Acquisitions

ARTISAN Capital Group Acquires 192-Unit Apartment Complex in West Des Moines

by Kristin Harlow March 9, 2023

WEST DES MOINES, IOWA — ARTISAN Capital Group (ACG) and its partner Eastham Capital have acquired Cambridge Court Apartments in West Des Moines for an undisclosed price. Built in 1992, the 192-unit apartment complex features a clubhouse, fitness center, dog park and pools. ACG’s management vertical, ARTISAN Management Group, will oversee property operations. ACG plans to renovate apartment units beginning this spring. ACG assumed the current agency financing, which features an interest rate that is below current market rates. Chicago-based ACG maintains a regional office in Des Moines and a portfolio of nearly 6,000 apartment units in the Midwest. Parker Stewart and Anthony Martinez of Northmarq represented the seller, CRES Management.

March 9, 2023

Acquisitions Office Texas

Newmark Brokers Sale of 274,010 SF Office Building in Downtown Dallas

by Taylor Williams March 8, 2023

DALLAS — Newmark has brokered the sale of Founders Square, a 274,010-square-foot office building located at 900 Jackson St. in downtown Dallas. The building was originally constructed in 1914 and most recently renovated in 2016, according to LoopNet Inc. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen of Newmark represented the seller, Taiwanese investment firm Fidelity Commercial, in the transaction. The buyer was locally based investment firm Charter Holdings.

March 8, 2023

Acquisitions Illinois Midwest Retail

Mid-America Negotiates Sale of 211,190 SF Retail Center in Waukegan, Illinois

by Kristin Harlow March 8, 2023

WAUKEGAN, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Waukegan Plaza in the Chicago suburb of Waukegan for an undisclosed price. The 211,190-square-foot retail center is 89 percent leased to tenants such as Ross Dress for Less, Burlington, dd’s Discounts, rue21, Shoe Carnival, Family Dollar, GameStop, Subway, USPS and Aaron’s Rental. Joe Girardi and Emily Gadomski of Mid-America represented the private seller. The asset sold to a West Coast-based 1031 exchange investor.

March 8, 2023

Acquisitions Illinois Midwest Retail

Ashkenazy Acquisition Corp. Buys 200,000 SF Shopping Center in Chicago

by Kristin Harlow March 8, 2023

CHICAGO — Ashkenazy Acquisition Corp. (AAC) has purchased Gateway Centre in Chicago for an undisclosed price. The roughly 200,000-square-foot shopping center is located at 7507 N. Clark St. and is 93 percent leased to tenants such as Jewel-Osco, Marshalls and LA Fitness. George Good of CBRE represented the seller, Stockbridge. AAC was represented in-house in the transaction. AAC is a New York City-based private real estate investment firm focusing on retail, hotel and office assets located throughout the United States and Canada.

March 8, 2023

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 68,279 SF Warehouse in Vernon Hills, Illinois

by Kristin Harlow March 8, 2023

VERNON HILLS, ILL. — Colliers has brokered the sale of a 68,279-square-foot industrial warehouse in the Chicago suburb of Vernon Hills for an undisclosed price. Built in 1996 and located at 220 N. Fairway Drive, the property features eight interior loading docks, one drive-in door, six trailer parking stalls and 75 car parking stalls. There is also 7,390 square feet of office space. Ned Frank and Pat Hake of Colliers represented the undisclosed seller. Justin Lerner, Joe Karmin and Ross Lehrman of Transwestern represented the buyer, frozen pizza maker Roncadin.

March 8, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $2.9M Sale of Retail Property in Granger, Indiana

by Kristin Harlow March 8, 2023

GRANGER, IND. — Marcus & Millichap has arranged the $2.9 million sale of a 17,539-square-foot retail property in Granger, a city in northern Indiana. Dunkin’ is the anchor tenant. Mitchell Kiven of Marcus & Millichap represented the seller, Cloverleaf Real Estate Group, an investment fund headquartered in Northbrook, Ill. Kiven also secured and represented the buyer, a LaPorte, Ind.-based private investor. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The asset sold at full asking price.

March 8, 2023

Acquisitions New Jersey Northeast Office Retail

Cushman & Wakefield Negotiates $5.2M Sale of Office, Retail Building in Livingston, New Jersey

by Taylor Williams March 8, 2023

LIVINGSTON, N.J. — Cushman & Wakefield has negotiated the $5.2 million sale of a 27,252-square-foot office and retail building in the Northern New Jersey community of Livingston. The two-story building sits on 2.3 acres and was fully leased at the time of sale. Andy Schwartz, Brian Whitmer, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, ACFM Corp., in the transaction. The buyer was HREA LLC.

March 8, 2023

Acquisitions Industrial Lee & Associates New Jersey Northeast

Lee & Associates Brokers Sale of 20,000 SF Warehouse in Clifton, New Jersey

by Taylor Williams March 8, 2023

CLIFTON, N.J. — Lee & Associates has brokered the sale of a 20,000-square-foot warehouse in the Northern New Jersey community of Clifton. The building at 25 Styertowne Road is a single-tenant property that was fully leased to food manufacturer Pereg Gourmet at the time of sale. Josh Krantz of Lee & Associates represented the seller, New Jersey-based Kessler-Schwartz Associates, and procured the undisclosed buyer in the off-market deal.

March 8, 2023

Acquisitions California Office Retail Western

Joint Venture Acquires 208,000 SF Office, Retail Building on Hollywood’s Walk of Fame

by Amy Works March 8, 2023

LOS ANGELES — A joint venture between Kairos Investment Management Co. (KIMC) and Harbor Associates has purchased 6922 Hollywood Boulevard, a 12-story office and retail property in the Hollywood neighborhood of Los Angeles. Terms of the transaction were not released. Situated at the intersection of North Orange Drive and Hollywood Boulevard, the 208,000-square-foot building features 37,000 square feet of ground-floor retail space and an underground and adjacent five-story parking garages. Retail tenants include Wahlburgers, CaboWabo, US Bank and Line Friends. The Trail Park Group occupies the top three floors of office space. The joint venture plans to implement site and façade improvements and update vacant office space with a goal of reaching 85 percent to 90 percent occupancy by the end of 2025.

March 8, 2023

Acquisitions Colorado Retail Western

Cushman & Wakefield Brokers Purchase of 9,100 SF Retail Building in Northern Colorado

by Amy Works March 8, 2023

WELLINGTON, COLO. — Cushman & Wakefield has arranged the acquisition of a single-tenant freestanding retail property located at 7590 Fifth St. in Wellington. A joint venture between Stover LLC, Cheyenne I LLC, Cheyenne II LLC and Meldrum LLC acquired the asset from Wellington CO DG LLC for $2.5 million. Dollar General occupies the 9,100-square-foot building, which was built in 2021. Jared Goodman and Anne Spry of Cushman & Wakefield represented the buyer, while John Wertz of Wertz Real Estate & Investment Services represented the seller in the deal.

March 8, 2023

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