Property Type

CP Group, PCCP Add 14 New Tenants at Downtown Miami Office Tower

by John Nelson April 5, 2023

MIAMI — CP Group and PCCP LLC have added 14 new office tenants to join One Southeast Third Avenue, a 31-story office tower in downtown Miami. The new tenants span multiple industries, including real estate, legal and tech, and combined represent 47,533 square feet in new leases. Additionally, Bohler, a civil engineer firm, has expanded its footprint at the 440,000-square-foot building, which was formerly known as SunTrust International Center. Cristina Glaria, Harrison Mischel, Jon Blunk and Laurel Oswald of TCRE represented CP Group and PCCP in all leasing negotiations. In addition to traditional office space, One Southeast Third Avenue offers three floors of CP Group’s worCPlaces flexible office concept for tenants and entrepreneurs seeking short-term accommodations. Additionally, another floor of speculative suites is currently being built out at the tower.

April 5, 2023

Acquisitions California Industrial Western

Classic Cosmetics Employees Buy Manufacturing Campus in Chatsworth, California for $20M

by Jeff Shaw April 5, 2023

CHATSWORTH, CALIF. — Two cosmetic manufacturing sites in Chatsworth that were previously home to the Classic Cosmetics brand have sold to the company’s previous employees for a total of $20 million. The sites are located at 9530 De Soto Ave. and 9533 Irondale Ave. They contain two freestanding buildings. The employees purchased the sites through ISAM LLC and BRI & ISA LLC. They plan to revitalize the company, which gave Gilberto Amparo, a chemical engineer from Mexico, his start in the U.S. cosmetics manufacturing industry. Amparo and the Classic Cosmetics brand will occupy the contiguous sites. Scott Caswell and Erica Balin of Lee & Associates – LA North/Ventura represented the buyers, along with Mike Hooker of Delphi Business Properties as a co-representative. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the sellers, 9526 MYOB and NPP 9533.

April 5, 2023

Development Leasing Activity Multifamily North Carolina Restaurant Southeast

Portman Signs Night Swim Coffee at 34-Story Apartment Tower in Charlotte’s South End

by John Nelson April 5, 2023

CHARLOTTE, N.C. — Portman has signed local coffeeshop concept Night Swim Coffee to anchor the ground level retail space at 2161 Hawkins, a 34-story apartment tower under construction in Charlotte’s South End district. The coffeeshop is expected to open in third-quarter 2024 and will activate the space between 2161 Hawkins and The Line, Portman’s adjacent Class A office tower that will include Sycamore Brewery, GritBox Fitness, Chapter 6 and Savi Provisions. The Night Swim Coffee space represents the 15th location for Black Rock Hospitality, the team behind local purveyors Not Just Coffee and Undercurrent Coffee. In addition to the coffeeshop, the 370-unit apartment development will house Bar One South End, which is expected to open in fourth-quarter 2024. Foundry Commercial is handling the retail leasing assignment at 2161 Hawkins. Portman has also enlisted local artists Eva Crawford and Caroline Simas to transform the temporary Rail Trail protection at 2161 Hawkins into a new public art installation.

April 5, 2023

Leasing Activity New York Northeast Office

Law Firm Signs 119,000 SF Office Lease in Midtown Manhattan

by Taylor Williams April 5, 2023

NEW YORK CITY — Law firm Wilson Sonsini Goodrich & Rosati has signed a 119,000-square-foot office lease at 31 W. 52nd St., a 768,000-square-foot building in Midtown Manhattan. The lease term is 16.5 years. The firm will occupy floors five through nine, the first four of which are currently occupied by law firm Clifford Chance on a lease that expires in June 2024. The ninth floor is currently vacant. New York City-based Paramout Assets owns the building.

April 5, 2023

Development Life Sciences New Jersey Northeast

Joint Venture to Develop 38,000 SF Life Sciences Project in Princeton

by Taylor Williams April 5, 2023

PRINCETON, N.J. — A joint venture between Mountain Development Corp. and Gottesman Real Estate Partners will develop a 38,000-square-foot life sciences project within the Roszel Square campus in Princeton. Building features will include lab-level HVAC systems, a 16-foot clear height, freight elevator, loading dock and a backup generator. The joint venture will market the two-story facility as a build-to-suit. Princeton Property Partners has been appointed as leasing agent.

April 5, 2023

Acquisitions Midwest Minnesota Retail

JLL Brokers Sale of 357,115 SF Retail Power Center in Suburban Twin Cities

by Kristin Harlow April 5, 2023

ROSEVILLE, MINN. — JLL Capital Markets has brokered the sale of Crossroads Center of Roseville for an undisclosed price. The 357,115-square-foot retail power center is located in the Twin Cities suburb of Roseville. Built in 1985, Crossroads Center of Roseville is 97 percent leased. Some of the tenants include Best Buy, Dick’s Sporting Goods and Kohl’s. Matt Hazelton, Cory Villaume, Bill Krebsbach, Dave Monahan and Michael Nieder of JLL represented the undisclosed seller. HJ Development was the buyer.

April 5, 2023

Acquisitions Industrial Midwest Wisconsin

NAI Greywolf Arranges Sale of 36,154 SF Industrial Building in Grafton, Wisconsin

by Kristin Harlow April 5, 2023

GRAFTON, WIS. — NAI Greywolf has arranged the sale of a 36,154-square-foot industrial building in Grafton, a northern suburb of Milwaukee. The sales price was undisclosed. The property, which features both manufacturing and office space, is located at 1000 Hickory St. near Highway 60 and I-43. David Hodge of NAI Greywolf represented the undisclosed seller.

April 5, 2023

Acquisitions Illinois Industrial Midwest

Venture One Purchases 26,661 SF Industrial Property in Addison, Illinois

by Kristin Harlow April 5, 2023

ADDISON, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has purchased a 26,661-square-foot industrial property in the Chicago suburb of Addison for an undisclosed price. Constructed in 1976, the building features a clear height of 15 feet, one dock, two drive-in doors, parking for 28 cars and 3,421 square feet of office space. The property is leased to one tenant. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

April 5, 2023

Acquisitions Indiana Midwest Office

Marcus & Millichap Negotiates $1.1M Sale of Office Building in Avon, Indiana

by Kristin Harlow April 5, 2023

AVON, IND. — Marcus & Millichap has negotiated the $1.1 million sale of Avon Executive Offices, a 21,600-square-foot office building in the western Indianapolis suburb of Avon. The property is 94 percent leased by tenants such as the Hendricks County Community Foundation and the Firefighters Union. Julia Evinger of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a local private investor. The sales price represented a cap rate of 8.6 percent.

April 5, 2023

Acquisitions California Office Top Stories Western

KBS Sells Union Bank Plaza Office Tower in Downtown Los Angeles for $104M

by Kristin Harlow April 5, 2023

LOS ANGELES — KBS has sold Union Bank Plaza, an office tower totaling 675,945 square feet in downtown Los Angeles. The buyer, Waterbridge Capital, purchased the asset for $104 million and assumed approximately $6 million in committed capital obligations to existing tenants. Designed by local architect A.C. Martin and built in 1967, Union Bank Plaza comprises a 40-story office tower, two-level retail center, two-acre landscaped outdoor plaza and four-level parking structure. Amenities include electric vehicle car charging stations, storage areas, an onsite bank and carwash. Located at 445 S. Figueroa St., the asset is named for anchor tenant Union Bank, which has occupied the building since its construction and leases 30 percent of the property. At the time of sale, the building was 62 percent leased. The property recently underwent a $22 million renovation, including a remodeled lobby with upgraded elevator cabs as well as improvements to the outdoor plaza that include fire pits, workspaces and new seating. Union Bank Plaza is the first skyscraper in Los Angeles to become an historical landmark nominated by the Los Angeles Conservancy. It also recently achieved The Outstanding Building of the Year (TOBY) recognition from the Building Owners and Managers Association (BOMA) Greater …

April 5, 2023

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