square-foot development. Wagner Place will feature two floors of workspace and a rooftop patio in addition to first-floor retail and restaurant space. Approximately 600 Ford global data insights and analytics employees will occupy the property. The development is part of the 10-year transformation of the company’s more than 60-year-old Dearborn facilities, which will relocate 30,000 employees from 70 buildings into primarily two sites: a product campus and a world headquarters campus. Wagner Place is scheduled for completion in mid-2018. With $3 million in support from the Michigan Strategic Fund, the city of Dearborn will construct a 373-spot public parking structure near the development at West Village Drive and Monroe Street for consumer and Ford employee parking. Dearborn is overseeing an $18 million investment for the west downtown area …

May 5, 2017

Illinois Midwest Office

Accesso Completes 3,000 SF Park at Office Property in Chicago

by Kristin Harlow May 5, 2017

CHICAGO — Accesso Partners LLC has completed a pocket park with seating for 50 between the office towers at 200 and 230 W. Monroe St. in Chicago’s West Loop. The 1.2 million-square-foot property has been renamed Monroe Plaza and is entering a second phase of upgrades. The new 3,000-square-foot park is open to employees and the public. Phase II renovations of the property will include enhancements to the lobbies, entrances, corridors and common areas of both buildings. Accesso has also named Cushman & Wakefield as the leasing broker for the office property. The leasing team consists of Andrea Saewitz, Ben Cleveland and Mark Baby.

May 5, 2017

Loans Massachusetts Northeast Office

Capital One Provides $60M Acquisition Loan for Historic Boston Seaport District Property

by Haisten Willis May 5, 2017

BOSTON — Capital One has provided a $60 million leasehold mortgage to The Davis Cos. (TDC) for the acquisition of 88 Black Falcon Ave., a pair of office/industrial buildings totaling 376,000 square feet in Boston’s Seaport District. TDC plans to make improvements including upgrades to the building’s common areas, bathrooms, elevator lobbies, entrances and restaurant/café, as well as the addition of a fitness center. Lisa Greeley of Capital One’s Boston office originated the transaction. The property is 94 percent leased, with 17 office tenants and 18 industrial tenants.

May 5, 2017

North Carolina Office Southeast

Education Tech Firm Expands Office Footprint in Downtown Raleigh

by John Nelson May 5, 2017

RALEIGH, N.C. — VitalSource Technologies, an education and technology firm, has expanded its footprint at 227 Fayetteville in downtown Raleigh. VitalSource, which moved into the mixed-use office building in 2015, will occupy an additional 11,163 square feet, resulting in a total of 33,151 square feet on three full floors. Other tenants at the office building include RATIO Architects, Cohera Medical, Indy Week and a newly announced, 26,000-square-foot YMCA. The owner of 227 Fayetteville, LRC Properties, recently completed a $14.5 million renovation of the 10-story building. Robin Roseberry Anders of NAI Carolantic represented the landlord in the lease deal.

May 5, 2017

California Office Western

Duke Realty to Develop Medical Office Building in Santa Clarita

by Nellie Day May 4, 2017

SANTA CLARITA, CALIF. — Duke Realty has announced plans to build a 37,000-square-foot medical office building in Santa Clarita. The two-story space will be situated on 3.8 acres on the south side of Soledad Canyon Road in the Canyon Country neighborhood of Santa Clarita, about 33 miles northwest of Los Angeles. The space has been fully preleased by Facey Medical Group, an affiliate of nonprofit Catholic health system Providence Health and Services. Duke will break ground early this summer for scheduled completion in June 2018. Snyder Langston will build the property, which Boulder Associates designed.

May 4, 2017

Arizona Office Western

Turnstone Office Park in Scottsdale Sells for $10M

by Nellie Day May 4, 2017

SCOTTSDALE, ARIZ. — SLR and NHR Turnstone LLC have acquired the 64,949-square-foot Turnstone Office Park in Scottsdale for $10 million. The four-building complex is located at 17767 to 17797 N. Perimeter Drive in the Scottsdale North/Airpark submarket. The park is situated within the Perimeter Center. NGKF’s Erik Marsh and Nicole Iglehart represented both the buyer and the seller, Turnstone Office Park LP, in this transaction.

May 4, 2017

Arizona Office Western

Scientific Technologies Corp. Leases Office Space in Phoenix

by Nellie Day May 4, 2017

PHOENIX — Scientific Technologies Corp. has leased 26,174 square feet of office space at a warehouse and distribution site that is being converted into an office building. The space is located at 411 S. 1st St. in Phoenix. The site was formerly occupied by Phoenix Packaging Products. The property is being converted to creative office space as part of an adaptive reuse project. Jim Sadler and Darius Green of Keyser represented Scientific Technologies Corp., while CBRE’s Corey Hawley and Jimmy Cornish represented the landlord, 1st Buchanan LLC, in this transaction.

May 4, 2017

Georgia Office Southeast

Lincoln Property Executes Four Leases at Former Aaron’s Headquarters Building in Atlanta

by John Nelson May 4, 2017

ATLANTA — Lincoln Property Co. Southeast has executed four lease deals at 309 East Paces, a redevelopment of the former Aaron’s Inc. headquarters office building in Atlanta’s Buckhead district. The new tenants include Chicago-based Industrious, Patterson Real Estate Advisory Group, The Loudermilk Cos. and Atlanta Consulting Group Advisors. Shaun Weinstock of Weinstock Realty & Development LLC represented Industrious in the lease deal. Set to open in June, the property will span 80,000 square feet of office space atop ground-level retail space. The property is currently 60 percent preleased, but Lincoln Property Co. Southeast expects the property will be fully leased upon delivery.

May 4, 2017

Massachusetts Northeast Office

Transwestern Brokers $14M Sale of Office Property in Norwood, Mass.

by Haisten Willis May 4, 2017

NORWOOD, MASS. — Transwestern Consulting Group (TCG) has brokered the $14 million sale of Norwood Business Center, an office property located at 1400 Providence Highway in Norwood. Calare Properties, a Massachusetts-based real estate investment firm and operator, was the seller. Jumbo Capital Management purchased the three-building portfolio, which totals 155,975 square feet of office, flex and research and development space. TCG’s Chris Skeffington and Roy Sandeman represented the seller and sourced the buyer, while Transwestern’s Andrew Stone assisted Jumbo Capital Management in arranging the financing for the purchase with Middlesex Savings Bank.

May 4, 2017

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