Acquisitions

Colliers Brokers Sale of 72-Acre Industrial Land Site in University Park, Illinois

by Kristin Harlow July 25, 2024

UNIVERSITY PARK, ILL. — Colliers has brokered the sale of a 72-acre industrial land site in the southern Chicago suburb of University Park. A private investor sold the land to Clarius Partners for an undisclosed price. The planned development will be primed for large logistics operations and include a 970,123-square-foot warehouse. The project will feature a 40-foot ceiling height, up to 475 trailer stalls, 162 docks and convenient access to I-57. Jim Estus and David Bercu of Colliers brokered the transaction. Colliers is marketing the project for lease.

July 25, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $6.6M Sale of Apartment, Retail Property in Chicago’s Hyde Park

by Kristin Harlow July 25, 2024

CHICAGO — Interra Realty has negotiated the $6.6 million sale of a 33-unit apartment and retail building located at 5704 S. Harper Ave. in Chicago’s Hyde Park neighborhood. The corner property includes 28 one-bedroom apartment units and five commercial spaces, which are leased to Subway, a bike shop, convenience store, barbershop and real estate office. The residential portion was also fully leased at the time of sale. Brad Feldman of Interra represented the buyer, a local private investor, and the seller, a private family partnership.

July 25, 2024

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $3M Sale of Historic Apartment Building in Minneapolis

by Kristin Harlow July 25, 2024

MINNEAPOLIS — Marcus & Millichap has arranged the sale of Soleil Apartments in Minneapolis for $3 million. Located at 1425 LaSalle Ave. in the city’s Loring Park neighborhood, the property was built in 1914. Soleil Apartments features 41 apartment units and one retail unit that is leased until 2029. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the seller, Soleil Properties LLC. Jon Ruzicka, broker of record in Minnesota, assisted on the transaction. The undisclosed buyer offered to purchase the property on a contract for deed.

July 25, 2024

Acquisitions Colorado Industrial Office Western

Mile High Labs Sells 436,534 SF Manufacturing Campus in Broomfield, Colorado

by Amy Works July 25, 2024

BROOMFIELD, COLO. — Mile High Labs has completed the disposition of 2555 W. Midway Boulevard, a R&D and manufacturing property within Atlas Industrial Park in Broomfield, a suburb north of Denver. ScanlanKemperBard acquired the asset for an undisclosed price. Situated on 20 acres, the 436,534-square-foot asset features a 411,034-square-foot building and a 25,500-square-foot building. The buildings offer office, manufacturing, processing, packaging, laboratory and climate-controlled warehouse areas, as well as general engineering areas and an employee cafeteria. Additionally, the buildings collectively feature nearly 12,000 amps of power. Rick Egitto of Avison Young, along with Justin Rayburn of Fountainhead Commercial, represented the seller, while the buyer was self-represented in the deal.

July 25, 2024

Acquisitions California Industrial Western

BKM Capital Buys North Cabot Industrial Park in Hayward, California for $10.5M

by Amy Works July 25, 2024

HAYWARD, CALIF. — BKM Capital Partners has acquired North Cabot Industrial Park, located at 19707-19845 Cabot Blvd. in the East Bay city of Hayward. A non-profit entity sold the asset for $10.5 million, or $206 per square foot. Situated on 3.8 acres, North Cabot Industrial Park consists of two buildings offering a total of 51,038 square feet with 13 units ranging in size from 2,794 square feet to 6,936 square feet. The asset features two dock-high and 15 grade-level doors, 14-foot clear heights, sprinkler systems and ample parking. At the time of sale, the property was 91 percent occupied. BKM plans to invest about $685,000 on capital improvements to bring the asset to its brand standards. Planned improvements include upgrades and/or replacements of the roofs, HVAC systems, parking lot, paint, signage and landscaping. The company will invest $49,000 on speculative tenant improvements to modernize a 4,580-square-foot unit with new carpeting, paint, fixtures, millwork and lighting. BKM was self-represented in the transaction, while Robert Ferraro, Michael Barry and Ken Morris of CBRE represented the seller.

July 25, 2024

Acquisitions Colorado Industrial Self-Storage Western

LeClaire-Schlosser Group Brokers Sale of 668-Unit Astrozon Self Storage in Colorado Springs

by Amy Works July 25, 2024

COLORADO SPRINGS, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Astrozon Self Storage, a self-storage facility in Colorado Springs. Terms of the transaction were not released. Located at 3710 Astrozon Blvd., the 53,200-square-foot facility features 668 single-story, drive-up access units. Charles LeClaire and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller, a local limited liability company, and secured the buyer, a New York-based, privately held real estate investment company, in the deal.

July 25, 2024

Acquisitions California Mixed-Use Office Retail Top Stories Western

Tinder Founder Justin Mateen Leads $211M Acquisition of Wilshire Rodeo Plaza Office/Retail Property in Beverly Hills

by Katie Sloan July 25, 2024

BEVERLY HILLS, CALIF. — Tinder founder Justin Mateen, his brother Tyler Mateen and their brother-in-law Pouya Abdi have acquired Wilshire Rodeo Plaza, a Class A office and retail complex located at the corner of Rodeo Drive and Wilshire Boulevard in the posh Los Angeles suburb of Beverly Hills. Nuveen sold the asset for $211 million. The 300,000-square-foot property includes three six-story office and retail buildings along Wilshire Boulevard and a three-story office building along Rodeo Drive. The buyers plan to rebrand the property as One Rodeo, as well as upgrade and re-program the buildings to cater to luxury retail and office tenants. Current tenants include Merrill Lynch/Bank of America, USB, William Morris Endeavor and Encore Recordings. The Mateen brothers and Abdi view the acquisition as a generational property, and hope to take advantage of the “flight to quality” in a struggling office sector with limited new Class A supply. “Iconic buildings such as One Rodeo will continue to benefit from increased demand as the trend toward high-quality assets continues to unfold in a post-COVID world,” says Tyler Mateen, who is CEO of Cannon TTM, a Los Angeles-based real estate investment firm. “We are grateful to be acquiring these buildings at …

July 25, 2024

Acquisitions Multifamily Student Housing Texas

Palladius Capital Management Sells 672-Bed Student Housing Property in San Marcos, Texas

by Taylor Williams July 24, 2024

SAN MARCOS, TEXAS — Austin-based investment firm Palladius Capital Management has sold The Oasis, a 672-bed student housing property in San Marcos, located roughly midway between Austin and San Antonio. The 240-unit property is located about three miles from the Texas State University campus and offers amenities such as a pool, fitness center, clubhouse and study lounges. Palladius acquired the property in spring 2022 and implemented a value-add program prior to the sale. Chris Epp of Walker & Dunlop represented Palladius in the transaction The buyer and sales price were not disclosed.

July 24, 2024

Acquisitions Multifamily Texas

SPI Advisory Acquires 248-Unit Multifamily Portfolio in Denton, Texas

by Taylor Williams July 24, 2024

DENTON, TEXAS — Texas-based private equity firm SPI Advisory has acquired a portfolio of two multifamily properties totaling 248 units in the North Texas city of Denton. Lana is a 116-unit, garden-style property that was originally built in 1981, and Aspire is a 132-unit complex that was constructed in 1970. Both properties offer one- and two-bedroom units and underwent capital improvement programs over the past two years. Mark Allen of GREA represented the seller, Legacy REI, in the transaction. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.

July 24, 2024

Acquisitions Georgia Office Southeast

Shorenstein Acquires 324,000 SF 14th & Spring Office Tower in Midtown Atlanta

by John Nelson July 24, 2024

ATLANTA — Shorenstein Investment Advisers, a privately owned office and multifamily owner and operator based in San Francisco, has purchased 14th & Spring, a 12-story office tower in Midtown Atlanta. The 324,000-square-foot building was delivered in late 2022 and has been without a tenant since its delivery, according to the Atlanta Business Chronicle. The seller and sales price were not disclosed, but the publication reported that locally based Greenstone Properties and an affiliate of Goldman Sachs put the tower up for sale earlier this year and the price would likely fall in the $200s per square foot, giving the sales price a range of $65 million to $97 million. Shorenstein has tapped ASD|SKY to help redesign and reposition 14th & Spring’s common areas, amenities and façade. The company has also hired Murphy Meyers to design a full floor of speculative office suites in various sizes. Additionally, Shorenstein has selected Jeff Keppen, Nicole Goldsmith, Kyle Kenyon and Maddie Nagley of CBRE to lease the office tower.

July 24, 2024

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