GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Springs at Grand Prairie, a 276-unit apartment complex located roughly midway between Dallas and Fort Worth. The property was built on 15 acres in 2022 and has an average unit size of 991 square feet. Amenities include a pool and a fitness center. Drew Kile, Taylor Hill, Michael Ware and Cameron Purse of IPA represented the seller, Continental Properties, in the transaction. Brian Eisendrath, Cameron Chalfant and Harry Krieger, also with IPA, arranged acquisition financing on behalf of the buyer, which plans to upgrade select units and has also rebranded the property as The Bradbury.
Acquisitions
CAMERON, TEXAS — DWG Capital Partners has purchased a 78,600-square-foot industrial complex in Cameron, about 80 miles northeast of Austin. The property consists of multiple buildings on a 27.8-acre site that can support manufacturing, warehouse, office and storage uses. DWG Capital Partners acquired the property in a sale-leaseback with The Butler Weldments Corp., a provider of fabricated and machined metal products that will continue to occupy the facility on a 20-year, triple-net lease. Jonathan Ameen and Mark Grossman of Northmarq represented the seller/tenant in the off-market transaction. Judd Dunning internally negotiated the deal on behalf of DWG Capital Partners.
KATY, TEXAS — Marcus & Millichap has brokered the sale of a 21,598-square-foot, newly built retail strip center in the western Houston suburb of Katy. Gaston Retail Center sits on a 2.2-acre site and was fully leased at the time of sale to nine tenants, including Dos Tacos, Vogs Coffeehouse and Molar Dental. Justin Miller and Irby Rozelle of Marcus & Millichap represented the seller, a local developer, in the transaction and procured the buyer. Both parties requested anonymity.
NORTH ATTLEBORO, MASS. — Regional brokerage firm Atlantic Capital Partners has arranged the $18 million sale of a 71,927-square-foot shopping center in North Attleboro, located just outside of Providence. Grocer Stop & Shop has anchored the center, which also houses an Asian restaurant, since its completion in 1993 and remodeled its store in 2018. Justin Smith, Chris Peterson, Sam Koonce and Danielle Turpin of Atlantic Capital Partners represented the seller in the transaction. Additional terms of sale were not disclosed.
MINNESOTA AND NORTH DAKOTA — Cushman & Wakefield has brokered the sale of a portfolio of 601 recently developed build-to-rent homes located throughout the Fargo/West Fargo/Moorhead metro areas in the bordering states of North Dakota and Minnesota. The sales price was undisclosed, but the price is the highest valued multifamily sale in North Dakota’s history, according to Cushman & Wakefield. Units range from three to five bedrooms, and the homes average 7.2 years old. Kevin Phelan, Pat Knowlton and Jeff Dimmen of Cushman & Wakefield, along with Jennifer Stein Real Estate Inc., represented the seller, Meridian Mortgage LLC. An affiliate of Christianson Cos. was the buyer.
CALEDONIA, WIS. — Lee & Associates has negotiated the $24.5 million sale of 223 acres of land in Caledonia within Southeast Wisconsin. The site was formerly known as South Hills Country Club. The transaction marks the largest land acquisition in Southeast Wisconsin since Microsoft acquired 467 acres in late 2023, according to Lee & Associates. Thomas Boyle of Lee & Associates represented the buyer, New York-based Ashley Capital, which plans to build a 4 million-square-foot industrial park on the site. Named South Hills Commerce Center, the project will feature 10 buildings ranging in size from 218,400 to 554,000 square feet. Hintz Real Estate Development Co. LLC was the seller.
CHICAGO — Kiser Group has arranged the sale of a two-building multifamily portfolio located near the University of Chicago for $8 million. The portfolio includes 5111 S. University Ave. (41 units) and 5135 S. Blackstone Ave. (36 units). The properties are situated on residential streets in Hyde Park and feature a mix of studio and one-bedroom units. The portfolio was 98 percent leased at the time of sale. Lee Kiser, Kyle Sissell and Will Cornish of Kiser represented the seller, TLC Management, while Katie LeGrand and Jacob Price of Kiser represented the buyer, Harbor Property Management LLC.
OAK BROOK, ILL. — Marcus & Millichap has brokered the sale of a retail property net leased to Diamonds Direct in the Chicago suburb of Oak Brook for $6.1 million. Located at 1150 W. 22nd St., the single-tenant building totals 6,000 square feet and is part of the 17-acre Oak Brook Commons mixed-use development. There are just under 14 years remaining on the tenant’s lease. Nicholas Kanich of Marcus & Millichap represented the seller, a global real estate investment manager. A broker with a boutique Chicago firm procured the buyer, a family partnership based in South Dakota completing a 1031 exchange.
BRICK, N.J. — Locally based investment firm TFE Properties has purchased The Shops at Brick, a 103,832-square-foot shopping center located near the Jersey Shore. The center is currently home to Bonefish Grill and McDonald’s, and both anchor and junior anchor spaces are available for lease. Kevin O’Hearn and Joseph Lopresti of JLL represented the undisclosed seller in the transaction and procured TFE Properties as the buyer. The new ownership plans to implement a value-add program.
SAN DIEGO — Dollinger Properties has completed the sale of a two-story office building located at 8965 Balboa Ave. in San Diego’s Kearney Mesa neighborhood. Sharp HealthCare acquired the asset for $12.3 million. County of San Diego occupies the 27,761-square-foot property, which was built in 1985. The tenant has been onsite since 2002. Bob Prendergast, Lynn LaChapelle and Zac Saloff of JLL Capital Markets Investment Sales and Advisory team represented the seller, while Mike Labelle and Bridget Gossett of Cushman & Wakefield represented the buyer in the deal.