Wednesday, July 22, 2015

American Realty Advisors Acquires 2201 Westlake Office Building in Seattle’s South Lake Union Neighborhood

SEATTLE, WA – American Realty Advisors and Vulcan Real Estate announced Vulcan’s sale of 2201 Westlake Avenue, a fully-leased best-of-class office/retail property in the heart of South Lake Union, to American.

 The building is currently leased to high-profile office and retail tenants, including Amazon and global health innovator, PATH. 

Located at the corner of Westlake Avenue and Denny Way, 2201 Westlake is a 12-story 317,000 square-foot LEED Gold certified high-rise building developed by Vulcan in 2009.

“Opportunities to acquire a newly-constructed building with high-quality tenants at a ‘Main and Main’ location are rare,” said Drew Hess, Senior Director, Investment Group for American.

“This purchase secures a fully-leased Class A asset at an ideal location and still offers strong rental growth opportunities beyond an attractive risk-adjusted return.”

“Overall, this type of property checks off all of the boxes: great urban location, great tenants, and new high-quality construction and amenities,” said Hess.

Drew Hess
“We were very pleased by the broad interest we received from institutional investors,” said Ada M. Healey, Vice President of Real Estate for Vulcan Inc.

 “The pricing reflects both the exceptional quality of the asset and the highly-desirable characteristics of the Seattle office market.” 
In the last decade, more than $6 billion in public infrastructure and private development has been invested into the South Lake Union neighborhood, driving significant growth for Seattle. 

As a result, the area has become one of the West Coast’s top-tier locations for leading firms in global health and technology.

CBRE handled the transaction with a team led by Kevin Shannon and supported by the local CBRE office.

For a complete copy of the company’s news release, please contact:

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Lincoln Harris Brokers Two Leases Totaling 62,075 SF at Capitol Towers in Charlotte, NC

Campbell Walker
CHARLOTTE, NC (July 22, 2015) — Campbell Walker of Lincoln Harris’ Charlotte office has arranged two leases totaling 62,075 square feet at Capitol Towers – South Tower, located at 4350 Congress St. in Charlotte. 

Walker represented the landlord, Capitol Towers LLC, in the transactions. Details are below:

·      Sterling Capital Management LLC signed a 22,075-square-foot lease, and Jim Thorp of JLL represented the tenant in the transaction.

The company provides management services to a diverse group of clients including mutual funds, corporate, public, healthcare, endowment and foundation, insurance, high-net worth and other managed investment pools. The company is independently managed, but is backed by BB&T Corp. 

·      Dixon Hughes Goodman LLP, an accounting firm, signed a 40,000-square-foot lease, and Barney Earles of CB Richard Ellis represented the tenant in the transaction.

Barney Earles
Phase I of the project is scheduled for completion in early August, and will include the 236,250-square-foot South Tower, parking deck and approximately 25,000 square feet of retail space.

“Capitol Towers will offer Class A office space and high-end amenities unlike anything currently existing in the Charlotte market,” Walker said. 

“SouthPark has been lacking availability of this kind of office product, and we are proud to offer the custom floor plans and energy-efficient space today’s tenants are seeking.”

For a complete copy of the company’s news release, please contact:

Savannah Duncan
The Wilbert Group
404-343-0879 (O) 404-901-4433 (C)


Lincoln Property Co. Signs Phoenix Children’s to Biltmore Commerce Center Bringing landmark Camelback Corridor project to 96 percent leased

Alisa Timm
 PHOENIX, AZ, July 22, 2015 – Phoenix Children’s Hospital has committed to a 27,265-square-foot office lease at Biltmore Commerce Center, a Class A Camelback Corridor office building that was purchased just months ago by office investment and management expert Lincoln Property Company (LPC) and a fund managed by Oaktree Capital Management, L.P. (Oaktree).

The company will move into Biltmore Commerce Center next month, bringing the project to 96 percent occupied.

The is the first lease new deal signed by the building ownership, which purchased Biltmore Commerce Center as part of more than $165 million in Phoenix-area investment activity in the early months of 2015.

“PCH was looking for a location close to its main hospital that could provide office-specific space for its growing administrative and executive functions. With its location and efficiencies, Biltmore Commerce Center fit that bill precisely,” said Lincoln Property Company’s Vice President Amr Ceran. “We are very pleased to welcome PCH to our tenant mix, and look forward to putting this project’s full advantages to work for them.”

Amr Ceran
Under the lease, Phoenix Children’s Hospital will ultimately occupy 27,265 square feet of space – a full wing on the project’s second floor. They will use the space for executive offices and for administrative functions including human resources and accounting.

Scott Maxwell of CRESA represented Phoenix Children’s Hospital in the lease negotiations. Lee & Associates’ Bill Blake, Craig Coppola, Andrew Cheney and Colton Trauter represented the landlord.
“This is a true landmark Phoenix property, with the full support of LPC’s more than 50 years of asset and project management expertise behind it,” said LPC Director of Management Services Alisa Timm, who directs the project’s property management strategy. 

“Amenities like the central atrium and high-tech touches give it the power to remain at the top of the market.”

  For additional leasing information or to discuss investment opportunities, please contact David Krumwiede or Amr Ceran at (602) 912-8888.

For a complete copy of the company’s news release, please contact:

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

WNC Closes $75 Million California Fund

Michael Gaber
 IRVINE, CA,  July 22, 2015 – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund X California Series 13, LP (WNC Cal 13), a $75 million institutional low-income housing tax credit (LIHTC) fund.

The fund, which includes seven investors, will acquire nine properties in California.  

“The closing of the most recent WNC California Series fund is a testament to our experience in the LIHTC market and our dedication to providing affordable housing to the state’s low income seniors and families,” said WNC Executive Vice President and Chief Operating  Officer Michael Gaber

“We have participated in this market for more than 40 years, and in that time, we have learned a great deal about how to successfully navigate and effectively structure low-income housing tax credits, and with more than 80 percent repeat clientele from our WNC Cal 13 development and investment partners, our commitment speaks for itself.” 

With the closing of Corp 40 in the spring and this closing of WNC Cal 13, WNC’s cumulative portfolio value has now surpassed the $7 billion benchmark.

For a complete copy of the company’s news release, please contact:

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703 – direct

The former Zadok Art Gallery in Mixed-use Building in Miami’s Wynwood neighborhood sells for $10.8M

Achikam Yogev
MIAMI, FL (July 22, 2015) – A mixed-use building in Miami’s Wynwood neighborhood – known for its arts scene and as one of the hottest neighborhoods in the Southeast – has sold for $10.8 million. 

The 18,870-square-foot building, which also has an adjacent parking lot, sold for $572 per square foot.

The buyer, Badjer, LLC, was represented by Michael Tobin, Partner in Rothman & Tobin PA., which plans to lease the currently vacant building for retail.

The seller, Zadok Real Estate Holding, was represented by Ivo Tsinev, Associate Vice President, and Achikam Yogev, Senior Vice President with Colliers International South Florida.

The two-story Class A building, built in 1950, previously housed the Zadok Art Gallery. The first floor is currently arranged for retail or a showroom, while the second floor is set up as office space.

Ivo Tsinev
Located at 2534 N. Miami Ave, minutes from the design and arts district, the building recently underwent a multi-million-dollar renovation.

“Wynwood originally began as a warehouse and manufacturing district, and is now a popular arts destination,” said Colliers’ Yogev. 

“Retailers are aggressively pursuing locations in Wynwood, causing it to become a rapidly developing area that’s gaining strength in the retail market.”

This sale supports the strength in Miami’s overall retail market, which improved to a 3.2 percent vacancy rate for the second quarter of 2015. Average retail rental rates per square foot totaled $29.11 in Miami for Q2, significantly higher than Broward County at $19.09 or Palm Beach at $17.81.

The Wynwood Arts District is home to over 70 art galleries, retail stores, antique shops, eclectic bars, and is famous for having the largest permanent outdoor mural exhibits in the world, called Wynwood Walls.
For a complete copy of the company’s news release, please contact:

Leah Saunders 
Senior Account Executive
B2 Communications
p 727.895.5030 x104 | c 813.924.0367