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Acquisitions

AcquisitionsRetailSoutheastVirginia

Cushman & Wakefield Negotiates Sale of 119,085 SF Springfield Commons Shopping Center in Northern Virginia

by John Nelson

SPRINGFIELD, VA. — Cushman & Wakefield has negotiated the sale of Springfield Commons, a 119,085-square-foot shopping center located near the I-95/I-495 interchange in Springfield, approximately 15 miles southwest of Washington, D.C. Built in 1998, the property’s tenant roster includes Old Navy, PureGym and Staples. Virginia’s highest trafficked Home Depot shadow-anchors Springfield Commons, according to Cushman & Wakefield. DLC, in partnership with Cohen & Steers, purchased the center from AEW Capital Management for an undisclosed price. Cushman & Wakefield represented the seller in the transaction.

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AcquisitionsGeorgiaIndustrialSoutheast

Marcus & Millichap Brokers $8.2M Sale of Flex Industrial Property in Kennesaw, Georgia

by John Nelson

KENNESAW, GA. — Marcus & Millichap has brokered the $8.2 million sale of Noonday Business Center, a 66,000-square-foot flex industrial facility located at 771 Shallowford Road in Kennesaw, a northwest suburb of Atlanta. Ani Paulson and Mason Bierster of Marcus & Millichap marketed the property for sale and also procured the buyer in the transaction. Both parties requested anonymity. Paulson says the buyer’s winning bid was for $230,000 over the asking price and came in at a 5.12 percent cap rate. Built in 2001 near State Route 92 and I-575, Noonday Business Park was fully leased to a diverse tenant mix at the time of sale.

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AcquisitionsOfficeRetailSoutheastVirginia

Girl Scouts of Virginia Acquires Flex Building in Richmond for $3.6M

by John Nelson

RICHMOND, VA. — Girl Scout Commonwealth Council of Virginia Inc. has purchased an 18,375-square-foot flex building located at 3214 Skipwith Road in Richmond. The former tenant, Self-Help Credit Union, sold the commercial building for $3.6 million. Will McGoogan of Cushman & Wakefield | Thalhimer represented the seller in the transaction, and Amy Broderick and Kate Hosko, also with Thalhimer, represented the buyer. The Girl Scouts plan to move its current offices and retail center from nearby Willow Lawn to the new location. The organization plans to use the space as a storefront and install its administrative offices. The space will also feature collaborative areas for local Girl Scouts troops to have meetings.

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4600-Norris-Canyon-Rd-San-Ramon-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

Madison Marquette Divests of 96,535 SF Valent Innovation Center R&D Building in San Ramon, California

by Amy Works

SAN RAMON, CALIF. — Madison Marquette has completed the sale of Valent Innovation Center, a two-story R&D building in San Ramon. Orion Office REIT acquired the asset for an undisclosed price as the first acquisition under its new entity. Located at 4600 Norris Canyon Road, Valent Innovation Center offers 96,535 square feet of research and development space, which is fully leased to Valent USA, a wholly owned subsidiary of Sumitomo Chemical. The asset was most recently renovated in 2022. Adam Lasoff, Erik Hanson, Rob Hielscher, Caroline Reynolds and Quinn O’Connor of JLL Capital Market’s Investment Sales and Advisory represented the seller in the transaction.

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437-S-Highway-101-Solana-Beach-CA
AcquisitionsCaliforniaRetailWestern

Capstone Advisors Buys 55,580 SF Solana Beach Retail Center in California from GEM Realty Capital

by Amy Works

SOLANA BEACH, CALIF. — Capstone Advisors has purchased Beachwalk Shopping Center in Solana Beach from GEM Realty Capital for $32.1 million. Located at 437 S. Highway 101, the 55,580-square-foot asset consists of eight buildings offering a mix of retail, restaurant, medical and creative office space. Capstone Advisors plans to revitalize the center with physical improvements and a curated tenant roster focusing on food-and-beverage options, as well as health and wellness offerings. Two new tenants that reflect this focus are Pure Infrared Sauna and Lana Restaurant, which are currently under construction. Geoff Tranchina, Gleb Lvovich and Daniel Tyner of JLL Investment Sale and Advisory represented the seller in the deal.

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1375-Interquest-Pkwy-Colorado-Springs-CO
AcquisitionsColoradoNet LeaseRestaurantRetailWestern

RBR Interquest Sells Fuzzy’s Taco Shop-Occupied Restaurant Property in Colorado Springs for $3.5M

by Amy Works

COLORADO SPRINGS, COLO. — RBR Interquest R E LLC has completed the sale of a restaurant property at 1375 Interquest Parkway in Colorado Springs to Patterson Living Trust for $3.5 million, or $678 per square foot. Jared Goodman, Anne Spry, Aki Palmer and Cole VanMeveren of Cushman & Wakefield represented the seller in the deal. Fuzzy’s Taco Shop, a fast-casual restaurant serving Baja-style Mexican food, occupies the 5,160-square-foot property on a triple-net lease basis. Situated on 1.5 acres, the property features a large patio and 60 parking spaces.

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AcquisitionsIllinoisIndianaIndustrialMidwestMinnesotaMissouriOhio

Alterra IOS Acquires Portfolio of Seven Industrial Outdoor Storage Sites Across Midwest

by Kristin Harlow

PHILADELPHIA — Philadelphia-based Alterra IOS has acquired seven industrial outdoor storage (IOS) sites totaling 23 usable acres largely in the Midwest region. The purchase price was undisclosed. The sites are fully leased to a national telecommunications and broadband network company. Each parcel is located across metro areas in Dallas, Minneapolis, Indianapolis, Chicago, Nashville, Cleveland and St. Louis. Specifically, the properties are located in Haslet, Texas; Osseo, Minn.; Indianapolis; Frankfort, Ill.; La Vergne, Tenn.; Avon, Ohio; and St. Peters, Mo. All of the assets in the portfolio are located near city downtowns, interstate highways, international airports and rail networks. CRE Advising facilitated the acquisition.

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AcquisitionsIllinoisMidwestRetail

JLL Brokers Sale of 94,508 SF Retail Center in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — JLL Capital Markets has brokered the sale of South Elgin Commons, a 94,508-square-foot retail center in South Elgin. The sales price was undisclosed. Built in 2011 and partially renovated in 2021 and 2024, the property is fully leased. Anchor tenants include Advocate Health Care, T.J. Maxx and Ross Dress for Less. Michael Nieder and Keely Polczynski of JLL represented the seller, PMAT Real Estate Investments. The buyer was L2 Partners LLC.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Negotiates $9M Sale of Multifamily Property in St. Cloud, Minnesota

by Kristin Harlow

ST. CLOUD, MINN. — Marcus & Millichap has negotiated the $9 million sale of Sterling Heights, a 96-unit multifamily property in the Minneapolis suburb of St. Cloud. Built in 2002, the community totals 91,621 rentable square feet and offers studio, one-, two- and three-bedroom floor plans. Chris Collins, Evan Miller and Eric Wagner of Marcus & Millichap represented the seller, a Minnesota-based limited liability company, and procured the buyer, a Wisconsin-based limited liability company.

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AcquisitionsMultifamilyTexas

SWBC Real Estate Sells 295-Unit Royalton at Discovery Apartments in Rockwall, Texas

by Taylor Williams

ROCKWALL, TEXAS — Locally based developer SWBC Real Estate has sold The Royalton at Discovery, a 295-unit apartment community in Rockwall, approximately 25 miles northeast of Dallas. Completed in 2023, The Royalton at Discovery offers one-, two- and three-bedroom floor plans with an average size of 1,015 square feet. Select units feature direct access or detached garages. Amenities include a clubhouse, pool and cabanas, fitness center and an outdoor gaming center. Bonaventure acquired the property for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware and Taylor Hill of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal.

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