PORTAGE, MICH. — Jaqua Realtors has opened its new office on Milham Avenue in Portage, located about five miles south of Kalamazoo. The new 7,622-square-foot building will be home to the company’s commercial real estate, corporate relocation and property management divisions. It is situated next door to Jaqua’s residential real estate office. The brokerage firm is approaching 45 years in the real estate business.
SANTA MONICA, CALIF. — Ready Capital has closed an $18.5 million loan for the acquisition, renovation and stabilization of an approximately 20,000-square-foot, Class C office building in Santa Monica’s Westside submarket. Upon acquisition, the undisclosed sponsor will convert the traditional office building into a Class B, mixed-use property with second-floor office space and ground-floor retail space, and once complete, lease-up the space. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible pre-payment. The financing includes a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating shortfalls.
FORT LAUDERDALE, FLA. — Cushman & Wakefield has negotiated the $18.2 million sale of Courthouse Place, a 66,246-square-foot office building in Fort Lauderdale. The property is situated at 12 SE 7th St., one block from the 20-story, 730,000-square-foot Broward County Courthouse. The seller, a joint venture between Highline Real Estate Capital and Sefire Capital, acquired the property three years ago and implemented building upgrades and a speculative leasing program targeting law firms and associated businesses that were attracted to the building’s proximity to the Broward County Judicial Complex, according to Highline president David Moret. Notable tenants at the time of sale included law firm Krupnick Campbell Malone Buser Slama Hancock, the Florida State Attorney’s office, Legacy Bank of Florida and the Law Firm of Gary M. Singer. Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction. New Haven, Conn.-based ABCD Courthouse Place LLC acquired the asset for $274 per square foot.
NEW YORK CITY — Kayne Anderson Capital Advisors L.P. has signed an 11,000-square-foot office lease in Midtown Manhattan. The company will occupy an entire floor at 477 Madison Avenue, a Class A office building, beginning later this year. Kayne Anderson is relocating from 655 Madison Avenue. Mitti Liebersohn, Brooks Hauf and Katie Richardson of Avison Young represented Kayne Anderson in the lease negotiations. A.J. Camhi, Rob Weller and Ryan Silverman led a team that represented the building owner, RFR Holding, on an internal basis.
FORT WAYNE, IND. — United Technologies Electronic Controls Inc. (UTEC) has signed a long-term lease for 53,246 square feet at the Indiana Office Center. The company will occupy several floors of the building, which is located at 111 E. Wayne St. in downtown Fort Wayne. Brad Sturges of Sturges Property Group handled lease negotiations on behalf of the undisclosed landlord. Tammy Canfield of Sturges will lead coordination of the construction of tenant improvements. UTEC is a manufacturer of electronic controls for the HVAC, foodservice and RV industries. Up to 140 engineers, research and development staff will begin occupying the new space this summer. Built in 1994, Indiana Office Center is an eight-story building. Current tenants include Flagstar Bank, Wells Fargo and Elevatus Architecture.
CHICAGO — Skender has completed interior construction of the 23,000-square-foot headquarters for Paragon Biosciences LLC in Chicago. The life science innovator, which invests in, builds and advises bioscience companies, has relocated to the 35th floor of 330 N. Wabash from its current office in Northbrook. Components of the new office include open office workstation areas, private offices, conference rooms, two reception areas, a warming pantry and large café. Skender collaborated with Gensler and CBRE to complete the project.
KANSAS CITY, KAN. — MVP Law is expanding its Kansas office from 26,273 square feet to 38,485 square feet. The law firm will occupy two full floors of the three-story office building located at 10 E. Cambridge Circle in Kansas City. Founded in 1901, MVP Law serves clients throughout the Midwest in workers’ compensation defense, employment law, public sector law, civil litigation and insurance defense, and business litigation and transactions. Jeremiah Dean of Copaken Brooks handled the lease negotiations.
MIAMI — Spotify has signed a 20,000-square-foot lease to anchor the office component of The Oasis at Wynwood, a mixed-use development in Miami’s Wynwood submarket. The music streaming company is based in Stockholm and has its U.S. headquarters in New York City. The Oasis at Wynwood will feature 20,000 square feet of office space; 17,000 square feet of retail space; and a 35,000-square-foot landscaped courtyard featuring an outdoor food hall, a stage that will have live music programming on a nightly basis, an outdoor bar and a 75-foot tower featuring rotating art installations. New York City-based developer Carpe Real Estate is developing the project, which is slated to open by the end of this year. Brian Gale and Andrew Trench of Cushman Wakefield represented the landlord in the transaction. JLL represented Spotify.
CHANDLER, ARIZ. — VanTrust Real Estate has started construction on Chandler Corporate Center II, the second phase of its 26-acre business center in Chandler. Located at 4100 W. Chandler Blvd., the two-story, 118,000-square-foot office building will feature a two-story glass entrance enhanced with stone, wood and ceramic tile lobby finishes, along with integrated LED light fixtures. Designed by Butler Design Group, the building will consist of precast concrete perimeter bearing walls and steel frame super structures with 10- to 14-foot floor-to-floor heights. The property will be adjacent to Chandler Fashion Center and is easily accessible by nearby freeways. Slated for completion by September, the building will complement a similar building constructed in the first phase, which Allstate Insurance occupies. Future phases may include additional build-to-suit or speculative office and on-site retail space. Steven Leinweber is constructing the office project, which Colliers International is marketing.
BROOMFIELD, COLO. — NavPoint Real Estate Group has negotiated the sale of a multi-tenant office, flex and R&D investment asset in Broomfield. Silverwood Investments sold the property to 295 Interlocken Boulevard LLC for $11.2 million. Built 1965 on 5.5 acres, the single-story building features 65,000 square feet of multi-tenant flex space. At the time of sale, the property was leased to a variety of tenants in the technology, food and transportation industries. The property is located at 295 Interlocken Blvd. Matt Call of NavPoint Real Estate Group represented the seller, while Eric Rutherford of WK Real Estate represented the buyer in the transaction.