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Acquisitions

AcquisitionsFloridaIndustrialSoutheast

Granite REIT Purchases 124,500 SF Industrial Property in Coral Springs, Florida

by John Nelson

CORAL SPRINGS, FLA. — Granite REIT has purchased Coral Springs Logistics Center, a 124,500-square-foot industrial property located at 3850-3872 N.W. 126th St. in Coral Springs, a city in South Florida’s Broward County. A joint venture between Barings Real Estate and Arkadia Property Group sold the property to Granite REIT for an undisclosed price. Luis Castillo, Cody Brais, Taylor Osborne and David Orta Jr. of JLL represented the seller in the transaction. Built in 2021, Coral Springs Logistics Center comprises two rear-load buildings that were fully leased at the time of sale to building materials wholesaler Exclusive Trim Inc. and commercial refrigerator manufacturer Marc Refrigeration.

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AcquisitionsAffordable HousingDevelopmentMultifamilyNorth CarolinaSoutheast

Coldwell Banker Brokers $3.4M Sale of Multifamily Development Site in Charlotte

by John Nelson

CHARLOTTE, N.C. — Coldwell Banker Commercial Realty has brokered the $3.4 million sale of a 3.4-acre, multifamily-zoned parcel at 5703-5707 N. Tryon St. in Charlotte. The buyer, The Annex Group, plans to develop a 200-unit affordable housing community on the site. Capital partners for the project include City of Charlotte, Bank of America and the North Carolina Housing Financing Authority (NCHFA). The construction timeline was not released. Ryan Pilsy of Coldwell Banker represented the land seller, an entity doing business as Kilbros3 LLC, in the transaction. Annex Group was represented internally by Joy Skidmore and Ryan Clark.

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AcquisitionsCaliforniaIndustrialWestern

EQT Real Estate Buys 2 MSF Industrial Portfolio in Manteca, California

by Amy Works

MANTECA, CALIF. — EQT Real Estate’s EQT Exeter Industrial Value Fund VI has purchased a 2 million-square-foot portfolio of logistics facilities in Manteca. The four Class A buildings are located near interstates 5 and 99 and offer immediate access to a major Union Pacific intermodal terminal. The properties are fully leased to four tenants across a diverse set of industries with a weighted average lease term of less than three-and-a-half years. The buildings feature 36-foot clear heights, a mix of cross-dock and single-load configurations, ample trailer and auto parking spaces and truck maneuverability and circulation. Michael Kendall, Michael Goldstein, Gian Bruno and Nick Mascheroni of Colliers advised EQT Real Estate in the transaction.

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FRED310-BldgD-Frederickson-WA
AcquisitionsIndustrialWashingtonWestern

Cushman & Wakefield Arranges Sale of 753,069 SF Industrial Building in Frederickson, Washington

by Amy Works

FREDERICKSON, WASH. — Cushman & Wakefield has negotiated the sale of Building D within FRED310, an industrial park in Frederickson. Terms of the transaction were not released. Built in 2024, the multi-tenant building offers 753,069 square feet of Class A industrial space. Situated on 40.9 acres at 6921 192nd St. East, Building D is fully leased to two tenants. The first phase of FRED310 consists of four buildings (C, D, E and G) totaling 3.3 million square feet. The buildings offer ample dock-high and grade-level loading, 36- to 40-foot clear heights, ample auto/trailer parking and large modern truck courts. At full build-out, the industrial park is expected to expand to as much as 4 million square feet spread across six buildings. Jeff Chiate, Bryce Aberg, Jeffery Cole, Charlie Jacobs and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group — West represented the undisclosed seller in the deal. Scott Alan and Patrick Mullin of Cushman & Wakefield provided market advisory and lead marketing efforts for the project.

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125-157-Twin-Oaks-Valley-Rd-San-Marcos-CA
AcquisitionsCaliforniaRetailWestern

Brixton Capital Purchases Four-Building Retail Center in San Marcos, California

by Amy Works

SAN MARCOS, CALIF. — Brixton Capital has acquired Civic Center Plaza, located at 125-157 Twin Oaks Valley Road in San Marcos, from the City of San Marcos for an undisclosed price. Developed in 2007 in conjunction with the city, the four-building retail center offers 60,000 square feet of retail space. At the time of sale, the property was 97 percent occupied. Current tenants include LA Fitness, FedEx, Subway, Robek’s, PizzaNova and Ryan Bros Coffee. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the city, while Brixton was self-represented in the transaction.

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2445-Fifth-Ave-San-Diego-CA
AcquisitionsCaliforniaOfficeRetailWestern

Marcus & Millichap Brokers Sale of 42,363 SF Mixed-Use Property in San Diego

by Amy Works

SAN DIEGO — Marcus & Millichap has arranged the sale of The Laurel at Balboa, a mixed-use property located at 2445 Fifth Ave. in San Diego. Grady Development and Fifth & Laurel Associates sold the asset to Golden Balboa LLC for $16.4 million. Situated in San Diego’s Bankers Hill neighborhood, the 42,363-square-foot property features ground-floor retail space anchored by CUCINA Urbana, operated by Urban Kitchen Group, and three levels of office space. Built in 1989, the asset includes 82 secured underground parking spaces and and was approximately 92 percent leased at the time of sale. Ross Sanchez and Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.

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Storage-Solutions-USA-and-Bay-Wash-Car-Wash
AcquisitionsIndustrialNew YorkNortheastSelf-Storage

Marcus & Millichap Brokers Sale of 288-Unit Self-Storage, Car Wash Facility in Middletown, New York

by Taylor Williams

MIDDLETOWN, N.Y. — Marcus & Millichap has brokered the sale of Storage Solutions USA and Bay Wash Car Wash in Middletown, about 75 miles north of New York City. The site spans 4.2 acres, and the property consists of 30,475 net rentable square feet of storage space across 288 units and a self-service car wash with five self-service bays and one in-bay automatic wash. Andreas Makris, Kevin Bledsoe, Alan Cafiero and Matt Junkin of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Manas Equities. 

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5730-E-Otero-Ave-Centennial-CO
AcquisitionsColoradoRetailWestern

Pinnacle Real Estate Advisors Negotiates Sale of 11,004 SF Retail Center in Centennial, Colorado

by Amy Works

CENTENNIAL, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a value-add retail center located at 5730 E. Otero Ave. in Centennial. M&M Holdings sold the strip center to KGN Investments for $1.8 million. At the time of sale, the eight-unit, 11,004-square-foot property was 50 percent vacant, with several tenants operating under modified gross leases and an atypical layout that included a non-traditional office component. In conjunction with the sale, the Pinnacle team secured a new lease with Scalp Therapy for a 1,424-square-foot space. Kyle Moyer, Cody Stambaugh and Elizabeth Morgan of Pinnacle Real Estate Advisors represented the seller and buyer in the deal.

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AcquisitionsMidwestMultifamilyWisconsin

Midloch, Hempel Acquire 118-Unit Apartment Building in Milwaukee’s Pabst District for $19.2M

by Kristin Harlow

MILWAUKEE — Midloch Investment Partners and Hempel Real Estate have acquired The Malt House, a 118-unit apartment building in Milwaukee’s historic Pabst District, for $19.2 million. The brick building was originally constructed in 1882 as the malt house for the Pabst Brewing Co. The property was extensively redeveloped as a luxury multifamily asset between 2016 and 2021. Amenities include a fitness center, package room, movie screening room, coworking lounge, game room and rooftop deck. Brad Smith, Jack Maloney and Anna Lovell of Cushman & Wakefield brokered the transaction. The buyers secured a new mortgage loan from Landmark Credit Union. Harmoniq Residential will handle property management and leasing. The buyers plan to make common area improvements, some unit upgrades and address deferred maintenance. Midloch also owns the Brewery District Parking Garage adjacent to The Malt House.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $10.8M Sale of Multifamily Portfolio on Chicago’s North Side

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $10.8 million sale of a seven-building multifamily portfolio in Chicago’s West Ridge neighborhood. The garden-style properties feature 94 units. Joe Smazal of Interra represented the confidential local buyer as well as the seller, a West Coast-based private investor. As part of the transaction, the buyer assumed the CMBS loan from the seller. Situated on North California Avenue and built in 1961, the properties include 38 studios, 53 one-bedroom units and three two-bedroom floor plans. The buildings present a value-add opportunity through modernization of units and operational enhancements, according to Interra. The seller engaged Pegasus, a commercial real estate advisory firm, to provide strategic oversight throughout the sales process. Katherine Weaver of Pegasus served as the lead advisor. Pegasus conducted a comprehensive broker selection process, ultimately naming Smazal to co-broker the transaction.

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