BATON ROUGE, LA. — A partnership between New York-based companies DLC and DRA Advisors has acquired Towne Center at Cedar Lodge, a 316,031-square-foot shopping center located near the Louisiana State University (LSU) campus in Baton Rouge. The purchase price was $81 million, according to the Baton Rouge Advocate. The seller was undisclosed. Whole Foods Market anchors the property, which was 93 percent leased at the time of sale. Other tenants include Barnes & Noble, Nike, Gap and Ulta Beauty.
ST. PETERSBURG, FLA. — SRS Real Estate Partners has arranged the $7.3 million sale of a two-parcel, multi-tenant retail strip center located at 730 4th St. N in St. Petersburg. Built in 2009, the property totals 10,802 square feet and was fully leased to a mix of tenants including Foxtail Coffee, The UPS Store, Jimmy John’s, Chipotle Mexican Grill and Verizon Wireless at the time of sale. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller, a Tampa-based investment group, in the transaction. The buyer was a national fund that targets multi-tenant retail properties. Both parties requested anonymity.
PASADENA, CALIF. — Swift Real Estate Partners has completed the sale of 790 East Colorado Boulevard, an office property in Pasadena, to Arash Danialifar of GD Realty for an undisclosed price. Originally built in the 1980s, 790 East Colorado Boulevard features 146,000 square feet of office space. The property offers operable windows and balconies, furnished outdoor terraces, a fitness center, covered parking, 24/7 security and a conference facility with board room, training room and full-service kitchen. The nine-story, LEED-Gold certified building is currently 70 percent leased. Andrew Harper, Jeff Bramson, Will Poulsen and Jacob Malloy of JLL represented the seller, while Omid Broukhim of Barak Investors Group represented the buyer in the deal.
CARLSBAD, CALIF. — Harrison Street has received a loan to facilitate the acquisition of a 153-unit senior living community located in Carlsbad. Oakmont Santianna totals 153 units, including independent living, assisted living and memory care residences. Oakmont Management Group developed the property, which opened in 2022. BWE arranged the financing, which includes a 10-year, fixed-rate loan with full-term interest-only payments. A life insurance company provided the loan. Oakmont Management Group will continue to operate the community on behalf of the new ownership.
NORTHBROOK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.5 million sale of a 56,219-square-foot flex industrial building in the Chicago suburb of Northbrook. At the time of sale, the property on Techny Court was 82 percent leased. A private investor based in the northern suburbs of Chicago sold the asset to an affiliate of Core Acquisitions, a real estate investment and development firm based in Illinois. Brett Berlin and Max Himel of Quantum brokered the sale.
LIBERTYVILLE, ILL. — Marcus & Millichap has arranged the $2.5 million sale of a medical office property net leased to Forefront Dermatology in the Chicago suburb of Libertyville. Originally built in 1996 as a Burger King, the 6,300-square-foot building underwent a full renovation in 2018 and an expansion in 2022 to accommodate the seller’s wife’s dermatology practice, which was later acquired by Forefront Dermatology. The asset is located at 1234 N. Milwaukee Ave. Daniel Chumbley, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the buyer, a local private investor that is actively expanding its healthcare real estate portfolio across Chicagoland.
REDFORD TOWNSHIP, MICH. — Friedman Real Estate has negotiated the sale of an 18,800-square-foot industrial property located at 24800 Plymouth Road in the Detroit suburb of Redford Township. Phil Konopitski of Friedman represented the seller, Dudek Property Investments LLC. Crown Specialty Investments LLC was the buyer.
NEW YORK CITY — W. P. Carey, a New York City-based REIT specializing in net-leased deals, has acquired a food processing facility in Tennessee in a sales-leaseback transaction valued at $166 million. The exact location of the facility, which was completed in May and is occupied by a subsidiary of Canadian manufacturer and distributor Premium Brands Holding Corp., was not disclosed. The facility spans approximately 350,000 square feet. Building features include 40-foot clear heights, 27 dock doors and over 250,000 square feet of cooler and freezer space. In addition, the facility is fully powered by renewable energy sources and is expected to receive LEED Silver certification. Under the terms of the deal, which formally closed earlier this summer, Premium Brands is subject to a triple-net lease for a term of 25 years with fixed annual rent increases. Premium Brands will reinvest the proceeds of the sale into its core business. “We’re thrilled to partner with Premium Brands on this transaction, which highlights our conviction in the food production sector and our ability to structure real estate solutions that support operational growth for market-leading companies,” says Boyd Borjiet, vice president of investments at W. P. Carey. — Taylor Williams
HOUSTON — A limited liability company doing business as 14700 TP LLC has purchased Ten Pines at Summerwood, a multifamily property in northwest Houston, for $31.2 million. According to LoopNet Inc., the property was built in 2013 and totals 240 units. Units come in one-, two- and three-bedroom floor plans and are furnished with island kitchens, stainless steel appliances, ceramic tile flooring, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, business center, clubhouse, sports lounge and an outdoor lounge area. Dustin Seltzer of JLL was the listing agent on the deal.
KILLEEN, TEXAS — JLL has negotiated the sale of Killeen Marketplace, a shopping center in Central Texas. According to the website of the new owner, Chase Properties, Killeen Marketplace totals roughly 116,000 square feet and is anchored by Best Buy, Ross Dress for Less, Shoe Carnival and dd’s Discounts. The property traded as part of a portfolio deal that included a retail center in Lufkin, Texas, as well as two shopping centers in Arkansas. Adam Howells, Barry Brown and Erin Lazarus of JLL represented the seller, Ball Ventures, in the transaction. Deborah Johnson of JLL assisted in closing the deal as the broker of record.
