SAN ANTONIO — CBRE has arranged the relocation of Vantage College’s South San Antonio campus to a 9,000-square-foot building at 1964 Southwest Military Drive. Recently rebranded from Excel Learning Center, Vantage College provides training in occupation fields such as healthcare, information technology and business, along with job placement assistance. The south campus will move from the Harlandale Building to a new location in November. Vantage College doubled the size of its Northwest campus at the end of 2013 in the Cherry Ridge Office Park. The Council on Occupational Education (COE) accredits Vantage College. Carl Salvato with CBRE’s San Antonio office represented Vantage in site selection and lease negotiations.
OVERLAND PARK, KAN. — Onward Investors has acquired Executive Centre in Overland Park for $13.2 million. The acquisition from Invesco Real Estate consists of three office buildings totaling 220,000 square feet. The buildings are currently 85 percent occupied. Tenants include UPS and Federated Insurance. The assets are located at 10881-10901 Lowell Ave. CBRE represented the seller.
BROADVIEW, ILL. — Darwin Realty has brokered the sale of three flex buildings in Broadview, a western Chicago suburb. Real Trucking, a subsidiary of Real Group LLC acquired the assets from an undisclosed seller. The facilities total 101,903 square feet. The first building is a 59,343-square-foot facility located at 2001 W. Cermak Road. This asset sold for $1.9 million. The second property is located at 2900 S. 21st Ave. and is 25,600 square feet. The building sold for $995,000 and features three drive-in doors and 18-foot clear heights. The third facility at 2100 W. 21st Street is 16,950 square feet. This asset also has three drive-in doors and 18-foot clear heights. Real Trucking paid $595,000 for the building. Dan Fanelli of Darwin represented both parties in the transaction.
PHOENIX — An affiliate of Menlo Equities LLC has purchased the remaining three buildings of Thistle Landing office park in Phoenix for an undisclosed sum. The park is located at 4801, 4805 and 4811 E. Thistle Landing Drive. Thistle Landing includes four Class A office buildings. The park was built in 1998. Menlo had previously purchased the initial building. The park is fully leased to Fiserv Inc., United Healthcare, DISH Network and OptumRx. Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield represented the seller, Torchlight Investors LLC.
Downtown Grand Rapids is booming with commercial real estate activity, and it’s coming from many directions. The combination of new residential units, restaurants, bars and a variety of entertainment options is leading people to not only live downtown, but also work and play downtown. Activity in the downtown office market — including office leases, new mixed-use construction and new retail — has increased over the last couple of years, and there is no sign of it slowing down. The overall office vacancy rate in the central business district (CBD) decreased from 9.4 percent in the first quarter to 8.25 percent in the second quarter. While Class A office space has performed well in recent quarters, there was a slight increase in the vacancy rate during the second quarter. As for Class B space, we observed a sizable decrease in the vacancy rate, from 10.1 percent in the first quarter to 8.5 percent in the second quarter. As a whole, the CBD office market experienced positive absorption of 74,293 square feet during the second quarter. Rental rates stabilized in the second quarter after increasing for the past several quarters. Meanwhile, some new construction and planned construction is hitting the market at …
ARLINGTON, TEXAS — CBRE has arranged the headquarters relocation of CareReview from Arlington Downs Tower, located at 2225 E. Randol Mill Road, to Brookhollow Two at 2221 E. Lamar Blvd. in Arlington. The third-party insurance review company’s new headquarters spans 10,695 square feet and will more than double its current space. Richmond Collinsworth of Bradford Cos. represented the tenant, and Bryan Graham of CBRE represented the landlord, Brookhollow II Holdings.
NEW YORK CITY — On behalf of a New York City-based sponsor, David Hayum of Meridian Capital Group has negotiated $130 million in permanent financing to refinance two office properties located in Midtown Manhattan. A regional balance sheet lender provided the $130 million, seven-year financing package, which features an interest rate of 3.88 percent. The properties are located at 15 West 47th Street and 22 West 48th Street, just south of Rockefeller Center in Midtown Manhattan, and are encumbered by a $75 million mortgage and a $55 million mortgage, respectively. 15 West 47th Street is a premier diamond exchange building, and both properties have a concentration of diamond and jewelry manufacturers, wholesalers and retailers.
COLUMBUS, IND. AND MAPLE GROVE, MINN. — Associated Bank has provided two loans totaling $35.2 million for projects in Indiana and Minnesota. In the first project, LandMark Group Cos. took out a construction loan for a 391,355-square-foot manufacturing and distribution facility in Columbus, Ind. The second loan for $6.9 million was awarded to an affiliate of Westminster Capital to acquire and reposition a 97,368-square-foot office building located at 6820 N. Wedgewood Road in Maple Grove, Minn. The Class A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford, a Fortune 500 company. The investment and insurance giant consolidated operations at an existing office in Bloomington, Minn., and did not extend its lease. Edward Notz, senior vice president of Associated Bank, managed the transactions.
New York City is booming. The local economy is the strongest it has ever been, with total employment numbers reaching all-time highs totaling over 4.2 million jobs through May 2015. This has led to a strong office market performance during the first six months of 2015, as office-using employment continues to grow, up 2.5 percent over the past 12 months. Demand for space continues to keep availability below 10 percent, and at 9.6 percent, Manhattan availability is down 50 basis points from last year. Despite minimal increases in Manhattan overall asking rents, up only 2.9 percent year-over-year through June, some submarkets are exceeding previous record-high asking rents from 2008. The demand from creative and tech tenants looking for space in Midtown South over the past few years has pushed asking rents up 19.1 percent above all-time highs. Downtown overall average asking rents have reached historical highs this year as well, and at $57.78 per square foot, rents are 10.3 percent higher than the previous highs in 2008. Most of this increase can be attributed to new construction at the World Trade Center site. Despite this, Midtown overall asking rents are still 5.3 percent off historical highs from 2008. Throughout Midtown, …
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 142,295-square-foot office building in Southfield, a northwestern suburb of Detroit, for an undisclosed price. Wulin Realty purchased the building known as Nine Mile Crossing from an undisclosed seller. Located at 17515 W. Nine Mile Road, the property consists of a 12-story, Class B office building and a two-story parking structure. Nine Mile Crossing was built in 1969 and was renovated in 2012. Features of the building include an on-site sundry shop, vending machines and a hair salon. The property is situated on 5.7 acres. Rich Deptula of Friedman represented both parties in the transaction. Friedman will continue to lease and manage the building for the new owners.