CHICAGO AND MINNEAPOLIS — Cabot Properties has sold the North Central Portfolio, a collection of 11 industrial buildings totaling roughly 2.5 million square feet across the greater Chicago and Minneapolis markets. A global asset manager purchased the portfolio, which includes assets both developed and acquired by Cabot. Six of the properties are located in the North/Central Kane County and West Suburbs submarkets of Chicago and include four cross-dock facilities and two rear-load properties totaling approximately 1.6 million square feet. The assets have an average vintage of 2019 and feature 32-foot clear heights, ESFR sprinkler systems, 130-to-185-foot truck court depths and efficient loading configurations. The buildings are 97 percent occupied by various logistics and distribution users. The additional five buildings comprise roughly 1 million square feet across the Northwest and Southwest submarkets of Minneapolis. The rear-load facilities have an average vintage of 2014 and feature 32-foot clear heights, ESFR sprinkler systems and 130-to-155-foot truck court depths. The fully leased properties are home to distribution and light manufacturing users.
PARMA, OHIO — Hendon Properties, in a joint venture with Axiom Realty and Peaceable Street Capital, has acquired The Shoppes at Parma in the Cleveland suburb of Parma. Anchor tenants at the 734,199-square-foot shopping center include Walmart Supercenter, Burlington, Dick’s Sporting Goods and grocer Marc’s. The deal includes six outparcels with a variety of tenants such as Crumbl Cookies, T-Mobile, Five Guys Burgers & Fries and Panera Bread. Opened in 1956, the property was formerly known as Parmatown Mall. The asset marks the fifth acquired by The Hendon Properties Opportunity Fund, which now totals more than 1.3 million square feet in its portfolio.
VALPARAISO, IND. — McColly Bennett Commercial Advantage has negotiated the $15 million sale of a 43,500-square-foot medical office building in Valparaiso. The seller, Viking Medical Center, acquired and envisioned the future of the unfinished building two years ago. Construction on the building launched in 2018 when it was envisioned as a dialysis center. However, due to financial issues, the original tenant never took occupancy and the building sat incomplete and vacant until Viking Medical Center acquired the property and hired Hasse Construction to complete the build-out of the Class A medical facility. The two-story building features three elevators, a covered patient drop-off canopy, dedicated covered physician and staff parking and visitor parking for 182 vehicles. Adriana Gomez and Jeff Bennett of McColly Bennett marketed the property.
CLIFTON, N.J. — Nashville-based brokerage firm Matthews has negotiated the $4.4 million sale of a portfolio of three contiguous mixed-use buildings totaling 14,500 square feet in the Northern New Jersey community of Clifton. The buildings at 233, 235 and 237 Dayton Ave. house one- and two-bedroom apartments in addition to commercial space. David Ferber of Matthews represented the undisclosed seller in the transaction. The name and representative of the buyer were not disclosed.
FOLSOM, CALIF. — USA Properties and Strand Financial has sold Talavera, a 293-unit apartment property in Folsom, located outside of Sacramento. New York-based Sentinel Real Estate acquired the property for an undisclosed price. Marc Ross, Eli Hanacek, Joe McNamara and Claire Holt of CBRE represented the sellers in the deal. According to CBRE, Talavera is the first property to become available in the Folsom submarket in four years. Located at 1550 Broadstone Parkway, the four-building community features studio, one- and two-bedroom apartments. The elevator-served property also offers a pool, hot tub, courtyard, fitness center, package lockers, pet spa, EV charging stations, fire pits, resident garages, 506 parking spaces and a DIY (do it yourself) workshop.
SEATTLE — Nordic Partners Investments has acquired Monticello, a 107-unit apartment building located at 415 Boren Ave. in Seattle’s First Hill neighborhood, for an undisclosed price. Built in 1957, Monticello spans 42,342 net rentable square feet. Dylan Simon, Jerrid Anderson and JD Fuller of Kidder Mathews’ Simon | Anderson Multifamily Team represented the undisclosed seller and sourced the buyer in the off-market transaction.
MESA, ARIZ. — LevRose Commercial Real Estate has arranged the $5.2 million sale of an industrial flex property located at 4220 E. McDowell Road in Mesa. The 2.3-acre site houses a 20,544-square-foot industrial flex building that was built in 2006. The building features 15,494 square feet of office space, professional reception area, large bullpen work area, 14-foot by 14-foot grade-level door, fully secured yard and 18 covered parking spaces. Mark Cassell, Landon McKernan, Cameron Miller and Joe Jones of LevRose Commercial represented the undisclosed seller in the deal, while Gary Cornish of Newmark represented the undisclosed buyer.
ATLANTA — Atlanta-based Stonemont and PCCP have acquired an industrial portfolio for approximately $1 billion. According to multiple media outlets, the seller was Link Logistics, a subsidiary of Blackstone. The portfolio — which spans 5.9 million square feet across 38 bulk and light-industrial buildings — is spread across 14 markets in 10 states, including Austin, Central Florida, Charlotte, Dallas and Phoenix. The portfolio was 95 percent leased at the time of sale. The recently acquired assets complement Stonemont’s existing industrial portfolio and growing development pipeline, which currently includes more than 15 million square feet across 1,150 acres. Eastdil Secured arranged acquisition financing through JP Morgan and Wells Fargo on behalf of Stonemont and PCCP.
PIEDMONT, S.C. — Brennan Investment Group has acquired a 157,412-square-foot industrial facility located in Piedmont, about 12 miles from Greenville. Completed in 2023, the building is situated within Exchange Logistics Park, a 900,000-square-foot, multi-building industrial park. The seller requested anonymity, and the purchase price was also not disclosed. The recently acquired building features 32-foot clear heights, ESFR fire protection, LED high-bay lighting, a 135-foot truck court and abundant dock-high loading. The facility is currently occupied by two unnamed tenants and includes 65,000 square feet of vacant space. Brennan also plans to complete “move-in ready” improvements, such as speculative office space.
FORT WORTH, TEXAS — Newmark has arranged the sale of Centreport Lake, a 452-unit apartment community in East Fort Worth. Built on 24 acres in 2008, the property offers one-, two- and three-bedroom apartments with an average unit size of 946 square feet. Amenities include two pools, a dog park, business center and outdoor grilling and dining stations. Richard Furr, Brian Murphy and Brian O’Boyle Jr. of Newmark represented the seller, Marlin Spring US Realty, in the transaction. Henry Stimler and Ricky Warner, also with Newmark, arranged undisclosed amounts of acquisition financing and equity investments on behalf of the buyer, which was also not disclosed.