ANDOVER, MASS. — Condyne, a Massachusetts-based developer, has sold 160 Dascomb Road, a 125,609-square-foot research facility in Andover, located approximately 20 miles north of Boston, for $26.2 million. The facility was 100 percent leased to Lockheed Martin and data and security company Accu-Tech at the time of sale. Boston Private Bank provided $17.2 million in acquisition financing. Coleman Benedict, Matthew Sherry, Kerry Hawkins, Ben Sayles and Michael Restivo of JLL represented Condyne in the transaction. An affiliate of Northbridge Partners was the buyer.
MOUNT LAUREL, N.J. — Colliers International has brokered the $10.6 million sale of the Fellowship Business Center, a 96,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The five-building complex is situated within the East Gate Business Park and was 96 percent occupied at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization. The buyer was a private investor.
YORK, PA. — ROCK Commercial Real Estate has negotiated a 19,000-square-foot industrial lease for Continental Paper Grading in York, located approximately 55 miles north of Baltimore. The space is located at 3635-3725 Board Road, a 152,700-square-foot industrial complex with 12 drive-in doors and 26 docks. The landlord is Fielder Enterprises. Ted Turnbull and Jason Turnbull of ROCK brokered the transaction.
NEW YORK CITY — Non-profit community development organization Westhab has a signed an 8,233-square-foot office lease at Union Crossing, a 275,000-square-foot office building in the Bronx. The eight-story building was formerly a warehouse, and following renovations earlier this year, now offers office, light industrial and ground-floor retail space. With a lease term of 10 years, Westhab is the building’s first tenant since the renovation and its space will be built out. Madison Realty Capital, The Bluestone Group, Altmark Group and Gali Management partnered with JRT Realty to lease Union Crossing.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based seniors housing and healthcare REIT, is continuing to expand its medical office holdings. The company announced five transactions totaling approximately $1.7 billion, including a $787 million portfolio acquisition of 29 Class A medical office buildings from Hammes Partners, a medical office investment firm based in Milwaukee. The 1.5 million-square-foot portfolio is concentrated in the New York City and Boston suburbs and includes properties in California, Texas and Maryland. The portfolio was 97 percent occupied at the time of sale and is affiliated with Baylor Scott & White, Providence St. Joseph, Trinity Health, Medstar and other not-for-profit health systems and multi-specialty physician groups. The portfolio has an average age of 10 years, a weighted average lease term of 12 years and 2.2 percent average annual rent increases. The Hammes transaction is scheduled to close in the fourth quarter of 2019. Separately, Welltower announced four separate outpatient medical transactions that are currently under contract for approximately $885 million. Details on these four deals were not disclosed. “These transactions establish Welltower as the largest commercial owner of medical office real estate in the country, with a platform approaching 30 million square feet,” says Thomas …
Office buildings that have been newly constructed or recently rehabilitated are fielding the greatest demand from large companies, which are banking on the idea that lifestyle-enriching amenities and a vibrant surrounding neighborhood create advantages in attracting and retaining talent. According to the Bureau of Labor Statistics, during the 12-month period ending in July, the four major office markets of Texas added more than 200,000 new jobs combined. The state’s unemployment rate was 3.4 percent at the time of this writing, 30 basis points below the national average. The job market clearly favors applicants, and the competition between major office-using companies to secure the best applicants is fierce. Of course, some job seekers still base their employment decisions based on traditional factors like salary and commute time. But all other factors being held equal, employees with multiple job offers are placing greater emphasis on what kind of working environment they can get with one employer versus another. “It’s all about what amenities a building can offer to its tenants,” says Jackie Marshall, first vice president in CBRE’s Dallas office. “Many tenants are willing to pay more to be in buildings that help them recruit and retain talent, and amenities that make …
CHARLOTTE, N.C. — Stiles and Shorenstein Properties LLC will develop a 23-story, 385,000-square-foot office tower in Charlotte’s South End neighborhood. The developers expect the building to also include 11,000 square feet of retail and restaurant space on the ground level. Construction is expected to begin in the next 12 months with potential to accommodate as much as 1 million square feet in future phases for larger users seeking an onsite location. According to Charlotte Business Journal, the two-acre parcel sold for $21.5 million and has two existing buildings on the site. The land is at the intersections of South Boulevard, East/West Boulevard and the East/West Boulevard Station in South End, two miles south of downtown Charlotte. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Browder Harris Group, in the land transaction. Jessica Brown of Cushman & Wakefield is the leasing agent for the project.
GREENVILLE, S.C. — Trez Forman has provided a $115 million construction loan for Camperdown Square, a mixed-use development that is 40 percent built in downtown Greenville. The borrower, Centennial American Partners, is developing Camperdown Square, which is situated on 3 acres adjacent to the Greenville News building at the intersection of South Main and Broad streets. The developers broke ground on Phase II in January on Falls Tower office building within Camperdown Square. In May, coworking firm Spaces signed a 28,900-square-foot lease within Falls Tower. At full buildout, the project will include the 17-story Falls Tower, a 609-space parking garage, a 194-room AC Marriott hotel, 113,475 square feet of retail space and a 217-unit multifamily building. Brett Forman of Trez Forman originated the loan on behalf of the borrower.
TAMPA, FLA. — Olympus Property has acquired Icon Harbour Island, a 21-story, 340-unit multifamily property in Tampa, for $131.5 million. The seller, The Related Group, delivered the community in 2017. Olympus Property will rebrand the asset as Olympus Harbour Island. The property offers studio through three-bedroom floor plans. Communal amenities include a pool, cabanas, daybeds, clubhouse, catering kitchen, 24-hour fitness center, game room, billiards tables, game tables, wine cellar, movie theater, grilling and picnic area and a parking garage. Patrick Dufour, Richard Donnellan and Ryan Crowley of Newmark Knight Frank represented the seller in the transaction. The sales price was not disclosed.
ATLANTA — Cushman & Wakefield has negotiated the $54.3 million sale of 464 Bishop, a 232-unit apartment complex in Atlanta’s West Midtown district. The RADCO Cos. acquired the property for $233,836 per unit and will rebrand it as Radius West Midtown. The asset was built in 2017 and offers one- and two-bedroom floor plans. Communal amenities include car charging stations, bike storage, a clubhouse, 24-hour fitness center, media room, internet café, business center, pool and a dog park. Situated at 464 Bishop St. NW, the property is less than a mile from Atlantic Station and five miles northwest of downtown Atlanta. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller and developer, Newport Development Partners, in the transaction.