Archive for Commercial Real Estate

Related Cos. selected the global engineering firm to take on the role of general contractor for The Grand, a transit-oriented development, which will include retail, a movie theater and a 314-key hotel.

Related Cos. just took a big step toward the realization of The Grand, a mixed-use project in downtown Los Angeles. The real estate firm recently tapped fully integrated global engineering company AECOM to serve as construction manager for the $1 billion transit-oriented development.

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A new report from JLL and The Business of Cities expands previous categories into 10 groups, all with common paths, challenges and imperatives.
A new report from JLL and The Business of Cities, a London-based intelligence and strategy firm, encourages the global real estate market to rethink how it evaluates the world’s cities’ strengths and opportunities for investors, developers and corporate occupiers. The 25-page report, World Cities: Mapping the Pathways to Success, expands previous categories of Established World Cities, New World Cities and Emerging World Cities into 10 groups that each has common paths, challenges and imperatives…
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China’s Communist leadership has tightened the regulatory screws on some of the nation’s largest, private-sector conglomerates in the name of financial stability…

How China’s Crackdown on Conglomerates Is Hitting Their Assets

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The world’s largest hotel company signed contracts for a record 55,000 guestrooms in markets outside North America, mostly targeting Europe and Asia.

This past year was a record-setting one for Marriott International, which is expanding globally, especially in Europe and Asia, at a furious clip. 2017 was Marriott’s most successful year for signing development contracts outside North America.

At year’s end 2017, the company operated or franchised more than 6,500 hotels worldwide and more than 1.25 million guestrooms, a third of which are outside North America.

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Robby Perrino will be leading an expanding team currently consisting of nine professionals in four Northern California offices including San Francisco, San Mateo, Santa Clara and Sacramento.

Robby Perrino is NKF’s new senior managing director and market leader for the firm’s Valuation & Advisory Group practice in Northern California. In his new role, Perrino will be responsible for growing the company’s current client relationships, driving new business development and recruiting top valuation and consulting professionals. He will be leading an expanding team currently consisting of nine professionals in four Northern California offices including San Francisco, San Mateo, Santa Clara and Sacramento.

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Equity Office, owner of the renowned Willis Tower, has selected technology firm Entic to help incorporate tools and practices at the 4.5 million-square-foot mixed-use office high-rise, which ranks as the tallest in the Windy City.
Chicago’s 4.5 million-square-foot Willis Tower is undergoing a transformation, and Entic will play a notable part in the massive undertaking. The technology company has been tapped by Equity Office, owner of the iconic mixed-use office property, to arrange increased operational efficiency and utility savings at the 1,450-foot tall skyscraper, also known as the tallest building in the Windy City…
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Jan
23

St. John Properties Assigns New CFO

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Lori Rice has been with St. John Properties for more than 17 years and is recognized by her peers as a strong leader and problem-solver. As CFO, she will oversee all of the company’s financial planning initiatives.
St. John Properties has promoted Lori Rice to the position of chief financial officer. She will handle the firm’s financial strategies going forward and collaborate with financial institutions and other investment partners…
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Jan
23

M&M Skyler Cooper Moves to Denver

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Prior to joining Marcus & Millichap’s team in 2012, Cooper served as regional sales manager at Marriott International. He specializes in investment sales, focusing on hotel assets.

Vice President Skyler Cooper of Marcus & Millichap’s Houston office has transferred to the company’s Denver office. He specializes in investment sales, primarily focusing on the acquisition and dispositions of hotel assets.

Prior to joining Marcus & Millichap’s team, Cooper served as an associate at Marriott International for more than six years before he was promoted as regional sales manager in Bethesda, Md., where he managed sales operations for more than 12 service hotels including the JW Marriott Washington, D.C., the Washington Marriott Wardman Park and The Mayflower Renaissance Hotel…

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A private investor acquired Nacogdoches Crossing, a roughly 22,500-square-foot neighborhood shopping center, located on the northeastern outskirts of the San Antonio.

Santikos Real Estate Services has sold Nacogdoches Crossing, a 22,434-square-foot neighborhood shopping center in San Antonio. A private investor acquired the asset, while HFF’s team of Managing Director John Taylor and Director Drew Fuller, represented the seller.

“Nacogdoches Crossing garnered significant interest from local and national investors due to the value-add nature of the asset, future development potential and Walmart shadow anchor,” said Taylor, in prepared remarks…

HFF Brokers Sale of San Antonio Retail Asset

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PCCP LLC has provided a $29.1 million senior loan for the purchase of a nearly 89,000-square-foot, eight-story office building near the LAX Airport.

A joint venture of Stanton Road Capital and Second City Real has acquired an eight-story office building in El Segundo, Calif., for $35.5 million. PCCP LLC provided a $29.1 million senior loan for the transaction, with David Milestone and Brett Green of NKF Capital Markets arranging the financing. According to Yardi Matrix data, the previous owner purchased the asset in 2011 for $23.9 million.

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Michael Mele and Luke Elliott, both investment specialists, brokered the sale on behalf of the seller, a limited liability company, and procured the buyer, a private investor.

Marcus & Millichap has arranged the sale of Extra Secure Self Storage, a 76,236-square-foot self-storage facility in Pompano Beach, Fla. The company marketed the property on behalf of the seller, a limited liability company and procured the buyer, a private investor under the name Value Store It.

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Uline has fully leased the recently completed, spec industrial property in southeastern Wisconsin for an initial term of five years.

Uline has signed a five-year, full-building industrial lease totaling 417,384 square feet for CenterPoint Properties’ newest asset in the 2,391-acre LakeView Corporate Park in Pleasant Prairie, Wis. This lease marks the third building in the park Uline occupies. CenterPoint broke ground on the speculative development last summer, and construction finished late last year.

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The acquired portion of Riverside Centre in St. Augustine, currently leased to Hobby Lobby and Sherwin Williams, contains approximately 62,000 square feet.

Peter Sleiman Development Group has acquired a 62,000-square-foot part of the Riverside Centre in St. Augustine, Fla. The previous owner, a partnership of RCG Ventures and DRA Advisors, sold the space for $6.7 million, according to public records. The sale price marks a slight uptick in value compared with the joint venture’s acquisition of the property in 2015 for $6.6 million. Directors Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller in the transaction. The new owner funded the acquisition with a $4.6 million mortgage, held by Synovus Bank, per St. Johns County records.

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Jan
22

Montage to Open Wine Country Hotel

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The Montage Healdsburg, set to begin construction this spring, will feature 130 guestrooms on more than 200 acres of land.
Montage Hotels & Resorts has unveiled plans for its first hotel in Northern California’s wine country. Owned by Ohana Real Estate Investors, the 130-key resort is anticipated to break ground this spring with a tentative opening date set for spring of 2020. The Robert Green Co. will serve as the developer for the project, with GlazierLe, Delawie and EDG handling the architectural and design aspects of the development…
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Jumbo Capital and Sound Mark Partners have teamed up for the acquisition of Stony Brook Office Park, four interconnected buildings totaling 270,196 square feet in Waltham, Mass.
A joint venture between Jumbo Capital and Sound Mark Partners has acquired Stony Brook Office Park, four interconnected buildings totaling 270,196 square feet of institutional-quality office space in Waltham, Mass., from Clarion Partners, for $80 million…
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Built in 2008, Medical Pavilion South is a four-story health-care facility located on the campus of Franciscan Health Dyer Hospital.

Montecito Medical Real Estate has acquired a 63,486-square-foot medical office building in Dyer, Ind., on the campus of Franciscan Health Dyer Hospital, one of the largest acute-care hospitals in Northwest Indiana. The health system includes 14 hospitals with more than 18,000 employees. Built in 2008, Medical Pavilion South is a four-story health-care facility. According to Montecito Medical, the property is 92 percent leased.

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  • City-state’s office rents set to climb 25% in next two years
  • Tokyo only Asian city where rents will decline, Cushman says

Singapore office rents are set to post the biggest gains among Asian cities as an increase in demand runs into moderating supply, according to Cushman & Wakefield Inc…

Singapore Office Rents to Rise the Most in Asia

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The deals include two leases and one sale in Chicago’s East-West corridor, totaling more than 100,000 square feet in three different suburbs.

NAI Hiffman has closed three different suburban office transactions outside Chicago. The first involved the $3.6 million sale of an office building in Lombard, Ill. The other two deals were leases, one for Joseph T. Ryerson & Son Inc.’s single-tenant lease in Lisle, Ill., and the other a new lease for LexRay in Downers Grove, Ill.

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Secured by assets across several states, the previous mortgage loan had an outstanding balance of roughly $377 million and was due to mature in 2020.

For the third time in three months, Ashford Hospitality Trust Inc. has refinanced a mortgage loan. In the latest transaction, the Dallas-based REIT refinanced a mortgage loan that had an outstanding balance of approximately $377 million and was secured by eight hotels.

The original loan was part of the BAML 1 & 2 Pool loan with a maturity date of January 2020. The REIT said the new loan totals $395 million and should result in annual interest savings of about $6.5 million…

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As negotiations for Brexit unfold between the U.K. and the European Union, and many arrangements are still in limbo, several European capitals have emerged as contenders in the race for the next financial centers of the E.U.
The U.K. has formally commenced the process of leaving the European Union. Following preliminary talks—between March and October 2017—officials moved on to key negotiations in late 2017 and early 2018 regarding future trade arrangements and the actual implementation phase, which may take place as late as 2021. The longer it takes representatives to reach an agreement on these issues, the more uncertainty it creates for the U.K.’s economy…
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The modern, three-story asset is located in Decatur and was bought by a private California investor through a 1031 exchange.

Marcus & Millichap has facilitated the sale of Mutual of Omaha, a 19,330-square-foot office property located in Decatur, Ill. The company marketed the listing on behalf of the seller, a limited liability company, and procured as well as represented the buyer, a private California investor. The transaction was part of a 1031 exchange.

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The company has purchased a Devon Self Storage asset, located in Gainesville, Fla. This acquisition marks the sixth Personal Mini Storage in the area.

Personal Mini Storage has purchased, Devon Self Storage, an 897-unit, Class A self-storage facility in Gainesville, Fla. The acquisition marks the company’s sixth asset in the Gainesville market. The facility will be rebranded as Personal Mini Storage.

At 8825 N.W. 13th St., the asset sits on a major street that connects to Interstate 75. Downtown Gainesville is within 15 minutes of the property. The area is surrounded with many apartment communities, which are 91 percent occupied. This year, the city’s population is expected to increase by 2.7 percent…

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The 20,045-square-foot space is part of Tri-Atria Office Building, a two-story property located in Farmington Hills, Mich., and managed by Sterling Group.

Friedman Integrated Real Estate Solutions has negotiated a 20,045-square-foot lease for Meritus Property Management. The space is located within the Tri-Atria Office Building in Farmington Hills, Mich. Jordan Friedman, an associate broker with the company, negotiated the agreement on behalf of the tenant.

The Tri-Atria Office Building is located at 32255 Northwestern Highway and is owned and managed by Sterling Group, according to Yardi Matrix data. The company in charge of leasing is Signature Associates…

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  • Sale to close this month, adding capital of 410 billion yen
  • Toshiba expects to resolve negative shareholder equity

Toshiba Corp. has agreed to sell claims in its Westinghouse U.S. nuclear unit to bolster its capital by 410 billion yen ($3.68 billion) by March, helping it to erase negative shareholder equity and avoid being delisted…

Toshiba Agrees to Sell Westinghouse Assets, Boosting Capital

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L&L Holding Co. founders David Levinson and Robert Lapidus will share ownership with MaryAnne Gilmartin in the joint venture and assist in the sourcing, financing and implementation of major ground-up projects.

After 23 years at Forest City New York including a nearly five-year run as president & CEO, MaryAnne Gilmartin knew that when she left, her next move “really needed to be big, bold, and audacious.”

“I needed to get it right,” she told Commercial Property Executiveas she discussed the launch of L&L MAG, a new company formed with L&L Holding Co. founders David Levinson and Robert Lapidus that will pursue major ground-up development projects in New York City. The company will have space at 594 Dean St. in Brooklyn and L&L’s 142 W. 57th St. offices…

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The sector is picking up, fueled by recovering office-using industries, growing demographics and increasing leasing activity, Yardi Matrix data shows.
Sacramento’s office market is picking up, fueled by a recovering office-using employment sector, growing demographics and increasing leasing activity. Demand is bolstered primarily by public initiatives—such as the Mayor’s Office for Innovation and Entrepreneurship’s multimillion-dollar programs—that aim to transform the metro into a startup- and entrepreneur-friendly market…
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Mike Garlick is now in charge of the Phoenix office’s overall strategy. He holds over two decades of experience in commercial real estate and has a good connection with the Phoenix brokerage community.

Newmark Knight Frank has hired a new market leader for its Phoenix office. Michael Garlick will take on the role of executive managing director, replacing Pete Bolton in overseeing office and brokerage operations, as well as growth initiatives in the Phoenix metropolitan area.

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Led by technology, telecommunications and energy, businesses are expanding across the metro, intensifying competition for office space in both the CBD and the suburbs.
On the back of robust economic growth, Denver’s office market is expanding significantly. Businesses—led by the technology, telecommunications and energy sectors—are expanding in or relocating to the city, creating competition for space in the Central Business District (CBD) and suburbs such as Boulder and Centennial. To keep the momentum going, the metro is improving its infrastructure with public parking and transportation, boosting the live-work-play environment…
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The portfolio includes two properties serving the University of North Carolina, Charlotte. The acquisition was funded with a 10-year mortgage.

The Preiss Co., in partnership with a fund managed by Crow Holdings Capital, has purchased a student housing portfolio containing 1,180 beds. Recently, Crow Holdings teamed up with Trammel Crow to acquire a 1.3 million-square-foot office complexin Washington, D.C.

The assets, 49 North and University Village, are both located in Charlotte, N.C., near the University of North Carolina, Charlotte. The acquisition was financed through a 10-year, variable interest rate mortgage provided by CBRE through Freddie Mac. The financing will additionally fund renovation work on the two properties’ units and amenities…

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Divaris Real Estate’s Charlotte office negotiated six transactions, including the $800,000 sale of a former furniture store in Columbia, S.C.

Divaris Real Estate has signed new tenants, renewed leases and negotiated a sale, in the Charlotte-Raleigh metropolitan areas. The recently-closed transactions total 43,628 square feet in North and South Carolina.

DRE’s Charlotte office brokered the $850,000 sale of a former furniture store located at 7515 Two Notch Road, in Columbia, S.C. The asset boasts good access to major thoroughfares, with frontage on Route 1, while interstates 77 and 20 are within minutes of the property. Multiple restaurants, retailers and apartment communities are situated in the vicinity. Diana Teitsma, senior vice president at DRE, represented the seller, Haverty’s Furniture Co. TSN Realty LLC acquired the property…

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This acquisition marks the first purchase for the company’s Bamboo Micro Opportunity Fund I LP in Maryland Heights, and the second overall.
Bamboo Equity Partners’ Bamboo Micro Opportunity Fund I LP has acquired an office property in Maryland Heights, Mo. This acquisition marks the first purchase for the fund in Maryland Heights and the second overall.

Located at 11960 Westline Industrial Drive, the building features 93,000 square feet across three stories. Built in 1971, the asset is currently 72 percent occupied to tenants including Lindenwood University, Kantar Health and professional staffing service YOH. The company plans to attract new tenants and upgrade the property to make it more energy efficient. The building is within close proximity to interstates 270 and 70, the Page Extension, Highway 141 and Lindbergh Boulevard. The asset is also located near Westport Plaza, formerly a restaurant and entertainment spot in St. Louis County, which was revitalized and includes a new $75 million World Wide Technology headquarters…

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Jan
16

Ernst & Young Opens Hoboken Office

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The 170,000-square-foot property will house more than 1,000 employees and is part of the EY@Work initiative, focused on integration, collaboration and innovation.
Ernst & Young LLP has opened its newest office and learning center in Hoboken, N.J. The property will house more than 1,000 employees and feature technology to support high performance teaming and learning…
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Jan
16

CRE in 2018: Change Is Afoot

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The good times in the commercial real estate industry have continued to roll for more than a few years now, but something new is brewing, according to a report by commercial real estate services firm Avison Young.
With the exception of a sprinkling of uncertainty here and there, the commercial real estate industry has been riding high for the last several years, but this year, while sunny skies are still in the forecast, it won’t exactly be business as usual. According to commercial real estate services firm Avison Young’s new report, 2018 North America and Europe Commercial Real Estate Forecast, significant change is on the horizon…
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The shopping center is set in a busy retail corridor and is home to a mix of retail tenants including Quest Diagnostics and The UPS Store.

Baceline Investments has purchased Piper Plaza, a shopping center in Kansas City, Kan., for $6.3 million from McCownGordon Construction. The acquisition was partially funded by the sale of the firm’s Madison & Edgewood Shoppes in Indianapolis for $4.3 million.

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The property is located along one of the longest retail corridors in Washington, D.C. and holds further leasing potential with the possible addition of 2,018 square feet.

Greysteel has closed the sale of 7350 Georgia Ave., a mixed-use property located on the northern outskirts of Washington, D.C. The asset traded for a record price for non-development commercial real estate on Georgia Avenue in the 20012 zip code, at $333.33 per square foot.

The property is located on Georgia Avenue, one of the longest retail corridors of the city, connecting Silver Spring, Md. to downtown D.C. The asset is situated less than a half mile from the Walter Reed redevelopment project and less than a mile walk to the Red Line’s Takoma Metro Station…

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Jan
15

JV Snags IL Office Park for $129M

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Equity Office Properties Trust disposed of Central Park of Lisle I and II, an office campus in Lisle, Ill. HFF marketed the property on behalf of the seller and procured the buyer.

A joint venture between GFH Financial Group B.S.C., Lincoln Property Co. and Crestlight Capital has acquired Central Park of Lisle I and II, a Class A office property in Chicago’s suburb of Lisle, Ill. According to Yardi Matrix, the property traded for $129 million, funded by a $93.9 million loan held by Citibank. The previous owner was Equity Office Properties Trust.

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The office building, containing 100,000 square feet across two stories, was acquired by Fox Ridge Capital in December last year.

CBRE has been awarded the management contract of an asset in Boynton Beach, Fla. The 100,058-square-foot office building had recently changed hands, with Fox Ridge Capital purchasing the property from Aetna Life Insurance Co. in December 2017. Bill Davis and Cindy Hatcher will lead the team managing the building.

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Jan
15

Tenants on Property Management

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CPE and Kingsley Associates Partner to see how renters feel about how their spaces are managed.

CPE and Kingsley Associates Partner to see how renters feel about how their spaces are managed.

“The frequent changes in property managers make for poor communication and difficulty in building an excellent working relationship.” —Miami

“The property managers are very attentive to our needs and do an excellent job maintaining the building exterior and grounds, which allows us more time to focus on our customers.” —Hamilton, Ohio….

Tenants on Property Management

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The Key at 12th will contain more than 300,000 square feet of office and retail space, and is expected to be complete by late 2019.
A joint venture between Ellis Partners and Intercontinental Real Estate Corp. has begun construction on The Key at 12th, a Class A office development in Oakland, Calif. The project is planned around the city’s historic Key System Building, constructed in 1911, which will be fully renovated and integrated into the tower. Construction is expected to be complete, and the building occupied, by late 2019. The developers purchased the development site for $9.5 million in March 2017, according to public records…
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Kerry Hawkins has 18 years of experience in commercial real estate. At HFF, Hawkins will specialize in the repositioning and marketing of underperforming office assets.

Holliday Fenoglio Fowler L.P. (HFF) has hired Kerry Hawkins as senior director for its Boston office. With 18 years of experience in commercial real estate, Hawkins will be focusing on office investment advisory transactions in her new role.

In her previous position as first vice president at CBRE, Hawkins focused mainly on the repositioning and marketing of underperforming assets, representing landlords and tenants in the sale and leasing of office properties. Prior to joining CBRE, Hawkins was a senior associate for three years at the Trammel Crow Co…

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Jan
15

Sector on the Mend in Houston

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The metro’s office market has grown substantially in recent years, but faces a few challenges, such as the ongoing recovery from the drop in oil prices, a sometimes-unconstrained development pipeline, as well as the effects of Hurricane Harvey.
Houston continues to be one of the fastest-growing metros in the U.S., with a growing population and an economy that is rapidly diversifying from its reliance on energy. The metro’s office market has grown substantially in recent years, but it faces some challenges that include the ongoing recovery from the drop in oil prices, a sometimes-unconstrained development pipeline and the effects of Hurricane Harvey…
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The company has sold its current space and will move to the new office space in late summer 2018. JLL brokered both deals.

GuideStone Financial Resources has leased 115,000 square feet of office space at Pinnacle Tower in Dallas. The company has also sold its current office space, a 194,000-square-foot building at 2401 Cedar Springs Road; however, it will be leased back until the relocation can occur in late summer 2018. JLL brokered the leasing agreement as well as the sale of the firm’s current office.

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The company brokered the sale of the 31,062-square-foot space occupied by In-Shape Health Clubs. The company represented the seller, a family trust, in the transaction.

Hanley Investment Group Real Estate Advisors has arranged the sale of a 31,062-square-foot, single-tenant commercial space in Brentwood, Calif. The company worked on behalf of the seller, a family trust, whereas the buyer was self-represented in the deal. The asset is occupied by In-Shape Health Clubs, a non-national gym brand founded in 1981.

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Jan
14

Art Basel Boosts Miami Hospitality

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Founded in 1970 in Switzerland, the Modern and contemporary art fair landed in South Florida in 2002. It has improved hospitality demand, CBRE research shows, with unprecedented increases recorded in December 2017.

Art Basel, the largest global Modern and contemporary art fair, now draws an estimated 80,000 people to Miami, making it one of the major stops among art dealers around the world. Founded in 1970 in Basel, Switzerland, the fair first came to Miami Beach in 2002, attracting 160 galleries and 30,000 attendees as the event’s first international outpost.

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The law firm will add 3,000 square feet to its newly renewed lease in the city’s downtown, increasing its footprint at 5 Houston Center to nearly 80,000 square feet.
Jackson Walker has leased a total of 77,015 square feet of office space at downtown Houston’s 5 Houston Center. The lease includes a renewal of 74,094 square feet and an expansion of 2,921 square feet in the office tower. A Transwestern team led by Eric Anderson and Tyler Garrett represented the landlord, with Cushman & Wakefield’s Tim Relyea representing Jackson Walker. The property was acquired one year ago by Spear Street Capital, which purchased it along with two other Class A office assets in Houston from Columbia Property Trust for $272 million…
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Strong demand drivers, rapid technological advances and plentiful capital stimulate growth in the life sciences sector, according to CBRE’s latest 2018 outlook. But the downsides of swift growth often defy expectations.
The U.S. economy has recorded a 2.5 percent growth in 2017, while political uncertainties, the corporate tax reform and the direction of interest rates create clouds on this year’s horizon. According to CBRE’s 2018 national life sciences outlook, both tenants and investors have to be quick and determined—the economic growth entered its late stages and technology advances at an increasingly greater speed…
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The RMR Group plans to renovate the 130,000-square-foot asset’s lobby and to bring a series of new amenities in order to attract new tenants following the current occupier’s relocation.

The RMR Group has selected Avison Young to lease one of its office assets located in Washington, D.C.’s Capitol Hill submarket. A team comprising Principals Greg Tomasso and Eli Barnes and Associate Lauryn Harris will start marketing the 130,000-square-foot building after the only tenant’s relocation.

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Two tenants have already occupied a major portion of the upcoming data hall expansion. The Chicago metro features low data center vacancy rates, while more enterprises seek to migrate IT operations to specialized, purpose-built facilities.

T5 Data Centers has entered an agreement for a second pre-lease at its Phase 2 of T5@Chicago build-out. The enterprise client is an S&P 500 company which will join the first pre-leased tenant, a hospital network, at the upcoming data hall expansion.

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Available office space in midtown Manhattan in the fourth quarter remained far below the post-recession high, but that may not last long.

As buildings go up and tenants move to newer digs outside of core Midtown — the flashy Hudson Yards site on the far west side, for example, or the World Trade Center in lower Manhattan — available space could surge to 14.4 percent of the market by 2021, depending on employment, Savills Studley forecasts. That would be the highest rate since the global financial crisis…
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Frazer Capital has sold 41 Winter St., a roughly 29,000-square-foot, eight-story building anchored by Liberty Travel. The property is located in Boston’s booming Downtown Crossing district.
Gazit Horizons Inc., a subsidiary of Israel-based Gazit-Globe, has expanded its mixed-use portfolio with the acquisition of a 28,690-square-foot building in Boston’s historic Downtown Crossing neighborhood. Frazer Capital, represented by NKF Capital Markets, disposed of the asset for $24.8 million.

Located at 41 Winter St. in one of Boston’s most dynamic districts, the eight-story, 100 percent leased building includes office space and ground-floor retail. The property is anchored by Liberty Travel, which recently signed a lease…

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Two discount stores have signed leases in the Washington, D.C., and Baltimore metro areas, totaling just under 43,000 square feet.

H&R Retail, a Washington, D.C./Baltimore-based retail real estate brokerage firm, has competed two retail lease transactions in Fairfax County and Baltimore. The properties are located within significant retail centers in their suburban metro areas and total roughly 43,000 square feet.

Aldi signed a 32,014-square-foot lease at the 13031 Fair Lakes Shopping Center in Fairfax, Va., located on the western outskirts of Washington, D.C. The space was formerly occupied by a Sports Authority store. H&R represented owner Toys “R” Us, whose store is situated adjacent to the property. Aldi, a global discount supermarket chain, has more than 10,000 stores in 18 countries…

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Jan
11

OC Office Tower Trades for $120M

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NKF Capital Markets represented Ocean West Capital Partners in the sale of the Class A trophy property. The building is 99 percent occupied.

CB Global Investors has acquired 2600 Michelson, a 311,000-square-foot office tower in Irvine, Calif., from Ocean West Capital Partners. The asset traded for $120 million.

The building is situated on nearly 4.6 acres in the Greater Airport Area submarket of Orange County, just minutes away from Houston’s Restaurant, Mother’s Market, LA Fitness and Central Park West, a new mixed-use urban village and retail center that boasts more than 30 micro-restaurants, bars and stores…

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Christian Tyler Properties acquired the single-story building from a private investment partnership. UnitedHealth Group currently uses the property as a corporate call center.

Cushman & Wakefield has brokered the sale of a fully leased, 60,000-square-foot office building in Tampa, Fla. Christian Tyler Properties acquired the property for $10.5 million from 10210 Windhorst Blvd LLC, a private investment partnership. According to public records, Axiom Bank facilitated the deal by providing $7.7 million in acquisition financing.

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The HFF team of Dan Miller and Marty Hogan represented the seller, a joint venture of Fuller Realty Partners and Harbert Management Corp.

HFF has arranged the sale of a boutique office property totaling 162,188 square feet in Houston’s Galleria submarket. Woodway Office Partners LLC, a joint venture of Fuller Realty Partners and Harbert Management Corp., sold the two-building asset to a partnership led by Braun Enterprises.

DIVERSE TENANT BASE

Located at 5757 Woodway Drive, the two- and four-story property sits on a 4-acre parcel and was completed in 1977. Occupied by a diverse tenant base spanning the finance, health-care, communication, technology and education sectors, 5757 Woodway was 70 percent leased at the time of sale…

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The firm snapped up a group of 13 office buildings, situated in key suburban markets, from Piedmont Office Realty Trust.

Bridge Office Fund Manager LLC has expanded its holdings by a whopping 2.2 million square feet. The real estate investment company recently completed the acquisition of a 13-building office portfolio from Piedmont Office Realty Trust.

“These properties are directly in line with the Bridge Office urban suburban investment strategy of acquiring into the prime business centers of healthy cities around the U.S.,”Jeff Shaw, principal with Bridge Office Fund Manager LLC & CEO of Bridge Commercial Real Estate, said in a prepared statement…

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5700 49th Place in Queens has changed hands. The nearly 80,000-square-foot warehouse will benefit from a comprehensive rehabilitation program.

Seagis Property Group has expanded its New York portfolio with the acquisition of a 79,920-square-foot warehouse in the Maspeth submarket of Queens. DY Realty Services procured the buyer and will be listing the property for lease.

The asset is located at 5700 49th Place, about one mile from the Brooklyn-Queens Expressway. Manhattan is also easily accessible via the Williamsburg Bridge and the Queens-Midtown Tunnel. According to Crain’s New York Business, the warehouse was purchased from a longtime owner—the operator of a medical-supply family business—and features an on-site parking lot…

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The 342,465-square-foot property is currently 42 percent leased and is subject to a long-term ground lease owned by New York Life Insurance Co.

CBRE’s Capital Markets team has brokered the sale of the leasehold interest in a 24-story office tower and an adjacent two-story office and retail pavilion in downtown Fort Lauderdale, Fla. Facilitated by Ten-X, special servicer LNR Property Corp. sold the assets through auction to Stockbridge Capital Group in a $41.1 million deal.

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The Buccini/Pollin Group has purchased Hilton Melbourne Rialto Place in Melbourne, Fla. The recently renovated, 238-key hotel includes a business center.

The Buccini/Pollin Group (BPG) has acquired the 238-key Hilton Melbourne Rialto Place in Melbourne, Fla. PM Hotel Group, a Washington, D.C.-based hotel management company will operate the asset.

Located less than one mile from Orlando Melbourne International Airport, the property is the only full-service, first-class hotel in the mainland market. The site is also in close to the Space Coast industrial base, the beach and youth sports centers…

Hilton Melbourne Rialto Place Changes Hands in FL

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Wernli Realty Corp. sold the property for $525,000 to commercial plumbing company Frye Mechanical. The asset includes 15,000 square feet of production space and 5,000 square feet of office space.

CBRE Group has facilitated the sale of a 20,774-square-foot manufacturing building in Dayton, Ohio, for $525,000. Wernli Realty Corp. previously owned the property. CBRE’s Beau Nimer and Doug Whitten represented the buyer, Frye Mechanical, in the transaction.

Located at 1500 Humphrey Ave., the property is one minute from State Route 35 and offers convenient access to interstates 75 and 675. Featuring 15,000 square feet of production space and 5,000 square feet of office space, the building includes heavy three-phase power, 10-ton and four-ton cranes and an industrial-size gas service…

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Atlantic Credit and Finance will relocate its offices into 54,000 square feet of space on the first two floors of the building. The move will create more than 115 jobs, and follows the company’s operations expansion strategy.
Time Equities Inc. has signed a 54,000-square-foot office lease at Franklin Plaza in downtown Roanoke, Va. The tenant, Encore Capital Group-owned Atlantic Credit and Finance (ACF), will occupy space on the five-story building’s two floors.

ACF will move its offices from 3353 Orange Ave. NE, and plans to invest more than $4 million to expand its operations. The company, which is one of the city’s major employer’s, is expected to create more than 115 new jobs once the relocation is complete…

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