Office

Paseo Palomar Office Building in San Diego Sells for $12.8M

by Nellie Day April 18, 2017

SAN DIEGO — A private investor has acquired Paseo Palomar, a 60,649-square-foot office building in the San Diego submarket of Vista, for $12.8 million. The low-rise building is located at 3220 Executive Ridge. Paseo Palomar is fully leased to tenants like Jaguar Mobile Inc., Chandler Signs and 101domain.com. The property is less than two miles from Bressi Ranch Village Center, one of the area’s major shopping centers. CBRE’s Gary Stache, Anthony DeLorenzo, Matt Pourcho and Doug Mack represented the seller, Rialto Capital/Birtcher Anderson Realty, in this transaction.

April 18, 2017

Office Texas

Bradford Commercial Negotiates 20,752 SF Office Sublease in Downtown Fort Worth

by Taylor Williams April 18, 2017

FORT WORTH, TEXAS — Bradford Commercial Real Estate Services has negotiated a sublease for 20,752 square feet of Class A office space at 777 Main St. in downtown Fort Worth. Erik Blais and Nick Talley of Bradford Commercial represented the sublandlord, Trinity River Energy LLC, in the transaction. The new subtenant, TEP Barnett, a division of French oil and gas company Total E&P, will occupy the 37th floor of the 40-story, 955,000-square-foot building.

April 18, 2017

Illinois Midwest Office

InvenTrust Signs 22,000 SF Office Lease in Downers Grove, Illinois

by Kristin Harlow April 18, 2017

DOWNERS GROVE, ILL. — InvenTrust Properties Corp. has signed a 22,000-square-foot office lease at the Highland Landmark II building in Downers Grove, a suburb of Chicago. The real estate investment trust will occupy the space at 3025 Highland Parkway. InvenTrust is moving its corporate headquarters currently located at 2809 Butterfield Road in Oak Brook, Ill. The company expects to complete the move this summer. Jon Springer and Gary Fazzio of CBRE represented the tenant in the lease transaction.

April 18, 2017

Kentucky Office Southeast

PRG Brokers $5.8M Sale of Office Building in Downtown Louisville

by John Nelson April 18, 2017

LOUISVILLE, KY. — PRG | Commercial Property Advisors has brokered the $5.8 million sale of First Trust Centre, a seven-story office building located at 200 S. 5th St. in downtown Louisville. The 156,600-square-foot building is currently 72 percent leased. Tyler Smith of PRG represented the buyer, Miami-based Market Street Real Estate Partners, in the transaction. Smith has also been retained by Market Street to lease the property, which is the buyer’s first acquisition in the Louisville market.

April 18, 2017

New York Northeast Office

Spector Group Unveils Design for Heineken USA Headquarters in White Plains, N.Y.

by Haisten Willis April 18, 2017

WHITE PLAINS, N.Y. — Spector Group, a New York-based architecture and interior design firm, has unveiled the new design for the headquarters of Heineken USA. Heineken is consolidating two locations into a single location at its headquarters at 360 Hamilton Ave. in White Plains. The project consisted of redesigning the two-floor, 60,000-square-foot space to increase densification and to expand and update the bar and social area, which is used to cater large events and for training programs.

April 18, 2017

Loans New Jersey Northeast 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

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