WASHINGTON, D.C. — Community Three has broken ground on a $45 million redevelopment of the historic Grimke School in Washington, D.C., as part of the 9 1/2 Street initiative. Community Three plans for the 133,000-square-foot development to include office space, a new home for the African American Civil War Museum and residential units with ground-floor retail. The first phase, scheduled to deliver in fall 2020, includes renovating the 132-year-old Grimke School to include about 65,000 square feet of office and arts space that will house the 12,000-square-foot museum. Torti Gallas + Partners, the architect for the entire 9 1/2 Street Initiative effort, will move its international headquarters to the location. About 24,000 square feet of office space will be available for lease. The property is located on 9 1/2 Street near Vermont Avenue and U Street, a mile north of downtown D.C. Phase II, scheduled to break ground in 2021-22, will transform the Grimke School’s 1920s-era gymnasium into 40 residential units, 11 of which will be reserved for households earning less than 80 percent of median family income. The entire project is privately financed and Eagle Bank is the primary lender.
Property Type
Crescent Communities to Construct 158,000 SF Office Building in Charlotte’s University Research Park
by Alex Tostado
CHARLOTTE, N.C. — Crescent Communities will construct Escent Research Park, a four-story, 158,000-square-foot office building within Charlotte’s University Research Park submarket. The site spans 20 acres and is located near the intersection of West Mallard Creek Church Road and David Taylor Drive, a mile from Interstate 85. BB+M Architecture is the project architect, ColeJenest & Stone is the civil engineer and Choate Construction is the general contractor. Crescent expects to deliver the property in early 2021.
TAMPA, FLA. — RealOp Investments has sold Bay West Commerce Park, an eight-building, 195,558-square-foot office campus in Tampa’s Westshore submarket, for $26.7 million. RealOp acquired the property in 2017 and invested $1.5 million in renovations during its ownership. The campus, located six miles west of downtown Tampa, was 86 percent leased at the time of sale. Dale Peterson of CBRE represented the seller in the transaction. The buyer was not disclosed.
JACKSONVILLE, FLA. — Stag Industrial has acquired a 232,488-square-foot warehouse and distribution facility in Jacksonville’s Westside submarket for $14.8 million. The seller, Johnson Development Associates Inc., built the property on a speculative basis. Boston-based Stag Industrial will name the property STAG Westlake. The 32-foot clear height warehouse features 42 truck doors, two drive-in doors, 159 regular parking spots and a large truck court. The property is located at 9779 Pritchard Road, 16 miles southwest of Jacksonville International Airport and 12 miles west of downtown Jacksonville. Tyler Newman and Jacob Horsley of Cushman & Wakefield represented the buyer in the transaction. The team will also oversee leasing of the facility.
Cushman & Wakefield Negotiates 120,590 SF Lease Within Airport North Logistics Park in Northwest Miami
by Alex Tostado
MIAMI — Cushman & Wakefield has arranged a 120,590-square-foot lease for Apollo Export within Airport North Logistics Park in Miami. Apollo Export Warehouse Inc. will begin occupying the space in early 2020 and will join tenants such as Nestlé Waters North America, Marine Harvest, Neutralogistics and ECO Window Systems in the now-90 percent leased industrial park. Apollo Export will occupy space in Building 2, located at 8503 NW 80th St., 15 miles northwest of downtown Miami. Airport North Logistics Park comprises four buildings totaling 900,000 square feet. Wayne Ramoski, Gian Rodriguez and Skylar Stein of Cushman & Wakefield represented the landlord, Dallas-based L&B Realty Advisors LLP, in the lease transaction. Chris Spear of ComReal Miami-Doral represented Apollo Export.
WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has brokered the sale of Worcester Plaza Tower, a 244,000-square-foot office tower in central Massachusetts. The sales price was $16.5 million. The 24-story tower is the tallest office building in Worcester. Kelleher & Sadowsky represented the seller, S-BNK Worcester Main, an entity registered to the Casey Brothers Trust of Boston. The firm also procured the buyer, Synergy Investments, which plans to make capital improvements to the property.
NEW YORK CITY — SL Green Realty Corp., a publicly traded office investment firm, has acquired 603 West 50th Street, a 160,000-square-foot office building in Manhattan. KCP Holdco Inc., an affiliate of the seller that currently occupies the property, will lease approximately 40,000-square-feet of office space to serve as its headquarters. SL Green will undertake a full-building repositioning to elevate the profile of this asset, which was originally built in 1940. Woody Heller and David Heller of Savills Studley represented the undisclosed seller in the transaction.
Qatar-Based Investment Firm Buys Two Boston Office, Retail Properties Totaling 159,781 SF
by Alex Tostado
BOSTON — Alduwaliya, a Qatar-based investment firm, has purchased 99 Chauncy Street and 101 Summer Street, two office buildings totaling 159,781 square feet in Boston’s Financial District. Both properties include ground-floor retail space and were fully leased at the time of sale to tenants with an average weighted lease term of 7.2 years. Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Anthony Hayes, Timothy Mulhall and Daniel Hines of CBRE represented the seller, Nuveen Real Estate, in the transaction. The price was not disclosed.
Harbor Associates, Taconic Capital Advisors Buy Five-Building Office Portfolio in Southern California for $41.7M
by Amy Works
SAN BERNARDINO, CALIF. — A joint venture between Harbor Associates and Taconic Capital Advisors has acquired a five-building office portfolio located within the 153-acre Tri City Corporate Center office park in San Bernardino. An undisclosed seller sold the assets for $41.7 million in an off-market transaction. Totaling 368,000 square feet, the buildings range from 70,000 square feet to 115,000 square feet. The portfolio, which is collectively 55 percent leased to 28 tenants, represents the only block of contiguous office space of more than 75,000 square feet in the Inland Empire. The joint venture plans to re-position and lease-up the assets through a renovation program across the portfolio that includes upgraded building entries and lobby experiences, elevator improvements, new roofs and replacement of the original HVAC units. Upon completion, the portfolio will feature rent-ready speculative suites, electric vehicle charging stations, LED lighting retrofit, as well as new building and project signage. Anthony Delorenzo, Todd Tydlaska and Sammy Cemo of CBRE represented the seller in the deal. The acquisition was leveraged with short-term financing from a subsidiary of Granite Point Mortgage Trust, which is externally managed by Pine River Capital Management.
ARCO/Murray Completes 1,200-Unit Self-Storage Facility for CubeSmart in Hillside, New Jersey
by Alex Tostado
HILLSIDE, N.J. — Dallas-based design-build firm ARCO/Murray has completed a 1,200-unit self-storage facility for CubeSmart in Hillside, located just west of Newark Liberty International Airport. The six-story facility spans 145,800 square feet, features climate-controlled space and includes a 1,200-square-foot office.