— By Sebastian Bernt and Erick Parulan of Avison Young — The Orange County office market continues to show resilience, particularly compared to urban centers like Downtown Los Angeles. Its suburban environment, coupled with higher office utilization rates, has made it an attractive option for businesses adapting to evolving workplace strategies. As a result, leasing activity has remained steady with availability stabilizing and tenant demand holding firm. Total leasing volume reached 1.6 million square feet in the fourth quarter of 2024, bringing the annual total to 7.8 million square feet. Notable transactions included Willow Laboratories, which signed a 63,440-square-foot lease at 121 Theory Drive in Irvine, and Acrisure, which secured 59,409 square feet at 611 Anton Blvd in Costa Mesa. While leasing slowed slightly in the fourth quarter, demand for modern, amenity-rich office spaces remained strong as companies continued implementing return-to-office strategies. This demand has pushed average asking lease rates to $35.05 per square foot, reflecting a broader shift toward high-quality, collaborative work environments that prioritize employee engagement and workplace experience. Orange County’s growing residential appeal has further fueled office demand as young professionals and families increasingly opt for a suburban lifestyle. As a result, companies are prioritizing locations with …
BEE CAVE AND GEORGETOWN, TEXAS — Virginia-based multifamily REIT AvalonBay Communities (NYSE: AVB) has agreed to acquire Cielo and Retreat at Wolf Ranch, two apartment communities in the Austin area, for a combined purchase price of $187 million. The seller is BSR REIT, and the deal is expected to close in late March. Cielo is a 554-unit apartment community in Bee Cave, located west of the state capital, that was built in 2015. Retreat at Wolf Ranch, a 303-unit community located in the northern suburb of Georgetown, was acquired by Arkansas-based BSR in summer 2020 for $51.6 million.
COPPELL, TEXAS — Houston-based developer Alliance Industrial has broken ground on 300 Freeport, a 186,291-square-foot distribution center in Coppell, located in the northern-central part of the metroplex. The site spans 13 acres, and the development will feature a rear-load configuration, 32-foot clear heights and 233 trailer parking stalls. Project partners include Seeberger Architecture, Langan Engineering, Alliance Industrial Builders and Stream Realty Partners. Completion of 300 Freeport is slated for the first quarter of 2026.
HOUSTON — JLL has brokered the sale of 1255 Enclave, a 171,091-square-foot office building in the Energy Corridor area of West Houston. Completed on 6.7-acres in 1999, the six-story building is situated within a 120-acre, 3 million-square-foot development known as The Enclave and offers amenities such as a fitness center and outdoor dining and gathering spaces. The sale also included a 676-space parking garage. Kevin McConn and Marty Hogan of JLL represented the undisclosed seller in the transaction. The buyer, Harmony Public Schools, plans to house back-office functions within the building.
BURLESON, TEXAS — Elevate Commercial Investment Group has purchased Camden Crossings, a 144-unit apartment complex located south of Fort Worth in Burleson. Built in 2023, Camden Crossings offers studio, one- and two-bedroom units that are furnished with granite countertops, stainless steel appliances and private balconies. Amenities include a pool, pickleball court and a pet park. The seller, the original developer, requested anonymity. The sales price was approximately $23 million, based on a stated per-door price of $160,000.
SAN ANTONIO — A partnership between OCI Development, Atlantic Pacific Cos. and Opportunity Home San Antonio has completed Vista at Silver Oaks, a 76-unit affordable housing project on the city’s north side. Residences come in two- and three-bedroom layouts and are entirely reserved for renters earning 60 percent or less of the area median income. In addition to business and fitness centers, residents have access to services such as monthly social events, tax preparation classes, health and wellness programming and afterschool care. Construction began in August 2023.
MANASSAS, VA. — Penzance has acquired Gateway & Linden, a six-building industrial portfolio totaling 212,086 square feet in Manassas, for $55 million. The transaction includes two industrial flex parks, Gateway Centre and Linden Business Center, where Penzance plans to lease current and upcoming vacancies up to 33,000 square feet. Additionally, office suites will be converted for industrial use by raising dropped ceilings and adding dock doors. Built in 1988, Gateway Centre is located at 7201-7401 Gateway Court and totals 102,277 square feet. Linden Business Center, built in 2001, is situated at 7245-7795 Coppermine Drive and totals 109,809 square feet. JLL’s Metro D.C. industrial team will lead leasing efforts for the property and Penzance’s in-house property management team will oversee operations. Bill Putting, Craig Childs and Chris Dale of JLL’s Mid-Atlantic Capital Markets team served as the advisors for the transaction.
MODESTO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Summerview Apartments, a 136-unit multifamily community located at 3601 Prescott Road in Modesto. Summerview Apartments ABC LP acquired the asset from San Francisco-based Tesseract Capital Group for $37.6 million. Built in 1988, Summerview Apartments features 20 one- and two-story buildings offering one- and two-bedroom floor plans with full-sized washers/dryers. The previous owner renovated 120 of the 136 units. Renovated apartments include stainless steel appliances, Shaker cabinets, stone countertops, modern water fixtures, vinyl plank flooring, new baseboards, two-toned paint, LED-recessed lighting and modern ceiling fans. Community amenities include a resort-style pool and spa, fitness center, secure parcel lockers and a leasing office. Otto Ozen, Brian Nakamura and Nazli Santana of TMG represented the seller in the deal.
SAN DIEGO — Ambient Communities has purchased Consulate Hotel, a shuttered hotel located at 2901 Nimitz Blvd. in San Diego’s Point Loma neighborhood, from Noble Legacy LLC for $17.4 million. Al Apuzzo, Matt Weaver, Alex Bentley and Brianna Lehman of Lee & Associates represented the seller, while Rick Wu and Austin Dias of Duhs Commercial represented the buyer in the transaction. The buyer plans to convert the property, which includes a bar (ABC 47), restaurant and amenity space, into market-rate and student housing apartments. The 63,234-square-foot building, situated on 0.9 acres, was originally built in 1971. The transaction closed with entitlements in place for the proposed redevelopment.
DENVER — Evergreen Devco has broken ground on Superblock, a two-building industrial project located at 4439 N. Telluride St. and 17688 E. 45th Ave. in Denver’s Airport submarket. The speculative development is slated for completion in first-quarter 2026. Situated on 16.5 acres, Superblock will feature a 154,702-square-foot building and a 124,672-square-foot building, designed for flexibility to accommodate a variety of tenants from distribution to manufacturing operations. Additionally, Superblock will offer 39 trailer parking stalls. The site offers connectivity with direct access to Peña Boulevard, Interstate 70 and E-470, as well as immediate proximity to Denver International Airport. Keiffer Garton, Tyler Carner and Jeremy Ballenger of CBRE are handling leasing for the properties.