Office

O,R&L Commercial Negotiates Two Leases in North Haven, Connecticut, Totaling 18,668 SF

by Amy Works December 16, 2016

NORTH HAVEN, CONN. — O,R&L Commercial has arranged two leases at Universal Business Center, located at 222 Universal Drive in North Haven. In the first lease, Contract Callers Inc. has leased 10,200 square feet of office space at the business center. Frank Hird of O,R&L represented the landlord, Branco Inc., while Sandy Strickling of Broder Commercial represented the tenant. In the second lease, Z-Medica signed for 8,468 square feet of space at the business center. The medical device company develops hemostasis products. Hird represented the landlord, Branco Inc., while Jillian Moruzzi of CW Landmark represented the tenant.

December 16, 2016

Office Texas

Hill & Wilkinson Completes $8M Expansion at Texas State University in San Marcos

by Amy Works December 16, 2016

SAN MARCOS, TEXAS — Hill & Wilkinson General Contractors has completed the Science, Technology and Advanced Research One expansion at Texas State University in San Marcos. The $8 million project added 16,000 square feet of lab space and office suites, bringing the facility to a total of 36,000 square feet. The space serves as an incubator for start-up and early-stage businesses by providing tenants access to secure wet labs, clean space, conference rooms and office space for research and development. The project team included PhiloWilke Partnerships, GarzaBury Engineering, E&C Engineers and Consultants and Cardno Haynes Whaley.

December 16, 2016

Arizona Office Texas Top Stories Western

Columbia Property Trust Sells $109.5M Office Portfolio Near Dallas, Phoenix

by Kristin Harlow December 16, 2016

CHANDLER, ARIZ. AND IRVING, TEXAS — Columbia Property Trust Inc. has sold CVS Health Tower in Irving, a western suburb of Dallas, and SanTan Corporate Center in Chandler, a southern suburb of Phoenix, for $109.5 million. With the sales, Columbia has exited the Dallas and Phoenix markets and will use the profits for reinvestment in its target markets. The buyers were not disclosed. CVS Health Tower is a 315,000-square-foot, Class A office building located at 750 W. John Carpenter Freeway. The building is primarily leased to CVS Caremark, an independent pharmacy benefit management provider. IBM also maintains a lease at the property. The 12-story building was completed in 1999 and acquired by Columbia in 2006. SanTan Corporate Center consists of two office buildings totaling 267,000 square feet, completed in 2000 and 2003. Columbia acquired the buildings in 2006. Both buildings are 100 percent leased. Toyota Financial Services fully occupies SanTan Corporate Center I, while multiple tenants occupy SanTan Corporate Center II. With these sales, Columbia has completed $660.5 million of dispositions in 2016. Atlanta-based Columbia Property Trust owns and operates Class A office buildings. The company’s portfolio includes 21 office properties and one hotel. -Kristin Hiller

December 16, 2016

California Office Western

American Realty Advisors Acquires Foundry Square III in San Francisco

by Nellie Day December 15, 2016

SAN FRANCISCO — American Realty Advisors has purchased Foundry Square III, a 291,093-square-foot office building in San Francisco’s Transbay District, for an undisclosed sum. The building is situated one block from San Francisco’s $4.5 billion Transbay Transit Center. It is fully leased to tenants like IBM, NASDAQ, Perkins Coie, Neustar and Silicon Valley Bank. Jeffrey Weber and Stephen Van Dusen of Eastdil Secured represented the seller, a development joint venture between Tishman Speyer and institutional investors advised by J.P. Morgan Asset Management.

December 15, 2016

Arizona Office Western

City Office REIT Buys Office Building in Phoenix for $42.6M

by Nellie Day December 15, 2016

PHOENIX — City Office REIT has acquired a 175,835-square-foot office building in Phoenix for $42.6 million. The Class A building is located at 5090 N. 40th St. within the Camelback Corridor. It is more than 90 percent leased. The seller was a joint venture between Lowe Enterprises and J.P Morgan Asset Management. CBRE’s Jim Fijan and Will Mast negotiated the transaction.

December 15, 2016

Colorado Office Western

Koelbel and Co. Breaks Ground on Office Project in Colorado

by Nellie Day December 15, 2016

LOUISVILLE, COLO. — Koelbel and Co. has broken ground on a 57,700-square-foot office project in Louisville. The Class A building is located at 168 Centennial Parkway within the Centennial Valley Business Park. The property offers direct access to U.S. Highway 36 and is nearby to Boulder.

December 15, 2016

Colorado Loans Office Western

HFF Arranges $32M Refinancing for Creative Office Development in Denver

by Nellie Day December 15, 2016

DENVER — HFF has arranged a $32 million refinancing for a 151,500-square-foot creative office development in downtown Denver. The property is located at 3001 Brighton Blvd. in the River North (RiNo) submarket. The property was built in 1939 as a produce depot before. It is 97.7 percent leased to a mix of office, retail and restaurant tenants, including CorePower Yoga, Booyah Marketing and Uber. HFF’s Josh Simon, Kristian Lichtenfels and Riaz Cassum secured the seven-year, fixed-rate loan through a life insurance company. The team worked on behalf of Industry Founders and Clarion Partners.

December 15, 2016

Office Texas

ECR Brokers Three Office Leases in Austin Totaling 11,493 SF

by Amy Works December 15, 2016

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has arranged three office leases totaling 11,483 square feet in Austin. In the first lease, Revolution Insurance Technologies Inc. leased 6,277 square feet of office space at Crystal Mountain located at 9433 Bee Caves Road. Haley Smith and Patrick Ley of ECR represented the undisclosed landlord in the deal. In the second lease, fd2s leased 2,516 square feet of space at Chavez Village located at 1634 E. Cesar Chavez St. Ley and Lee Ellison of ECR represented the undisclosed landlord, while Chrissy Fuller and Ted Rohan of Avison Young represented the tenant. In the third lease, The Goodman Corp. leased 2,700 square feet of space at Lamar Gateway at 911 W. Anderson Lane. Matt Fain and Haley Berry of ECR represented the undisclosed landlord in the transaction.

December 15, 2016

Industrial Loans Multifamily New Jersey New York Northeast Office

Ready Capital Closes Two Loans Totaling $12.3M in Brooklyn, West Deptford, New Jersey

by Amy Works December 15, 2016

NEW YORK CITY AND WEST DEPTFORD, N.J. — Ready Capital Structured Finance has closed two non-recourse loans totaling $12.3 million in Brooklyn and West Deptford. In the first transaction, Ready Capital closed a $7.9 loan for the acquisition, renovation and conversion of a 12,000-square-foot private residence into a six-unit condominium residence at 277 First St. in Brooklyn’s Park Slope neighborhood. Simultaneous with the closing, the undisclosed sponsor acquired 2,000 square feet of air rights through an adjacent parcel to reclassify the additional square footage. The interest-only loan includes an 18-month term with one extension option and a flexible prepayment feature. In the second transaction, the company closed a $4.4 million loan for the acquisition, renovation and stabilization of a 106,000-square-foot industrial and office building located at 301 Grove Road in West Deptford. The undisclosed borrower is renovating the property to increase the industrial space by demolishing the second story office space and removing drop ceilings. The interest-only loan includes a 24-month term with one extension option and a flexible prepayment feature.

December 15, 2016

Industrial New Jersey Northeast Office

Water-Jel Technologies Renews 109,410 SF at Office, Industrial Facility in Carlstadt

by Amy Works December 15, 2016

CARLSTADT, N.J. — Water-Jel Technologies has renewed its 109,410-square-foot lease at 50 Broad St. in Carlstadt. The burn-care product manufacturer uses the space as its headquarters and production facility. John Donnelly of Colliers International represented Water-Jel in the long-term lease renewal. The property is owned by Prologis.

December 15, 2016

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