Acquisitions

Millburn & Co. Buys 215-Unit Alta Biltmore Multifamily Property in Phoenix

by Amy Works November 4, 2025

PHOENIX — Millburn & Co. has acquired Alta Biltmore, an apartment community in Phoenix’s Camelback Corridor submarket, from a national multifamily developer for an undisclosed price. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the transaction. Constructed in 2024, Alta Biltmore offers 215 apartments, a central courtyard with a resort-style pool and spa, tanning deck and a rooftop terrace with barbecue grills, covered seating and panoramic mountain views. The resident clubhouse features an entertainment kitchen and a speakeasy as well as a 24/7 fitness center with cardio and weight training equipment and a separate yoga studio. Additional amenities include micro-offices, private conference suites, bike storage and repair shop and electric vehicle charging stations.

November 4, 2025

Acquisitions California Industrial Western

JLL Brokers $8.5M Sale of Industrial Biomanufacturing Facility in Pleasanton, California

by Amy Works November 4, 2025

PLEASANTON, CALIF. — JLL Capital Markets has directed the sale of Tri-Valley GMP, an industrial biomanufacturing facility located at 4698 Willow Road in Pleasanton. An undisclosed seller sold the asset to Cannae Partners and REALM for $8.5 million. Erik Hanson of JLL led the transaction. The cGMP facility previously served as Gritstone bio’s Tri-Valley hub until its February 2025 vacancy. The 42,620-square-foot property benefits from improvements totaling more than $325 per square foot invested into the current build-out, transforming it into a state-of-the-art laboratory and manufacturing complex featuring 12 production rooms, ISO 5+ cleanroom space and comprehensive quality assurance and quality control laboratories.

November 4, 2025

Acquisitions Illinois Midwest Office

Menashe Properties Acquires 31-Story Office Tower in Chicago

by Kristin Harlow November 4, 2025

CHICAGO — Menashe Properties has acquired 125 S. Wacker Drive, a 31-story, 640,000-square-foot office tower in Chicago’s West Loop. The purchase price was $51.5 million, according to Crain’s Chicago Business. The news outlet reports that the seller, a venture of Montreal-based La Caisse, bought the building in 2017 for $145 million. The closing marks Menashe’s second major Chicago office investment since 2023. Located in the city’s financial district at the intersection of Wacker Drive and Adams Street, the property features immediate access to Union Station, Ogilvie Transportation Center and several CTA lines. The tower is LEED Gold and WiredScore Platinum certified. The building features an amenity center on the second floor that includes four conference rooms, a fitness center and reservable space for meetings, private gatherings and corporate events. Menashe plans to build spec suites at the building. Stream Realty Partners has been selected to handle leasing and property management. Mark Baby and Ben Cleveland will oversee leasing strategy, while Victoria Knudson will direct onsite operations. Menashe is a privately owned commercial real estate investment firm based in Portland, Ore.

November 4, 2025

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4.4M Sale of Retail Center in Ottawa, Illinois

by Kristin Harlow November 4, 2025

OTTAWA, ILL. — Marcus & Millichap has brokered the $4.4 million sale of a 10-suite, two-building retail center in Ottawa. Aldi shadow-anchors the property, which is home to Dollar Tree, Sherwin-Williams, Athletico Physical Therapy, Hibbett Sports and World Finance Corp. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private Chicagoland investment group. Sharko and Weisenbeck, along with the brokerage’s Phoebe Klein, represented the buyer, a private 1031 exchange investor based in New York. The sale closed at 99.4 percent of the list price, achieving the highest price per square foot for a shopping center in Ottawa in the past five years, according to Mendoza. The property also included a half-acre parcel of developable land suited for a single-tenant drive-thru.

November 4, 2025

Acquisitions Illinois Industrial Midwest

Brennan Investment Group Buys 80,000 SF Industrial Building in Metro Chicago

by Kristin Harlow November 4, 2025

WOODRIDGE, ILL. — Brennan Investment Group has acquired an 80,000-square-foot industrial building situated on 8.8 acres in the Chicago suburb of Woodridge. The property is located within the I-55 submarket at the intersection of I-55 and I-355. Brennan says the property was acquired to address the region’s shortage of functional small-bay industrial product, as the vacancy rate is less than 1 percent among spaces under 50,000 square feet in the I-55 submarket. Brennan plans to reposition the building by demising it into four 20,000-square-foot suites complete with spec offices, individual docks and drive-in doors and a large, secured yard. The building was originally constructed in 2007.

November 4, 2025

Acquisitions Industrial Maryland Southeast

Marcus & Millichap Brokers $9.1M Sale of Industrial Facility in Annapolis, Maryland

by John Nelson November 3, 2025

ANNAPOLIS, MD. — Marcus & Millichap has brokered the $9.1 million sale of an industrial facility located at 1812-1820 Margaret Ave. in Annapolis, about 30 miles east of Washington, D.C. The 41,059-square-foot, two-story facility sits on nearly 1.7 acres within the Annapolis Design District. The infill property, which was fully leased at the time of sale to six tenants, features open warehouse space with 22-foot ceiling heights, skylights and reserved parking. The facility also includes a 2,541-square-foot flex/showroom suite with a 600-square-foot office on the second level. John Faus and Bryn Merrey of Marcus & Millichap represented the seller and procured the buyer, a private investor, in the transaction. Both parties requested anonymity.

November 3, 2025

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $18.5M Sale of Northern New Jersey Shopping Center

by Taylor Williams November 3, 2025

PARSIPPANY, N.J. — Marcus & Millichap has brokered the $18.5 million sale of a 45,315-square-foot shopping center located in the Northern New Jersey community of Parsippany. Built in 1970 and renovated in 2012, Baldwin Shopping Center was fully leased at the time of sale to tenants such as Walgreens, Concentra, Enterprise Rent-A-Car and State Farm Insurance. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

November 3, 2025

Acquisitions California Multifamily Western

Amorosa Cos. Purchases 119-Unit Apartment Complex in Los Angeles

by Amy Works November 3, 2025

LOS ANGELES — Amorosa Cos. has acquired 9733 Topanga Canyon, a multifamily property located in the Chatsworth neighborhood of Los Angeles, from a private multifamily investment firm for $44 million, or $369,748 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged $27.4 million in agency financing for the buyer. Constructed in 2009, 9733 Topanga Canyon features 119 apartments with open floor plans, nine-foot ceilings, full-size stackable washers/dryers, breakfast bars and private balconies. Community amenities include a large central courtyard, swimming pool, spa, dog run, package receiving lockers and covered bike storage.

November 3, 2025

Acquisitions California Multifamily Western

Advanced Real Estate Buys Multifamily Community in West Covina, California for $41M

by Amy Works November 3, 2025

WEST COVINA, CALIF. — Advanced Real Estate has acquired The Cove at West Covina, an apartment property located at 1829 E. Workman Ave. in West Covina, for $41 million. The buyer assumed a $21 million Freddie Mac loan with a fixed interest rate of 4.75 percent and full-term interest-only payments. Additional terms of the transaction were not released. The gated community features 138 apartments, two polos with cabanas, a fitness center, fire pits, garages and a large open landscaped area. Advanced plans to upgrade the property with the addition of in-unit washers and dryers, new cabinetry, flooring, fixtures, appliances, windows and a modern paint scheme. Advance’s in-house construction company, R3 Construction, and in-house management company, Advanced Management Co., will complete the upgrades. Shane Shafer, previously of Northmarq and now with Colliers, brokered the deal.

November 3, 2025

Acquisitions Arizona Industrial Western

Lincoln Acquires 191,000 SF Partially Occupied Data Center in Chandler, Arizona

by Amy Works November 3, 2025

CHANDLER, ARIZ. — Lincoln Property Co. has purchased a partially occupied data center located at 2500 W. Frye Road in Chandler. The 191,000-square-foot property offers 28MW of confirmed utility power, served by an existing and dedicated onsite Salt River Project substation. The asset features four data center halls, one of which is fully leased to a Fortune 500 enterprise user. Lincoln plans to fit out the remaining three halls, adding 16MW of critical capacity and positioning the building for immediate lease-up, with an initial 4.2MW targeted for delivery in early first-quarter 2026. The company will also transition the project from an evaporative cooled to air cooled mechanical system, creating the potential for up to 3 million gallons of water savings per month for the City of Chandler. Additionally, the site is approved for additional development as part of an agreement initiated by the property’s previous owner. Kristina Metzger, Ben Wobschall and Mark Krison of CBRE represented the seller in the Frye Road facility sale. Lincoln will serve as the building’s property manager, while leasing will be handled by Lincoln’s data center leasing team.

November 3, 2025

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