Acquisitions

Cushman & Wakefield, Greystone Negotiate Sale of 720-Unit Apartment Community in Hoover, Alabama

by John Nelson March 7, 2025

HOOVER, ALA. — Cushman & Wakefield and Greystone has arranged the sale of Ridge Crossings, a 720-unit apartment community located in the Birmingham suburb of Hoover. Canadian-based Avenue Living was the buyer. The sales price was not disclosed, but Birmingham Business Journal reports the property traded for $111 million. Originally completed in 1991, Ridge Crossings offers one-, two- and three-bedrooms ranging in size from 861 to 1,520 square feet. According to Apartments.com, amenities include a swimming pool, tennis and racquetball courts, fitness center, concierge services, dog park and a clubhouse. Andrew Brown, Craig Hey, Ben Thomas and Tommy Coleman of Cushman & Wakefield represented the undisclosed seller in the transaction. Additionally, Dan Sacks of Greystone originated a Fannie Mae loan of an undisclosed amount for the acquisition.

March 7, 2025

Acquisitions Industrial North Carolina Southeast

Accordia Acquires 46,400 SF Industrial Portfolio in Stallings, North Carolina

by John Nelson March 7, 2025

STALLINGS, N.C. — New Jersey-based Accordia has acquired a two-building industrial portfolio totaling 46,400 square feet in Stallings, roughly 15 miles outside of Charlotte. The purchase price was not disclosed. Foundry Commercial sourced the deal in the off-market transaction. Located at 135-141 Cupped Oak Drive, the shallow bay property was fully leased to five tenants at the time of sale. Constructed in 1999 and 2004, the property features 18-foot clear heights, 11 dock-high doors and nine drive-in doors, as well as suite sizes that range from 7,000 to 16,200 square feet. This transaction marks Accordia’s second acquisition in the Carolinas.

March 7, 2025

Acquisitions Georgia Loans Retail Southeast

Marcus & Millichap Brokers $3.7M Sale of Net-Leased Walgreens Retail Property in Lawrenceville, Georgia

by John Nelson March 7, 2025

LAWRENCEVILLE, GA. — Marcus & Millichap has arranged the $3.7 million sale of a net-leased Walgreens retail property in Lawrenceville, roughly 30 miles northeast of downtown Atlanta. Built in 2004, the freestanding property is situated on 1.2 acres. Walgreens has just under 10 years remaining on its corporate-guaranteed, absolute-net lease with options to renew. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap’s Detroit office marketed the property on behalf of the undisclosed seller and procured the buyer, a local private investor, in the transaction. John Leonard is the firm’s broker of record in Georgia. Additionally, Luke Lamoreaux of Marcus & Millichap Capital Corp. (MMCC), a subsidiary of Marcus & Millichap, secured acquisition financing for the asset.

March 7, 2025

Acquisitions Healthcare Northeast Pennsylvania

Marcus & Millichap Brokers $12.6M Sale of Healthcare Building in East Stroudsburg, Pennsylvania

by Taylor Williams March 7, 2025

EAST STROUDSBURG, PA. — Marcus & Millichap has brokered the $12.6 million sale of a 40,000-square-foot healthcare building in East Stroudsburg, located about 100 miles north of Philadelphia. The building at 125 Smithfield Lane is an outpatient facility for St. Luke’s Health System and is located within the 120-acre Smithfield Gateway mixed-use development. The tenant has invested more than $3 million in the build-out of the space since taking occupancy, and the lease includes 13.5 years of remaining term with two five-year renewal options. Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 7, 2025

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $4M Sale of Northern New Jersey Apartment Complex

by Taylor Williams March 7, 2025

MILLBURN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4 million sale of a 15-unit apartment complex in the Northern New Jersey community of Millburn. The three-story building at 357 Millburn Ave. was originally constructed in 1927 and houses 11 one-bedroom units and four two-bedroom units that were fully occupied at the time of sale, as well as four retail spaces. Jeff Squires of Kislak represented the seller, P&D Partners LP, in the transaction and procured the buyer, an entity doing business as Walton Millburn LLC.

March 7, 2025

Acquisitions Arizona Development Multifamily Restaurant Retail Western

SimonCRE Acquires 64 Acres for Mixed-Use Project in Mesa, Arizona

by Amy Works March 7, 2025

MESA, ARIZ. — SimonCRE has acquired 64 acres of land for a new mixed-use development dubbed Medina Station in Mesa, roughly 20 miles outside Phoenix. Plans for the roughly 305,335-square-foot project include a multi-tenant retail center, retail outparcels, a restaurant district and a multifamily complex. Tenants at Medina Station will include Boot Barn, Einstein Bros. Bagels, Zara Nails, Café Zupas, GoodVets, U.S. Bank and Hawaiian Bros Island Grill. A Target store and a two-story, 80,000-square-foot Dick’s Sporting Goods will anchor the development. SimonCRE plans to break ground on the project in 2025, with initial tenant openings expected for 2026.

March 7, 2025

Acquisitions Arizona Office Western

CBRE Brokers $23.5M Sale of The Forum at Gilbert Ranch Office Campus in Arizona

by Amy Works March 7, 2025

GILBERT, ARIZ. — CBRE has brokered the sale of The Forum at Gilbert Ranch, a Class A, 97,000-square-foot office campus in Gilbert. A private, high-net-worth 1031 exchange investor acquired the asset from a private seller for $23.5 million. The Forum at Gilbert Ranch consists of a single-story building and four two-story buildings, with an average suite size of 4,500 square feet. Additionally, the property offers onsite amenities and covered parking. The asset is situated on 6.5 acres at 1475, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive. At the time of sale, the property was 96 percent leased. Geoff Turbow, Anthony DeLorenzo, Matt Pourcho and Charlie von Arentschildt of CBRE represented the seller in the deal. The buyer was self-represented.

March 7, 2025

Acquisitions Arizona Industrial Western

Diversified Healthcare Trust Sells 82,266 SF Industrial Facility in Tempe, Arizona

by Amy Works March 7, 2025

TEMPE, ARIZ. — Diversified Healthcare Trust has completed the $16.8 million disposition of an industrial building, located at 1415 W. Third St. in Tempe, to an undisclosed buyer. Evan Koplan and Charlie von Arenstchildt of CBRE represented the seller in the transaction. Situated on 5.3 acres, the 82,266-square-foot building features a floor plate divisible to 23,000 square feet, 18- to 20-foot clear heights, a double truck well, four grade-level doors, 100 percent air conditioning and 265 parking stalls. The facility was built in 1981. The asset includes 3 acres of excess land for heavy parking, yard use or future building expansion.

March 7, 2025

Acquisitions Colorado Healthcare Western

Echo Real Estate Capital Buys 70,631 SF Rampart Medical Campus in Denver

by Amy Works March 7, 2025

DENVER — Echo Real Estate Capital has acquired Rampart Medical Campus, a two-building portfolio of medical outpatient buildings located at 125 and 130 Rampart Way in Denver. Terms of the transaction were not released. Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jennett and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Schornstein of CBRE’s Denver Advisory and Transaction team to represent the undisclosed seller in the transaction. Rampart Medical Campus’ two buildings offer a total of 70,631 square feet of space. Originally built in 1942, the properties were repositioned into medical outpatient facilities in 2000 and 2008 to capitalize on the expanding local healthcare network with seven hospitals totaling more than 2,900 inpatient beds in the area. At the time of sale, the property was 50 percent occupied.

March 7, 2025

Acquisitions Illinois Midwest Multifamily

JLL Negotiates $88.2M Sale of Cobbler Square Apartment Property in Chicago

by Kristin Harlow March 7, 2025

CHICAGO — JLL Capital Markets has negotiated the $88.2 million sale of Cobbler Square, an historic, 292-unit apartment property in Chicago’s Old Town neighborhood. The community occupies an entire city block at 1350 N. Wells St. Originally built in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The property offers a mix of studios, one- and two-bedroom, loft-style units with ceiling heights ranging from 12 to 18 feet. The asset also features 19,038 square feet of retail space that is fully leased. Cobbler Square presents value-add potential with opportunities to continue the programmatic renovation plan for unit interiors. The property also offers development opportunities — potential construction on an adjacent parking lot and the possibility of adding units above an existing parking garage. Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL represented the undisclosed seller. JDL Development LLC and Centaur Capital Partners purchased the property.

March 7, 2025

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