CHICAGO — The Chicago Department of Planning and Development (DPD) has agreed to sell 8.2 acres of vacant land in the Stockyards Industrial Corridor to a joint venture between The Missner Group and Cabrera Capital, which will develop the property into a $23.7 million industrial building. The 126,360-square-foot project at 1924 W. 46th St. is expected to create up to 120 permanent jobs when fully leased. Potential tenants include restaurant suppliers, distribution companies, building material suppliers, event production firms and downtown service providers. The city acquired the site in 2008 for $2.2 million. It was primarily used for outdoor industrial storage since the early 1980s. The proposed purchase price is the property’s market value of $3.3 million. The proposed project was one of three responses to the request for qualifications from the DPD. A public meeting will be scheduled as part of the project’s formal review and approval process.
MILWAUKEE — CBRE has arranged the sale of Sage on Prospect, a 34-unit multifamily property in Milwaukee’s Lower East Side neighborhood. Three Sixty Real Estate Solutions LLC purchased the asset from Dominion Properties. CBRE’s Sean Beuche, Matson Holbrook, Gretchen Richards and Patrick Gallagher represented the seller, which recently renovated the former assisted living facility. The project included the addition of two floors with balconies overlooking Lake Michigan. The property is the only in the market to receive LEED Platinum certification. Built in 2016, the property features a mix of one- and two-bedroom floor plans.
SACRAMENTO AND CARMICHAEL, CALIF. — Forza Properties has purchased two industrial properties for a combined $9 million. Matt Post, Anthony DeLorenzo and Sammy Cemo of CBRE represented the two sellers, 5753 Auburn Blvd LLC and MCA IGF Carmichael LLC, in the transactions. Matt Susac, Tyler Howell, Todd Sanfilippo and Walter Smyth of CBRE handled leasing for the properties. The multi-tenant property, located at 5753 Auburn Blvd. in Sacramento, sold for $4.8 million. The asset features 22 units spread across four buildings, with suites averaging 1,400 square feet. Each suite has one roll-up door, a 16-foot clear height and convenient access to Interstate 80. At the time of sale, the property was 97 percent leased. The fully leased property in Carmichael sold for $4.2 million. The asset includes 17 units averaging 1,529 square feet, 19 roll-up doors and 12-foot ceilings. The property recently underwent capital improvements, including roof work, exterior paint, asphalt upgrades and interior renovations. The property has immediate access to Interstate 80.
GILBERT, ARIZ. — Woodside Health has purchased Greenfield MOB & ASC, a medical outpatient building (MOB) and ambulatory surgery center (ASC) at 2450 E. Guadalupe Road in Gilbert. Terms of the transaction were not disclosed. Constructed in 2005, Greenfield MOB & ASC is a 29,827-square-foot, single-story, multi-tenant facility. Mountain View Surgery Center Gilbert, a partnership between the physician owners and United Surgical Partners International, anchors the property with a newly executed extension featuring three operating rooms. The remaining tenancy is leased to eight tenants offering diverse services, including podiatry, periodontics, mental and behavioral health, ophthalmology, dentistry, pediatric therapy, pharmaceuticals, vascular and medical spa services. Chris Bodnar, Brannan Knott, Zack Holderman, Anthony Sardo, Cole Reethof and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Phil Wurth of CBRE’s Phoenix Healthcare Leasing team to represent the undisclosed seller in the deal.
NORWALK, CALIF. — Lee & Associates has arranged the sale of a multi-tenant industrial building located at 13820 Shoemaker Ave. in Norwalk. Parsons sold the property to Rosecrans Associates, an investment buyer, for $2.3 million. Situated on 0.37 acres, the 7,770-square-foot property features 800 square feet of office space, three ground-level doors, a 14-foot warehouse clearance and 300 amps of power. Additionally, the asset offers a secured yard area and a 2:1 parking ratio. The property was originally constructed in 1974. Pat Delaney of Lee & Associates – Orange handled the transaction.
ROCKVILLE, MD. — Federal Realty Investment Trust, a retail REIT based in North Bethesda, Md., has acquired Congressional North Shopping Center, a 176,000-square-foot shopping center in Rockville, for $72.3 million. The seller was not disclosed. Aldi anchors the center, which spans 12 acres and sits approximately 12 miles northwest of Washington, D.C. Additional tenants include RH Outlet, Petco and Staples. Within Montgomery County, Md., Federal Realty also owns Congressional Plaza, which is adjacent to Congressional North, as well as Federal Plaza, Montrose Crossing and Pike & Rose.
DALLAS — Northmarq has arranged the sale of Eastline Residences, a 28-story apartment tower in North Dallas. Delivered in 2021 by Convexity Properties, Eastline Residences offers 330 units in studio, one-, two- and three-bedroom units, as well as penthouses on the top four floors. Residences feature stainless steel appliances, quartz countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, clubhouse, fitness center and a business center. Taylor Snoddy, Eric Stockley and Charles Hubbard of Northmarq represented Convexity in the sale. Kevin Leamy and Lauren Bresky, also with Northmarq, arranged an undisclosed amount of acquisition financing on behalf of the buyer, New York City-based Kushner Cos.
SPARTANBURG, S.C. — Nashville-based Longleaf Capital Partners has obtained an undisclosed amount of acquisition financing for 185 Littlejohn Street, a two-building industrial property in Spartanburg. The 247,000-square-foot property sits on 24.1 acres in close proximity to interstates 26 and 85, as well as Inland Port Greer and BMW’s U.S. manufacturing headquarters. Patterson Real Estate Advisory Group arranged the senior loan through Georgia Banking Co. Longleaf plans to overhaul the property’s building systems, address deferred maintenance and market the 114,000 square feet of available Class B space to prospective tenants.
THOMPSON’S STATION, TENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Newport Station, a 192-unit apartment community located on a 13-acre site in Thompson’s Station, a southern suburb of Nashville. David Stollenwerk, Christian Farris, Will Balthrope and Drew Garza of IPA represented the seller and procured the buyer in the transaction. The sales price was also not disclosed. Jody McKibben served as Marcus & Millichap’s broker of record in Tennessee in the deal. Completed in 2024, Newport Station features garden-style apartments averaging 1,287 square feet in size, as well as a resort-style swimming pool, fitness center and a dog park.
HOUSTON — Marcus & Millichap has brokered the sale of Huntwick Village, a 61,982-square-foot shopping center in northwest Houston. Built in 1980, the center is home to tenants such as Krazy Seafood, Jinya Ramen Bar, Jawhealth Dental, Sena Pharmacy, Los Reyes Mexican Restaurant and Da’ Town Sports Bar & Lounge. Scott Abeel and Philip Levy of Marcus & Millichap represented the seller, a private owner, in the transaction, and procured the buyer, a private equity firm. Both parties were Houston-based entities that requested anonymity.