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AcquisitionsNevadaOfficeWestern

PBTK 95 Divests of 18,000 SF Office Building in Las Vegas

by Amy Works

LAS VEGAS — PBTK 95 has completed the disposition of a two-story office building in Las Vegas to a private buyer for $2.8 million. Travis Landes, Marc Magliarditi and Michael Hsu of CBRE represented the seller in the deal. Located at 6100 Elton Ave., the 18,000-square-foot building can accommodate a variety of layout configurations, allowing for an owner-user to occupy or a single- or multi-tenant build out. Additionally, the building offers 90 parking spaces with 38 covered, an outdoor courtyard and signage facing Interstate 95.

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DevelopmentIndustrialNew YorkNortheastOffice

BEB Capital Completes $4M Renovation of Industrial Flex Facility in Port Washington, New York

by Taylor Williams

PORT WASHINGTON, N.Y. — New York-based investment firm BEB Capital has completed the $4 million renovation of 26 Harbor Drive, a 71,164-square-foot industrial flex facility in Port Washington. TPG Architecture designed the project, which included an upgrade of infrastructural systems, a revamp of the office space, the addition of new amenities and the commissioning of a mural. BEB Capital first acquired the property, which also houses the company headquarters, in June 1994.

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Leasing ActivityNew YorkNortheastOffice

Vibrant Emotional Health Opens 59,550 SF Office in Manhattan’s Financial District

by Taylor Williams

NEW YORK CITY — Vibrant Emotional Health has opened its 59,550-square-foot office at 80 Pine Street, a 38-story, 1.2 million-square-foot building in Manhattan’s Financial District. The nonprofit provider of mental health services relocated from a 31,000-square-foot space at 50 Broadway to the entire 18th and 19th floors after inking a deal last spring. Rudin owns 80 Pine Street, which was originally constructed in 1960 and recently underwent a capital improvement program.

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Elevate-at-Dunlap-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

Maricopa County Buys 93,661 SF Elevate at Dunlap Office Building in Phoenix

by Amy Works

PHOENIX — Maricopa County has purchased Elevate at Dunlap, a four-story office building in Phoenix. D23 LLC, an Arizona limited liability company, sold the property for $11.3 million. Situated on more than six acres at 2233 W. Dunlap Ave., the 93,661-square-foot property was vacant at the time of sale.  Built in 1988 and recently renovated, the property features a two-story parking garage. Michael Kitlica, Jerry Roberts and Pat Boyle of Cushman & Wakefield Phoenix represented the seller, while Keith Lammersen of JLL represented the buyer in the deal.

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AcquisitionsFloridaMixed-UseOfficeRetailSoutheast

Cushman & Wakefield Arranges Sale of 89,883 SF Mixed-Use Center in Aventura, Florida

by John Nelson

AVENTURA, FLA. — Cushman & Wakefield has arranged the sale of Aventura Plaza, an 89,883-square-foot mixed-use center in suburban Miami. Situated along Biscayne Boulevard, the property comprises a neighborhood shopping center and a two-story office building spanning 23,554 square feet. Aventura Plaza was 92 percent leased at the time of sale to tenants including Ace Hardware and a recently opened grocery store, Plum Market, that replaced a former Office Depot. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, Aventura Plaza Partners, which has owned and operated the property for several decades. The buyer is an entity related to New York-based Elysee Investments. The sales price was not disclosed.

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DevelopmentGeorgiaOfficeSoutheastTop Stories

Intuit Opens 360,000 SF Regional Office, Mailchimp Headquarters in Atlanta

by John Nelson

ATLANTA — Intuit (NASDAQ: INTU), a global financial technology platform, has opened its 360,000-square-foot office in Atlanta’s Old Fourth Ward neighborhood. The 10-story space will serve as a hub for the company as the only Intuit office in the Southeast, as well as the corporate headquarters for Mailchimp, a locally based email marketing platform that Intuit acquired in 2021 for $5.7 billion. Atlanta-based New City Properties delivered Intuit’s new space as part of the developer’s Fourth Ward development. The office sits along the Eastside Trail of the Atlanta BeltLine, a 22-mile rail loop that connects 45 distinct neighborhoods around the city. Mailchimp was formerly headquartered in Ponce City Market, Jamestown’s massive mixed-use redevelopment that also sits on the Eastside Trail in Old Fourth Ward, two blocks away from the new office building. The new space at Fourth Ward will accommodate nearly 1,000 current Intuit employees and provide space for future growth. The office is already one of Intuit’s top five largest campuses globally. “It’s no secret that Atlanta is a bustling tech ecosystem that Mailchimp has been central to for over 20 years,” says Rania Succar, senior vice president and general manager of Intuit Mailchimp. “Our beautiful new workspace is …

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IndustrialLeasing ActivityOfficeTexas

Freedom Furniture & Design Signs 15,340 SF Lease at Industrial Flex Building in Irving

by Taylor Williams

IRVING, TEXAS — Freedom Furniture & Design has signed a 15,340-square-foot lease at Royal Jetstar Tech Center, a 92,052-square-foot industrial flex facility in Irving. The lease term is seven years, and the tenant plans to take occupancy in May. Jason Finch and Michael Spain of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Pre DFW Airport LLC, in the lease negotiations. Daniel Rudd of Avison Young represented the tenant.

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AcquisitionsNew YorkNortheastOffice

Cushman & Wakefield Brokers $27M Sale of Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has brokered the $27 million sale of a 17,185-square-foot office building located at 25 E. 22nd St. in Manhattan’s Flatiron District. Audrey Cappell, whose three nonprofit organizations previously occupied the six-story building, sold the asset to Japanese publishing and comic book company Kodansha USA. The nonprofits are relocating to a nearby property to accommodate their growth. The building also housed Nike’s New York City office in the 1990s. Craig Waggner, John Ciraulo, Jack Stephen, Carri Lyon and Mark Mandell of Cushman & Wakefield brokered the deal.

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AcquisitionsMidwestMissouriOffice

Sentinel Net Lease Sells 268,413 SF Chase Operations Center in Springfield, Missouri

by Kristin Harlow

SPRINGFIELD, MO. — Sentinel Net Lease has sold the Chase Operations Center, a 268,413-square-foot office building in Springfield, a city in southwest Missouri. The sales price was undisclosed. A local healthcare operator purchased the property. Holding the asset for less than two years, Sentinel generated an internal rate of return of 45 percent and produced a return on invested capital of 1.9 times. The sale marks one of the most profitable office transactions nationwide over the past several years, according to Sentinel. Ross Murray of R.B. Murray Co. brokered the transaction.

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IllinoisLeasing ActivityMidwestOffice

Mintel Signs 30,000 SF Office Lease in Chicago’s Central Loop

by Kristin Harlow

CHICAGO — Mintel has signed a 30,000-square-foot office lease at 203 N. LaSalle, a 27-story office tower totaling 624,724 square feet in Chicago’s Central Loop. The global market intelligence agency has relocated from its 26,000-square-foot office at 333 W. Wacker Drive in the West Loop. The Chicago office is the only address that the organization maintains in North America. Kathleen Bertrand, Eric Myers and John Nelson of Transwestern represented ownership, Sumitomo Corp. of Americas. Transwestern handles leasing and management of the building. Michelle Wiedman of Wiedman Real Estate represented Mintel.

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