Property Type

TA Realty Buys 340,000 SF Office Tower in Metro Los Angeles for $138.5M

by Amy Works May 2, 2019

EL SEGUNDO, CALIF. — TA Realty has acquired 101 Continental, a soon-to-be-vacant office tower in El Segundo, for $138.5 million or $400 per-square-foot. VEREIT Inc. (NYSE: VER) sold the property. Developed by Continental Airlines in 1972, the 340,000-square-foot property was upgraded in 2008. The building is fully leased to Northrop Grumman and features floor-to-ceiling glass on every floor and unobstructed ocean views. TA Realty plans to begin a comprehensive building renovation at the end of May when Northrop Grumman’s lease expires. A timeline for the completion of the renovation was not disclosed. The property is located at 101 Continental Blvd., 18 miles southwest of downtown Los Angles and two miles south of Los Angeles International Airport. Selling 101 Continental decreases VEREIT’s office exposure and strengthens its overall portfolio, according to Thomas Roberts, chief investment officer of the company. As of Dec. 31, 2018, VEREIT managed and owned a 4,000-property, 95 million-square-foot portfolio that spanned across retail, office, restaurant and industrial space in 49 states. When Phoenix-based VEREIT purchased the property in 2014 for $98 million, it was fully leased to Northrop Grumman. VEREIT engaged Newmark Knight Frank (NKF) to market the property as a redevelopment opportunity. “The opportunity to acquire …

May 2, 2019

Conference Coverage Features Industrial Nevada Western Western Feature Archive

‘Mature’ Las Vegas Industrial Market a Safe Bet for Investors, Say InterFace Panelists

by John Nelson May 2, 2019

A stable economy, lower unemployment rate and diversification of industries are bringing more overall investment activity to Southern Nevada’s industrial real estate scene, noted panelists at InterFace Las Vegas Industrial. Hosted by InterFace Conference Group and Western Real Estate Business, the half-day conference was held April 24 at the Four Seasons Hotel in Las Vegas. Using the terms “investment” and “Las Vegas” in the same sentence can cause many veteran decision-makers to pause as they remember the state that this city was in 10 years ago. During the Great Recession, Las Vegas was struggling to survive and many were uncertain about the city’s long-term future as visitors shunned Vegas hotels and casinos as they went into self-preservation mode. “There was nothing more depressing here than the recession when you could drive from one side of town to the other in half an hour because no one was going to work,” said Larry Monkarsh, owner of LM Construction and moderator of the conference’s Developers/Owners panel. Times have certainly changed, ushering in a new era of investment, commerce and development that has brought a renewed sense of confidence to Las Vegas. Though market players will always have varying opinions, one word reigned …

May 2, 2019

Acquisitions Industrial Texas

Colliers Brokers Sale of 218,312 SF Office Building in Houston

by Taylor Williams May 1, 2019

HOUSTON — Colliers International has brokered the sale of Center One, a 218,312-square-foot office building located at 9800 Centre Parkway in Houston. Built in 1983, the Class A property is located just south of Chinatown on the city’s southwest side, affording it proximity to Beltway 8 and Westpark Tollway. David Carter of Colliers represented the undisclosed seller in the transaction. Bill Oates of Captex Commercial Properties represented the buyer, Hrise LLC. The sale included a 3.5-acre surface parking lot located across the street.

May 1, 2019

Acquisitions Retail Texas

Venture Commercial Negotiates Sale of 169,378 SF Shopping Center in Burleson, Texas

by Taylor Williams May 1, 2019

BURLESON, TEXAS — Venture Commercial has negotiated the sale of McAlister Square, a 169,378-square-foot shopping center located at 12700 South Freeway in Burleson, a southern suburb of Fort Worth. Anchored by Academy Sports + Outdoors, the property’s tenant roster includes national retailers like FedEx Office, Verizon Wireless and Firehouse Subs. Jonathan Cooper, John Zikos and Don Miller of Venture Commercial represented the seller in the transaction. Kevin McIntosh of KMAC Group Inc. represented the buyer. Both parties requested anonymity.

May 1, 2019

Development Florida Multifamily Southeast

Mahaffey Underway on 382-Unit Multifamily Complex in Central Florida

by Alex Tostado May 1, 2019

WEST MELBOURNE, FLA. — Mahaffey Co. is currently underway on The Carlton of West Melbourne, a 16-building, 382-unit apartment complex in West Melbourne. The project is situated at the intersection of Palm Bay Road and Interstate 95 in south Brevard County. Amenities will include a clubhouse, social lounge, fitness center, business center, swimming pool, playground and a dog park. Interior units will include sunrooms, double master bedrooms and balconies. The design team includes civil engineer BSE Consultants and architect Fugleberg Koch. A timeline for completion was not disclosed.

May 1, 2019

Leasing Activity Office Texas

Honeywell Signs 114,068 SF Office Lease in Houston’s Westchase District

by Taylor Williams May 1, 2019

HOUSTON — Charlotte-based multinational conglomerate Honeywell has signed a 114,068-square-foot office lease at CityWestPlace, a four-building office campus in Houston’s Westchase district that spans more than 1.4 million square feet. Amenities at the property include three dining outlets, two fitness centers and access to recreational facilities such as basketball and volleyball courts, a soccer field and an outdoor track. Honeywell, a Fortune 100 company, will assume occupancy of Building 1 for its primary base of operations in Houston beginning in late 2019. Rich Pancioli and John Morris of CBRE represented Honeywell in the lease negotiations. J.P. Hutcheson represented the landlord, office REIT Parkway Property Investments LLC, on an internal basis.

May 1, 2019

Acquisitions Mixed-Use North Carolina Southeast

Grubb Properties Acquires Two Mixed-Use Buildings, Parking Deck in Downtown Chapel Hill for $23.5M

by Alex Tostado May 1, 2019

CHAPEL HILL, N.C. — Grubb Properties has acquired a mixed-use property spanning two buildings in downtown Chapel Hill for $23.5 million. Grubb Properties is planning a $12 million renovation to transform the connected buildings into an entrepreneurial hub to attract companies with modern amenities and access to technology. The buildings, located at 137 E. Franklin St. and 136 E. Rosemary St., were 30 percent leased at the time of sale. The buildings span 118,517 square feet of commercial space and include an adjacent 276-stall parking deck. The two buildings and parking deck span one city block and are situated within an opportunity zone directly across from the University of North Carolina at Chapel Hill. A timeline for the renovations was not disclosed. Dunn Mileham, David Morris and Mark Alviano of Trinity Partners represented the undisclosed seller in the transaction.

May 1, 2019

Acquisitions District of Columbia Multifamily Southeast

Greysteel Arranges $21.8M Receivership Sale of Multifamily Portfolio in D.C.

by Alex Tostado May 1, 2019

WASHINGTON, D.C. — Greysteel has arranged the $21.8 million receivership sale of a multifamily portfolio in Washington, D.C., on behalf of the receiver, E&G Group. E&G Group received Elsinore Courtyard and Fitch Apartments in June 2017 when lender Wilmington Trust asked the Superior Court of the District of Columbia to empower E&G Group to market and sell the properties after previous owner Sanford Capital defaulted on its loans, according to Street Sense Media. Elsinore Courtyard was built between 1960 and 1966 at 5311-5330 E St., 5108-5112 Call Place and 5109-5117 C St. SE. The 15 -units average 894 square feet. Fitch Apartments was built between 1969 and 1971 and is situated at 351 53rd St. SE, 5033 Call Place SE, 5040 & 5216 D St. SE and 5218–5220 F St. SE. The 75 units average 728 square feet. Both properties are situated near Benning Road Metro Station, providing access to WMATA’s Blue/Silver Line trains. Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Christian Alves and Dutch Seitz of Greysteel represented E&G Group in the transaction. The Washington, D.C.-based team also procured the undisclosed buyer.

May 1, 2019

Industrial Leasing Activity Texas

NAI Partners Arranges 67,000 SF Industrial Lease in Metro Houston

by Taylor Williams May 1, 2019

STAFFORD, TEXAS — NAI Partners has arranged a 67,000-square-foot industrial lease at 13125 Royal Drive in Stafford, a southwestern suburb of Houston. According to LoopNet Inc., the property was built in 1960 and is zoned for manufacturing uses. Nick Peterson of NAI Partners represented the tenant, Specialty TRP LLC, a Pennsylvania-based supplier of piping and tubing for the energy sector. John Ferruzzo and Ryan Searle, also with NAI Partners, represented the undisclosed landlord.

May 1, 2019

Acquisitions Development Florida Multifamily Southeast

Cushman & Wakefield Brokers $10.6M Sale of Multifamily Development Site in Orlando

by Alex Tostado May 1, 2019

ORLANDO, FLA. — Cushman & Wakefield has arranged the $10.6 million sale of a 17.1-acre development site within the MetroWest master planned community in Orlando. The buyer, Valdosta, Ga.-based Rise, plans to develop a five-building, 442-unit apartment community within the 1,805-acre MetroWest, which is located 10 miles southwest of downtown Orlando. Margery Johnson and Andy Slowik of Cushman & Wakefield represented the seller, Valencia Properties, in the transaction. A timeline for construction was not disclosed.

May 1, 2019

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