Office

G.S.Wilcox & Co. Secures $16.5M Financing for Office Property in Morristown, N.J.

by Haisten Willis April 18, 2017

MORRISTOWN, N.J. — G.S. Wilcox & Co. has secured a $16.5 million loan for the Hampshire Cos.’ newly constructed office building located at 49 Market St. in Morristown. The 44,000-square-foot property is a build-to-suit for law firm Fox Rothschild LLP, allowing the company to consolidate its Morristown and Roseland offices. The Morristown-based mortgage banker secured the financing over a 15-year term from a life insurance company headquartered in Alabama. Gretchen S. Wilcox and Al Raymond of G.S. Wilcox handled the transaction.

April 18, 2017

Features Office Top Stories

Growth of U.S. Office Market Continues to ‘Disappoint,’ Says Reis

by Taylor Williams April 18, 2017

One measurement of the health of the U.S. office sector stood out in the first quarter of this year. Net absorption totaled 4.9 million square feet, down from an average of 9.4 million square feet per quarter in 2016 and the lowest since 2014. In short, growth in the office sector “continued to disappoint,” according to Reis. The New York City-based real estate research firm, which tracks 82 markets nationally, recently released its analysis of the property sector’s vital signs in the first quarter. The positive news is that the office vacancy rate held steady at 15.8 percent from the prior quarter, and was down 20 basis points from the first quarter of 2016. The overall asking rent rose 1.8 percent on an annual basis. Construction was also relatively low at 7.9 million square feet in the first quarter of 2017, down from an average of 8.8 million square feet in 2016. Much like retail real estate’s war with e-commerce, office markets are competing with the pressures of using space more efficiently and hiring employees who work from remote locations, says Reis senior economist Barbara Byrne Denham. “Firms have persistently leased less space for their growing workforce,” she says. The …

April 18, 2017

Arizona Healthcare Office Western

Montecito Medical Real Estate Buys Sun City Medical Office Building

by Nellie Day April 17, 2017

SUN CITY, ARIZ. — Montecito Medical Real Estate has purchased a 35,420-square-foot medical office building in Sun City for an undisclosed sum. The Class A building is situated within a 12-acre plaza originally that was built as a retail center in 1974. The space was renovated in 2012. The building is fully leased to specialty practices, including neurology, urology, dermatology, opthalmology, internal medicine, digestive health and an ambulatory surgery center for endoscopy.

April 17, 2017

Massachusetts Northeast Office

SVN, AIS Development Broker Pair of Office Leases in Hopkinton, Mass.

by Haisten Willis April 17, 2017

HOPKINTON, MASS. — SVN | Parsons Commercial Group | Boston, in partnership with AIS Development, has brokered two office leases totaling 70,000 square feet at 35 Parkwood Dr. in Hopkinton. After acquiring the unoccupied 160,000-square-foot research and development property in November 2016, the partnership has begun a renovation and marketing plan. The building, which formerly served as EMC’s headquarters, has been vacant for more than 10 years. Located in the Elmwood Business Park, the property now boasts two tenants: Illinois Tool Works and PrismHR. Victor Galvani of SVN | Parsons Commercial Group | Boston is handling the leasing at the building.

April 17, 2017

Features Office Texas Texas & Oklahoma Feature Archive Uncategorized

Business Parks Energize the Lone Star State

by Jaime Lackey April 15, 2017

Speculative development and e-commerce tenant demands are driving forces in Dallas and Houston’s industrial markets. By Brian Lee The biggest developments in the biggest state in the lower 48 are making big news: industrial business parks in Texas’ top markets continue to show strong development and leasing activity. Cushman & Wakefield shared a “very encouraging” industrial outlook on the Dallas-Fort Worth metro area. With slightly less than 24 million square feet of absorption in 2016, market demand continues to outpace supply, which included 22 million square feet of new construction last year. PwC and Urban Land Institute ranked the metro second nationally for real estate prospects in 2017 and fulfillment centers No. 1 in both the development and investment categories, ahead of 23 other property types. “The evolution of the e-commerce sector continues to shape the industrial market as a whole,” says Adam Hammack, senior director of Industrial Agency Leasing in Cushman & Wakefield’s Dallas office. Site selection factors for large e-commerce users comprise fresh building functionality, modern infrastructure and the ability to attract and retain labor, which includes nearby transit and retail options for industrial park personnel, according to Hammack. Focusing on the effects of the energy downturn doesn’t …

April 15, 2017

Office Texas

Bank of America to Anchor 35-Story, Class A Office Development in Downtown Houston

by Taylor Williams April 14, 2017

HOUSTON — Bank of America has reached an agreement to lease six-and-a-half floors spanning 210,000 square feet of space at Capitol Tower, a 35-story, Class A office development located at 800 Capitol St. in downtown Houston. JLL represented Bank of America in the lease negotiations, which call for the company to lease 205,000 square feet of office space and 5,000 square feet of retail space, beginning in the first half of 2019. CBRE represented the building owner and developer, Skanska, in the transaction. Construction is scheduled to begin this month.

April 14, 2017

Office Texas

Billingsley Co. to Break Ground on 40-Acre Office Development in Carrollton

by Taylor Williams April 14, 2017

CARROLLTON, TEXAS — Billingsley Co., a Dallas-based developer, will break ground this month on a 40-acre campus in Carrollton for Pennsylvania-based pharmaceutical company AmerisourceBergen Specialty Group, according to The Dallas Business Journal. The project is expected to allow the company to add more than 1,000 jobs in 10 years, starting in 2019. AmerisourceBergen has secured a 300,000–square-foot lease at the master-planned development, which has been branded as Offices at Austin Ranch. The 700-acre office park, situated near State Highway 121 and the Dallas North Tollway, will ultimately span 16 million square feet and accommodate 43,000 employees, according to the property website.

April 14, 2017

Michigan Midwest Office

Marcus & Millichap Negotiates $16.5M Sale of Office Building in Lansing, Michigan

by Kristin Harlow April 14, 2017

LANSING, MICH. — Marcus & Millichap has negotiated the sale of One Michigan Avenue in Lansing for $16.5 million. The 10-story, 154,000-square-foot office building is located at the southeast corner of Washington Square and Ottawa Street. The building was constructed in 1983. At the time of sale, One Michigan Avenue was 98 percent occupied by law firms, a bank, an insurance company and government tenants. John Godwin and Richard O’Connor of Marcus & Millichap represented the seller, a Lansing-based partnership. Godwin procured the buyer, a regional investment group.

April 14, 2017

Northeast Office Pennsylvania

Colliers Negotiates $1.2M Sale of Former BB&T Bank Branch in Whitehall, Pennsylvania

by Haisten Willis April 14, 2017

WHITEHALL, PA. — Derek Zerfass of Colliers International’s Allentown office represented BB&T in the $1.2 million sale of a 3,061-square-foot former bank branch building at 2545 Mickley Ave. in Whitehall. The building will be demolished to make way for a Wendy’s restaurant. Steve Clipman of ROCK Commercial Real Estate represented the buyer.

April 14, 2017

California Loans Office Western

Fident Capital Provides $9.5M Loan to Lancaster DMV Project

by Nellie Day April 13, 2017

LANCASTER, CALIF. — Fident Capital has provided a $9.5 million permanent loan for the recently constructed Department of Motor Vehicles (DMV) in Lancaster. The 29,000-square-foot facility is located at 721 W. Ave L6. The State of California signed a 20-year lease for the space once the loan was closed. Magnon Cos. developed the property.

April 13, 2017

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