Archive for Commercial Real Estate

The 334,082-square-foot, four-building industrial park in Fort Worth has 20,000 to 56,000 square feet of space currently available for lease. Transwestern Principals Jeff Givens and Sarah LanCarte represented the seller and will be leasing the property.

Northbrook 820 LLC, a Wilson & Stonaker partnership, acquired the Northbrook Business Center from Fort Worth Northbrook Ltd. Transwestern Principals Jeff Givens and Sarah LanCarte represented the seller in the transaction…

Wilson & Stonaker Acquires Texas Industrial Park

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Cushman & Wakefield is marketing the sale of two medical office buildings located in Great Neck and Manhasset, N.Y. The assets total 70,167 square feet of space and are 88 percent leased to multiple tenants.

A Metro New York-area medical office portfolio comprising 310 E. Shore Road in Great Neck and 333 Shore Road in Manhasset is up for grabs for a reported $24.5 million. Cushman & Wakefield Managing Director Stephen Preuss, Director Benjamin Efraimov and Associates Denise Prevete, Kevin Louie Andreas Efthymiou and Kevin Schmitz will market the sale of the assets…

Long Island Medical Office Portfolio Hits the Market

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New York Life Real Estate Investors provided a 25-year mortgage and mezzanine facility for three Manhattan hotels totaling 1,179 guestrooms.

More than six months after acquiring ground leases for the land under three New York City limited service hotels with a total of 1,179 guestrooms, Los Angeles-based BH Properties has financed the portfolio with a $252.8 million mortgage and mezzanine facility secured by New York Life Real Estate Investors.

The financing obtained by New York Life Real Estate Investors was described as a cross-collateralized, 25-year facility…

BH Properties Lands $253M Loan for NYC Portfolio

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Empire Office Inc., a leading provider of contract furniture solutions, will use the new office space to consolidate its growing Florida operations.

Denholtz Associates inked a new lease at The Times Building, a 180,000-square-foot office asset in Downtown Tampa, Fla. The new tenant, Empire Office Inc., a commercial furniture dealer with locations across the country, will occupy a 6,054-square-foot space at its second Tampa location.

Located at 1000 N. Ashley Ave., the 10-story office building features a completely renovated lobby and a new fitness center. Further amenities at The Times Building include a shared conference facility, café, on-site property management team and free downtown shuttle service. Empire Office Inc. will utilize the new Tampa office to support its growing Florida sales and installation business…

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The Naples Hotel Group (NHG) has appointed Charles Stallings as general manager of the Hampton Inn Plant City in Plant City, Fla., 20 minutes from Tampa. In his new role, he will be responsible for supervising the hotel’s operations, sales, marketing and guest satisfaction.

Having served in various management positions, Stallings has more than seven years of hotel expertise in operations and sales. Along with the company’s corporate team, he successfully managed to open Hampton Inn Plant City in March. Prior to joining NHG, he served as general manager for the Hilton Garden Inn Tampa Ybor Historic District. “Stallings has built a great team around him to set the hotel up for success,” Andrew Bou-Sliman, vice president of Acquisitions and Development for Naples Hotel Group, said in prepared remarks…

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Verity Health System will use the 30-year loan to make mandatory seismic upgrades to Seton Medical Center in Daly City, Calif.

Petros PACE Finance and loan originator CleanFund Commercial PACE Capital Inc. have closed on the largest Commercial Property Assessed Clean Energy (C-PACE) transaction ever completed in the C-PACE market through Renew Financial’s C-PACE platform. Verity Health System will use the $40 million loan to make mandatory seismic upgrades to Seton Medical Center, an acute-care hospital in Daly City, Calif. Petros contributed half of the loan…

Largest C-PACE Deal to Fund CA Medical Center Retrofits

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The company’s upcoming 45-story office and retail skyscraper is the first development of its kind in the city’s central business district in eight years.

Hines is bringing something to Miami that hasn’t been seen in the city’s central business district in eight years: a big, Class A office tower. Hines just revealed plans to develop 110 10th St., a 600,000-square-foot office-led, mixed-use skyscraper that, at 45 stories tall, will take a prominent place on the Miami skyline…

Hines Unveils Miami Mixed-Use Tower Project

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The combined company, which is expected to reach a total enterprise value of $4 billion, will own 230 shopping centers in 32 states.

In a stock-and-cash transaction valued at about $1 billion, Phillips Edison Grocery Center REIT I Inc. (PECO I) is to acquire real estate assets and the third-party asset management business of its sponsor and external advisor, Phillips Edison Limited Partnership (PELP), the companies announced…

Phillips Edison REIT to Acquire $1B in Sponsor Assets

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A joint venture between property developer China Resources Land (CRL) and office REIT NorthStar Realty Europe Corp. is buying 20 Gresham St., a trophy office building located in the heart of London. AXA Investment Managers is selling the property for roughly £300 million ($390 million). This marks CRL’s first foray into European real estate. NorthStar is investing approximately $34 million in preferred equity for the transaction. Cushman & Wakefield was hired to assist AXA with the sale back in February.

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HYM Investment Group’s Thomas O’Brien opens up about the communities of tomorrow and the $1.5 billion project that brings daylight to Boston’s Congress Street for the first time in 50 years.

Boston’s growth has prompted investors to focus on complex mixed-use projects that will serve the city of tomorrow. This means transit-oriented, connected and inclusive communities. One of these projects is Bulfinch Crossing, the $1.5 billion, six-building development that is replacing the Government Center Garage, the product of a partnership between National Real Estate Advisors and The HYM Investment Group. Thomas O’Brien, founding partner & managing director of The HYM Investment Group, talked to Commercial Property Executive about the development and Boston’s transformation…

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Leaders from JLL, Inland Group and Avison Young offered insights into the challenges, opportunities and misconceptions that mark retail real estate

Las Vegas—Though making deals is the main mission for the 30,000-plus RECon attendees hustling through the Las Vegas Convention Center this week, the state of the industry is also very much on the mind of those professionals. In conversations Monday at the International Council of Shopping Centers’ annual spring convention, senior executives offered perspectives that went well beyond the alarming headlines that have often surrounded the retail sector of late…

Top Execs at RECon Weigh In on Retail’s Prospects

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The owner and operator of U.S. grocery-anchored real estate inked a binding agreement to purchase Mooresville Consumer Square, a 579,391-square-foot retail property in Iredell County.

Slate Retail REIT announced that it has entered into a binding agreement to acquire Mooresville Consumer Square for $51.3 million or $109 per square foot. The Walmart-anchored property is 97 percent occupied. Closing is expected to be completed in the second quarter of 2017 and remains subject to customary closing conditions. Slate Asset Management LP is the REIT’s manager…

Slate to Acquire $53M NC Retail Asset

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May
22

JLL Closes Tampa Industrial Sale

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The sale comes just after a lease JLL secured at the property brought the state-of-the-art, cross-dock facility to full occupancy.

JLL has closed the sale of 3850 Old Tampa Highway, an 119,257-square-foot industrial facility located near Tampa, in Lakeland, Fla. Graham Commercial Properties purchased the state-of-the-art, cross-dock facility for $7.7 million.

The sale comes just after JLL leased space at the facility to CHEP USA for the company’s new regional distribution center. The lease brought the property to 100 percent occupancy.

JLL Associate Ryan Vaught represented the property’s previous owner, Brian Pearlman, in both the sale and lease negotiations…

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  • BlackRock plans new fund that invests in consumer-loan ABS
  • Company already runs ETFs that buy mortgage-backed debt

Worried about paying off your university education, new car or shopping habit? Exchange-traded fund investors soon could be betting on that too.

BlackRock Inc.’s planned iShares Consumer Asset-Backed Securities ETF will investin notes supported by consumer loans, such as student debt and credit cards, according to a regulatory filing on Friday. If approved, it will be the first ETF to target the ABS market.

BlackRock spokesman Paul Young declined to comment because the firm’s still seeking approval for the fund…

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The health care company moved to the newly refurbished 65 Grove St. in Watertown, Mass., minutes away from its former headquarters at 134 Coolidge Ave. NGKF and Commonwealth Standard Realty brokered the lease.

Cresset Development signed a 14,450-square-foot lease at 65 Grove St. in Watertown, Mass., with biotechnology company Lyndra, which will occupy space on the third floor. The tenant relocated its headquarters from 134 Coolidge Ave., situated just ten minutes away. NGKF Executive Managing Directors Phil Giunta and George Nugent and Senior Managing Director Dan Krysiak acted on behalf of the owner, while Commonwealth Standard Realty represented the tenant…

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1080 Park Place in Shakopee, Minn., was built in 1993 by The Opus Group and boasts full occupancy. Steve Dorff, senior asset manager with Meritex, will manage the property.

Meritex, a private real estate investment and management company, has just added a Class A, industrial facility in Shakopee, Minn., to its portfolio, for an undisclosed amount. The company tapped Senior Asset Manager Steve Dorff to oversee operations at the new property.

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HFF marketed the sale on behalf of Griffin Capital, who acquired the property in 2007 for $24 million from DPR Construction. The sale of 1450 Veterans Blvd. was subject to a $17.9 million loan held by Northern Trust.

Rees Properties Inc. acquired a three-story, 53,000-square-foot office building in downtown Redwood City, Calif. for $32.3 million from Griffin Capital.

The sale of 1450 Veterans Blvd. was subject to a $17.9 million loan held by Northern Trust. HFF’s Michael Leggett, Gerry Rohm, Ben Bullock and David Dokko represented the seller and were also responsible for procuring the buyer.

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West Elm, Common Desk and C.H. Robinson are the new tenants announced for the recently rebranded Crockett Row at West 7th. They will open in phases and will occupy a combined 36,000 square feet of retail and office space.

A shopping center called West 7th in Fort Worth, Texas, has unveiled its new name and branding, Crockett Row at West 7th. Vestar, the manager of the shopping center, teamed up with The Woodmont Co. to lead the rebranding process and a strategic leasing campaign for the property’s street-level retail space. The leasing team, led by Peter Jacobsen, senior vice president of Woodmont, and Erik Coslik, has secured several new tenants.

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May
21

Opus Finalizes MC Machinery’s HQ

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Construction at the new 175,000-square-foot corporate campus in Elk Grove Village, Ill. began last year in April. The facility offers a variety of spaces designed for office, showroom and warehouse use.

The Opus Group has completed its second corporate project this month—the ready-to-fit headquarters of MC Machinery Systems Inc., a subsidiary of Mitsubishi Corp. The 175,000-square-foot mixed-use facility in Elk Grove Village, Ill. took one year to complete…

Opus Finalizes MC Machinery’s HQ

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ProMark Real Estate Services purchased the 37-year-old, 101,000-square-foot office building and has renovations planned for the property.

ProMark Real Estate Services acquired 451 Hungerford Drive in Rockville, Md. from HBW Group for $14.5 million, according to public records. The acquisition was backed by $11.3 million financing funded by Revere Bank.

HBW Group developed the seven-story asset in 1980. The 101,000-square-foot building sits on 3.12 acres and includes 14,000 square feet of retail on the first floor, as well as 278 parking spaces, according to Yardi Matrix. ProMark plans to renovate the exterior and replace the mechanical system with a new one, unveiling possible development plans…

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Pending city approvals, the 180,000-square-foot expansion will add 119 rooms and suites for a total of 500 keys, as well as a spa and additional meeting space.

Forest County Potawatomi Community unveiled plans for the construction of a second tower at the Potawatomi Hotel & Casino in Milwaukee. Pending city approvals, the 180,000-square-foot expansion will add 119 rooms and suites for a total of 500 keys. The owner and operator of the hotel expects to start construction later this year and estimates the total investment at $80 million…

Potawatomi Adds $80M Tower to Milwaukee Casino

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The 143-acre Bayport Logistics Park will feature 7,000 feet of frontage on a Union Pacific rail line and will eventually comprise three or four buildings.

Houston-based Avera Cos. will be developing a 143-acre industrial complex in Pasadena, Texas, Avera announced Tuesday. Bayport Logistics Park will feature 7,000 feet of frontage on a Union Pacific rail line and apparently is envisioned to eventually comprise three or four buildings…

Avera to Develop Rail-Served Industrial Facility in Houston

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The building marks the first phase of a 311-acre business park designed to accommodate more than 4.5 million square feet of warehouse space.

CRG, on behalf of owner John Hancock Real Estate, is developing a 1-million-square-foot, state-of-the-art industrial building in the Atlanta suburb of Locust Grove.

We decided about a year and a half ago to really emphasize the industrial development portion of our company, so we’re now out doing speculative development as well as doing design-builds and making a real effort to get a solid position in all of the logistics major markets,” Larry Chapman, CRG Partner, told Commercial Property Executive. “We’re doing it in a very robust way, and you’re seeing it in Atlanta with the Locust Grove project.”

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An affiliate of Industrial Property Trust Inc. acquired a 98,653-square-foot warehouse property in Lanham, Md. for $13.1 million from Perseus Realty. The property most recently served as the headquarters of Kane Co.’s Office Movers Inc., a commercial moving company that filed for bankruptcy nearly five months ago. Transwestern brokered the disposition on behalf of Perseus.

Located at 10100 Willowdale Road, the asset is seven miles east of Washington, D.C., at the nexus of Interstates 495 and 90 and Route 50. The property contains state-of-the-art features including an above-average loading dock ratio of one dock per 2,600 square feet of storage area, 38-foot clear ceiling heights, ESFR sprinklers and a 3,800-square-foot climate-controlled storage area designed to hold specialized valuables. The property can accommodate both single-tenant and multi-tenant configurations…

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The 140,000-square-foot facility is located at L’Enfant Plaza, between the National Mall and the Southwest Waterfront’s Wharf in Washington, D.C.

The 140,000-square-foot International Spy Museum being built in Washington, D.C., passed a milestone this week as Clark Construction Group completed the structural steel work and topped out the facility that will be located in a new home at L’Enfant Plaza, between the National Mall and the Southwest Waterfront’s Wharf…

It’s Not a Mystery! International Spy Museum Tops Out

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Elevations Credit Union paid $16.5 million to acquire the property, which is part of the Interlocken Business Park in Broomfield, Colo.

Staples, an office-supply chain, has sold its corporate office building and 17.6 acres in Broomfield, Colo. Elevations Credit Union acquired the property for $16.5 million and plans to open a new branch in Broomfield this year.

Located at 1 Environmental Way in Interlocken Business Park, the 149,038-square-foot Class A office building offers easy access to Denver-Boulder Turnpike. The four-story property is also in close proximity to the TownePlace Suites by Marriott and multiple dining options, including McDonald’s and Subway. The facility offers more than 650 parking spaces…

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May
17

CBRE Snaps Up South Florida Firm

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The acquisition of Brenner Real Estate Group expands the company’s footprint in Broward and Palm Beach counties.

Commercial real estate services giant CBRE Group Inc., just keeps growing in size, and its latest expansion endeavor strengthens its foothold in South Florida. CBRE recently acquired the business of Brenner Real Estate Group, a full-service commercial real estate services firm based in Fort Lauderdale…

CBRE Snaps Up South Florida Firm

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Northland Plaza, located just 11 miles north of downtown Columbus and The Ohio State University, sold for $4.5 million to a private buyer, after less than one week of bidding offers.

The Patton | Wiles | Fuller Group of Marcus & Millichap, announced the sale of a 210,036-square-foot retail shopping center in Columbus, Ohio. Northland Plaza traded for $4.5 million, or nearly $21 per square foot.

Erin Patton, Scott Wiles and Craig Fuller, senior vice presidents & directors with Marcus & Millichap’s National Retail Group, had exclusivity in marketing the property on behalf of the seller. After less than one week of bidding offers, the selling team procured the buyer, a local investor…

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CBRE brokered the sale of the 217,226 square-foot asset, which is fully occupied through 2036 by the county’s Department of Health and Human Services.

JOSS Realty Partners has sold 60 Charles Lindbergh Blvd., in Uniondale, N.Y. for a reported $75.5 million. The building is fully occupied through 2036 by Nassau County’s Department of Health and Human Services. CBRE Vice Chairman Jeffrey Dunne, Senior Vice President David Gavin, Travis Langer, Vice President Philip Heilpern and Senior Vice President Martin Lomazow acted on behalf of the owner. Vice President Will Bradley represented the buyer, Salus Federal Properties, a company specializing in the acquisition and management of properties leased to federal agencies. The asset last traded for $62 million in 2007, according to public records. Through the disposition of the building, JOSS Realty Partners paid off a $54.5 million CMBS loan that matured this February, PropertyShark data shows…

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The company will occupy a portion of the third floor in the 1.6 million-square-foot office building at 1166 Ave. of the Americas.

Huron Consulting Group Inc., has signed a 32,509-square-foot lease at 1166 Ave. of the Americas, a Class A office building in New York City, with the building’s owner, Edward J. Minskoff Equities Inc.

JLL is the exclusive leasing agent for the property. The JLL team of Paul Glickman, vice chairman, Cynthia Wasserberger, managing director, Jonathan Fanuzzi, executive vice president, and Diana Biasotti, senior vice president, represented Minskoff Equities in the transaction…

Huron Consulting Leases 32 KSF in Manhattan

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Brinker joins the firm from Welltower, where he was CIO since 2014. He also held various investment and portfolio management-related roles at Welltower since July 2001.

HCP Inc. has appointed Scott Brinker to the role of executive vice president and chief investment officer, effective Jan. 4, 2018. Brinker will report to the company’s CEO, Tom Herzog, who took over as CEO in January 2017.

Brinker joins the firm from senior housing REIT Welltower Inc., where he held a CIO role from July 2014 to January 2017, and an executive vice president of investments role from January 2012 to July 2014. Prior to that, Brinker served in various investment and portfolio management-related capacities with the same company starting July 2001…

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Keith Kropfl, a 25-year commercial real estate industry veteran specializing in the sale and leasing of retail properties throughout Southern California, will oversee the firm’s Irvine office.

Avison Young has promoted 25-year commercial real estate industry veteran and company Principal Keith Kropfl to director of brokerage services for the Orange County area. In his expanded role, Kropfl will manage the firm’s Irvine office, lead Orange County recruiting efforts and assist with the implementation of company initiatives. Kropfl and his team will continue with their expansion of the local and national retail leasing and sales practice.

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The company and its partner, Callahan Capital Properties, paid $145 million to acquire the 576,000-square-foot high-rise at 125 S. Wacker Drive in the city’s West Loop neighborhood.

Adding to their bevy of Windy City properties, Ivanhoé Cambridge and its partner Callahan Capital Properties, of Chicago, have acquired 125 S. Wacker Drive in downtown Chicago, for about $145 million, the two companies announced late last week…

Ivanhoé Cambridge JV Buys Chicago Office Tower

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May
15

THG Opens Hyatt House Anchorage

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This hotel marks the company’s first Hyatt House property and the first for Alaska. The pet-friendly location offers amenities such as a pool, restaurant, meeting space and a free airport shuttle.

The Hotel Group opened Hyatt House Anchorage, the company’s first Hyatt House property in its portfolio and the first for Alaska.

Located at 5141 Business Park Blvd. in Anchorage, Ala., the 144-key hotel will offer guestrooms with fully equipped kitchens, free breakfast, its signature H Bar restaurant and a 24-hour H market. Other accommodations include laundry and dry-cleaning services, pet-friendly services, communal seating areas with free Wi-Fi, a heated indoor pool, a fitness center, 650 square feet of meeting and event space, a business center and a complimentary shuttle to and from Ted Stevens Anchorage International Airport…

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Avison Young was tapped once more to market the sale of Calverton Office Park in Beltsville, Md. The 313,810-square-foot complex comprises three office buildings and a daycare center.

Just two months after ACS Edmonston Investment LLC acquired the four-building Calverton Office Park in Beltsville, Md. from Brandywine Realty Trust, the owner again selected Avison Young to market its sale. The complex encompasses three office buildings and a daycare center. A team fronted by Principals Chip Ryan, Jim Kornick and Niel Beggy already arranged the disposition of Calverton III, while Calverton I and IV are under contract…

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The company has been appointed property and asset manager of six properties in four states: a retail center and five medical office buildings operated by Fresenius Medical Care.

National Asset Services has been appointed property and asset manager of six health care and retail properties in four states. Properties include Sherwood Village shopping center in San Angelo, Texas, and five newly built medical office buildings in Texas, Pennsylvania, Ohio and Massachusetts. With the latest additions, the company’s portfolio now includes more than 70 properties nationwide…

National Asset Services Adds 6 Properties to Retail, MOB Portfolio

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The owner has repositioned and modernized Rosewood Commons, taking it from 10 percent leased at purchase to 95 percent leased now.

Nearly three years after it acquired the five-building, 863,000-square-foot, Class A office complex in Pleasanton, Calif., Swift Real Estate Partners has refinanced Rosewood Commons with a $152 million loan from a domestic bank secured by the CBRE Capital Markets’ Debt & Structured Finance team.

Formerly known as California Center, Swift has repositioned and modernized the East Bay property taking it from about 10 percent leased at purchase to approximately 95 percent leased now…

CBRE Secures $152M Bay Area Office Refi

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JLL brokered the sale of a 45,111-square-foot office park in Fort Worth, Texas, as well as the 2.6 acres on which it is situated, to 3700 Hulen LLC, on behalf of Chemical Management Co. Inc. The property once served as the headquarters for a mineral and lime producing company.

JLL, on behalf of Chemical Management Co. Inc., completed the sale of a five-building, 45,111-square-foot office park in Fort Worth’s West/Southwest submarket. The buyer, 3700 Hulen LLC, also bought the 2.6 acres on which the property is situated. JLL Managing Director Pat McDowell and Vice President Matt Montague led the sales team…

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Designed by architectural firm Bjarke Ingels Group, The Eleventh will consist of two towers appearing to be in a semi-twist, on the verge of wrapping around each other.

HFZ Capital Group has everything it needs to keep moving forward with the development of The Eleventh, a 900,000-square-foot luxury mixed-use destination that will take its place on the skyline of West Chelsea in downtown Manhattan. The real estate development and investment company just landed construction financing for the roughly $2 billion project. An article in The Real Deal identified the lender as the U.K.’s Children’s Investment Fund, and put the loan amount at $1.25 billion.

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The Class A property is situated on the campus of University of Maryland St. Joseph Medical Center and offers medical office spaces ranging from 1,000 to 6,200 square feet.

MacKenzie Commercial Real Estate Services LLC is spearheading leasing efforts for The O’Dea Medical Arts Building, a Class A medical office building, situated on the campus of University of Maryland St. Joseph Medical Center (UM SJMC) in Towson, Md. MacKenzie’s Joe Bradley, Matt Mueller, Meghan Roy and Henson Ford will represent the owner in securing tenants.

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Global Atlantic Financial Group relocated its regional offices to mixed-use development Boston Landing, bringing one of its Class A office buildings to full occupancy.

Owner and developer NB Development Group LLC inked a 46,290-square-foot lease at 20 Guest St., within its 15-acre mixed-use development Boston Landing in Brighton, Mass. The tenant, Global Atlantic Financial Group, will occupy the entire ninth and tenth floors, moving out of its offices at 132 Turnpike Road in Southborough, Mass. Transwestern Consulting Group’s Steve Purpura, Eric Smith, Tim Lahey and Perry Beal acted on behalf of the owner, joining efforts with NB Development Group’s Jim Halliday and Erin Harvey…

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Amazonica, The House of Findings and Wynwood Shades are the latest confirmed additions to Upper Buena Vista, a mixed-use development located north of Miami’s Design District and Buena Vista neighborhoods, which is slated to open this summer.

Upper Buena Vista, a mixed-use development north of Miami’s Design District and Buena Vista neighborhoods, has expanded its tenant roster by welcoming three new retailers. The confirmed additions are Amazonica, The House of Findings and Wynwood Shades…

Tenants Announced for Miami Mixed-Use Development

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The company chose a new flagship location in the Brickell corridor, appointing Managing Broker Martha Pomares as office lead.

Douglas Elliman expanded its Florida presence by opening a new flagship office at 801 Brickell Ave., a 415,150-square-foot, Class A office tower in Miami’s Financial District. The company is relocating from its previous office at 1200 Brickell Bay Drive.

The firm’s new Brickell office will be led by Managing Broker Martha Pomares, a veteran real estate agent who joined Douglas Elliman in 2016. Additionally, the office will showcase area developments along with a portfolio of properties for sale throughout South Florida. Douglas Elliman marked its continued growth and recent expansions into Bay Harbor, Jupiter and Delray Beach with a grand opening celebration in April. The company employs nearly 1,000 agents throughout Florida…

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A partnership between American Realty Advisors, a California institutional capital management firm, and Stonemar Properties, a New York investment firm, acquired Ballantyne Village, a 171,559-square-foot mixed-use retail entertainment property in Charlotte, N.C. The asset traded for $43.2 million, according to Mecklenburg County real estate records. Rob Carter, David Webb, Rad von Werssowetz, and Alex Quarrier of Berkeley Capital Advisors worked on behalf of the seller, MV Ballantyne Village LLC, which purchased the asset for $26 million back in 2013.

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Development of Ironside Newark is expected to last about 18 months, with opening targeted for fall 2018. Perkins Eastman is the architect, and Hollister Construction the construction manager.

A downtown Newark, N.J., warehouse is being transformed into a $75 million, 465,000-square-foot mixed-use project by Edison Properties that will feature six floors of loft-style and penthouse offices along with two floors of retail and restaurant space.

Ironside Newark, which will front on the newly announced Mulberry Commons Park, will have a rooftop space that will offer views of Newark and Manhattan. Construction on the building is expected to last about 18 months and opening is scheduled for Fall 2018. It will offer the first speculative office space in Newark in at least 30 years, according to Bloomberg….

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Insurance company First American Title Co. signed a 10-year, 17,984-square-foot lease at 110 E. 42nd St., in Manhattan’s Murray Hill neighborhood. The firm will occupy the entire 10th floor. The owner, a partnership between SL Green Realty Corp. and luxury restaurants brand Cipriani, was represented in-house by Howard Tenenbaum and Gary Rosen, while Newmark Grubb Knight Frank’s Robin Fisher and Christie Bennett represented the tenant, which will relocate from 44 Wall St. While First American moves in, another financial tenant is about to leave.

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Weber Thompson is serving as architect of Arrivé. The tower is scheduled to be delivered in the first quarter of 2019.

The development team of the Molasky Group and Binjiang Tower Corp. are rebranding Potala Tower, a 41-story mixed-use tower under construction in downtown Seattle, to Arrivé.

“Frankly, the original brand was heavily influenced by Tibetan culture and that is not the direction this ownership group wants to take,” Mike Doran, vice president of development and construction of Molasky Group of Cos., told Commercial Property Executive. “We want to create a hotel and a rental product that is upscale and appealing across many demographics and cultures.”

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Faris Lee Investments has arranged the sale of Gateway Center, an 89,625-square-foot property that was 95 percent leased at the time of the transaction.

Faris Lee Investments has arranged the $24.8 million sale of Gateway Center, an 89,625-square-foot retail center in Escondido, Calif. The company represented both the seller, a partnership led by GDA Real Estate Services, and the buyer, a San Diego County-based private investor. The transaction closed at a 6.5 percent cap rate.

“The seller felt it was an ideal time in the property’s investment cycle to exit the asset and achieve its return objectives,” said Faris Lee Investments’ Rick Chichester in prepared remarks

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The firm plans to keep up the pace; the brand will open a total of 44 properties this year. Currently, there are more than 170 Ascend lodging destinations operating across the globe.

Ascend Hotel Collection, launched in 2008 by Choice Hotels International as the first major soft brand collection in the U.S., recently experienced quite a growth spurt. In April, six properties joined the collection, adding more than 500 guestrooms across the country.

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The life insurance company opened its Charlotte office in 2013 and has since decided to double its local presence by adding 550 jobs.

AXA Equitable Life Insurance Company is expanding its Mecklenburg County operations in Innovation Park, a 200-acre office campus in Charlotte, N.C. The company plans to invest approximately $18 million and add 550 new jobs during the next five years.

AXA opened its Life Operations headquarters at 8501 IBM Drive in Innovation Park in 2013, setting a new standard as a more open and collaborative environment. By expanding its operations, AXA’s Charlotte office will become the company’s largest U.S. location, while the U.S. corporate headquarters will remain in New York…

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JLL has been selected to lead leasing and marketing efforts for the 120,000-square-foot building, which is scheduled for completion by next year. The tower is estimated to cost about $40 million.

The University of Delaware’s Science, Technology and Advanced Research (STAR) Campus in Newark, Del., is getting a Class A office building and JLL has been awarded the listing to lead leasing and marketing efforts for the 120,000-square-foot tower and future facilities on a 16-acre site at the campus.

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May
10

Gilbane Opens New Tampa Office

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The new location will serve as Gilbane Building Co.’s seventh Florida office and allows the company to better serve clients and partners.

Gilbane Building Co. opened a new office at 100 South Ashley Drive, a Class A office tower in downtown Tampa, Fla. Tim Hensey, vice president of Gilbane’s Southwest Florida region, will lead the new Tampa office. This marks Gilbane’s seventh office in Florida, joining the company’s Sarasota, Fort Myers, Jacksonville, Orlando, Gainsville and Jupiter, Fla. locations.

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Transwestern handled the sale of a 27,500-square-foot office/flex building located in Rockville, Md. The building last traded in 2000 for $4.3 million.

Jarher Investments LLC acquired Piccard Drive Health Center, an office/ flex building located at 1335 Piccard Drive in Rockville, Md. for $4.2 million. Transwestern Senior Vice Presidents Guy Copperthite and Jim Darby acted on behalf of the seller, 1335 Piccard LLC, an entity affiliated with Well Stone Corp., public records show. According to PropertyShark, the building last traded in 2000 for $4.3 million.

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ScanlanKemperBard and Artemis Real Estate Partners acquired an 86,445-square-foot retail portfolio in the city’s Pearl District from Hoyt Street Properties. The properties are currently 94 percent leased.

ScanlanKemperBard (SKB), in a joint venture with Artemis Real Estate Partners acquired a nine-property, ground-floor retail portfolio located in Portland, Ore.’s Pearl District. Hoyt Street Properties was the seller.

The Pearl District portfolio comprises 86,445 square feet of retail condominiums in nine separate but adjoining blocks, which are 94 percent leased. The properties include Park Place, The Lexis, Bridgeport, The Streetcar Lofts, The Metropolitan, The Encore, Riverstone, Tanner Place and The Pinnacle…

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Cushman & Wakefield’s advisory team facilitated the disposition of Seminole Springs Office Center, which was 65 percent leased at the time of the sale.

Cushman & Wakefield has completed the sale of Seminole Springs Office Center, a 32,975-square-foot office building in suburban Orlando, in a $4.1 million transaction.

Managing Director Damien Madsen and Senior Associate Tommy Pinel worked on behalf of the seller, Springs Equity Ltd. Seminole Springs Office Center LLC acquired the property, paying approximately $124.34 per square foot. According to public records, First Colony Bank of Florida provided $3.1 million in acquisition financing to facilitate the deal. The deal did not include 50 percent of the underlying land, subject to a ground lease and valued at $1.05 million.

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  • Says GSEs hold or guarantee 44 percent of multifamily loans
  • Reducing GSE holdings could leave ‘significant imprint’

Plans by Republican lawmakers and the Trump administration to reform government-backed mortgage companies could lead to a “significant shock” to the market for multi-family commercial real estate, said Federal Reserve Bank of Boston President Eric Rosengren.

“Policy makers looking to reform the GSEs might look at the GSEs’ large and growing footprint in the market and ask whether this level of government-sponsored exposure is safe, and whether that level of government support is appropriate,” Rosengren told a conference Tuesday at New York University’s Stern School of Business, referring to government-sponsored enterprises, which include Fannie Mae and Freddie Mac…

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The Pavilion, a 1.5 million-square-foot hospital rising at the site of the former Penn Tower in West Philadelphia, marks the largest development in the university’s history.

The University of Pennsylvania has broken ground on The Pavilion, a 1.5 million-square-foot hospital on the West Philadelphia campus of Penn Medicine. The $1.5 billion project, which will be erected on the site of the former Penn Tower, marks the largest capital project in Penn’s history…

Penn Medicine Kicks Off $1.5B Philly Project

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The project, located in Glasscock County, Texas, will generate 197.6 megawatts of clean energy once the first phase is finalized. Upon completion, the project will total 380 megawatts.

Tri Global Energy, an originator and developer of utility-scale wind energy projects, announced the Bearkat Wind Energy Project has reached financial close and begun construction. Bearkat will be developed in phases, with the first one slated to bring online 197.6 megawatts of clean energy. Upon completion, the wind farm will total 380 megawatts.

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After rebranding and redeveloping the former Hoffmann-La Roche North American headquarters campus as ON3, Prism Capital Partners gave the green light for leasing the two office buildings in Clifton, N.J.

Real estate developer Prism Capital Partners has selected Cushman & Wakefield to market and lease its latest historic redevelopment, ON3. The 116-acre campus is bordered by Nutley and Clifton, N.J., and last traded in 2016, when the Swiss multinational health care company Hoffman-La Roche decided to close its doors, after 80 years of activity within the community. The Cushman & Wakefield team handling the assignment will be Vice Chairman Robert Rudin, Senior Director Bill Brown and Associate Director Josh Cohen…

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May
08

Details Revealed for Obama Center

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The development, which has an estimated cost of roughly $1.5 billion, will be a three-building public destination featuring the Museum, the Forum and the Library.

More details emerged on plans for the Obama Presidential Center, which will sprout up on approximately 21 acres in the historic Jackson Park on the South Side of Chicago. Members of the Obama Foundation unveiled the conceptual vision and site map of the 200,000 to 225,000-square-foot project at a recent event hosted by President and Mrs. Obama.

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