sales_and_leases

USC-Leased Office Building in San Diego Sells for $12.5M

by Nellie Day June 15, 2017

SAN DIEGO — A high-net-worth individual has acquired a 40,000-square-foot office building that is fully leased to the University of Southern California (USC) for $12.5 million. The building is located at 9860 Mesa Rim Road. USC’s Alzheimer’s Therapeutic Research Institute, which is a part of the Keck School of Medicine, occupies the property. It was built in 2000. The 1031 exchange buyer plans to keep the property as a long-term investment. CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo and Mark Shaffer represented the seller, Washington Capital Management, in this transaction.

June 15, 2017

North Carolina Office Southeast

Arden Group Acquires BB&T Center in Charlotte for $148.5M, Plans $10M in Renovations

by Camren Skelton June 15, 2017

CHARLOTTE, N.C. — Arden Group has purchased the BB&T Center, a 22-story, 567,835-square-foot office tower located on 200 S. College St. in uptown Charlotte. The Philadelphia-based investment firm purchased the property through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $148.5 million, according to The Charlotte Observer. HFF brokered the transaction, and Starwood Property Trust Inc. provided acquisition financing. Arden plans to invest $10 million in capital improvements to modernize the common areas and building systems. Charlotte-based commercial real estate firm Trinity Partners will handle the office leasing, property and project management. BB&T, AIG, TekSystems, AeroTek and Ring Central Inc. are among the building’s current tenants.

June 15, 2017

New Jersey Northeast Office

Colliers Facilitates Sale of Two Office Buildings in Marlton, New Jersey, for $7.5M

by Amy Works June 15, 2017

MARLTON, N.J. — Colliers International has arranged the sale of two office properties located at 400 and 406 Lippincott Drive within the South Crossing Office Complex in Marlton. LSOP 3 NJ LLC, a related entity of Somerset Properties and Greenfield, sold the assets for $7.5 million. Citizens Bank, Advocare, South Jersey Fertility and the General Services Administration occupy the buildings, which total more than 80,000 rentable square feet. Evan Zweben and Ian Richman of Colliers represented the undisclosed buyer, while the seller had in-house representation.

June 15, 2017

Industrial Texas

Majestic Negotiates 166,400 SF Lease Within 2,000-Acre Industrial Park in Laredo

by Taylor Williams June 15, 2017

LAREDO, TEXAS — Majestic Realty Co. has negotiated a 166,400-square-foot lease within Port Grande, a 2,000-acre, master-planned industrial development in Laredo. The undisclosed tenant, an international firm in the automotive industry, will occupy a 366,080-square-foot building scheduled to be complete in late August. This building, which features 32-foot ceiling heights, 120 dock-high doors and 439 combined trailer and automobile parking spaces, is the first speculative property in the 100-acre, Phase I development of the project.

June 15, 2017

Office Texas

Tech Firm Opens New Office in Southwest Austin

by Taylor Williams June 15, 2017

AUSTIN, TEXAS — SOCi, a California-based social media consulting firm, has opened a new office at 3755 S. Capital of Texas Highway, a 74,000-square-foot, Class A office property in southwestern Austin. The opening of the new office, which is the company’s second, comes two months after SOCi closed its $8.5 million Series A financing round.

June 15, 2017

Office Texas

Cresa DFW to Relocate Office to Pinnacle Tower in Midtown Dallas

by Taylor Williams June 15, 2017

DALLAS — Tenant representation firm Cresa DFW will relocate its Dallas office from its current location on Knoll Trail Drive to the Pinnacle Tower in Dallas’ Midtown neighborhood, effective August 1. The company has signed a three-year lease at the 24-story property, which is located at 5005 LBJ Freeway. The company’s new offices will provide enough space for 20 employees. Cresa DFW eventually plans to expand its office space to accommodate as many as 50 employees.

June 15, 2017

Illinois Midwest Multifamily

Kiser Group Brokers $11.5M Sale of Multifamily Property in Chicago

by Kristin Harlow June 15, 2017

CHICAGO — Kiser Group has brokered the sale of a multifamily property in Chicago’s Edgewater neighborhood for $11.5 million. The 80-unit building is located at 5536 N. Sheridan Road. An affiliate of Horizon Group Realty Holdings LLC purchased the property from a local family partnership. Lee Kiser and Michael Feldstein of Kiser Group brokered the transaction.

June 15, 2017

Illinois Midwest Retail

Marcus & Millichap Arranges $9.8M Sale of Retail Property in Chicago

by Kristin Harlow June 15, 2017

CHICAGO — Marcus & Millichap has arranged the sale of Ashland Wellington Plaza in Chicago for $9.8 million. The 19,979-square-foot retail property is located at 2862-2928 N. Ashland Ave. Jewel-Osco shadow anchors the property. Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the buyer, a St. Louis-based investor.

June 15, 2017

Midwest Office Ohio

Reichle Klein Negotiates 26,586 SF Office Lease in Maumee, Ohio

by Kristin Harlow June 15, 2017

MAUMEE, OHIO — Reichle Klein Group has negotiated a 26,586-square-foot office lease in Maumee, a southwest suburb of Toledo. Adecco USA Inc. will occupy Suite 200 within the Arrowhead Business Park, located at 1695 Indian Wood Circle. Mike Poulos, Harlan Reichle and Walter Plath of Reichle Klein represented the landlord, Arrowhead Toledo Realty LP. Jason Westendorf of Reichle Klein represented Adecco USA, which is a job staffing firm.

June 15, 2017

Nevada Retail Western

RCG Ventures Buys Sparks Crossing Shopping Center Near Reno for $40.2M

by Nellie Day June 14, 2017

SPARKS, NEV. — RCG Ventures has acquired Sparks Crossing, a 335,981-square-foot shopping center located roughly four miles outside Reno in Sparks, for $40.2 million. The property is home to tenants including Ross Dress for Less, Bed Bath & Beyond, Cost Plus World Market, Best Buy, Michaels, PetSmart, Ulta Beauty and Dollar Tree. Peter Bethea and Rob Ippolito of Newmark Grubb Knight Frank represented the undisclosed seller in the transaction.

June 14, 2017

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