MILWAUKEE — Brennan Investment Group has acquired a 98,600-square-foot industrial facility in Milwaukee. The seller and sales price were undisclosed. The property, located at 11925 W. Carmen Ave., is fully leased to Hilmot, a provider of conveyor equipment. Andy Hess and Derek Yentz of Founders 3 Real Estate Services represented Brennan in the transaction. Chicago-based Brennan has acquired more than $4 billion in industrial real estate since 2010.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Deer Creek Village, an apartment property located in North Phoenix. Triumph Properties Group acquired the community from a private family/operating partner for $49.5 million, or $160,714 per unit. Built in the 1985 on more than 11 acres, the value-add property features 308 units with an average size of 818 square feet. Community amenities include a playground, three swimming pools and two spas. Cliff Davis and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.
CHICAGO — Essex Realty Group Inc. has arranged the sale of 6700 S. Constance Avenue, a multifamily property in Chicago’s Jackson Park Highlands neighborhood, for $4.3 million. Jim Darrow, Jordan Gottlieb and Jordan Multack represented the buyer, a New York-based real estate group. Brian Mond of Essex represented the seller, a local family who owned the asset for more than 40 years. The 78-unit property represents a value-add opportunity for the buyer, as it features vintage finishes and below-market rents, according to Essex.
TEMECULA, CALIF. — Poincare Group has purchased Bel Villaggio I-II and Bel Villaggio III, two adjacent retail assets in Temecula. San Diego-based Pathfinder Partners sold the properties $26.1 million. Situated on more than 16.3 acres, the properties are located at 41501 and 41221-41493 Margarita Road, adjacent to Costco and Promenade Temecula. Kirk Brummer, Sean Heitzler and Philip D. Voorhees of CBRE’s National Retail Partners-West represented the seller in the deal.
DENVER — Woodspear Properties (Ascendant Capital Partners DNA) has purchased an industrial property located at 9950 E. 40th Ave. in Denver. H-B Tempe LLC , a Minneapolis-based private investor, sold the asset for $21.1 million, or $196.69 per square foot. Built in 2014 with concrete tilt-up construction, the 107,303-square-foot, institutional-grade facility features 7,037 square feet of office space, three dock doors and 16 drive-in doors. Situated on seven acres, the asset is located 15 miles from the Denver International Airport and 10 miles from downtown Denver. Federal Express fully occupies the property and utilizes it as a mission-critical facility. Mike Wafer, Tim D’Angelo, Tim Prinsen and Jerry Hopkins of Newmark Knight Frank (NKF) represented the seller the in transaction. The NKF team also provided transactional assistance to the buyer.
BAKERSFIELD, CALIF. — Adler Realty Investments has completed the sale of Cal Twin Towers, an office asset located at 4900 California Ave. in Bakersfield. Steve Blumer, a local investor, acquired the office complex for an undisclosed price. Adler originally purchased the 151,829-square-foot asset in 2005, completing a building renovation and maintaining high occupancy during its 15 years of ownership. Current tenants include Omni Healthcare, Regus, Progressive Insurance and Principal Life. The seller recently updated the building’s energy systems, which included a solar installation with covered carports. Alex Belfour, Jeff Andrew, Scott Salters and Susan Moreno of Cushman & Wakefield represented the seller in the deal.
CONCORD, MASS. — A joint venture of Celera Properties and AEW Capital Management has acquired Emerson Hospital Center for Specialty Care, a 46,350-square-foot medical office property in Concord, a northwestern suburb of Boston. Located at 54 Baker Ave. Extension, the building serves as a specialized outpatient facility for Emerson Hospital. Coleman Benedict, Ben Sayles and Mike Restivo led a JLL team that represented the seller, Concord Property Management, in the transaction. The team also procured the joint venture as the buyer.
NEW HAVEN, CONN. — Newmark Knight Frank has arranged the $12.2 million sale of 545 Long Wharf Drive, a 245,389-square-foot Class A office building in New Haven. The nine-story building previously served as AT&T’s corporate office and is now partially leased by a number of companies and start-ups. Steven Schultz, Cory Gubner, Tony Georgiev and Alex Haendler represented the undisclosed seller in the transaction. Vision Real Estate Partners was the buyer.
HERSHEY, HUMMELSTOWN AND PALMYRA, PA. — The Kislak Co. Inc. has brokered the $10.6 million sale of a multifamily portfolio totaling 96 units in the metro Harrisburg area. The portfolio comprises the 18-unit White Birch Apartments and 32-unit Lincoln Apartments, both in Hershey; the 32-unit Li-Lo Apartments in Hummelstown; and the 14-unit Barrington Court Apartments in Palmyra. Robert Holland and Matt Wolf of Kislak Co. represented the buyer, Hershey Apartment Group LLC. The team also represented the sellers, private individuals Donald and Cathy Foreman.
CHICAGO AND DALLAS — Cushman & Wakefield has entered into a definitive agreement to acquire Pinnacle Property Management Services LLC, a Dallas-based apartment management firm. With more than 169,000 units across 839 properties in its operational portfolio, Pinnacle is the third-largest multifamily property management firm in the United States. The firm’s client list includes institutional, private and foreign investors; financial institutions; pension funds; private partnerships; sole owners; and government housing groups. The acquisition will boost Chicago-based Cushman & Wakefield’s management division across 20 key U.S. markets, increasing its overall portfolio to 869 million square feet in North and South America. Rick Graf, president and CEO of Pinnacle, will lead the Americas Multifamily Property Management platform for Cushman & Wakefield. The acquisition is subject to customary closing conditions, including antitrust approvals.