Thursday, May 22, 2025
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AcquisitionsMidwestOfficeWisconsin

JLL Negotiates $27.3M Sale of Office Building in Middleton, Wisconsin

by Kristin Harlow

MIDDLETON, WIS. — JLL Capital Markets has negotiated the $27.3 million sale of a 200,000-square-foot office building in Middleton near Madison. The fully leased property is located at 7974 UW Health Court. UW Health occupies the four-story building and utilizes it for its administrative departments, including management, information services, compliance and patient billing services. Jaime Fink of JLL represented the seller, Investors Associated LLP. Fink also procured the buyer, AJC Investment Group, a family office located in Bloomfield Hills, Mich.

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AcquisitionsArizonaHealthcareOfficeWestern

Vanbarton Group, Tramview Capital Acquire Three-Property Medical Office Portfolio in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — A joint venture between Vanbarton Group and Tramview Capital Management has purchased a three-property medical office portfolio, totaling 57,600 square feet, in Tucson. Terms of the transaction were not released. The portfolio was acquired through a sale-leaseback transaction with Banner Health, which will continue to lease and occupy each building.

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AcquisitionsFloridaOfficeSoutheast

CBRE Arranges Sale of 141,246 SF Office Building at Doral Square in Metro Miami

by John Nelson

DORAL, FLA. — CBRE has arranged the sale of The Offices at Doral Square, a 141,246-square-foot office building located at 8600 N.W. 36th St. in Doral, a suburb of Miami. The Class A property is the office component of Doral Square, a mixed-use development that also features 150,000 square feet of shops and restaurants. A partnership comprising “several Miami families” purchased the asset from the undisclosed seller. The sales price was also not disclosed. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Marcos Minaya, Tom Rappa, James Carr and Matthew Lee of CBRE represented the seller in the transaction.

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FeaturesMultifamilyOffice

Developers Meet Renter Demands with Office-to-Residential Conversions

by Taylor Williams

By Michael Brookshier, vice president of development, Keystone The COVID-19 pandemic sent renters flocking to spacious apartments in the suburbs. Now, in this post-pandemic world, just as companies revert to in-office work and homeownership becomes increasingly unattainable, renters are moving back to cities and seeking an urban lifestyle. This re-acceleration to urban centers drives another trend in commercial real estate: converting outdated and vacant office buildings into stylish, amenity-filled residential buildings. To keep up, developers must strategically identify the right building, location and amenities in order to meet renters’ demands. Philadelphia is a perfect example of an 18- to 24-hour city in which a large residential population in the central business district drives foot traffic outside of regular office hours. The Center City area also boasts an attractive downtown landscape of diverse uses such as office, residential, retail, award-winning restaurants and nightlife. Find the Right Building The ideal candidate for a successful office-to-residential conversion in an urban setting is often an office building constructed before World War II. These types of properties feature intricate designs, high-level finishes, ample natural light, outstanding views and beautiful and inviting lobbies that lend historical architectural details that are conducive and appealing to residential living. …

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Leasing ActivityMixed-UseNorth CarolinaOfficeRestaurantRetailSoutheast

Seven New Tenants Join 92-Acre Fenton Development in Cary, North Carolina

by John Nelson

CARY, N.C. — Two new retailers and five office users have signed on to join the tenant roster at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. The nearly $1 billion development is co-owned by Hines and Columbia Development. The new retailers, Brewery Bhavana and Vega Vitality, plan to open their locations at Fenton before the end of the year. Two other retailers opened in late 2023: Johnny Was and Rejuvenation. Bruce Koniver of Odyssey Retail Advisors is leading Fenton’s retail leasing, which is currently 94 percent committed. The five companies that signed office leases at Fenton include Cushman & Wakefield, IPS, Prologis, AIMA and Surety Systems. The property’s office component currently spans 200,000 square feet, with future phases allowing up to 1 million square feet.

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Leasing ActivityOfficeSoutheastVirginia

KPMG Signs 13,044 SF Office Lease at Town Center of Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — KPMG LLP, one of the “Big Four” audit, tax and advisory firms, has leased 13,044 square feet of office space at Town Center of Virginia Beach, a 25-acre mixed-use district in Virginia Beach. The firm will move into its space at the development’s 23-story office tower this month. Divaris Real Estate represented the landlord and developer, locally based Armada Hoffler, in the lease negotiations. Cushman & Wakefield | Thalhimer represented KPMG. The new lease brings Town Center of Virginia Beach’s office component, which spans 800,000 square feet, to 98 percent occupancy, according to Armada Hoffler.

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DevelopmentKansasMidwestOffice

Vantage Point to Develop 145,000 SF Office Phase of The Quarry Mixed-Use Development in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Vantage Point Properties has unveiled plans to develop the office phase of The Quarry mixed-use development in Lenexa. The three-building project will include 145,000 square feet of Class A office space. The overall development was originally announced as Reflections at City Center in summer 2022. The name evolved as a result of the geologic and design characteristics of the property, according to Paul Jackson, CEO of Vantage Point. “As we began our site work for the apartment portion of the project, we unearthed large limestone boulders that we decided would be fun and unique to use in our central park area and around the site. That process took on a life of its own, and we decided to change the development name accordingly.” As a salute the original project name, the apartment complex has been named Reflections Apartments. The 338-unit complex is slated for completion in summer 2025. The office portion of The Quarry will include three buildings totaling 25,000 square feet, 55,000 square feet and 65,000 square feet. The 25,000-square-foot building offers drive-thru availability for a potential bank tenant. Rooftop space opportunities or balcony availabilities are options for full-floor tenants as are exterior signage opportunities with …

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451-E-Vanderbilt-Way-San-Bernardino-CA
AcquisitionsCaliforniaOfficeWestern

Harbor Associates, Taconic Capital Advisors Sell 115,520 SF Office Building in San Bernardino, California

by Amy Works

SAN BERNARDINO, CALIF. — Harbor Associates, in joint venture with Taconic Capital Advisors, has completed the disposition of 451 E. Vanderbilt Way, a Class A office building in San Bernardino. An undisclosed buyer acquired the Inland Empire asset for $26.7 million. The sale marks the third and final transaction in a five-property $69.8 million office portfolio disposition. The joint venture originally acquired the 368,000-square-foot portfolio in October 2019 for $41.7 million. All five of the assets, ranging in size from 70,000 square feet to 115,000 square feet, are located within the Tri City Corporate Center, a 153-acre, master-planned, mixed-use office park with 1 million square feet of commercial office space and 390,000 square feet of retail space. Anthony DeLorenzo, Sammy Cemo, Philip Woodford, Kyle Yocum and Michael Longo of CBRE advised the joint venture in the portfolio sale.

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Leasing ActivityOfficeTexas

Bradford Commercial Negotiates Office Lease Renewal, Expansion in Allen, Texas

by Taylor Williams

ALLEN, TEXAS — Bradford Commercial Real Estate Services has negotiated a 10-year office lease renewal and expansion in the northeastern Dallas suburb of Allen. The tenant, Visitech Americas, a Norwegian provider of 3D printing and digital imaging solutions, will now occupy 19,431 square feet across the entire first floor of Building 2 of The Office Campus at Allen. Jared Laake of Bradford represented the landlord, an entity doing business as 1301 SCE LLC, in the lease negotiations. Dene Allred of CMI Brokerage represented the tenant, which plans to invest $1 million in the build-out of the expanded space.

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1410-Broadway-Manhattan
AcquisitionsNew YorkNortheastOffice

KSR Capital Buys 49 Percent Stake in Manhattan Office Building

by Taylor Williams

NEW YORK CITY — KSR Capital, the investment arm of locally based firm KSR, has purchased a 49 percent stake in 1410 Broadway, a 34-story office building in Manhattan. The 395,000-square-foot building recently underwent a capital improvement program and was 90 percent leased when the deal closed, with an undisclosed design and marketing firm recently signing a 62,500-square-foot lease. KSR Capital purchased the stake from L.H. Charney Associates, with internal agents Albert Sultan and Marc Sitt negotiating the deal.

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