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Acquisitions

AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges Sale of Minnesota Multifamily Portfolio for $9.7M

by Kristin Harlow

ST. CLOUD, MINN. — Marcus & Millichap has arranged the sale of two multifamily properties in the Minneapolis suburb of St. Cloud for $9.7 million. Brookwood Apartments was built in 1987 and includes 102 units across 89,225 rentable square feet. Pine Pointe Apartments, constructed in 1989, features 78 units totaling 73,933 rentable square feet. The properties are less than a mile apart and offer a mix of studio, one-, two- and three-bedroom floor plans. Chris Collins and Evan Miller of Marcus & Millichap represented the seller, a Minnesota-based limited liability partnership. Collins and Matthew Shide procured the buyer, a Minnesota-based limited liability company.

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AcquisitionsIllinoisIndustrialMidwest

SVN Chicago Commercial Negotiates $1.5M Sale of Industrial Property in Mundelein, Illinois

by Kristin Harlow

MUNDELEIN, ILL. — SVN Chicago Commercial has negotiated the $1.5 million sale of a 31,600-square-foot industrial property at 404 Washington Blvd. in Mundelein. Situated on 2.4 acres, the property features a large, paved parking lot approved for outside storage and truck parking. The undisclosed buyer plans to use a portion of the building and lease out the rest. SVN Chicago Commercial’s Next Level Team represented the seller and procured the buyer.

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AcquisitionsHealthcareSoutheastWest Virginia

Lument Securities Arranges $140M Sale of Four Long-Term Healthcare Communities in West Virginia

by John Nelson

NEW YORK CITY — Lument Securities has arranged the $140 million sale of four long-term healthcare communities in West Virginia. Marx Development Group (MDG) purchased the 511-bed portfolio and has selected its subsidiary, Majestic Care, to operate the communities. Laca Wong-Hammond of Lument Securities represented the seller, the State of West Virginia, in the transaction. The properties include Hopemont Hospital in Terra Alta, Jackie Withrow Hospital in Beckley, John Manchin Sr. Health Care Center in Fairmont and Lakin Hospital in West Columbia. In addition to funding the purchase, the closing provides for a minimum of another $80 million that MDG has committed to using for the construction of three to five new long-term care communities in the coming years.

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AcquisitionsFloridaMultifamilySoutheast

CBRE Brokers Sale of 242-Unit Altis Santa Barbara Apartments in Naples

by John Nelson

NAPLES, FLA. — CBRE has brokered the sale of Altis Santa Barbara, a 242-unit apartment community located at 4710 Altis Drive in Naples. Northland purchased the property for an undisclosed price. Robert Given, Neal Victor and Chris Smiles of CBRE represented the seller, a joint venture sponsored by Altman, in the transaction. Tracy Kennedy, Tony Stein and Ryan Hall with CBRE assisted Northland with acquisition financing. Delivered in 2024, Altis Santa Barbara offers one-, two- and three-bedroom units, as well as private patios or balconies for all units and direct-access garages for select units.

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33580-Zeiders-Rd-Menifee-CA.jpg
AcquisitionsCaliforniaIndustrialWestern

Patrinely, Dune Real Estate Sell 93,575 SF Warehouse in Menifee, California

by Amy Works

MENIFEE, CALIF. — Patrinely, in partnership with affiliates of Dune Real Estate Partners, has completed the sale of a newly constructed warehouse building at Gateway at Menifee, a logistics campus at the intersection of I-215 and Scott Road in Menifee. Located at 33580 Zeiders Road, the property offers 93,575 square feet of Class A industrial space. The remaining two available buildings total 450,540 square feet (229,934 square feet and 220,606 square feet) and feature 36-foot clear heights, 81 total dock-high doors and 185-foot truck court depths each. Patrinely developed the project. Eloy Covarrubias, Joe Werdein, Rob Gunness and Garry Jenkins of CBRE are handling leasing and sales under the direction of Phillip Moore and Dennis Tarro of Patrinely.

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AcquisitionsIowaMidwestMultifamilyStudent Housing

Coastal Ridge Acquires Two Student Housing Communities Near Iowa State University

by Kristin Harlow

AMES, IOWA — Coastal Ridge has acquired two student housing properties serving Iowa State University in Ames. The acquisitions were part of a portfolio that also included a property in Louisiana totaling just under 1,600 beds with a gross asset value of approximately $90 million. The acquisitions mark the firm’s initial deployment of capital from the Coastal Ridge Value-Add Student Housing Fund LP, the company’s inaugural institutional commingled fund. The per-bed cost across the three assets was approximately $56,000. New construction can exceed $100,000 per bed, according to Coastal Ridge.

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AcquisitionsIndianaMidwestRetail

Timber Development Buys 20,000 SF Cass Commons Shopping Center in Logansport, Indiana

by Kristin Harlow

LOGANSPORT, IND. — Timber Development Corp. has purchased Cass Commons Shopping Center in Logansport, a city in central Indiana, for $2 million. The 20,000-square-foot property is shadow anchored by a Walmart Supercenter. Tenants include Maurice’s, Great Clips and Buffalo Wild Wings. Dan Waszak of Quantum Real Estate Advisors Inc. brokered the transaction.

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AcquisitionsIndustrialTexas

Sunwest, AKRE Partners Buy 36,240 SF Warehouse in Laredo, Texas

by Taylor Williams

LAREDO, TEXAS — A partnership between Dallas-based Sunwest Real Estate Group and industrial investment firm AKRE Partners has purchased a 36,240-square-foot warehouse in the Rio Grande Valley city of Laredo. The small-bay building at 13609 Archer Drive is located within Killam Industrial Park. According to LoopNet Inc., the building was completed in 2001 and features 20-foot clear heights, 17 dock-high loading positions and 3,091 square feet of office space. The seller and sales price were not disclosed.

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AcquisitionsRetailTexas

Woodmont Co. Negotiates Sale of 9,929 SF Retail Strip Center in Wylie, Texas

by Taylor Williams

WYLIE, TEXAS — Fort Worth-based brokerage firm The Woodmont Co. has negotiated the sale of a 9,929-square-foot retail strip center in Wylie, located northeast of Dallas. The center was completed in 2024. Russel Wehsener of The Woodmont Co. represented the buyer in the transaction. George Tak of Jual Properties represented the seller. Both parties requested anonymity.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $5.2M Sale of Retail Strip Center in Paterson, New Jersey

by Taylor Williams

PATERSON, N.J. — Marcus & Millichap has brokered the $5.2 million sale of a 12,892-square-foot retail strip center in the Northern New Jersey community of Paterson. The center at 385 McLean Blvd. was fully leased at the time of sale to Bank of America, Wingstop, Krauszer’s, Tony’s Bagels, Mina Place and Crispy Beauty. 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.

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