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Acquisitions

UCLA-Health-Santa-Barbara-CA
AcquisitionsCaliforniaHealthcareWestern

IPA Brokers $21.3M Sale of UCLA-Occupied Medical Office Building in Santa Barbara, California

by Amy Works

SANTA BARBARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a three-story medical office building in downtown Santa Barbara. Greenbridge Investment Partners, led by Sean Hashem and Fareed Kanani, doing business as Greenbridge Medical Center LLC, sold the asset to a California-based corporation for $21.3 million, or $970 per square foot. University of California Los Angeles (UCLA) occupies the 21,970-square-foot property on a triple-net lease. Built in 2007 and renovated in 2023, the building is home to UCLA Health Santa Barbara’s oncology, primary and specialty care services, including internal medicine, family medicine and rheumatology. Building amenities include ground-level parking, patios throughout and a rooftop terrace. Mark DeGiorgio, Tom Lagos and Andrew Defends of IPA represented the seller in the deal.

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Santana-Court-Corvallis-OR
AcquisitionsMultifamilyOregonStudent HousingWestern

Article Student Living Acquires 95-Bed Student Housing Community Near Oregon State University 

by Amy Works

CORVALLIS, ORE. — Article Student Living has acquired Santana Court, a 95-bed student housing community located adjacent to the Oregon State University campus in Corvallis. The property offers units in studio, one- and two-bedroom configurations. The site is entitled for future development of up to 650 beds. The seller and terms of the transaction were not released. McNair Collegiate Partners consulted on the acquisition. 

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AcquisitionsIllinoisMidwestRetail

KPR Centers Acquires Pointe Plaza Shopping Center in Metro Chicago for $40M

by Kristin Harlow

NILES, ILL. — KPR Centers has acquired Pointe Plaza, a nearly 195,000-square-foot, grocery-anchored shopping center in the Chicago suburb of Niles, for $40 million. Built in 1999, the property is approximately 94 percent leased and anchored by Fresh Farms, Ross Dress for Less, dd’s Discounts and Daiso in addition to more than 20 retailers and restaurants. The asset is shadow-anchored by Walmart, which was not part of the acquisition. CBRE’s Richard Frolik, Christian Williams and George Good represented the undisclosed seller. KPR now owns and self-manages more than 10 million square feet of retail space in 20 states.  

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AcquisitionsIllinoisIndustrialMidwest

Greenstone Partners Brokers $6.2M Sale of Industrial Property in Downers Grove, Illinois

by Kristin Harlow

DOWNERS GROVE, ILL. — Greenstone Partners has brokered the $6.2 million sale of a multi-tenant flex industrial building in the Chicago suburb of Downers Grove. Located in DuPage County near I-88 and I-355, the property traded for $128 per square foot. The asset is fully leased to tenants such as LPMS USA, BTI Communications Group, Affiliated Customer Service Inc. and Advocate Home Health Services. Advocate and Affiliated have occupied the property for more than 25 years and together represent 50 percent of the building’s square footage. The property’s weighted average lease term is five years. Ownership has invested more than $770,000 in capital improvements since 2020, including a full roof replacement, parking lot milling and repaving, tuckpointing, regrading, landscaping upgrades, new paint and several new HVAC units. Jason St. John of Greenstone represented the seller, a locally based investment partnership, and procured the buyer, an East Coast-based investment group. The asset sold for 98 percent of the list price.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Arranges $2.5M Sale of Starbucks-Occupied Retail Property in Antioch, Illinois

by Kristin Harlow

ANTIOCH, ILL. — The Boulder Group has brokered the $2.5 million sale of a single-tenant retail property occupied by Starbucks in Antioch. The 2,540-square-foot building is located at 1051 Route 59. Neighboring retailers include Jewel-Osco, Ace Hardware, CVS Pharmacy, PNC Bank and Advance Auto Parts. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based real estate firm, and the buyer, a partnership based in Washington.

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AcquisitionsMultifamilyTexas

Limited Liability Company Buys Amarillo Multifamily Property for $22.4M

by Taylor Williams

AMARILLO, TEXAS — A limited liability company doing business as 3101 BB LLC has purchased Boulder Bay Apartments, a 224-unit multifamily property in Amarillo, for $22.4 million. Built in 2016, the property offers one-, two- and three-bedroom units that are furnished with granite countertops, black appliances and walk-in closets. Amenities include a pool, fitness center, business center, resident lounge and outdoor grilling and dining areas. The seller was not disclosed.

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AcquisitionsRetailTexas

Edge Capital Markets Arranges Sale of 59,355 SF Shopping Center in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — Edge Capital Markets has arranged the sale of Promenade North Plaza, a 59,355-square-foot shopping center located in the northeastern Dallas suburb of Richardson. Built in 1979, the center consists of six building on a 4.3-acre site. Brandon Beeson and John David Cobb of Edge represented the undisclosed seller in the transaction. Promenade North Plaza was 93 percent leased at the time of sale.

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AcquisitionsIndustrialTexas

Partners Real Estate Brokers Sale of 50,532 SF Industrial Outdoor Storage Facility in Katy, Texas

by Taylor Williams

KATY, TEXAS — Partners Real Estate has brokered the sale of a 50,532-square-foot industrial outdoor storage facility in the western Houston suburb of Katy. The site at 29315 Highway Blvd. spans 44.6 acres. Hunter Stockard and Wyatt Huff of Partners represented the seller, BioUrja, in the transaction. The buyer was Chicago-based private equity real estate firm Timber Hill Group.

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AcquisitionsMultifamilyNew JerseyNortheast

Joint Venture Acquires Northern New Jersey Apartment Building for $165M

by Taylor Williams

CLIFFSIDE PARK, N.J. — A joint venture between two New York City-based firms, Hyperion Group and Benenson Capital, has acquired The Centre, a 16-story apartment building located in the Northern New Jersey community of Cliffside Park, for $165 million. The Centre consists of 314 units that come in studio, one- and two-bedroom units and range in size from 564 to 1,385 square feet. Amenities include a pool, health club, lounge, billiards and card room, spa and 24-hour concierge services. The Centre also houses 52,000 square feet of commercial space across two stories. The seller was not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Arranges $7.3M Sale of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has arranged the $7.3 million sale of a 40-unit apartment building in Queens. The five-story building at 27-08 39th Ave. was originally constructed in 1929 and offers studio, one- and two-bedroom units, eight of which (20 percent) are subject to rent restrictions. Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Steve Filippo of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.   

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