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Acquisitions

690-N-Cofco-Center-Ct-Phoenix-AZ
AcquisitionsArizonaHealthcareOfficeWestern

Cushman & Wakefield Brokers Sale of 77,386 SF Gateway Medical Center in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has negotiated the sale of a medical office building, located at 690 N. Cofco Center Court in Phoenix. An entity managed by a subsidiary of LNR Partner sold the asset to an undisclosed buyer for $7.2 million. Built in 2002 on 4.8 acres, the two-story, 77,386-square-foot property is commonly known as Gateway Medical Center. At the time of sale, the multi-tenant property was 35 percent leased. The asset features a newly renovated, two-story lobby with a staircase, elevator service and covered canopy parking. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller in the deal.

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AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers Sales of Four Car Wash Properties in California’s Inland Empire

by Amy Works

APPLE VALLEY, HESPERIA, POMONA AND SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sales of four non-operating car wash properties in Apple Valley, Hesperia, Pomona and San Bernardino, all located in the Inland Empire region. Three different Southern California-based private investors acquired the properties in four separate transactions for undisclosed prices. Victor Buendia of Progressive Real Estate Partners represented the seller, an Arizona-based institutional investor, in all four transactions. The assets include: The car washes in Pomona, Hesperia and Apple Valley have re-opened under the new ownerships, and the San Bernardino car wash is slated to re-open in 2025.

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AcquisitionsIndustrialTexas

Partners Capital Acquires 74,335 SF Industrial Flex Building in Southwest Austin

by Taylor Williams

AUSTIN, TEXAS — Partners Capital, the investment arm of full-service commercial real estate firm Partners Real Estate, has acquired Monterey Tech Center, a 74,335-square-foot industrial flex building in southwest Austin. The site at 4407 Monterey Oaks Blvd. lies just beyond the intersection of U.S. Highway 290 and MoPac Expressway, and the building was 16 percent leased at the time of sale. Veritex Community Bank provided an undisclosed amount of acquisition financing for the deal. The seller and sales price were also not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale of Three-Building Woodridge Commerce Center in Suburban Chicago

by Kristin Harlow

WOODRIDGE, ILL. — Colliers has arranged the sale of Woodridge Commerce Center, a three-building industrial complex in the southwest Chicago suburb of Woodridge. The sales price was undisclosed. Built in 2006, the buildings are situated on 12 acres in the center of International Centre Business Park. They feature clear heights ranging from 18 to 20 feet, a mix of private and shared loading and parking for 447 cars. Woodridge Commerce Center is 96 percent leased to 22 tenants. The weighted average lease term is nearly three years with in-place rents that average 15 to 20 percent below current market rates. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, Unilev Capital and an affiliate of Palladius Capital Management. The buyer was a Chicago-area limited liability company. Colliers also arranged the property’s sale to Unilev in 2021.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Arranges $2.3M Sale of Chipotle-Occupied Property in Lansing, Illinois

by Kristin Harlow

LANSING, ILL. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property net leased to Chipotle in Lansing, a southern suburb of Chicago. Chipotle maintains a 15-year lease with 10 percent rental escalations every five years and four five-year renewal options at the newly constructed building, which is located at 2302 Thornton Lansing Road. Randy Blankstein and Jimmy Goodman of Boulder represented the 1031 exchange buyer and the seller, a Midwest-based developer.  

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AcquisitionsMultifamilyNew YorkNortheast

Rosewood Realty Group Negotiates Sale of 123-Unit Apartment Building in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a 123-unit apartment building in Brooklyn. The seven-story building at 275 Park Ave., which was originally built in 1920 and renovated earlier this year, also houses five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, Fairstead, in the transaction and procured the buyer, Thor Equities. The sales price was not disclosed, but the 184,411-square-foot building sold for $325 per square foot.

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407-N-Maple-Dr-Beverly-Hills-CA
AcquisitionsCaliforniaOfficeWestern

Fashion Nova Buys 175,000 SF Office Campus in Beverly Hills, California for $118M

by Amy Works

BEVERLY HILLS, CALIF. — Fashion Nova has purchased an office campus in the posh Los Angeles suburb of Beverly Hills that will serve as the new global headquarters for the innovative, tech-enabled fashion retailer. Fashion Nova founder and CEO Richard Saghian acquired the asset from Tishman Speyer for $118 million in an off-market transaction. Located at 407 N. Maple Drive, the 175,000-square-foot office campus offers four floors of office space and three stories of subterranean parking. The Fashion Nova HQ will house Nova Social Club, a private, by-invitation-only collaborative space where creators, influencers, celebrities and VIP guests can enjoy curated amenities and bespoke partnerships. The buyer will also introduce Nova Founders Lab, an incubator-accelerator for emerging brands, designers, creatives and founders across fashion, marketing and technology to become market-ready in a fashion-vertical setting. The office campus will also offer a fitness studio, wellness spa, content and podcast studios, a screening room, meditation and yoga garden, cosmetic micro-treatment bar, an organic culinary outpost and showroom.

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Lexington-Green-Apts-El-Cajon-CA
AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

CPP, Hampstead Cos. Acquire Lexington Green Affordable Apartments in El Cajon, California for $52.8M

by Amy Works

EL CAJON, CALIF. — Community Preservation Partners (CPP) and The Hampstead Cos., as co-developer, have purchased Lexington Green Apartments, an affordable housing complex in the San Diego suburb of El Cajon, for $52.8 million. Details of the transaction were not released. Originally built in 1970, the 144-unit property last underwent a tax credit renovation in 2007, which replaced some of the original building systems. The property consists of 12 residential buildings. CPP’s total planned development investment is approximately $80 million, with estimated renovation costs exceeding $80,000 per unit. The renovations will exceed the 10 percent energy savings requirement from the California Tax Credit Allocation Committee through new energy-efficient vinyl retrofit windows, water heaters, Energy Star appliances and energy-efficient LED light fixtures. Additional upgrades will include dry rot repair, floor replacement, new cabinets and countertops. ADA-complaint upgrades will be made for units and path of travel throughout the property. Renovations are scheduled for completion by August 2025. With CPP’s involvement, the property’s previously expired affordability status will be extended until 2044 under a renewed Section 8 Housing Assistance Payment contract. CPP and The Hampstead Cos. are partnering with LifeSTEPS to provide instructor-led adult educational classes, including financial literacy, computer training, resume building, …

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NewParkThree-Park-City-UT
AcquisitionsOfficeUtahWestern

Dakota Pacific Real Estate Sells Two Office Buildings in Park City, Utah

by Amy Works

PARK CITY, UTAH — Dakota Pacific Real Estate has completed the disposition of two office buildings in Park City’s Kimball Junction community. A local real estate investment firm and operator acquired the assets for an undisclosed price. Park City is a suburb located east of Salt Lake City. Totaling 122,000 square feet, the transaction includes NewPark One at 1441 Ute Blvd. and NewPark Three at 1389 Center Drive. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal.

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1503-W-San-Pedro-St-Gilbert-AZ
AcquisitionsArizonaIndustrialWestern

Longpoint Realty Partners Purchases 68,790 SF Industrial Building in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Boston-based Longpoint Realty Partners has acquired a single-tenant industrial facility, located at 1503 W. San Pedro St. in Gilbert, from Stonelake Capital Partners for $17 million. Situated on 1.2 acres in the suburbs southeast of Phoenix, the 68,790-square-foot property was originally developed in the mid-1980s and underwent an extensive interior and exterior renovation in 2023. At the time of sale, the property was fully leased to a supplier of aftermarket aviation assets. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s private capital group in Phoenix represented the seller in the deal. Mike Haenel and Andy Markham of Cushman & Wakefield provided leasing advisory for the transaction.

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