Acquisitions

Northmarq Arranges $79.7M Sale of Towne at Glendale Apartment Complex in Glendale, California

by Amy Works March 30, 2022

GLENDALE, CALIF. — Northmarq has brokered the sale of Towne at Glendale, a multifamily community located in the Verdugo Woodlands area of Glendale. Los Altos, Calif.-based Interstate Equities Corp. sold the asset to a public-private partnership of CSCDA Community Improvement Authority and BLVD Impact Housing for $79.7 million, or $630,000 per unit. Built in 1965, Towne at Glendale features 126 units, averaging 1,136 square feet. The property has undergone major renovations to provide luxury interior features and outstanding amenities. The buyer plans to expand upon the already completed enhancements and lease all units to renters earning between 80 percent and 120 percent of average median income. Shane Shafer and Bryan Schellinger of Northmarq’s Los Angeles investment sales team represented the seller in the transaction.

March 30, 2022

Acquisitions Arizona Development Industrial Western

EastGroup Properties Buys 50 Acres for Development of 655,400 SF Industrial Project in Mesa, Arizona

by Amy Works March 30, 2022

MESA, ARIZ. — EastGroup Properties has assembled and closed on 50 acres in the Phoenix Mesa Gateway Airport submarket for the development of Gateway Interchange, a Class A industrial development. Totaling 655,400 square feet and seven buildings, Gateway Interchange will feature spaces ranging from 13,440 square feet to 180,000 square feet with 28- to 32-foot clear heights, seven-inch floor thickness, abundant power, full concrete truck courts, dock-high and ground-level loading, LED warehouse lighting and ESFR sprinkler system. The buildings will include glass roll-up doors leading out of breakrooms to covered patio areas, six outdoor amenity nodes that are interconnected by trails and feature patio tables and chairs for outdoor dining, as well as turf areas for cornhole and other outdoor games. The project will be developed in two phases, with Phase I consisting of four buildings totaling 359,700 square feet and Phase II is slated for three buildings totaling 295,700 square feet. Willmeng Construction is serving as general contractor and Butler Design Group is serving as architect. Construction of Phase I is slated to begin third quarter of 2022 with delivery by the second quarter of 2023. The project will be developed, owned and managed by EastGroup. Steve Larsen, Pat …

March 30, 2022

Acquisitions California Restaurant Retail Western

Matthews Brokers $9M Sale of Woodland Hills Retail Property in California

by Amy Works March 30, 2022

WOODLAND HILLS, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 5780 Canoga Ave. in Woodland Hills. California-based Bolour Associates acquired the property from California-based Flamingo Investments for $9 million in an off-market transaction. Baja Fresh, Salad Farm and The Stand are tenants at the retail building. Kyle Pari and Michael Pakravan of Matthews Real Estate Investment Services represented the buyer and seller in the transaction.

March 30, 2022

Acquisitions Retail Texas

Vista Cos. Acquires 70,000 SF Montgomery Crossing Shopping Center in Conroe, Texas

by Taylor Williams March 30, 2022

CONROE, TEXAS — Locally based investment and management firm Vista Cos. has acquired Montgomery Crossing, a 70,000-square-foot retail center located about 45 miles north of Houston in Conroe. At the time of sale, the center was 70 percent leased to tenants such as Dollar Tree, The Toasted Yolk Café, Whataburger and Mattress Firm. Rob Kilcrease and Matt Berry of CBRE represented Vista Cos. in the deal. The seller was not disclosed. Veritex Bank provided acquisition financing to Vista Cos.

March 30, 2022

Acquisitions Michigan Midwest Retail

MKiezi Investments Acquires Oakland Mall in Troy, Michigan

by Kristin Harlow March 30, 2022

TROY, MICH. — Local developer MKiezi Investments has acquired Oakland Mall in Troy for an undisclosed price. CenterCal Properties was the seller. The mall, which opened in 1968, spans roughly 1.5 million square feet and is home to Macy’s, J.C. Penney and a former Sears store, which MKiezi acquired last year. Other retailers at the mall include Dick’s Sporting Goods and At Home. Hobby Lobby is scheduled to open later this year in a portion of the former Sears space. Longhorn Steakhouse will replace the former Logan’s Roadhouse space. MKiezi plans to make improvements to the mall entrances, restrooms and lighting. Redevelopment of the former Sears store is underway. MKiezi is working with Detroit-based GH+A Design Studios to envision future possibilities for the mall that may include family entertainment, dining, ghost kitchens, advanced retail distribution or activation of outdoor space.

March 30, 2022

Acquisitions Midwest Nebraska Office

Triage Staffing Expands Omaha Headquarters, Purchases 100,000 SF Building

by Kristin Harlow March 30, 2022

OMAHA, NEB. — Triage Staffing, a healthcare staffing firm based in Omaha, is expanding its corporate headquarters to 100,000 square feet. John Maaske and Tyler Pieper, Triage’s founders, purchased the building at 13609 California St. along with a group of investors. The building more than triples Triage’s current space. Architect Leo A. Daly has started the design process and is planning a major overhaul of the building’s interior. Renovations will begin in August, with occupancy slated for February 2023. Triage was founded in 2006 with four employees. The company expects to hire its 500th employee sometime this year.

March 30, 2022

Acquisitions Industrial Midwest Minnesota

JLL Brokers $9.8M Sale of Minnesota Industrial Portfolio

by Kristin Harlow March 30, 2022

FRIDLEY AND MONTICELLO, MINN. — JLL Capital Markets has brokered the sale of a two-building industrial portfolio in Fridley and Monticello for $9.8 million. Foundation Building Materials occupies both properties, which total 92,008 square feet and feature more than 150,000 square feet of outside storage space. David Berglund and Colin Ryan of JLL represented the undisclosed seller. Steve Nelson of Hoyt Properties co-brokered the deal. Lincoln Property Co. was the buyer.

March 30, 2022

Acquisitions Multifamily New York Northeast

JLL Negotiates $15.5M Sale of Upper West Side Multifamily Building

by Taylor Williams March 30, 2022

NEW YORK CITY — JLL has negotiated the $15.5 million sale of a 27-unit multifamily building at 2647-2649 Broadway on Manhattan’s Upper West Side. The seven-story building includes two retail spaces totaling 4,250 square feet. Hall Oster, Teddy Galligan and Braedon Gait of JLL represented the seller, an undisclosed private investor that owned the property for 35 years, in the transaction. The buyer was New York-based investment management firm Aulder Capital.

March 30, 2022

Acquisitions California Industrial Western

LDK Ventures, PCCP Sells 617,760 SF Distribution Facility in San Francisco’s North Bay Area

by Amy Works March 29, 2022

VACAVILLE, CALIF. — A joint venture between LDK Ventures and PCCP has completed the disposition of a Class A distribution/e-commerce facility, located at 4800 Midway Road in Vacaville. A global real estate investment manager acquired the single-tenant asset for an undisclosed price. Built in 2021 on 35.7 acres, the 617,760-square-foot property features 40-foot clear heights, 54-foot by 50-foot column spacing, cross-dock loading with 130-foot truck courts, LED lighting and ESFR fire suppression. At the time of sale, the property was 100 percent occupied by a global Fortune 10 e-commere company. Steve Hermann, Seth Siegel, Ryan Venezia, Rick Ryan and Kevin Flemming of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the deal. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield provided market advisory.

March 29, 2022

Acquisitions Arizona Multifamily Western

IPA Negotiates $41.5M Sale of Regency Square Multifamily Community in Yuma, Arizona

by Amy Works March 29, 2022

YUMA, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Regency Square, an apartment property in Yuma. Sundance Bay acquired the asset from a private partnership for $41.5 million, or $136,513 per unit. Built in 1986, Regency Square features 304 studio, one- and two-bedroom apartments spread across 17 two-story residential buildings. Community amenities include assigned covered parking, two swimming pools, a leasing office and clubhouse, basketball court, children’s playground, pet park and two laundry facilities. Cliff David and Steve Gebing of IPA, a division of Marcush & Millichap, represented the seller and procured the buyer in the deal.

March 29, 2022

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