Office

Coldwell Banker, CBRE Arrange Sale of 35,917 SF Office Property in Arlington

by Taylor Williams March 14, 2017

ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors has closed the sale of Commonwealth Center, a 35,917-square-foot, two-story office building located at 4200 S. Cooper St. in Arlington. Nathan Wood of CBRE represented the buyer, a Dallas-based developer, in the transaction. Judy Nitzinger of Coldwell Banker represented the seller, Hungs Enterprise LLC, which had owned the property for 25 years. At the time of sale, Commonwealth Center was 73 percent leased to tenants such as Comerica Bank and Farmers Insurance Co.

March 14, 2017

TIER REIT Sells Office Building in Tampa for $31.4M

by John Nelson March 14, 2017

TAMPA, FLA. — TIER REIT Inc., a Dallas-based REIT, has sold Eisenhower I, a 130,000-square-foot office building in Tampa’s Westshore district. An undisclosed buyer purchased the four-story property for $31.4 million. TIER REIT has been disposing assets in non-target markets, resulting in roughly $300 million in gross aggregate disposition proceeds this year. Recent transactions include the $52.5 million sale of Buena Vista Plaza in Burbank, Calif., as well as the $114 million sale of the majority interest in The Wanamaker Building and the $95 million sale of Three Parkway, both situated in Philadelphia’s Center City district. The sale of Eisenhower I includes an incentive to earn up to an additional $3 million for the buyer if certain criteria are met, according to TIER REIT.

March 14, 2017

Florida Healthcare Loans Office Southeast

Berkadia Arranges $22.5M Loan for Office Building Conversion in West Palm Beach

by John Nelson March 14, 2017

WEST PALM BEACH, FLA. — Berkadia has arranged a $22.5 million bridge loan for the repositioning of the former Bank of America office building located at 625 N. Flagler Drive in West Palm Beach. The borrowers, led by FRI Investors, purchased the 110,000-square-foot, 10-story asset last year in an all-cash transaction with the intent to convert the property into a medical office building. Bank of America vacated its 40,000-square-foot lease at the property late last year. The building is currently 50 percent leased to tenants including Mount Sinai Hospital and Jupiter Medical Center. Charles Foschini and Christopher Apone of Berkadia’s South Florida office arranged the three-year loan with an adjustable interest rate through PCCP LLP.

March 14, 2017

Connecticut Northeast Office

CBRE Negotiates $5M Sale of Five-Building Office Portfolio in Windsor, Conn.

by Haisten Willis March 14, 2017

WINDSOR, CONN. — CBRE/New England has negotiated the $5 million sale of the Griffin Office Park Portfolio, a five-building office complex located in Windsor. Investors Warranty of America LLC sold the property to Griffin Park Realty VV LLC, a Brooklyn-based private equity partnership managed by Vasco Ventures. CBRE/NE’s John McCormick and Patrick Mulready represented the seller and procured the buyer in the transaction. Vasco Ventures is a real estate investment firm specializing in distressed real estate. The company owns and operates properties in New York City, upstate New York, Philadelphia and Galloway, N.J. The Griffin Office Park Portfolio is the company’s first acquisition in Greater Hartford. The purchase includes two four-story office buildings located at 1 and 2 Waterside Crossing, and three two-story office buildings located at 4, 6 and 8 Griffin Road N. The portfolio’s properties are located within Griffin Office Center, a 600-acre development featuring a full-service restaurant, open-air performance center and a network of walking trails and open space. Tenants include Cigna, Great American Insurance, SwissRe, RR Donnelley, Prochimie International and the United States Postal Service.

March 14, 2017

California Office Western

Kashani Family Purchases Scripps Collection Office Property in San Diego for $10M

by Nellie Day March 13, 2017

SAN DIEGO — The Kashani Family has purchased The Scripps Collection, a 47,302-square-foot office property in the San Diego submarket of Scripps Ranch, for $10 million. The property is located at 9775 Businesspark Ave. and 10021 Willow Creek Road. It was built in the mid- to late 1980s. The Scripps Collection is fully leased. Peter Curry and Duncan Dodd of Cushman & Wakefield represented both the buyer and seller, HighBrook, in this transaction.

March 13, 2017

California Office Western

Retail Opportunity Investments Acquires Torrey Hills Corporate Center in San Diego for $9.8M

by Nellie Day March 13, 2017

SAN DIEGO — Retail Opportunity Investments Corp. has acquired Torrey Hills Corporate Center, a 23,595-square-foot office property in the San Diego submarket of Del Mar Heights, for $9.8 million. The property is located at 11250 El Camino Real. It was about two-thirds vacant at the time of sale. Peter Curry and Duncan Dodd of Cushman & Wakefield represented both the buyer and seller, HighBrook Investors, in this transaction.

March 13, 2017

Office Oregon Western

Moovel Relocates Headquarters to Old Town Portland

by Nellie Day March 13, 2017

PORTLAND, ORE. — Moovel has relocated its North American headquarters from downtown Portland to the Historic Overland Building in Old Town. The mobility solutions provider has leased 17,176 square feet within the building, located at 213 N.W. 4th Ave. The property was originally built as a warehouse in 1889. CBRE’s Ajay Malhotra and Kristin Hammond represented Moovel. The landlord is Urban Development Partners.

March 13, 2017

Georgia Office Southeast

KDC Demolishes Office Building to Make Way for Phase II of State Farm Campus in Atlanta

by John Nelson March 13, 2017

DUNWOODY, GA. — KDC has demolished the 10-story Hammond Exchange Building to make way for Phase II of Park Center, State Farm’s 2.2 million-square-foot office campus within Atlanta’s Central Perimeter submarket in Dunwoody. Park Center will also feature 100,000 square-feet of retail, restaurants and entertainment space. Phase II of Park Center comprises two office towers totaling 1.2 million square feet and will feature a pedestrian bridge over Perimeter Center Parkway that will connect the two office towers to the Phase I tower and the Dunwoody MARTA station. Park Center will also link up to a multiuse trail, new pedestrian plaza, a connector road between Perimeter Center Parkway and Peachtree-Dunwoody Road and street-level retail space. The design team includes architect Cooper Carry & Associates for the shell building and interiors and general contractor Holder Construction. KDC expects to deliver the 22- and 19-story office towers in 2020.

March 13, 2017

Florida Office Southeast

Ownership Group to Develop 73,000 SF Office Building at CocoWalk Near Miami

by John Nelson March 13, 2017

COCONUT GROVE, FLA. — Federal Realty Investment Trust, Grass River Property and Comras Co., owners of the CocoWalk development in the Miami urban district of Coconut Grove, plan to develop a 73,000-square-foot office building within the project. The ownership group plans to break ground on the five-story asset, known as One CocoWalk, in early 2018 for a mid-2019 target delivery. Situated at Main Highway, McFarlane Road and Grand Avenue, One CocoWalk will be Coconut Grove’s first new office building since 1989. Beame Architectural Partnership designed the property to include four levels of Class A offices atop street-level retail space, as well as a rooftop terrace. The ownership group has selected Blanca Commercial Real Estate to lease One CocoWalk.

March 13, 2017

Office Texas

Drake Commercial, Transwestern Negotiate 157,472 SF Office Lease in San Antonio

by Taylor Williams March 10, 2017

SAN ANTONIO — Drake Commercial Group and Transwestern have arranged a new lease for the Vista Corporate Center, a 157,472-square-foot, Class A office property located at 13805 Interstate 10 Frontage Road in San Antonio. Dan Pollard of JLL represented the tenant, San Antonio-based financial advisor USAA, which will occupy the entire building. Deborah Bauer of Drake Commercial Group and Russell Noll of Transwestern represented the landlord, sn15000IH Ltd.

March 10, 2017

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