DOWNERS GROVE, ILL. — Laramar Group has acquired ReNew Downers Grove, a 294-unit apartment complex in the Chicago suburb of Downers Grove, for $72.1 million. An affiliate of FPA Multifamily was the seller. The 17-year-old property features a pool, sun deck, fitness center and lounge. Laramar is expected to make unit upgrades. The 16-acre complex was just over 6 percent vacant at the time of sale. Kevin Girard, Mark Stern, Zachary Kaufman and Betsy Romenesko of JLL represented the seller. JLL also provided a $46.9 million Freddie Mac loan for the acquisition.
CHAMPAIGN, ILL. — Coldwell Banker Commercial Devonshire Realty (CBCDR) has arranged the $11.5 million sale of a 182,084-square-foot warehouse in Champaign. The 30-acre property is located at 2802 Bloomington Road. AJ Thoma III of CBCDR represented the seller, Ravel Properties LLC. The intended use of the space is for an agricultural chemical company.
BLOOMINGDALE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 25,000-square-foot retail center in Bloomingdale for $4.2 million. The property at 125 E. Lake St. was 95 percent leased at the time of sale to a mix of local tenants. Brett Berlin of Quantum represented the undisclosed seller. The private buyer was based in Illinois.
ITASCA, ILL. — Lee & Associates has brokered the sale of a 34,078-square-foot industrial building in Itasca for an undisclosed price. Located at 1170 Ardmore Ave., the property features multiple bridge cranes, a temperature-controlled warehouse and heavy power. Chris Nelson and Jeff Janda of Lee & Associates represented the seller, Tech-Max Machine Inc., a large parts manufacturing company that will expand into a larger facility in Itasca. Melody Mueller of Compass represented the buyer, Pulsarlube USA Inc., an Elk Grove Village-based company that specializes in single-point automatic lubrication.
FORT LAUDERDALE, FLA. — A partnership between affiliates of locally based firms Square2 Capital and Highline Real Estate Capital and Dallas-based Lone Star Funds has acquired Bank of America Plaza, a 410,561-square-foot office tower located at 401 East Las Olas Blvd. in Fort Lauderdale. The sales price was not disclosed, but South Florida Business Journal reports the property traded for more than $220 million. The 23-story tower — which was 94 percent leased at the time of sale — is situated on a full city block in the city’s Las Olas Financial District. Tenants at the property include Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions and UBS. CBRE represented the seller, a global investment manager, in the transaction, and arranged acquisition financing on behalf of the buyer. Mike Manno of Square2 Capital will lead the property management responsibilities at Bank of America Plaza on behalf of the new ownership.
FORT LAUDERDALE, FLA. — Chicago-based Bradford Allen Investment Advisors has acquired Las Olas Centre I and II, a 470,810-square-foot luxury office complex located in Fort Lauderdale. The sales price was not disclosed, but South Florida Business Journal reports the property traded for $208 million. Originally built in 1997, Bradford Allen will invest $25 million in renovations for the property, including new office lobbies, technologically advanced conference rooms, a fitness center and outdoor space. Situated at 350 and 450 E. Las Olas Blvd., the complex offers easy access to I-95, as well as the Brightline train line and several bus routes. The properties — which stand 15 and 18 stories tall — were 69 percent occupied at the time of sale. Amenities at the complex include casual and fine-dining restaurants, Starbucks Coffee, onsite property management, concierge and 24/7 security services and a variety of bank branches. Jon Blunk and Laurel Oswald of Tower Commercial Real Estate (TCRE) will provide leasing efforts for the complex. Bradford Allen will provide asset and property management services. Las Olas Centre marks Bradford Allen’s first acquisition in the South Florida region.
NEW YORK AND SAN DIEGO — Blackstone (NYSE: BX) and Retail Opportunities Investments Corp. (ROIC) have announced that Blackstone Real Estate Partners X has completed its previously announced acquisition of all outstanding common shares of ROIC for $17.50 per share in an all-cash transaction valued at $4 billion, including outstanding debt. J.P. Morgan acted as ROIC’s financial advisor. Clifford Chance US LLP served as ROIC’s legal counsel. Morgan Stanley & Co., BofA Securities, Citigroup, Wells Fargo, Newmark and Eastdil Secured acted as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel. The transaction was announced on Nov. 6, 2024.
ONTARIO, CALIF. — Clear Capital has completed the disposition of Rancho Vista Apartments in Ontario to Convenient Holdings for $46.3 million, or $370,200 per unit. Built in 1984, the community offers 125 two- and three-bedroom apartments, averaging 1,022 square feet. Unit amenities include direct access to two-car garages with washer and dryer connections, private balconies off the primary bedrooms, central conditioning and heat. Community amenities include a cardio and weight training center, swimming pool, picnic area, private yards, fully furnished sundecks, a children’s park and on-site maintenance. Additionally, the previous owner installed a solar panel electric system that offsets residents’ energy bills. Alexander Garcia Jr., Kyle Pinkalla, Chris Zorbas, Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
RIVERSIDE, CALIF. — SRS Real Estate Partners has brokered the ground lease (land ownership) sale of a restaurant property located at 4100 Central Ave. in Riverside. A Southern California-based developer sold the asset to a Washington-based private investor for $6.8 million. Raising Cane’s occupies the 3,267-square-foot property, which was built in 2024 on 1.3 acres, on a corporate-guaranteed, absolute triple-net, 15-year ground lease. Patrick Luther and Matthew Mousavi of SRS Capital Markets represented the seller in the transaction.
NEW ULM AND MANKATO, MINN. — Marcus & Millichap has negotiated the sale of two single-tenant animal hospital properties in Minnesota for $2.8 million. The portfolio includes New Ulm Regional Vet Center at 401 20th St. in New Ulm and River Hills Pet Care Hospital at 340 St. Andrews Drive in Mankato. The New Ulm property was built in 1998, and the Mankato facility was constructed in 2017. Both are fully leased to PetVet Care Centers, which has operated at both locations since 2019. PetVet was founded in 2012 and currently has more than 450 veterinary locations nationwide. William Skoch and Christopher Mitchel of Marcus & Millichap represented the seller, a group of six veterinarians who had owned the buildings for more than 27 years, and procured the buyer, a real estate investment trust focused exclusively on acquiring veterinarian-centric real estate nationwide.