Property Type

Skender Completes 6,877 SF Build-out for Bettinardi Golf in Oak Brook, Illinois

by Kristin Harlow August 18, 2023

OAK BROOK, ILL. — General contractor Skender has completed a 6,877-square-foot build-out for Bettinardi Golf at 1225 W. 22nd St. in the Chicago suburb of Oak Brook. The experiential showroom opened Tuesday, Aug. 15. Bettinardi offers a high-tech putter fitting facility called Studio B. There is also The Hive, which sells unique and high-end putters built and designed in-house by master club designer Robert Bettinardi. There is also ample space for special events and workshops. Cresa managed the project’s design and build-out, and provided turnkey services such as site selection, building analysis, program confirmation, architect selection, design review, general contractor selection, owner integration, fixture integration and grand opening set-up. Cresa’s Bradley Metzger negotiated Bettinardi’s lease in October. Cresa’s Eric Nolin spearheaded the project management. RGLA Solutions designed the space. Bettinardi’s corporate headquarters and manufacturing facility will remain in Tinley Park.

August 18, 2023

Leasing Activity New York Northeast Office

Marshall Wace Signs 79,000 SF Office Lease at The Spiral in Midtown Manhattan

by Taylor Williams August 18, 2023

NEW YORK CITY — Global asset manager Marshall Wace has signed a 79,000-square-foot office lease at The Spiral, a 66-story, 2.8 million-square-foot tower in Midtown Manhattan. The tenant, which is relocating from 350 Park Avenue, has committed to the entire 32nd floor and part of the 33rd floor for 14 years. Andrew Sachs and Bill Levitsky of Newmark represented Marshall Wace in the lease negotiations. Greg Conen and Sam Brodsky represented the landlord, Tishman Speyer, on an internal basis. The build-out of the space will begin later this year.

August 18, 2023

Acquisitions Connecticut Northeast Retail

Pearce Commercial Negotiates Sale of 29,750 SF Retail Building in Orange, Connecticut

by Taylor Williams August 18, 2023

ORANGE, CONN. — Locally based brokerage firm Pearce Commercial has negotiated the sale of a 29,750-square-foot retail building in Orange, located in the southern coastal part of Connecticut. According to LoopNet Inc., the freestanding building at 401 Boston Post Road was originally constructed in 1945. Carl Russell of Pearce Commercial represented the buyer, Tessa Marie Holdings, in the deal. Tyler Lyman of True Commercial Real Estate represented the seller. Through an affiliate, the buyer has committed to opening a baseball and softball training facility that will occupy half of the building under a separate lease agreement. The other half remains available for lease.

August 18, 2023

Acquisitions Arizona Office Western

LPC Desert West Divests of Gainey Center Office Building in Scottsdale, Arizona for $26.5M

by Amy Works August 18, 2023

SCOTTSDALE, ARIZ. — LPC Desert West, Lincoln Property Company’s Southwest division, has completed the disposition of Gainey Center, a Class A office property in Scottsdale. Presson Cos., headed by long-time Phoenix commercial real estate investor Daryl Burton, acquired the asset for $26.5 million. Situated on 4.7 acres at 8501 N. Scottsdale Road, Gainey Center features 143,653 square feet of office space. The building offers functional floor plates, private tenant balconies, on-site security, a covered parking garage and views of Camelback Mountain, the McDowell Mountains and Mummy Mountain. During its ownership, LPC renovated the property. Upgrades included an extensive renovation of the lobby, which features a 22-foot atrium, upgraded seating and contemporary artwork. Improvements were also made to the building corridors, restrooms, elevator banks and mechanical systems. Barry Gabel and Chris Marchildon of Newmark represented LPC in the transaction.

August 18, 2023

Acquisitions California Office Western

CalCPA Sells Office Building in Burlingame, California for $15.1M

by Amy Works August 18, 2023

BURLINGAME, CALIF. — The California Society of Certified Public Accountants (CalCPA) has completed the disposition of a three-story office building located at 1710 Gilbreth in the Bay Area city of Burlingame. An undisclosed buyer acquired the asset for $15.1 million. Built in 1950, the 34,504-square-foot office building underwent significant renovations in 2017, including new exteriors, interiors and a structural retrofit. CalPAC recently relocated to and expanded its presence in Sacramento. Kyle Kovac, Mike Taquino, Joe Moriarty and Giancarlo Sangiacomo of CBRE’s San Francisco Capital Markets team represented the seller in the deal.

August 18, 2023

Acquisitions Arizona Net Lease Retail Western

Pinnacle Real Estate Arranges $5.8M Acquisition of Single-Tenant Retail Property in Gilbert, Arizona

by Amy Works August 18, 2023

GILBERT, ARIZ. — Pinnacle Real Estate Advisors has brokered the purchase of a retail property located at 777 W. Ray Road in Gilbert. Lanwin 120 Windsor LLC acquired the asset from an undisclosed seller for $5.8 million. A gas station occupies the 2,044-square-foot property on an absolute, triple-net, 20-year lease with zero landlord responsibilities and 3 percent annual rent increases. The asset was built in 2000 and remodeled in 2023. Barton Thompson of Pinnacle Real Estate Advisors represented the buyer in the deal.

August 18, 2023

Acquisitions California Healthcare Office Western

Cushman & Wakefield Negotiates $9M Sale of Medical Office Building in San Jose, California

by Amy Works August 18, 2023

SAN JOSE, CALIF. — Cushman & Wakefield has arranged the sale of a freestanding medical office building located at 4850 Union Ave. in San Jose. LGTC Group acquired the asset from 4850 Union Avenue LLC for $9 million. LGTC Group, an outpatient mental health center, plans to occupy the two-story, 17,200-square-foot facility as its new clinic. Erik Hallgrimson and Clarke Steele of Cushman & Wakefield represented the seller in the transaction.

August 18, 2023

California Industrial Leasing Activity Western

BDK Logistics Intelligence Leases 114,190 SF Industrial Facility in Corona, California

by Amy Works August 18, 2023

CORONA, CALIF. — BDK Logistics Intelligence has signed a deal to lease an entire industrial facility located at 1161 Olympic Drive in Corona. Monterey Rancho Mirage LLC owns the property. Terms of the lease were not released. Situated on 4.8 acres, the 114,190-square-foot building features 20 dock-high loading doors. Brett Lockwood and Rick Ellison of Cushman & Wakefield represented the landlord in the lease.

August 18, 2023

Acquisitions Multifamily Top Stories Washington Western

JLL Brokers $125M Sale of 360-Unit Radiate Apartments in Redmond, Washington

by Jeff Shaw August 18, 2023

REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in Redmond, an eastern suburb of Seattle. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, stainless steel appliances, quartz countertops and wood-style plank flooring. Amenities include an outdoor terrace, barbecue area, complimentary coffee bar, resident social lounge, game room, demonstration kitchen, fitness center and co-working lounge. According to Apartments.com, the complex rises six stories and is served by an elevator. Located at 15808 Bear Creek Pkwy. in Redmond’s downtown area, Radiate Apartments is less than half a mile from Redmond Town Center, an outdoor shopping center with more than 120 retail stores, 20 restaurants, three hotels and entertainment venue space. According to JLL, there is approximately 1.9 million square feet of retail, restaurant and entertainment space within a half-mile radius of the community. Additionally, Radiate Apartments is about 15 miles from downtown Seattle and eight miles from downtown Bellevue. The property offers access to the Redmond Central Connector trail, which will connect to the upcoming Downton …

August 18, 2023

Market Reports Office Oregon Western Western Market Reports

Portland Office Market Looks to Reclaim its Vibrancy

by Jeff Shaw August 18, 2023

— By Samuel Hatcher, Field Research Manager, CBRE — Portland’s historically vibrant office market finds itself at a crossroads, striving to regain its footing in the wake of economic headwinds. The city’s unique blend of natural beauty, progressive culture and thriving tech scene has been a magnet for young professionals seeking an exceptional quality of life. However, recent shifting market dynamics have cast a shadow of uncertainty, compelling stakeholders to navigate a path to recovery with adaptability and resilience. Portland’s overall office market vacancy is currently 22 percent across the metro area. Downtown vacancy — which includes the Central Eastside, Northwest Close-in and Lloyd District — is at about 28 percent. Of that vacant space, 3.3 million square feet is Class A. Moreover, sublease availability across the overall office market is up 67 percent year over year and investment remains paused. Capital is waiting on the sidelines due to elevated interest rates and generally tighter financial conditions. Despite these stats, the market is showing some bright spots. The rate at which newly available sublease space is being put on the market has slowed compared to when this narrative was dominating headlines. There’s even a chance of a slight quarter-over-quarter decrease …

August 18, 2023

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