Office

Invesco Sells The Executive Building in Downtown D.C. for $228M

by John Nelson October 12, 2016

WASHINGTON, D.C. — Invesco Real Estate has sold The Executive Building, a 332,022-square-foot, LEED Gold-certified office building in downtown Washington, D.C. UNIZO Holdings Co. Ltd. purchased the Class A asset from Invesco for $228 million. Stephen Conley, Andrew Weir, Jim Meisel, Dek Potts and Matt Nicholson led the HFF investment sales team representing the seller. HFF also procured UNIZO Holdings. Located at 1030 15th St. N.W., The Executive Building is situated in close proximity to the McPherson Square and Farragut North and West Metrorail stations; across from Midtown Center, the future Fannie Mae headquarters; and three blocks from the White House. Completed in 2008, the 12-story building is 93 percent leased to tenants such as The Atlantic Council of the United States and National Quality Forum. The property’s amenity package features a tenant-only fitness center, conference facilities, concierge, on-site retail space and a 178-space underground parking facility.

October 12, 2016

Loans New York Northeast Office Top Stories

Paramount Completes $850M Refinancing of 1.8 MSF Office Building in Manhattan

by Jeff Shaw October 12, 2016

NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has received an $850 million refinancing for 1301 Avenue of the Americas, a 1.8 million-square-foot trophy office building located between 52nd and 53rd streets in Midtown Manhattan. The 45-story office tower includes 30,000 square feet of ground-floor and concourse-level retail space. The property also features in-building access to Rockefeller Center and views of Central Park. Cushman & Wakefield arranged the five-year, interest-only loan, which matures in October 2021 and has two one-year extension options. The net proceeds from the financing were used to repay the company’s 2017 debt maturities at 900 Third Avenue in Manhattan and Waterview in Washington, D.C. Paramount plans to use the remaining proceeds to help fund the previously announced acquisition of One Front Street in San Francisco, which is expected to close by the end of the year. “By capitalizing on today’s attractive credit markets for our high-quality, Class A assets, we strengthen our balance sheet and fortify our position in the market,” says Albert Behler, chairman, CEO and president of Paramount. “Over the past 10 months, we have successfully financed over $2.35 billion of debt at attractive rates,” adds Wilbur Paes, chief financial officer of Paramount. …

October 12, 2016

Office Oregon Western

The Specht Company Sells Beaverton Creek Business Park for $51.1M

by Nellie Day October 11, 2016

BEAVERTON, ORE. — The Specht Company and its affiliates have sold four phases of Beaverton Creek Business Park for $51.1 million. The sale consists of 11 buildings totaling 380,050 square feet and one 2.4-acre parcel of land in Beaverton. Artemis Real Estate Partners and Cruzan purchased three phases of the property totaling 311,337 square feet for $41.6 million. An undisclosed buyer acquired the remaining 68,713-square-foot phase for $9.5 million. Another Specht entity retains ownership of a separate six-acre parcel within the park that is immediately adjacent to the Beaverton Creek Light Rail Station. All of these properties are leased to Nike. The sports apparel company has been a tenant at the park since 1991. HFF executed the sales transactions and secured a $27 million, 10-year, fixed-rate acquisition loan for Artemis and Cruzan through a correspondent life insurance company lender.

October 11, 2016

Delaware Northeast Office

Rockford Capital Partners Acquires Two Office Buildings in Newark, Delaware

by Amy Works October 11, 2016

NEWARK, DEL. — Rockford Capital Partners has acquired two institutional-quality office buildings located at 242 and 248 Chapman Road in Newark. Rockford Capital purchased the properties on behalf of its affiliated value-add investment vehicle, Rockford Real Estate Fund III. Chapman Road Investors, an affiliate of Equus Capital Partners, sold the properties for an undisclosed price. 242 Chapman Road is a three-story, 65,967-square-foot building and 248 Chapman Road is a two-story, 77,974-square-foot building. Together the properties are fully leased to KBR and HP Enterprise Services. Michael Margolis and David Dolan of NGKF represented the seller in the deal.

October 11, 2016

Midwest Missouri Mixed-Use Multifamily Office Retail

Cullinan Properties Develops 150,000 SF Mixed-Use Property in St. Louis

by Amy Works October 11, 2016

ST. LOUIS — Cullinan Properties hosted a grand opening celebration on Thursday, Oct. 6, for Lofts@Euclid, a mixed-use building located at the corner of Euclid and Delmar in St. Louis’ Central West End. The 150,000-square-foot project involved the complete renovation of the historic Langan and Taylor Co. building, which was originally developed by Widman & Walsh. The redeveloped building by Cullinan Properties features 87 loft apartment units, ground-level retail and office space, a fitness center, rooftop deck and clubhouse area. Constructed in 1910, the building is one of the largest commercial buildings remaining in the Central West End historic district. Residents began occupying the building in June, and the building is approximately 70 percent leased.

October 11, 2016

Indiana Industrial Midwest Office Retail

Bradley Company Commercial Real Estate Completes Five Transactions in Indiana

by Amy Works October 11, 2016

AUBURN AND FORT WAYNE, IND. — Bradley Company Commercial Real Estate has completed five transactions in Auburn and Fort Wayne. In the first transaction, Carl Diehm of Bradley represented the landlord, Cenway Center, and the tenant, Agri-Labs Inc., in the lease of 2,160 square feet of retail space at 915 Cardinal Court within Cenway Business Center in Auburn. In the second deal, Tyler Binkley of Bradley represented the Feuser Contracting Inc. in the sale of an 11,992-square-foot office building at 7702 Bluffton Road in Fort Wayne. The name of the buyer and acquisition price were not released. In the third transaction, Stanley Phillips and Kelly Castle of Bradley represented the landlord, RITS Ltd. Brokers in the lease negotiation of retail space at 6127 Stellhorn Road within Maplewood Plaza in Fort Wayne. The name of the tenant and lease size were not released. In the fourth deal, Phillips represented the landlord, Fort Wayne Associates, and Binkley represented the tenant, Phil’s Hobby Shop, in the lease of retail space located within Parkwest Center at 3938 W. Jefferson Road in Fort Wayne. In the last deal, Paul Refakis of Bradley represented the landlord, Lynn Leasing, and Kienan O’Rourke of Bradley represented the tenant, Blasius …

October 11, 2016

New Jersey Northeast Office

Colliers Arranges $11M Sale of 245,106 SF Office Plaza in Piscataway, New Jersey

by Amy Works October 10, 2016

PISCATAWAY, N.J. — Colliers International has brokered the sale of One Centennial Plaza, a two-building office plaza located off Route 287 South in Piscataway. An Atlanta-based private equity group acquired the property from JPMCC 2005-LDP2 Piscataway Office for $11 million. Connected by a 4,000-square-foot atrium, the 245,106-square-foot plaza is 72 percent occupied by Johnson & Johnson, Paychex and Ingersoll Rand. Jacklene Chesler, Richard Madison, Jonathan Schlussel and Jack Callahan of Colliers represented the seller and sourced the buyer in the deal.

October 10, 2016

Office Texas

M&M Negotiates Sale of Office Property in Metro Dallas

by Katie Sloan October 10, 2016

MANSFIELD, TEXAS — Marcus & Millichap has arranged the sale of 1751 Broad Park Circle, an office property located in Mansfield between Dallas and Fort Worth. The 5,776-square-foot medical office building is situated on one-half acre at the corner of Broad Park Circle South and Regency Parkway in a medical office park. Philip Levy of Marcus & Millichap represented the seller, an unnamed developer, and secured the buyer, a private investor.

October 10, 2016

Illinois Midwest Office

Shopoff Realty Investments Acquires Two Loft Office Commercial Buildings in Chicago

by Amy Works October 10, 2016

CHICAGO — Shopoff Realty Investments has acquired two creative loft office commercial buildings in Chicago for an undisclosed price. At the time of acquisition, the 87,270-square-foot property at 900 N. Franklin St. was 89 percent occupied. The 76,729-square-foot building at 224 N. Desplaines St. was 92 percent occupied. The name of the seller was not released.

October 10, 2016

Midwest Office Ohio

Cushman & Wakefield|CRESCO Selected as Leasing Agent for Post Office Plaza in Cleveland

by Amy Works October 10, 2016

CLEVELAND — Cushman & Wakefield|CRESCO Real Estate has been selected as the exclusive leasing agent for Post Office Plaza, located at 1500 W. 3rd St. in downtown Cleveland. Built in 1934, the property offers 476,000 square feet of office space. Formerly the M.K Ferguson Building, the property originally served as Cleveland’s main post office and is listed on the National Register of Historic Places. The property is managed by Forest City Commercial Management.

October 10, 2016

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