Monday, June 16, 2025
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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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AcquisitionsCompany NewsIllinoisIndustrialMidwestSelf-Storage

Inland Agrees to Acquire Majority Interest in Devon Self Storage

by Kristin Harlow

OAK BROOK, ILL. — The Inland Real Estate Group of Cos. Inc. has agreed to acquire a majority interest in the business of Devon Self Storage Holdings LLC. Financial terms of the agreement were not disclosed. Devon manages 202 properties totaling roughly 109,000 units nationally. Founded in 1988 by Ken Nitzberg, Devon has owned, managed or developed more than 350 self-storage facilities in 27 states and three European countries throughout its history. Since entering the self-storage sector in 2016, Oak Brook-based Inland has amassed a $1.7 billion self-storage portfolio of both stabilized assets and development projects across 30 states. Inland plans to grow Devon’s third-party management and development platform.

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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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DevelopmentIllinoisMidwestRetail

NewQuest Asia-Pacific Retail to Redevelop 140,892 SF Shopping Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — NewQuest Asia-Pacific Retail is scheduled to break ground in February on the redevelopment of a former Dominick’s-anchored shopping center in Naperville. The Houston-based developer acquired the 140,892-square-foot property eight months ago in an off-market transaction. The 27-year-old center is 35 percent leased. NewQuest Asia-Pacific Retail specializes in development opportunities in markets with high Asian populations. The developer plans to reposition the Naperville shopping center with an Asian focus and incorporate green spaces. To date, roughly 62,000 square feet of leases are in various stages of negotiations, including a commitment from a specialty grocer. Teso Life, a Japanese fashion casual store, is leasing 18,016 square feet. Completion is slated for summer 2025. Nearly 20 percent of Naperville’s population is Asian, according to NewQuest.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers Sale of 10,600 SF Dollar General-Occupied Property in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a recently developed property occupied by Dollar General in Rockford for an undisclosed price. Constructed in 2021, the freestanding building totals 10,600 square feet. Dan Waszak of Quantum represented the buyer, a New York City-based investor. The seller was a Midwest-based developer.

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Affordable HousingLoansMidwestMultifamilyOhio

BWE Arranges $1.1M Loan for Construction of 40-Unit Affordable Seniors Housing Project in East Canton, Ohio

by Kristin Harlow

EAST CANTON, OHIO — BWE has arranged a $1.1 million loan for the construction of HOPE Senior Village in East Canton, about 30 miles southeast of Akron. Bob Morton of BWE structured the USDA RHS 538 GRRHP loan, which features a 40-year, fixed-rate term and a 40-year amortization schedule. The development will consist of eight buildings, each containing five one- and two-bedroom units. Of the 40 units, seven are designated for residents earning up to 30 percent of the area median income (AMI), 17 are reserved for those earning up to 50 percent AMI and 16 are designated for residents earning up to 60 percent AMI. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits.

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Gateway-University-Park-I-II-Tempe-AZ
AcquisitionsArizonaIndustrialWestern

BKM Capital Partners Acquires Gateway University Industrial Parks in Tempe, Arizona for $48M

by Amy Works

TEMPE, ARIZ. — BKM Capital Partners has purchased two multi-tenant industrial parks in Tempe for $48 million, or $178.80 per square foot, from Stockbridge Capital Group. The properties, Gateway University Park I & II, total 268,409 square feet of industrial space. At the time of sale, the asset was 99 percent leased to 77 tenants. Located at 1605-1635 and 1705-1797 W. University Drive, the assets consist of 16 tilt-up buildings offering 81 units that range in size from 1,712 square feet to 22,352 square feet. Built in 1982 and 1983, the properties feature two dock-high and 106 ground-level loading doors, 16-foot to 22-foot clear heights and a parking ratio of 3.73 per 1,000 square feet. BKM plans to implement a $2.4 million capital improvement plan to update the asset’s efficiency and bring the building up to the brand’s standards. Planned improvements include upgrades to the roofs, parking lots, landscaping, HVAC systems, signage and paint scheme. Will Strong, James Carpenter, Kirk Kuller, Robert Buckley, Tracey Cartledge, Michael Matchett and Molly Hunt of Cushman & Wakefield represented BKM in the transaction.

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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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The-Casey-at-Frisco-Station
DevelopmentMultifamilyTexas

Hillwood Completes 300-Unit Casey at Frisco Station Apartments in Metro Dallas

by Taylor Williams

FRISCO, TEXAS — Hillwood has completed The Casey at Frisco Station, a 300-unit multifamily project located on the northern outskirts of Dallas. Designed by JHP Architecture, the five-story building is Hillwood’s third multifamily project within the 242-acre Frisco Station mixed-use development and follows The Cadence at Frisco Station, which opened in September 2021. Units come in studio, one- and two-bedroom floor plans, range in size from 513 to 1,375 square feet and feature built-in desks, stainless steel appliances, walk-in closets and private patios/balconies. Amenities include a coworking lounge with private offices and conference facilities, pool, fitness center and a library. Rents start at roughly $1,600 per month for a studio apartment.

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Heritage-Industrial-Center-Chula-Vista-CA
AcquisitionsCaliforniaIndustrialWestern

Rockefeller Group Divests of 202,760 SF Heritage Industrial Center in Chula Vista, California

by Amy Works

CHULA VISTA, CALIF. — Rockefeller Group has sold Heritage Industrial Center, a three-building, 202,760-square-foot industrial project in Chula Vista, just south of San Diego. EQT Exeter purchased the complex for an undisclosed price. Situated on 11.5 acres, the project features a 105,550-square-foot building, a 56,470-square-foot building and a 40,740-square-foot building. Each building was developed on a separate land parcel and was vacant at the time of sale. Construction on Heritage begin in June 2022 and was completed in September 2023. Rockefeller Group acquired the land from Carlsbad-based HomeFed Corp. EQT Exeter’s San Diego office, led by Caitlin Little, will handle leasing and asset management for Heritage. Michael Mossmer and Patrick Connors of Voit Real Estate Services represented Rockefeller Group on the leasing efforts and the sale of the project. Jeffrey Cole, Jeff Chiate, Bryce Aberg, Brad Brandenburg, Zachary Harman and Mike Adey of Cushman & Wakefield’s National Industrial Advisory Group represented Rockefeller Group on the investment sale element of the project. The development team included SCA Architects, Kimley-Horn and TFW Construction.

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