PENSACOLA, FLA. — Cullinan Properties has acquired Tradewinds Shopping Center, a retail center located in Pensacola, for $25 million. Totaling 178,000 square feet, the property was 95 percent leased at the time of sale to tenants including T.J. Maxx/HomeGoods, Jo-Ann Fabrics and Shoe Station. The seller was not disclosed.
KANSAS CITY, MO. — Kansas City-based Grayson Capital has acquired Monument Healthcare Development. Financial terms of the transaction were undisclosed. Monument, now a wholly owned subsidiary of Grayson, was previously a wholly owned subsidiary of Nuterra Capital. Monument and Grayson plan to retain their individual identities and clients, but will combine their efforts to expand their offerings in multifamily and healthcare real estate development. Founded in April 2022, Grayson is a development firm specializing in transit-oriented multifamily projects and public-private partnerships. Leawood, Kan.-based Monument was founded in 2005 and builds healthcare facilities across the Midwest and Northeast.
TINLEY PARK, ILL. — Cawley Chicago has brokered the sale of a 49,418-square-foot office building in the Chicago suburb of Tinley Park for an undisclosed price. Rawly Lantz and Justin Harris of Cawley Chicago represented the seller, a private local investor, and marketed the property for industrial reuse. The single-story property, built in 2001 and located at 18410 Crossing Drive, features 218 parking spaces and a clear height of 18 feet. Ted Gates of CBRE represented the buyer, a multi-national laboratory group.
SPRINGFIELD, ILL. — Marcus & Millichap has arranged the sale of a 12,000-square-foot retail strip center in Springfield for an undisclosed price. FedEx Office and Verizon are the anchor tenants at the fully leased property, which is located at 3422 Freedom Drive. Brian Parmacek of Marcus & Millichap represented the seller, Chicago-based Tartan Realty Group Inc. Buyer information was not provided.
DENVER — Amplify Development Co. has acquired Vista Apartments, a multifamily asset near the University of Denver, for $41.3 million. The community was developed in 2008 and offers 284 beds across 84 units. Located at 1920 S. University Blvd. in Denver, the off-campus, student-focused apartment community features fully furnished two-, three- and four-bedroom units with private bathrooms, flat-screen TVs in the living room and floor-to-ceiling windows. Onsite amenities include a business center, study rooms, computer lab, Wi-Fi, TV lounge, 24-hour maintenance and laundry facilities on each floor. The pet-friendly property also offers two outdoor terraces, an outdoor TV lounge, fireplace, grilling stations, secured covered parking and bike parking. Amplify plans to begin an extensive renovation at the property, which will include unit updates, common area upgrades and the addition of utility infrastructure. Denver-based Capstone Management Partners will manage the asset. Jack Brett with Newmark’s student housing group represented the undisclosed seller, while Nick Steele and Tyler King with Berkadia Denver represented the buyer in the deal.
WEST COVINA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of South Hills Apartments, a multifamily community in West Covina. NexGen Properties Group sold the asset to HFH Ltd. for $38.2 million, or $450,000 per unit. South Hills Apartments features 85 residential units with vaulted ceilings, washers/dryers and a patio or balcony. Built in 1966 and remodeled in 2019, the community features a swimming pool, spa, fitness center and outdoor kitchen with barbecue grills. Kevin Green, Joseph Grabiec and Greg Harris of IPA, along with Marcus & Millichap’s Tyler Leeson, Mathew Kupp and Nick Kazemi, represented the seller and procured the buyer in the deal.
CHANDLER, ARIZ. — United Realty M.T.A. has purchased Norte at Chandler, a Class A flex office property located at 4100 W. Galveston St. in Chandler, from an institutional seller for $17.2 million, or $200 per square foot. The 85,797-square-foot, multi-tenant building is 70 percent leased to two investment-grade tenants, Enterprise Holdings and a Fortune 500 semiconductor firm. The single-story, freestanding building was built in 2016 on nearly eight acres. Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.
PAYSON, ARIZ. — Taylor Street Advisors has arranged the sale of Aspen Cove, a multifamily property at 801 E. Frontier St. in Payson. A local private investment group sold the asset to an out-of-state 1031 exchange buyer for $11 million, or $186,440 per unit. Built in 1984, the 59-unit property is individually metered for electricity and each unit features an individual hot water heater and full kitchens with dishwashers. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street represented the buyer and seller in the deal.
PINOLE, CALIF. — Balboa Retail Partners has purchased Pinole Square, a community shopping center at 1201-1577 Tara Hills Drive in Pinole. A private family sold the asset for an undisclosed price. Nicholas Bicardo and Cheyne Bloch of Newmark facilitated the transaction. Safeway and CVS/pharmacy have anchored the 91,000-square-foot retail center for more than 50 years.
TEMPE, ARIZ. — The Opus Group has completed the disposition of Warner Commerce Center, a newly built industrial project situated on an 18-acre infill site in Tempe. Barings acquired the asset for $42.4 million. Located at 1300 and 1330 W. Warner Road, the site was formerly an office building. Opus completed a speculative redevelopment of the property, transforming it into a 197,000-square-foot manufacturing, distribution or last-mile distribution facility. Warner Commerce Center consists of two 98,500-square-foot buildings each suitable for multiple tenants. The buildings feature 32-foot clear heights and a combined total of 40 rear-load dock doors, four drive-in doors, 64 dedicated trailer parking stalls and 392 vehicle parking stalls. Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt, Cal Conway, Stephanie Saccente, Micki Strain and Foster Bundy of Cushman & Wakefield’s Industrial Advisory Group – Mountain West team represented the seller in the transaction.
