MINNEAPOLIS, Minnesota, June 17, 2016 – CBRE Capital Markets brokered the largest dollar volume office transaction in Wisconsin history in the sale of 16 Class A office properties located in Madison and Middleton, Wisconsin to Artis REIT. The acquisition is closing in two phases, with the first phase closing June 13, 2016, and the second phase expected to close August 1, 2016.
The seller, Vanta Commercial Properties, LLC, was represented by CBRE Institutional Properties led by Minneapolis-based Steven Buss, and Chicago-based Paul Lundstedt. Winnipeg, Canada-based Artis REIT purchased the portfolio for $260 million, or $153 per square foot, at a capitalization rate of 7.75 percent.
“As a Wisconsin native, I’m very proud of our CBRE team’s efforts in completing this significant sale, which demonstrates the desire of cross border capital sources like Artis REIT to enter new and growing U.S. real estate markets like Madison,” said Executive Vice President Steven Buss.
The portfolio is comprised of 16 Class A office properties on the west side of Madison, totaling approximately 1.7 million square feet of leasable space and another 8.3 acres of developable land. In total, the portfolio is 86.7 percent leased to more than 130 tenants including: TDS, a Fortune 500 company, Catalent Pharma Solutions, University of Wisconsin Hospitals and Clinics Authority, West Bend Mutual Insurance Company, and Humana Insurance Company.
The Minneapolis based team of Steven Buss, Ryan Watts, Judd Welliver, Tom Holtz, and Sonja Dusil focuses on the disposition of single-tenant and multi-tenant industrial and office properties. The team also advises real estate operating companies on the sourcing and structuring of joint venture equity. Steven, Ryan and Tom are part of the 90-member CBRE Institutional Properties group. In 2015, the Capital Markets enterprise of CBRE including the Institutional Properties group completed over $121.96 billion in combined total U.S. capital activity.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
