Property Type

Colliers Negotiates 37,856 SF Office Lease in South Florida for Medtech Firm

by Alex Tostado May 14, 2019

AVENTURA, FLA. — Colliers International has negotiated an office lease for Biorasi to occupy two stories and 37,856 square feet of space at Harbour Centre in Aventura. Harbour Centre is a 217,000-square-foot office building situated at 18851 N.E. 29th Ave., 20 miles north of downtown Miami. Biorasi, a global research organization that partners with pharmaceutical, medical device and biotech companies to navigate clinical trials and bring products and treatments to market faster, signed a 10-year, $20 million lease at the office building. The lease required the early termination of two other tenants in order to accommodate Biorasi’s requirements. This lease brings the building’s occupancy to 93 percent. Jonathan Kingsley and Stephen Rutchik represented the landlord, C-III Capital Partners, and tenant in the transaction. Debborah Frank of Chicago-based Golub Cos. was a consultant to Biorasi in the transaction.

May 14, 2019

Leasing Activity Retail Texas

Midway Adds New Retailers to 47-Acre Mixed-Use Development in Houston

by Taylor Williams May 14, 2019

HOUSTON — Local developer Midway has signed retail leases with three new tenants at CITYCENTRE, a 47-acre mixed-use destination in Houston that opened in 2010. New retailers include handbag and accessories provider Brahmin, which will open a 1,000-square-foot store; Lubbock-based City Bank, which will occupy 4,000 square feet; and Tiff’s Treats, which has signed a 1,430-square-foot lease. Lilly Golden and Blair Golden of Evergreen Commercial represented Midway in the lease negotiations. Brad Downs of The Auber Group represented Brahmin, and Jonathan Probst with The Retail Connection represented Tiff’s Treats, both of which are slated to open this fall. CITYCENTRE features 350,500 square feet of retail and dining space, 625,000 square feet of Class A office space, 35 brownstone residences, 1,155 upscale apartment and loft units, the 171-room Four Points by Sheraton–CITYCENTRE and 255-room Hotel Sorella CITYCENTRE.

May 14, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates $7.6M Sale of Skilled Nursing Community in San Marcos

by Taylor Williams May 14, 2019

SAN MARCOS, TEXAS — Illinois-based Senior Living Investment Brokerage (SLIB) has negotiated the sale of the 174-bed Regent Care Center of San Marcos in Central Texas. The property was built in 2008. A Texas-based owner-operator sold the asset to a regional operating group for $7.6 million. Matthew Alley of SLIB brokered the deal.

May 14, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Loans Totaling $12.9M for Houston Apartment Complexes

by Taylor Williams May 14, 2019

HOUSTON — LMI Capital a Real Estate Capital Alliance (RECA) member, has arranged two loans totaling $12.9 million for apartment complexes in Houston. In the first transaction, Jamie Safier of LMI Capital placed an $8.1 million acquisition loan for a 110-unit property in the city’s Briar Forest neighborhood. The loan carried a fixed 4.6 percent interest rate and three years of interest-only payments. In the second deal, Jamie Mullin of LMI Capital arranged a $4.8 million, floating-rate bridge loan for the acquisition of a 75-unit property in west Houston. The property names and borrowers were not disclosed.

May 14, 2019

Leasing Activity Restaurant Retail Texas

Poké Concept to Open at 35,000 SF Food Hall Within Downtown Houston’s Capitol Tower

by Taylor Williams May 14, 2019

HOUSTON — SeaSide Poké has become the latest addition to the tenant roster at Understory, a 35,000-square-foot food hall and communal gathering spot within international developer Skanska’s Capitol Tower office building in downtown Houston. SeaSide Poké, which will occupy approximately 500 square feet within the 9,000-square-foot culinary market, joins East Hampton Sandwich Co., Boomtown Coffee, Mama Ninfa’s Tacos y Tortas, MONA Fresh Italian Food and Flip ‘n Patties as the first six tenants at Understory. Nick Hernandez, Crystal Allen and Lacee Wilke of Transwestern represented Skanska and SeaSide Poké in the lease negotiations. Understory is scheduled to open later this year.

May 14, 2019

Civic Development Texas

Garrett & Associates Completes 30,000 SF Renovation Project at Texas College in Tyler

by Taylor Williams May 14, 2019

TYLER, TEXAS — Locally based general contractor Garrett & Associates has completed the renovation of Martin Hall, a 30,000-square-foot historic landmark building located on the campus of Texas College in Tyler, about 100 miles east of Dallas. The building, which was suffered structural damage from a storm in 2015, serves as the school’s designated administration space. Dallas-based Merriman Anderson served as the project architect.

May 14, 2019

Acquisitions California Office Western

Gemini Rosemont Purchases Four-Building Office Campus in Silicon Valley for $175M

by Amy Works May 14, 2019

SANTA CLARA, CALIF. — Gemini Rosemont Commercial Real Estate has acquired Central Technology Park, an office campus located at 3380-3420 Central Expressway in Santa Clara, from an undisclosed seller for $175 million. Built between 1980 and 1987, the four-building, 368,707-square-foot campus recently underwent a renovation of 90 percent of its square footage. At the time of sale, the property was 100 percent occupied by a variety of tenants, including Cloudinary, Intuitive Surgical Inc., ThermoFisher Scientific Inc. and Nissan. Jason Kuester and Jeremy Wustman of Gemini Rosemont provided in-house representation for the buyer, while Greg Cioth and Nate Jones of Eastdil Secured represented the seller in the transaction.

May 14, 2019

Acquisitions Office Washington Western

KBS Acquires Offices at Riverpark for $48.1M in Redmond, Washington

by Amy Works May 14, 2019

REDMOND, WASH. — KBS, on behalf of a sovereign partner, has purchased the Offices at Riverpark, a Class A office building located in downtown Redmond. A Boston-based investment firm sold the asset for $48.1 million. Built in 2008, the five-story Offices at Riverpark features 106,281 square feet of Class A office space, covered parking, an on-site hotel and mixed-use space for office, residential and retail tenants. At the time of sale, a mix of healthcare, technology, insurance and finance companies fully occupied the property. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of Newmark Knight Frank (NKF) represented the seller. Tim O’Keefe and Mike Schreck, also of NKF, were the marketing leasing professionals for the transaction.

May 14, 2019

California Civic Development Western

C.W. Driver Cos. Breaks Ground on $36M Athletics Complex at Orange Coast College in California

by Amy Works May 14, 2019

COSTA MESA, CALIF. — C.W. Driver Cos. has broken ground on the $36 million Orange Coast College (OCC) Kinesiology and Athletics Complex in Costa Mesa. The three-building, 88,000-square-foot complex is one part of a broader project to revitalize and modernize OCC’s campus, and one of the three projects C.W. Driver is currently building for OCC. Construction for the complex will occur in two phases. The first phase includes new construction of a multi-building, one-story complex spanning 58,000 square feet. Phase II will focus on the renovation of the existing 30,000-square-foot building that houses the men’s and women’s locker rooms and existing pool areas. Upon delivery, the complex will feature division offices, athletic training, adaptive physical education, equipment management, locker rooms/showers, support spaces for the aquatics programs, a 65-meter competition pool with double bulkheads, a 25-meter instructional pool, and a 450-person bleacher space covered by a canopy. The buildings will be interconnected by an overhead shade structure. Project partners include Little Diversified Architectural Consulting. This complex is one part of the broader project funded by Measure M, a $698 million general obligation bond provided and supported by the local community to construct education facilities for all three colleges that comprise Coast …

May 14, 2019

Acquisitions Arizona Multifamily Western

IPA Brokers $26M Sale of Modern on Peoria Apartments in Arizona

by Amy Works May 14, 2019

PEORIA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Modern on Peoria, a multifamily asset in Peoria. Goodman Real Estate acquired the property for $26 million, or $120,370 per unit, from a joint venture between Modern Residential Co. and Henley USA. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal. Completed in 1984 and situated on nine acres, Modern on Peoria features 216 apartments, which were just beginning to receive upgrades as a second phase of community transformation and rebranding implemented by the seller. Community amenity improvements include a creation of a ‘Central Rec’ area with concrete ping-pong tables, Adirondack seating, shade sails, music and bistro lighting. Additionally, the clubhouse lounge and leasing center features a coffee bar, bistro seating and music for ambiance.

May 14, 2019

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