Property Type

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

Acquisitions California Industrial Western

EB Capital Buys 77,736 SF Industrial Building in Southern California for $14M

by Amy Works May 14, 2019

VISTA, CALIF. — EB Capital LLC has purchased an industrial building, located at 1125 Joshua Way in Vista, from BRE 1125 Joshua Owner LLC for $14 million. Situated on 4.75 acres, the asset features 77,736 square feet of industrial space and 16,780 square feet of highly improved, high-end, two-story office area. At the time of sale, 21,359 square feet of the building was leased. The buyer intends to occupy the remaining 56,377 square feet. Rusty Williams and Chris Roth of Lee & Associates, North San Diego County, represented the buyer, while Barry Hendler and Aric Starck of Cushman & Wakefield represented the seller in the deal.

May 14, 2019

Illinois Loans Midwest Office

JLL Arranges $84M Refinancing for New Office Building in Chicago’s Fulton Market

by Kristin Harlow May 14, 2019

CHICAGO — JLL Capital Markets has arranged an $84 million loan for the refinancing of 210 N. Carpenter, a new 12-story office building in Chicago’s Fulton Market district. Keith Largay, Brian Walsh and Patrick Healy of JLL arranged the financing on behalf of the borrower, Sterling Bay and institutional investors advised by J.P. Morgan Asset Management. Bank of America provided the loan. Sterling Bay developed the 206,000-square-foot property and Solomon Cordwell Buenz led the design. Leopardo, one of the building’s first tenants, completed construction of the building earlier this year. Google will begin moving workers to the property this fall. Amenities at the building include a rooftop lap pool, tenant lounge, gaming area, fitness center, yoga room and conference facilities.

May 14, 2019

Acquisitions Illinois Industrial Midwest Office

Value Industrial Partners Acquires 14-Building Industrial, Office Property in West Chicago

by Kristin Harlow May 14, 2019

WEST CHICAGO, ILL. — Value Industrial Partners has acquired Bowling Green Center, a 14-building office and industrial property in West Chicago. The purchase price was not disclosed. Located at 245 W. Roosevelt Road, the asset spans 274,000 square feet. The property was 90 percent leased at the time of acquisition. Value Industrial plans to complete significant improvements, including new roofs, paving, landscaping and signage. The center will be renamed Roosevelt Center. Jeff Girling of Paine/Wetzel represented Value Industrial in the transaction. The seller was not disclosed.

May 14, 2019

Leasing Activity Midwest Ohio Retail

Bonobos to Open at Mixed-Use Development in Columbus, Ohio

by Kristin Harlow May 14, 2019

COLUMBUS, OHIO — Bonobos has signed a new lease to occupy 1,500 square feet at a mixed-use development in Columbus. The Pizzuti Companies is the developer for the property, which is located in the Short North Arts District. Founded in 2007 as an online-only retailer for men’s clothing, Bonobos began opening brick-and-mortar locations in 2012. This is the company’s first location in Columbus and third in Ohio. Bonobos will join office tenant Industrious at the four-story building. Industrious, a coworking space provider, will occupy 30,000 square feet on the third and fourth floors. The property is slated to open in July.

May 14, 2019

Industrial Leasing Activity Midwest Ohio

Benchmark Industrial Signs 52,500 SF Headquarters Lease in Gahanna, Ohio

by Kristin Harlow May 14, 2019

GAHANNA, OHIO — Benchmark Industrial Inc. has signed a 52,500-square-foot headquarters lease at the Central Park of Gahanna, a 262,500-square-foot speculative warehouse currently under construction. Eric Shea of Newmark Knight Frank brokered the lease transaction on behalf of the property’s developer, Trevi Enterprises. Set for completion in September, the property will feature a clear height of 32 feet, 25 dock doors, five drive-in doors and ESFR sprinklers. Benchmark is a distributor of shipping and industrial packaging products, warehouse supplies, safety supplies and janitorial supplies.

May 14, 2019

Acquisitions Midwest Office Ohio

Historic Office Property Trades Hands in Downtown Columbus

by Kristin Harlow May 14, 2019

COLUMBUS, OHIO — CBRE has arranged the sale of a historic office building occupied by Carlile Patchen & Murphy LLP in downtown Columbus. The sales price was not disclosed. The new owner, 366 E. Broad LLC, plans to renovate the building, which is located at 366 E. Broad St. The three-story property, built in 1926, was designed by Richards, McCarty and Bulford and originally owned by the Ohio State Life Insurance Co. CPM Investments, an affiliate of Carlile Patchen & Murphy LLP, purchased the 29,672-square-foot building in 1986. Carlile Patchen & Murphy LLP plans to relocate to 950 Goodale Blvd. in the Grandview Yard development in spring 2020. David Hartsook of CBRE represented the seller. Todd Schiff of Robert Weiler Co. represented the buyer.

May 14, 2019

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