Commercial real estate deal-of-the-year awards offer window on improving local economy

Land and building sales, plus major leases, redevelopments and new construction involving an office building, coffee shop, health clinic and 12-story mixed-use apartment tower were among the 2013 Deal of the Year awards announced recently by the Madison-based Commercial Brokers Group.

The fourth-annual contest, aimed at recognizing the most notable commercial real estate transactions in the Madison area, also serves the broader purpose of helping to take the temperature of the local economy. Signs of improvement included the contest receiving more than twice the number of submissions as a year ago, more than 30. Submitted deals also had larger and longer leases, and more build-to-suit transactions, in which landlords agree to build a new space to the specific requirements of a prospective tenant.

This tells us that companies are more confident making a commitment to growing their business, and they feel Madison is a viable location to do that, said TJ Blitz, past president of the commercial brokers group and managing principal of Cresa Madison.

Contest entries were judged by an independent panel of industry affiliate professionals based on factors including a deals size, dollar volume, difficulty, uniqueness and community contribution.

The winners were:

Office:Lease and redevelopment of 1414 Park St. in Madison for a $1.6 million Meriter Health Services physical therapy clinic, including 10,000 rentable square feet and a 2,600-square-foot building addition.

Agents: Christina Podoll of Sara Investment Real Estate and Steve Doran of Lee & Associates.

Retail:Lease of 3,000 square feet in the Tenney Building on Madisons Capitol Square for the Alterra/Colectivo coffee shop.

Agent: John Bergh of White Box Commercial Property Group.

Industrial:Lease and new construction of a 64,000-square-foot building at 6651 Femrite Drive in Madison for Ikaria, a company that develops and delivers therapeutics and interventions for critically ill patients.

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Commercial real estate deal-of-the-year awards offer window on improving local economy