NEWPORT BEACH, CALIF. — Formosa Ltd., a venture led by Joe C. Wren, has purchased 5000 Birch Street, a two-building office campus in Newport Beach. Terms of the transaction were not disclosed. Lincoln Property Co. was retained to provide property management and operations services for the 310,000-square-foot Class A asset, which is situated within the 160-acre master-planned Koll Center Newport. The property offers surface parking, a towel-served fitness center, an onsite restaurant and a conference and event space. Matt Didier and Jessie Tichelaar of CBRE will handle leasing for the office campus. Chet Cramin and Jacob Bedingfield of MusickPeeler served as legal counsel to Formosa and Wen during the transaction.
TUCSON AND GREEN VALLEY, ARIZ. — Northwest Healthcare Properties has completed the sale of a medical office building portfolio in Tucson and Green Valley to MLL Capital for $6.1 million. The portfolio consists of Riverstone Medical Plaza and Green Valley Medical Plaza. Travis Ives, Gino Lollio and Tyler Morss of Cushman & Wakefield’s U.S. Healthcare Capital Markets team represented the seller in the deal. Additionally, Tom Neiman and Bryce Horner of Cushman & Wakefield | PICOR provided local advisory services for the transaction. Built in 1998 and renovated in 2018, Riverstone Medical Plaza offers 18,976 square feet of single-tenant medical office space. Tucson Physician Group Holdings LLC fully occupies the building, which is located at 4892 N. Stone Ave. Located at 1055 La Canada Drive in Green Valley, Green Valley Medical Plaza offers 23,746 square feet of multi-tenant medical office space. Originally built in 1992, the building was 98 percent leased to several small healthcare users at the time of sale.
BUTTE, MONT. — The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of Grand Storage, a self-storage facility in Butte. An owner-operator acquired the 33,980-square-foot asset from a regional self-storage owner and developer for an undisclosed price. Built in 2004 and expanded in 2023, Grand Storage offers 266 units on 3.4 acres. Onsite amenities include electronic gated entry with a digital keypad and automatic gate at the exit, a manufactured house with office and one-bedroom apartment, metal roll-up doors and security monitoring with 24/7 video surveillance throughout the facility. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the seller and procured the buyer in the deal.
AUSTIN, TEXAS — JLL has brokered the sale of Driftwood Self Storage, a 482-unit facility in southwest Austin. Constructed on 13.5 acres in 2021, Driftwood Self Storage comprises 96,433 net rentable square feet of climate-controlled space. The property, which was roughly 93 percent occupied at the time of sale, also features drive-up units, covered parking and fully enclosed RV units. Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL represented the Houston-based seller, The Jenkins Organization, in the transaction and procured the buyer, California-based Platinum Storage Group.
KATY, TEXAS — Metro Philadelphia-based CenterSquare Investment Management has acquired The Shops at Cinco Ranch, a 27,500-square-foot retail strip center located in the western Houston suburb of Katy. The center was 96 percent leased at the time of sale to tenants such as H&R Block, Portrait Dental and Palinuro Italian Café. Kaleb Rupp of Encore Real Estate Investment Services represented CenterSquare in the transaction. The seller and sales price were not disclosed.
FARGO, N.D. — Gindi Equities has acquired Amber Valley Apartments in Fargo for an undisclosed price. The acquisition marks the firm’s fourth Fargo market purchase in under 12 months. The seller, Property Resources Group, will continue to manage and service the asset. Constructed in 2001, Amber Valley Apartments comprises 162 units that range from one- to three-bedroom layouts. Gindi plans to launch a renovation program at the property, upgrading both interior spaces and common areas.
CHICAGO — Cawley Commercial Real Estate (CRE) has brokered the sale of a 168,000-square-foot industrial building located at 4343 W. Ohio St. in Chicago. The sales price was undisclosed. The property is situated on 7.8 acres within the Northwest Industrial Park and features overhead cranes, an active interior rail spur, zoning allowances for outdoor storage and access to heavy power. Frank Melchert and Stevan Arandjelovic of Cawley CRE represented the seller, Plant One LLC. Adam Schneiderman and Dale Strauss of Strauss Realty represented the buyer.
NEW JERSEY — Cushman & Wakefield has brokered the $94 million sale of a 519-unit collection of multifamily properties in Northern New Jersey that is known as the Tag Portfolio. The number of properties was not disclosed. The Tag Portfolio, which was 97 percent occupied at the time of sale, features properties that were built between 1920 and 1980 and are located in East Rutherford, Cliffside Park, Palisades Park, Lyndhurst, Garfield, Jersey City and Kearny. The majority (96 percent) of the units are one- or two-bedroom residences and have value-add potential. Niko Nicolaou, Ryan Dowd, Michael Guerra, J.P. Hohl and Alexandria Ebers of Cushman & Wakefield represented the seller, Tag Investment Properties, in the transaction and procured the buyers. Tuli Realty purchased the properties located in East Rutherford, Cliffside Park, Palisades Park, Lyndhurst, Garfield and Jersey City, while Sher Management acquired the Kearny property. Brad Domenico and Frank Stanislaski of Cushman & Wakefield arranged acquisition financing for the deal.
ROCHESTER, N.Y. — New York City-based investment firm Time Equities Inc. has purchased The Shoppes at Westgate, a 62,049-square-foot shopping center in Rochester. The sales price was $6.1 million. Built in 1958 and renovated in 1986, the center was 91 percent leased at the time of sale to tenants such as Ross Dress for Less, Bath & Body Works and Citizens Bank. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith represented Time Equities in the transaction on an internal basis. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services represented the undisclosed seller.
GREENVILLE, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Greenville Promenade, a 220,482-square-foot shopping center located northeast of Dallas. According to LoopNet Inc., the property is home to tenants such as Belk, Ross Dress for Less, Staples, J.C. Penney, Petco, Marshalls, GNC, Bealls and Hibbett Sports. Hudson Lambert and Jennifer Pierson of STRIVE represented the California-based seller in the transaction. Harrison Beethe, also with STRIVE, represented the local buyer. Both parties requested anonymity. Greenville Promenade was 100 percent leased at the time of sale.