HOUSTON — MenMar Properties LLC has acquired a 21,000-square-foot building with office and warehouse space located at 4202 Telephone Road in Houston. The property will be leased to Fiesta Beverage Mart for retail and storage purposes. Barrett Von Blon of Davis Commercial represented the seller, City Office Supply Inc., in the transaction.
MORRISTOWN, N.J. — G.S. Wilcox & Co. has arranged a $19 million loan for 1776 On the Green, an office building located at 67 Park Place in Morristown. The 10-story building features 145,358 square feet of rentable Class A office space and 1,136 square feet of storage space. At the time of financing, the property was 79 percent leased. The loan, which was provided by Mutual of Omaha, features a 10-year term. Gretchen Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox secured the loan for the undisclosed borrower.
ANN ARBOR AND TROY, MICH. — Colliers International has arranged the sale of two office properties in Ann Arbor and Troy for a combined $33 million. Allegiance Realty sold 901 Tower Drive in Troy to a group of local investors, including Neil Doshi and Peter Burton. The property is a 124,911-square-foot Class B office building. Shamie Development Co. and Pomeroy Investments sold 5210 and 5220 S. State St. in Ann Arbor to members of the Eyde family based in Lansing. Totaling 120,720 square feet, the office property is 100 percent leased to three tenants. Barry Swatsenbarg of Colliers brokered the transactions.
For the first time in quite a while, the Birmingham office market has experienced a rejuvenation and resurgence, catered around growth, a diversification of the tenant base and an effort to attract and retain bright young minds. Like many markets nationally, the city’s focus on urban renewal has made downtown Birmingham an attractive place to live, work and play, and thus will help companies attract talent to the market. Birmingham has entered a new era of industry and residential growth with one of the Southeast’s most dynamic markets after evolving from a historically steel and manufacturing-focused economy. Driven by a new generation of local leaders who have focused on developing biotechnology, life sciences and automotive sectors as catalysts for growth, Birmingham has witnessed a remarkable economic transformation. A preference for dynamic locations to live, work and play is occurring in Birmingham, as a significant amount of development has taken place in downtown Birmingham. While the bulk of this activity is occurring on the multifamily side, the same factors that draw people to live downtown are expected to positively impact the desire of employees to work downtown. In the long run, it is reasonable to expect office development to take off …
DALLAS — Co-working and office space provider WeWork has opened its new regional headquarters at Thanksgiving Tower in downtown Dallas. The company leased 84,000 square feet at the 1.4 million-square-foot office tower to provide space for roughly 1,600 employees. WeWork opened its first location in Uptown Dallas in January 2017 and subsequently leased 25,000 square feet at Legacy West in Plano.
RICHARDSON, TEXAS— GI Partners has secured a 169,136-square-foot lease renewal and expansion at 3000 Waterview Parkway in Richardson for The University of Texas at Dallas’ UTDesign program. The leased properties are part of Synergy Park, a roughly 300,000-square-foot data center and office complex owned by DataCore LP, an affiliate of GI Partners. The studio will offer engineering students 56 project stations, seven conference rooms, a computer lab and a machine shop.
MAULDIN, S.C. AND JACKSONVILLE, FLA. — CCP Commercial Real Estate has purchased two office buildings in suburban Greenville and Jacksonville for a combined $39.2 million. CCP bought a 106,649-square-foot, single-story office asset near Greenville at 750 Brookfield Parkway in Mauldin for nearly $16.7 million. The Virginia Beach, Va.-based investor also acquired a five-story, 219,000-square-foot asset at 8800 Baymeadows Way West in Jacksonville for roughly $22.5 million. The Mauldin building was 92 percent leased at the time of sale, and the Jacksonville property was 81 percent leased. The identity of the seller(s) was not released.
TAMPA, FLA. — City Office REIT has begun the multimillion-dollar renovation of Park Tower, a 475,000-square-foot office building in downtown Tampa. The overhaul will include a new façade, upgraded entrance and facelift to the building’s amenities. Gensler is the designer for the renovations, which will include a new lobby café with seating, tenant lounge on the sixth floor, new fitness center with yoga room and bike stations, shared tenant conference room, new concierge desk and renovated parking garage with LED lighting. City Office REIT expects to wrap up the renovations in the first quarter of 2018. The REIT purchased Park Tower in November 2016 in a joint venture with Feldman Equities LLC and Tower Realty Partners for $79.8 million.
EXTON, PA. — A joint venture between Pembroke IV and Ten Capital Management has acquired Valley Creek Corporate Center, an office complex located in Exton. A California-based real estate investment management and advisory company sold the three-building asset for $45.3 million. Located at 220, 222 and 224 Valley Creek Blvd., the 259,163-square-foot property was 95.2 percent leased at the time of sale. Doug Rodio, Brett Segal, Ben Appel and Jose Cruz of HFF represented the seller in the deal. Additionally, Ryan Ade and Neil Campbell of HFF secured a 10-year, fixed-rate acquisition loan through Barclays Capital for the buyer.
PARSIPPANY, N.J. — Savills Studley has arranged the acquisition of a 102,000-square-foot headquarters property, located at 339 Jefferson Road in Parsippany. MANE USA, a global fragrance and flavor design company, purchased the property from Prism Capital Partners for an undisclosed price. The company will relocate its headquarters from Wayne, N.J., to 70,000 square feet of the facility. Prism will fit out MANE’s new space, which will include office and research and lab space, as well as construct a new cafeteria and fitness center. Situated on five acres, the property features underground parking and surface lots. The two existing tenants, Hollister Construction Services and Ascend Laboratories, will remain in the building. Thomas Carragher, Adam Petrillo, Filomena Pinto and Christopher Koeck of Savills Studley represented the buyer in the deal.