Acquisitions

Glenstar Recapitalizes Presidents Plaza Office Complex in Chicago

by Kristin Harlow October 31, 2024

CHICAGO — Glenstar has recapitalized Presidents Plaza in Chicago with a private investor. The two-tower office complex is situated near O’Hare International Airport at 8600-8700 W. Bryn Mawr Ave. In addition to purchasing the 831,442-square-foot complex for $62 million, Glenstar and its equity partner have set aside capital to fund tenant improvements. Additionally, Glenstar has allocated nearly $16 million to build spec suites along with upgrading amenities and common areas. Initial plans call for a golf simulator and common area improvements to round out the amenities added during the property’s recent $34 million renovation. Upgrades included a redevelopment of the three-story atrium lobby, three-level health club, fully renovated lounge, café with full seating and 6,300-square-foot conference center. Dan Deuter, Tom Sitz and Cody Hundertmark of Cushman & Wakefield represented the seller in the sales transaction, which closed Oct. 22. Glenstar has served as the property and asset manager of Presidents Plaza since 2006.

October 31, 2024

Acquisitions Midwest Minnesota Multifamily

CBRE Arranges Sale of Multifamily Property in Mound, Minnesota for $9.8M

by Kristin Harlow October 31, 2024

MOUND, MINN. — CBRE has arranged the sale of Grandview Terrace in Mound, a far west suburb of Minneapolis, for $9.8 million. Built in 1970, the 88-unit multifamily property is located at 5600 Grandview Blvd. The asset features one- and two-bedroom floor plans averaging 800 square feet. Ted Abramson, Abe Appert and Keith Collins of CBRE represented the seller, IPG. An entity related to Lion Rock Properties was the buyer.

October 31, 2024

Acquisitions Healthcare Midwest Ohio

Flagship Healthcare Acquires 14,416 SF Ambulatory Surgery Center in New Albany, Ohio

by Kristin Harlow October 31, 2024

NEW ALBANY, OHIO — Flagship Healthcare Properties has acquired a 14,416-square-foot ambulatory surgery center (ASC) in New Albany, about 15 miles northeast of Columbus. The purchase price was undisclosed. Built in 2003, the property at 6520 W. Campus Oval is fully leased to Central Ohio Surgical Institute, which is majority owned by nonprofit healthcare system OhioHealth. The ASC features five operating rooms and offers multiple surgical specialties, including ENT, plastics, orthopedics, gynecology, dentistry and gastroenterology. The property is situated within the 9,000-acre New Albany International Business Park. Flagship utilized its private real estate investment trust, Flagship Healthcare Trust, for the acquisition. Flagship will provide property management and asset management services for the ASC. Fifth Third Bank provided acquisition financing. Nick Myeres of Zeustra represented the undisclosed sellers.

October 31, 2024

Acquisitions Georgia Loans Multifamily Southeast

CBRE Arranges $30.2M Acquisition Loan for Aqua at Sandy Springs Apartments in Metro Atlanta

by John Nelson October 31, 2024

SANDY SPRINGS, GA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $30.2 million acquisition loan for Aqua at Sandy Springs, a 219-unit apartment community located at 100 Greyfield Lane in Sandy Springs, a northern suburb of Atlanta. The borrower and buyer is New York-based T30 Capital. Blake Cohen and Reed McGarity of CBRE’s Atlanta office arranged the loan through Equitrust. Aqua at Sandy Springs was built in two phases in 1985 and 2000 and features one-, two- and three-bedroom apartments, as well as an outdoor pool.

October 31, 2024

Acquisitions Florida Industrial Loans Southeast

Redfearn Capital Secures $18.7M Acquisition Loan for Industrial Facility in South Jacksonville

by John Nelson October 31, 2024

JACKSONVILLE, FLA. — Redfearn Capital has secured an $18.7 million acquisition loan for a 363,000-square-foot industrial facility located at 12751 Gran Bay Parkway in south Jacksonville. South Point Capital Management provided the loan. Redfearn Capital acquired the property from Brookfield for $27.2 million. The property was fully leased at the time of financing to Saddle Creek Logistics, an omnichannel supply chain provider. Constructed in 1997, the facility features 24-foot clear heights and 30 dock doors.

October 31, 2024

Acquisitions Alabama Retail Southeast

Matthews Brokers Sale of 57,441 SF Shopping Center in Montgomery

by John Nelson October 31, 2024

MONTGOMERY, ALA. — Matthews Real Estate Investment Services has brokered the sale of Promenade North Shopping Center, a 57,441-square-foot retail center located at 2423 Eastern Blvd. in Montgomery. Pierce Mayson and Kyle Stonis of Matthews represented the seller, an affiliate of Hackney Real Estate Partners, in the transaction. The buyer and sales price were not disclosed. Promenade North was 97.3 percent leased at the time of sale to tenants such as Harbor Freight Tools, AutoZone and ArchWell Health. The Home Depot shadow-anchors the center.

October 31, 2024

Acquisitions North Carolina Retail Southeast

CenterSquare Acquires 18,550 SF Retail Strip Center in Charlotte

by John Nelson October 31, 2024

CHARLOTTE, N.C. — CenterSquare has acquired Riverbend Village Shops, an 18,550-square-foot retail center located in Charlotte. Comprising four buildings, the development marks the final phase of Riverbend Village, a master-planned community totaling 62,000 square feet. Tenants at the property include First Watch, Jeremiah’s Italian Ice, GoHealth Urgent Care, Vitamin Shoppe, Nana Morrison’s Soul Food and Nothing Bundt Cake. The seller and sales price were not disclosed.

October 31, 2024

Acquisitions Arizona Industrial Western

Leon Industrial Acquires 175,723 SF Portfolio in Tempe, Arizona

by Amy Works October 30, 2024

TEMPE, ARIZ. — Leon Industrial, a subsidiary of Dallas-based Leon Capital Group, has purchased the Tempe Freestanding Industrial Portfolio, an infill industrial portfolio situated on more than 9 acres in Tempe. Terms of the transaction were not released. Totaling 175,723 square feet, the portfolio includes a 116,516-square-foot building at 525 W. 21st St., a 33,400-square-foot building at 1917-196 W. 1st St. and a 25,807-square-foot building at 1401 S. Siesta Lane. At the time of sale, the buildings were each 100 percent leased to single tenants. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s Private Capital Group represented the buyer and undisclosed seller in the transaction. Additionally, Mike Haenel and Andy Markham of Cushman & Wakefield provided leasing advisory services.

October 30, 2024

Acquisitions California Retail Western

NAI Capital Directs $6.8M Purchase of Dollar Tree-Occupied Retail Building in Garden Grove, California

by Amy Works October 30, 2024

GARDEN GROVE, CALIF. — NAI Capital Commercial has arranged the acquisition of a retail building located at 10840 Katella Ave. in Garden Grove. An entity doing business as Katella Gateway Plaza LLC purchased the asset from Garden Grove Gateway LLC for $6.8 million. Dollar Tree occupies the 15,000-square-foot building, which was built in 2005, under a triple-net lease. Sheri Messerlian and Ilmar Kalviste of NAI Capital Commercial represented the buyer, while Shawn Bakke represented the seller in the deal.

October 30, 2024

Acquisitions Industrial Nevada Western

MCA Realty Buys 32,000 SF Industrial Property in Las Vegas

by Amy Works October 30, 2024

LAS VEGAS — MCA Realty has acquired a single-tenant industrial building located at 2124 Industrial Road in Las Vegas for $4.2 million in an off-market transaction. The asset was purchased within the firm’s MCA Realty Industrial Growth Fund II, the first acquisition with the fund. Hajoca Corp., the parent company of Kelly’s Pipe & Supply Co., fully leases the 32,000-square-foot building that was built in 1962. Kevin Higgins and Garrett Toft of CBRE represented the undisclosed seller and buyer in the transaction.

October 30, 2024

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