Acquisitions

PLC Enters Colorado Market with $21.9M Acquisition of The Centre Apartments

by Amy Works March 26, 2020

COLORADO SPRINGS, COLO. — Newport Beach, Calif.-based PLC Apartments has acquired The Centre Apartments, located at 1921 E. Van Buren St. in Colorado Springs. Locally based Skyline Real Estate Investments sold the community for $21.9 million. Built in 1952, The Centre Apartments features 168 units in a low-density, park-like setting. Community amenities include a clubhouse and fitness center. The buyer plans to continue ongoing interior unit renovations. Bill Morkes and Craig Stack of Colliers International represented the seller in the deal.

March 26, 2020

Acquisitions Retail Utah Western

PMJ Cos. Sells 100,000 SF Interpointe Shopping Center in South Salt Lake City

by Amy Works March 26, 2020

SOUTH SALT LAKE CITY, UTAH — PMJ Cos. has completed the sale of Interpointe Shopping Center located at 200 W. 2100 South in South Salt Lake City. DBA Midtown National Group acquired the retail center for an undisclosed price. Situated on seven acres, Interpointe Shopping Center features 100,000 square feet of leaseable space. Current tenants include Best Buy and Office Depot. Chris Monson of Mountain West Commercial Real Estate represented the seller, while Lance Pendleton, also of Mountain West, represented the buyer in both transactions. Alongside the sale of Interpointe Shopping Center, Mountain West was able to broker the sale of a 3,399-square-foot retail pad located on the same property. Carl’s Jr occupied the property at the time of sale.

March 26, 2020

Acquisitions Arizona Multifamily Western

NKF Arranges $14.3M Sale of Royal Palms Apartment Asset in Glendale, Arizona

by Amy Works March 26, 2020

GLENDALE, ARIZ. — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Royal Palms, a multifamily property in Glendale. An undisclosed buyer acquired the community from 5902 Royal Palms LP for $14.3 million. Brett Polacheck, Chris Canter and Brad Goff of NKF Multifamily represented the seller in the transaction. Located at 5902 W. Royal Palm Road, the 1970s-vintage property features 138 apartments.

March 26, 2020

Acquisitions Colorado Industrial Western

Gordon Development Divests of Fully Leased Industrial Property in Colorado for $10M

by Amy Works March 26, 2020

ENGLEWOOD, COLO. — Englewood-based Gordon Development has sold an industrial asset located at 8644 S. Peoria St. in Englewood. Chicago-based Columbia Industrial Acquisition Co. purchased the property for $10 million. Built in 2017, the multi-tenant building features 63,550 square feet of Class A industrial space. At the time of sale, the property was fully occupied by a manufacturing tenant and Ninja Nation, a provider of obstacle course arenas and mobile course experiences. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE’s Denver office represented the seller in the transaction.

March 26, 2020

Acquisitions Office Texas

JLL Arranges Sale of 168,953 SF One Glen Lakes Office Building in North Dallas

by Taylor Williams March 26, 2020

DALLAS — JLL has arranged the sale of One Glen Lakes, a 168,953-square-foot office building in North Dallas. The 10-story, Class A building is located within walking distance of the Walnut Hill DART station and features a deli, convenience store and onsite banking services. Jack Crews of JLL represented the seller, a joint venture between Stockbridge and Cawley Partners, in the transaction. Jason Piering of JLL arranged a five-year, floating-rate acquisition loan on behalf of the buyer, ICM Asset Management.

March 26, 2020

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 133,924 SF Jupiter Plaza Industrial Asset in Metro Dallas

by Taylor Williams March 26, 2020

GARLAND, TEXAS — Marcus & Millichap has brokered the sale of Jupiter Plaza, a 133,924-square-foot industrial property located in the northeastern Dallas suburb of Garland. The property was built on 10.5 acres in 1974. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

March 26, 2020

Acquisitions Illinois Midwest Multifamily

Essex Arranges $6.7M Sale of Apartment Building in Chicago

by Kristin Harlow March 26, 2020

CHICAGO — Essex Realty Group Inc. has arranged the sale of 933 W. Belle Plaine Avenue, a 17-unit apartment building in Chicago’s Buena Park neighborhood, for $6.7 million. Constructed in 2017, the building features luxury units with secured keyless entry, private balconies, gourmet kitchens and in-unit washers and dryers. The property also includes a pet washing station, bike storage, 13-car garage and seven outdoor parking spaces. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. A local investor purchased the building from an undisclosed seller as part of 1031 tax-deferred exchange.

March 26, 2020

Acquisitions Illinois Midwest Retail

Colliers Negotiates $6.6M Sale of Retail Property in Chicago

by Kristin Harlow March 26, 2020

CHICAGO — Colliers International has negotiated the sale of 3101, a four-tenant retail property in Chicago’s Lakeview neighborhood, for $6.6 million. Anchored by CVS Pharmacy, the 23,000-square-foot property also features two restaurants, including Domino’s Pizza. Peter Block of Colliers represented the seller, Zimmerman Family Trust. Newcastle Properties purchased the asset.

March 26, 2020

Acquisitions Industrial Midwest Wisconsin

Cushman & Wakefield | Boerke Brokers $4.8M Sale of Industrial Building in Milwaukee

by Kristin Harlow March 26, 2020

MILWAUKEE — Cushman & Wakefield | Boerke has brokered the sale of a 95,500-square-foot industrial building in Milwaukee for $4.8 million. The property is located at 11225 W. Heather Ave. Terry McMahon and Cody Ziegler of Cushman & Wakefield | Boerke represented the buyer, Rebel Converting. Brennan Investment Group was the seller. Rebel is a contract manufacturer of disinfectant wipes. The company began to look for a larger space well before coronavirus and demand for sanitizing wipes began dominating headlines. Rebel will relocate from its current space in Saukville once tenant improvements are completed. The move will nearly double Rebel’s footprint.

March 26, 2020

Acquisitions California Retail Top Stories Western

L.A. Clippers Owner Agrees to Acquire The Forum for $400M, Propelling New Arena Plans

by Alex Tostado March 26, 2020

INGLEWOOD, CALIF. — CAPSS LLC, a new company formed by Los Angeles Clippers’ chairman Steve Ballmer and vice chairman Dennis Wong, has agreed to acquire The Forum in Inglewood for $400 million in cash. By reaching an agreement with The Madison Square Garden Co. (NYSE: MSG), the litigation battle between the team and seller over the proximity of the basketball team’s new arena to the older events venue will end. MSG, which also owns the New York Knicks, argued that the Clippers’ proposed NBA arena was too close to The Forum and would compete as an events venue. CAPSS says the 17,500-seat Forum will continue to operate as a music venue and the new ownership will extend employment offers to current employees. The parties expect to close the sale in the second quarter of this year. The new Clippers arena will be situated on West Century Boulevard between South Prairie Avenue and South Yukon Avenue, one mile south of The Forum. The proposed stadium will offer 18,000 seats and will include the team’s headquarters and a community center. The stadium will be privately funded and is currently undergoing an environmental review by the City of Inglewood, which the Los Angeles …

March 26, 2020

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