CHICAGO, MADISON, WI—Big office sales worth hundreds of millions have become the norm in Chicago and Minneapolis, and now another city in the Midwest may join this exclusive club. CBRE Group, Inc. has announced that it is offering an office portfolio with about 2.5 million square feet located in Madison, WI, on behalf of Vanta Commercial Properties, formerly known as T. Wall Properties.
Several observers that know the market tell GlobeSt.com the portfolio could sell for about $400 million.
The portfolio consists of 40 high-quality office buildings concentrated in Madison's largest- and fastest-growing office submarket, CBRE officials say. It is by far the largest office ownership position in the market. Tenants lease 88% of the space, although several of the top properties are 100% occupied. The average remaining lease term is 6.2 years. The offering includes 15.5 acres of development land targeted for multifamily, retail and office use. The majority of the properties are adjacent to retail, housing, hotel and recreational amenities.
The Madison properties include: 525 Junction Rd., a 368,000 square-foot development that is 92% occupied; 726 Heartland Trail, a 159,000 square-foot building that is 83% occupied. Properties in suburban Middleton include: 8401 Greenway Blvd., a 258,000 square-foot building that is 100% occupied; 8550 & 8551 Research Wy., a 100% occupied development with 233,000 square feet; and 1600 Aspen Commons, a 226,000 square-foot building that is 92% occupied.
Steven Buss of CBRE's Minneapolis office, and Paul Lundstedt of CBRE's Chicago office, both members of CBRE Capital Markets' Institutional Properties team, will market the properties.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
