Office

Praelium Commercial Real Estate, South Street Partners Purchase Office Park in Metro Atlanta for $54M

by Camren Skelton July 14, 2017

MARIETTA, GA. — A joint venture between Praelium Commercial Real Estate and South Street Partners has acquired Newmarket Business Park, a six-building, 471,486-square-foot office park in Marietta, a suburb of Atlanta. The sales price was not disclosed, but the Atlanta Business Chronicle reports the asset sold for $54 million. The joint venture plans to rebrand the property and market the remaining vacant space to stabilize the asset above 90 percent occupancy. Mark Strauss of Walker & Dunlop arranged acquisition financing through ACORE Capital. Colliers International represented the undisclosed seller in the transaction and will handle office leasing and management on behalf of the joint venture. Newmarket Business Park was 85 leased at the time of sale, with The Home Depot occupying 66 percent of the park.

July 14, 2017

New Jersey Northeast Office

Colliers Brokers $9.1M Sale of 138,266 SF Office Building in Piscataway, New Jersey

by Amy Works July 14, 2017

PISCATAWAY, N.J. — Colliers International has negotiated the sale of 15 Corporate Place South, an office building in Piscataway. 15 Corporate Place LLC acquired the building from Corporate Place Partners for $9.1 million. Built in 1983 and renovated in 2013, the four-story building features 138,266 rentable square feet in 40,000-square-foot floorplates. At the time of sale, the property was 98 percent occupied by 75 tenants. Jacklene Chesler, Matthew Brown and Jack Callahan of Colliers arranged the transaction.

July 14, 2017

Industrial Mixed-Use Multifamily New York Northeast Office

TerraCRG Arranges $2.9M Sale of Mixed-Use Building in Brooklyn

by Amy Works July 14, 2017

NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 87 Luquer St. in the Carroll Gardens neighborhood of Brooklyn. An undisclosed buyer acquired the three-story, 6,875-square-foot building for $2.9 million. The property features a certificate of occupancy that allows for semi-industrial on the ground floor, office space on the second floor and residential space on the top floor. The building can also be completely rehabilitated for residential use. Dan Marks and Mike Hernandez of TerraCRG facilitated the sale. The name of the seller was not released.

July 14, 2017

Illinois Midwest Office

Golub & Co., Alcion Ventures Acquire 536,000 SF Office Building in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Golub & Co., in partnership with Alcion Ventures, has acquired 300 South Wacker, a 536,000-square-foot office property in Chicago. The purchase price was not disclosed. Built in 1971, the 36-story building is located along the Chicago River. The new owners plan to expand on a 2014 renovation of the building with a focus on the lobby, indoor and outdoor common areas and a new tenant amenity lounge. JLL represented the seller, Beacon Partners, in the transaction. Keith Largay of JLL arranged the acquisition financing through Deutsche Bank.

July 14, 2017

Michigan Midwest Office

L. Mason Capitani CORFAC International Brokers Sale of 30,760 SF Office Property in Troy, Michigan

by Kristin Harlow July 14, 2017

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 30,760-square-foot office property in Troy. Built in 2004, the multi-tenant building is located at 2150 Butterfield Drive. This is the sixth property acquisition in the Detroit area for California-based LSTC Michigan LLC. Mason L. Capitani represented both the buyer and seller, Wilson Real Estate II LLC. He will also continue to oversee leasing at the property for the new owner under the property’s new name, Butterfield Park Place. The final sales price was not disclosed, but the asking price was $3.99 million.

July 14, 2017

Northeast Office Pennsylvania

CBRE Arranges Sales of Four Office Buildings in Pennsylvania Totaling $6.9M

by Amy Works July 13, 2017

MEDIA, FAIRLESS HILLS AND LANGHORNE, PA. — CBRE has brokered the sales of four office buildings in Media, Fairless Hills and Langhorne for a combined sale price of $6.9 million. Stephen Marzullo and Adam Silverman of CBRE represented the seller, Penguin Real Estate Investors, in each transaction. In the first transaction, 53 Baltimore Pike LLC purchased a three-story, 35,902-square-foot office building located at 53 W. Baltimore Pike in Media. Constructed in 2002, the property is currently 53 percent leased to two tenants, Connect America and Apacheta Corp. In the remaining transactions, Olymbec acquired a 51,384-square-foot office building, located at 430-450 Lincoln Highway in Fairless Hills, and two office buildings at 2050 and 2080 Cabot Blvd. West in Langhorne. The Fairless Hills property is anchored by the Social Security Administration. At the time of sale, the property was 52 percent leased. The two buildings in Langhorne, which total 69,417 square feet, are currently 61 percent occupied. Dentaurum Inc., Sperry Van Ness, TPG Telemanagement, Clear Employer Service and Stief Gross Sagoskin Cassetti occupy the buildings. This three-building acquisition by Olymbec marks the Canada-based firm’s entry into the Greater Philadelphia office market.

July 13, 2017

Illinois Midwest Office

Marcus & Millichap Arranges $4M Sale of Office Building in Chicago

by Kristin Harlow July 13, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 14,400-square-foot office building in Chicago for $4 million. The property is located at 60 W. Superior St. in the River North neighborhood. The sale presents a redevelopment opportunity, according to Marcus & Millichap. Alper Services, the seller, currently occupies the building. Centrum Realty & Development purchased the property. Kyle A. Stengle and Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.

July 13, 2017

Maryland Office Southeast

JBG Smith to Relocate Headquarters to 300,000 SF Planned Office Building in Bethesda

by Camren Skelton July 13, 2017

BETHESDA, MD. — JBG Smith, the REIT formed from the merger of The JBG Cos. and Vornado Realty Trust, will relocate its corporate headquarters to 4747 Bethesda Ave., a 300,000-square-foot office building being developed by JBG in downtown Bethesda. The building is slated for completion in the third quarter of 2019. JBG Smith will be the initial anchor tenant of the Class A building, occupying 95,000 square feet of space on the lower floors. The company will move from 4445 Willard Ave. in Chevy Chase, Md.

July 13, 2017

District of Columbia Office Southeast Top Stories

Ocean West Capital, Hana Asset Management Purchase NASA Headquarters Building in D.C. for $360M

by John Nelson July 13, 2017

WASHINGTON, D.C. — An investment group led by Ocean West Capital Partners and Hana Asset Management Co. Ltd. has purchased Two Independence Square in Washington, D.C. The seller, Piedmont Office Realty Trust (NYSE: PDM), has invested roughly $50 million to renovate the building. Constructed in 1992 as the headquarters for NASA, the nine-story, 606,000-square-foot property is located at 300 E St. S.W., about three blocks off the National Mall in Washington’s Southwest submarket. Two Independence Square houses NASA leadership, who provide overall guidance and direction to the U.S. government. The building’s James E. Webb Memorial Auditorium hosts agency news conferences and social events. Designed by Kohn Pederson Fox Associates, NASA’s headquarters also feature a lending library, NASA Exchange store, the history office and archives and production facilities for NASA TV. The agency occupies 99 percent of the building and renewed its lease in 2011 with a lease term running through 2028. Hana Asset Management, a subsidiary of Hana Financial Group, is the largest financial group in Korea. The firm comprises 21 subsidiaries, including banks, securities, trusts, asset management firms, investment banks and life insurance companies. The company employs 23,000 professionals worldwide and manages $5 billion of assets throughout Asia, the …

July 13, 2017

Midwest Nebraska Office

Medical Solutions Signs 49,983 SF Office Lease Renewal in Omaha, Nebraska

by Kristin Harlow July 12, 2017

OMAHA, NEB. — Medical Solutions has signed a 49,983-square-foot office lease renewal at Westroads Business Park in Omaha. As part of the renewal, Medical Solutions expanded its office space, located at 1010 N. 102nd Court, by 8,902 square feet. Steven Edlefsen and Johnny Dorn of Cresa represented the national healthcare staffing provider in the lease transaction. Dale Scott of CBRE-Mega represented the landlord, Westplex Limited Partnership IV.

July 12, 2017

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