HOUSTON — Marcus & Millichap has brokered the sale of Beechnut Village, a 62,990-square-foot shopping center in West Houston. Ethnic grocer La Michoacana anchors the center, which was fully leased to 15 tenants at the time of sale. Scott Abeel and Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Jamie Safier of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
NASHUA, N.H. — STAG Industrial (NYSE: STG), a Boston-based REIT, has sold a 337,391-square-foot property in Nashua, located near the Massachusetts-New Hampshire border, for $67 million. The sales price represents a cap rate of 4.9 percent. According to LoopNet Inc., the single-story building at 80 Northwest Blvd. was originally constructed on 23 acres in 1999. Building features include clear heights of 28 to 32 feet, a total of 33 loading docks, one drive-in door and 125-foot truck court depths. STAG Industrial acquired the property in 2014 for $11.7 million. The buyer was not disclosed.
MILWAUKE, ORE. — Northmarq has brokered the $39 million sale of Milwaukie Marketplace, a multi-tenant retail center located in Milwaukie, approximately six miles outside Portland. Built in 1989, the center comprises four buildings across nine parcels and totals 185,760 square feet. New Seasons Market anchors the center. Additional tenants at the property include Planet Fitness, Ace Hardware, Dollar Tree, Pietro’s Pizza, UPS, Subway, Taco Bell and Starbucks Coffee. Multiple Letters of Intent (LOI) have been signed on the vacant tenant spaces. Kevin Adatto, Sean Tufts, Scott Frank and Joe Dugoni of Northmarq’s Pacific Northwest Commercial Investment Sales team represented the seller in the transaction. The buyer and sales price were not disclosed.
LAS VEGAS — MDH Partners has purchased Sunrise Industrial Park One and Two, a Class A multi-tenant project in Las Vegas. The acquisition marks the company’s entry into the state of Nevada and the Las Vegas market. Terms of the transaction were not released. Totaling 509,216 square feet, the two-building asset is currently 78 percent leased to 10 tenants. Sunrise Industrial Park One and Two is located at 4601 E. Cheyenne and 3101 Marion Drive. Built in 1997, the buildings offer 24- to 30-foot clear heights, ESFR sprinklers, ample dock-high loading and evaporative cooling. The properties offer flexible unit configurations ranging from 20,000 square feet to 89,000 square feet.
LOS ANGELES — NAI Capital Commercial has arranged the sale of an industrial property located at 13030 Raymer St. in the North Hollywood neighborhood of Los Angeles. Tiptop Restoration acquired the asset from 13030 Raymer LLC for $9.8 million. Tiptop will use the 30,000-square-foot property as its corporate headquarters, as well as warehouse, storage and distribution space. Built in 1996, the property underwent significant renovations in 2022. Renovations included remodeled office space, kitchen and restrooms, new paint and upgraded LED warehouse lighting. The asset offers dock-high and ground-level loading, 1,200 amps of power, a 17-foot warehouse clearance height, fire sprinklers and a fenced rear yard. Chad Gahr and David Young of NAI Capital Commercial represented the seller, while Daniel O’Neil and Parker Jones of Rancho Realty Group Corp. represented the buyer in the off-market transaction.
WENTZVILLE, MO. — A Block & Co. Inc. Realtors-headed investment group comprised of investors from Kansas City and St. Louis has purchased 18 acres of land at Wentzville Parkway and Will Ron Drive in Wentzville, a suburb of St. Louis. Wentzville Parkway serves as a major commercial corridor and is located near General Motors’ $2 billion manufacturing campus and Mercy’s new $650 million hospital. The development plan calls for a retail project, with over 10 acres available for ground lease or build-to-suit opportunities. Zach Albrecht and David Block of Block & Co., along with Eddie Cherry of Manor Real Estate will co-list the development. The trio also negotiated the sale on behalf of the buyer, while Danny Wappelhorst of Cissell Mueller represented the undisclosed seller.
CHICAGO — Special Olympics Illinois has purchased a 20,000-square-foot flex office building and event space at 2324 W. Fulton St. in Chicago for $4.7 million. Aubrey Englund of NAI Hiffman and Mike Lombard of Blue Star Properties represented the buyer in the transaction. Matt Cowie and Larry Goldwasser of CBRE represented the seller, a local private investment group. Special Olympics Illinois is expanding its Chicago regional office from 6,000 square feet of leased space at 820 W. Jackson Blvd. and will relocate this summer. Approximately 15 employees will work at the new office. Originally constructed as a foundry, the property was transformed by Helios Construction Services in 2014 into a modern building for its own offices. The building’s design was a collaborative effort with the late architect Brad Lynch of Brininstool + Lynch. In 2017, Helios executed another renovation at the building to expand the office space with the addition of four glass-enclosed offices, meeting rooms and amenities, including a gym, lounge and kitchen. Private event venue Ovation Chicago will remain a tenant at the property. The space opened in late 2014.
WILTON, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a 102-unit apartment complex in Wilton, located in southern Connecticut’s Fairfield County. Avalon Wilton on River Road is an eight-building complex that was built in 1996 and renovated in 2012. The property offers 64 townhome-style residences and 38 garden-style units in two- and three-bedroom floor plans that have an average size of 1,552 square feet. Amenities include a pool and outdoor grilling and dining stations. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Virginia-based REIT AvalonBay Communities, in the transaction and procured the buyer, AEW Capital Management.
WINSTED, CONN. — Marcus & Millichap has brokered the $14 million sale of The Shops at Ledgebrook, a 105,499-square-foot shopping center in Winsted, located northwest of Hartford. Grocer Stop & Shop anchors the center, which was built on 14 acres in 1989, with a 52,704-square-foot store. Other tenants include Webster Bank, Sophia’s Pizza Restaurant and China Delight. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the New York-based seller in the transaction and procured the New Jersey-based buyer. Both parties were private investors that requested anonymity.
MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties. The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed. “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.” According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc. Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …