ROCHESTER, MINN. — Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding medical office building in Rochester for an undisclosed price. Located at 124 Elton Hills Lane, the property is home to Bluestem Center for Child and Family Development. Seth Gilford of Quantum represented the seller, a Midwest healthcare provider. Zackary Hilgendorf of Quantum represented the buyer, a New York City-based medical acquisition fund.
ST. CLOUD, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the $3.5 million sale of a Raising Cane’s ground lease in St. Cloud near Minneapolis. Built in 2021, the 3,493-square-foot restaurant building is located at 2635 W. Division St. Jeff Lefko and Bill Asher of Hanley, in conjunction with Rob Wise of CBRE, represented the seller, Minneapolis-based TOLD Development Co. Chris Rodriguez of Pacific Commercial Investments Inc. represented the buyer, California-based Caravella Properties.
KANSAS CITY, MO. AND MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired two recently completed industrial assets totaling 2 million square feet in metro Kansas City and Minneapolis for an undisclosed price. The single-tenant, build-to-suit facilities serve as distribution space for an e-commerce company. Arch, on behalf of one of its institutional capital partners, provided preferred equity construction financing and a forward commitment to acquire the assets upon completion.
GROVE CITY, OHIO — In a joint venture with Trident Capital Group, Invesco Real Estate Income Trust Inc. (INREIT) has purchased a 95 percent interest in an industrial building in the Columbus suburb of Grove City. Built in 2000, the fully leased property spans 378,283 square feet. The transaction marks INREIT’s fourth industrial investment. INREIT acquired the property in conjunction with the purchase of a shopping center in New York for a combined price of $94 million. The seller was undisclosed.
HOLLAND, MICH. — JLL Capital Markets has brokered the sale of Felch Street Shopping Center in the Grand Rapids suburb of Holland. The sales price was undisclosed. The 166,100-square-foot shopping center is fully leased to tenants such as Barnes & Noble, Bed Bath and Beyond, Jo-Ann Fabrics, Old Navy, Jonathan Stevens Mattress, Party City, PetSmart, Shoe Carnival, T.J. Maxx and Ulta Beauty. Amy Sands, Clinton Mitchell, Michael Nieder and Matthew Schoenfeldt of JLL represented the undisclosed seller. A private fund based in the Southeast purchased the asset.
PHOENIX — DWG Capital Partners has purchased an industrial facility, located at 3420 W. Catalina Drive in Phoenix, for an undisclosed price. The sale-leaseback deal includes a new, 15-year, triple-net lease with the seller, Rembrandt Stone Masters. The stone fabrication company occupies the 29,600-square-foot property, which is situated on 1.7 acres. Founded in 1996, the company operates a state-of-the-art facility with leading-edge CNC machinery and technology supported by a team of craftsmen and artisans. Dugan Kelley of Kelley Clarke PC represented the buyer, while Steve Lowe and Oscar Lopez of Matthews Real Estate represented the seller in the transaction. WaFd Bank provided acquisition financing, which Jim McCann arranged.
EL CAJON, CALIF. — Pacific Coast Commercial has arranged the sale of a multi-tenant retail center located at 701-777 Broadway in El Cajon. Broadway Center Associates sold the asset to Alcatraz475 LP/Birch8330 LP for $8.2 million, or $323 per square foot. At the time of sale, the 25,460-square-foot property was 95 percent leased to a mix of local and regional retail tenants. Brian Crepeau and Vanessa Reza of Pacific Coast Commercial represented the seller, while Bing Udinsky of The Udinsky Group represented the buyer in the deal.
ATLANTA — Boca Raton, Fla.-based CP Group and an affiliate of New York City-based Cohen & Steers Capital Management Inc. have purchased Buckhead Centre, a 169,000-square-foot office property in Atlanta’s Buckhead Village. The seller and sales price were not disclosed. CP Group will manage the building. Steve Devinney, Billy Graddy and Jack Teken with Stream Realty Partners will oversee leasing for the property. Buckhead Centre includes two office buildings: an eight-story tower and an adjacent seven-story tower. The structures are situated on two contiguous land parcels totaling over four acres, including an attached restaurant building and structured parking. CP Group plans to renovate the buildings. The property has boasted an average office occupancy of 95 percent over the past 30 years. Located at 2970 Peachtree Road, the office buildings are within Buckhead Village, which offers over 800,000 square feet of shops, dining, residences and office. Buckhead Village offers tenants including Dior, Veronica Beard and Warby Parker. The property is also situated 8.3 miles from downtown Atlanta.
WEST PALM BEACH, FLA. — A joint venture between Wexford Real Estate Investors, Related Cos. and Key International has acquired two office buildings in downtown West Palm Beach. The seller and sales price were not disclosed. The two buildings are each 60,000 square feet and have a half-acre auxiliary parking lot. Located at 400 and 450 S. Australian Ave., the office properties are located close to Interstate 95 and the proposed University of Florida graduate campus that is currently being planned. The two office buildings are also situated within one mile of The Square, the open-air shopping, dining and entertainment complex.
SAN ANTONIO — Welcome Group, a Houston-based investment firm, has purchased two office and lab buildings in San Antonio totaling 124,291 square feet. The first building spans 80,431 square feet, sits on an 11.9-acre site and is leased by KCI USA Inc., a provider of wound care services and treatments. The second facility totals 43,860 square feet and was built in phases between 1987 and 1995. Frost Bank provided an undisclosed amount of financing for both acquisitions. Ryan Wassaff of Welcome Realty Advisors, along with internal agents Cole Bercher and John Wilson, represented Welcome Group in the deals. John Taylor of JLL and Luis Garza of Transwestern respectively represented the sellers of the first and second buildings.
