Tuesday, March 31, 2026
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Acquisitions

8700-S-Price-Rd-Tempe-AZ
AcquisitionsArizonaOfficeWestern

Cushman & Wakefield Negotiates $7.3M Sale of Flex Office Building in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Cushman & Wakefield has directed the sale of a flex office building situated on ground leased land within the Arizona State University Research Park in Tempe. LNR Partners sold the property to David McHenry for $7.3 million. Situated on 9.6 acres at 8700 S. Price Road, the two-story building offers 132,070 square feet of office space that is fully available for new tenancy. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield represented the seller. Charles Miscio and Luke Waller of CBRE assisted in the transaction.

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SchoolsFirst-Palm-Desert-CA
AcquisitionsCaliforniaRetailWestern

Faris Lee Investments Brokers $6.1M Sale of Two-Tenant Retail Property in Southern California

by Amy Works

PALM DESERT, CALIF. — Irvine, California-based Faris Lee Investments has brokered the $6.1 million sale of a two-tenant retail property located at the corner of Highway 111 and Fred Waring Drive in Palm Desert. SchoolsFirst Federal Credit Union and T-Mobile occupy the 7,400-square-foot building. Chris DePierro, Jeff Conover, Don MacLellan, Scott DeYoung and Greg Lukosky of Faris Lee represented the seller, Sage Investments, in the transaction. The all-cash, 1031 exchange buyer was a Southern California-based private investor. This deal marks the 25th property Faris Lee Investments has sold in the Palm Desert, Palm Springs, La Quinta and Indio markets.

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AcquisitionsMultifamilyNortheastPennsylvaniaStudent Housing

Franklin Street Brokers $30M Sale of Student Housing Property Near Penn State University

by Taylor Williams

STATE COLLEGE, PA. — Franklin Street has brokered the $30 million sale of The Villas at Happy Valley, a 435-bed student housing property located near the Penn State University campus in State College. Developed in 2013, the community offers 145 three-bedroom units. Franklin Street represented the seller, Keystone Real Estate Group, in the sale of the property to Reliant Group Management. The new ownership plans to begin renovations imminently on the community’s fitness center, clubhouse and unit interiors. Additional shared amenities include a pool, study room, sand volleyball court, game tables, outdoor grills and a fire pit. The Villas at Happy Valley was 93 percent leased at the time of sale.

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AcquisitionsCaliforniaIndustrialWestern

PSRS Arranges $3.2M Sale of Industrial Property in San Diego

by Amy Works

SAN DIEGO — PSRS has arranged the $3.2 million owner-user purchase of an industrial property located on Custer Street in San Diego. The 15,000-square-foot property is situated on two adjacent parcels and consists of metal-construction warehouse buildings. The deal was financed with a private lender and an SBA 504 loan, featuring a 91 percent loan-to-value ratio, a 25-year term and a 25-year amortization. Jen Mustard of PSRS arranged the transaction.

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AcquisitionsMidwestOhioRetail

JLL Brokers Sale of 386,754 SF Shopping Center in Brooklyn, Ohio

by Kristin Harlow

BROOKLYN, OHIO — JLL Capital Markets has brokered the sale of Ridge Park Square, a dual-grocery-anchored shopping center in Brooklyn near Cleveland. The 386,754-square-foot property is located at the intersection of I-480 and Ridge Road. Marc’s and Grocery Outlet are the grocery anchors. The center was 95 percent leased at the time of sale to tenants such as TJ Maxx, Ross Dress for Less, Dollar Tree, Five Below, AMC Theatres, Michaels and Ashley Furniture. Michael Nieder, Brian Page and Mohsin Mirza of JLL represented the seller, an affiliate of Zeisler Morgan Properties. The buyer was RCG Ventures LLC. The asset had never been marketed since its original development in 1989, according to Nieder.

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AcquisitionsIndianaIndustrialMidwest

CBRE Arranges $5.3M Sale of Industrial Property in Bremen, Indiana

by Kristin Harlow

BREMEN, IND. — CBRE has arranged the $5.3 million sale of a 142,914-square-foot industrial property at 833 Legner St. in Bremen, a city in northern Indiana. A building was fully leased with 6.3 years remaining on the lease to Patrick Industries, a manufacturer and supplier of interior and exterior component solutions for the RV, marine, powersport and housing markets. Situated on 9.7 acres, the facility features 16 grade-level doors with clear heights ranging from 12 to 24 feet. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo and Terry Busch of CBRE represented the private seller. The asset sold to a private, high-net-worth 1031 exchange buyer from California.

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Casa Brera at Toscana Isles
AcquisitionsFloridaMultifamilySoutheast

Milestone Group Acquires 206-Unit Casa Brera Apartment Complex in Lake Worth, Florida

by Abby Cox

LAKE WORTH, FLA. — The Milestone Group has acquired Casa Brera at Toscana Isles, a 206-unit apartment complex located in Lake Worth, approximately 35 miles north of Fort Lauderdale. The purchase price was not disclosed. Hampton Beebe and Avery Klann of Newmark marketed the property on behalf of the undisclosed seller. Casa Brera at Toscana Isles offers one-, two- and three-bedroom floorplans, ranging in size from 870 square feet to 1,430 square feet, according to Apartments.com. Amenities include a resort-style swimming pool, fitness center, clubhouse, social lounge, private movie theater, entertainment bar, multi-purpose sports court and a dog park.

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AcquisitionsCompany NewsMultifamilyNortheastPennsylvaniaTop Stories

Morgan Properties Agrees to Acquire Dream Residential REIT in $354M Deal

by John Nelson

CONSHOHOCKEN, PA. AND TORONTO — An affiliate of Morgan Properties LP, a multifamily investment firm based in metro Philadelphia, has entered into an agreement to acquire Toronto-based Dream Residential Real Estate Investment Trust (Dream Residential REIT). The all-cash transaction is valued at $354 million and is expected to close by the end of the year. Dream Residential REIT owns 15 garden-style multifamily communities totaling more than 3,300 units. The portfolio is concentrated in three markets: Cincinnati (six), Oklahoma City (five) and Dallas-Fort Worth (four). Morgan Properties will acquire all of Dream Residential REIT’s assets and assume the company’s liabilities as part of the acquisition agreement. Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties, said in a prepared statement that the company “looks forward to welcoming these new communities, enhancing the physical assets and providing best-in-class customer service for the residents.” The agreement requires Morgan Properties to pay all unit holders of Dream Residential REIT, which trades on the Toronto Stock Exchange, as well as unit holders of the REIT’s subsidiary DRR Holdings LLC, $10.80 per unit. The price represents a 60 percent premium to the REIT’s closing price on Feb. 19, 2025, which is the day the company announced …

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3780-3890-W-Happy-Valley-Rd-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Longpoint Partners Buys 144,192 SF Stetson Village Shopping Center in Phoenix for $71M

by Amy Works

PHOENIX — Lena Centers, a subsidiary of Longpoint Partners, has purchased Stetson Village, a grocery-anchored shopping center at 3780-3890 W. Happy Valley Road in Phoenix, from Pederson Group for $71 million. Ryan Schubert, Michael Hackett and Zach Aulick of CBRE represented the seller and buyer in the transaction. Built in 2007, the 144,192-square-foot Stetson Village is fully occupied by a variety of tenants, including Capriott’s, Nekter Juice Bar, UPS Store, First Watch and Great Clips.

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AcquisitionsCaliforniaLoansMultifamilyWestern

BWE Secures $43.4M Acquisition Loan for Villa Del Mar Apartments in Los Angeles County

by Amy Works

MARINA DEL RAY, CALIF. — BWE has secured $43.4 million in acquisition financing for Villa Del Mar, a multifamily property in Marina del Ray. Initially constructed in 1872, Villa Del Mar consists of four three-story apartment buildings over at-garage parking, a five-story parking structure and a 209-slip marina. The property offers 198 one- and two-bedroom apartments with hardwood-style flooring, marina-view balconies and in-unit washers/dryers. Community amenities include a clubhouse, fitness center, pool and spa, basketball and tennis courts and barbecue areas. Mike Guterman of BWE arranged the acquisition financing from a life company on behalf of VDM Partners. The loan features a five-year, fixed-rate term with prepayment flexibility and two years of interest-only payments.

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