BENBROOK, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of a 31,393-square-foot industrial flex building in Benbrook, a southwestern suburb of Fort Worth. According to Crexi, the building, which is known locally as the Spectrum Flex Building, was constructed in 1982 and was fully leased at the time of sale. Parker Tims of STRIVE brokered the deal. The buyer and seller were not disclosed.
PHOENIX — Goodegg Investments has purchased North Edge Apartments, a 71-unit, Class B apartment complex in Phoenix. Terms of the transaction were not released. North Edge Apartments has undergone significant value-add renovations over the last two years, with most of its units, as well as common areas, renovated and upgraded. The asset is the 38th multifamily acquisition that Goodegg Investments has undertaken since the company’s inception in 2018.
RIVERSIDE, CALIF. — Silgai Development & Management has acquired a 3-acre development parcel located at the southwest corner of Meridian Parkway and Authority Road in Riverside for an undisclosed price. Mario Calvillo of Lee & Associates Riverside represented the buyer, while Finn Comer of Lee & Associates represented the undisclosed seller in the deal. At the time of sale, the site was entitled with construction drawings for two industrial buildings totaling 45,751 square feet. The buyer plans to develop the 21,139-square-foot and the 24,612-square-foot facilities. Groundbreaking is slated to begin in the second quarter of 2025. The buildings will be available for sale or lease.
ORANGE, OHIO — Tanger has acquired Pinecrest, a 640,000-square-foot mixed-use development in Orange, an eastern suburb of Cleveland, for approximately $167 million. Tanger utilized cash on hand and available liquidity for the acquisition and estimates the center to deliver an 8 percent return during the first year. Opened in 2018, Pinecrest is anchored by Whole Foods Market. Retailers include Alo Yoga, UNTUCKit, Madewell, Sephora, Warby Parker, Indochino, Willliams-Sonoma, Pottery Barn, REI and Nike. Dining and entertainment options include Shake Shack, Kitchen Social, First Watch, Firebirds Wood Fired Grill, Silverspot Cinema and Pinstripes. Tanger’s acquisition also includes the center’s residential and office components. The on-property AC Hotel is under separate ownership.
WHEATON, ILL. — Interra Realty has brokered the sale of two multifamily buildings in the Chicago suburb of Wheaton. The 18-unit Liberty Square Flats sold for $8.4 million, while the 44-unit Lorraine Court Apartments traded for nearly $7 million. Nathan Zito, Patrick Kennelly and Paul Waterloo of Interra represented seller Liberty Square Flats LLC as well as the buyer, a confidential local investor. The trio also represented LCA LLC in the sale of Lorraine Court Apartments, as well as the buyer, one of the largest owners of middle-market apartment properties in DuPage County. Both properties were sold as part of 1031 exchange transactions. Situated at 302 W. Liberty Drive, Liberty Square Flats was built in 2024. Amenities include a rooftop deck, dog washing station, outdoor patio, storage closets, heated garage parking, electric vehicle chargers, surface parking and keyless access. Lorraine Court Apartments, located on South Lorraine Road, was constructed in 1972.
CALUMET CITY, ILL. — Entre Commercial Realty has negotiated the sale of a USDA-certified food processing facility in Calumet City, a southern suburb of Chicago. The sales price was undisclosed. The 40,368-square-foot building is situated on 3.5 acres at 414 E. State St. and features extensive cold storage infrastructure. Chris Wilbur and Jeff Locascio of Entre represented the buyer, Reyes Meats. The duo also assisted the buyer in securing a Cook County Class 8 property tax incentive. Tom Condon of Lee & Associates represented the seller.
COLUMBIA, MO. — Marcus & Millichap has arranged the $5 million sale of a retail property net leased to O2B Kids! in Columbia. Built in 2013, the 12,300-square-foot asset is located at 3250 S. Bearfield Road. O2B Kids! acquired the property in 2023; it previously operated as a Bright Star Academy childcare facility. More than 18 years remain on the corporate-guaranteed lease. Dominic Sulo of Marcus & Millichap represented the seller. Buyer and seller information was not provided.
MORRISTOWN, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Morris Marketplace, an 85,513-square-foot shopping center located roughly 25 miles west of New York City. The newly developed center was fully leased at the time of sale to more than 35 restaurant and service-oriented tenants, including Wells Fargo, Jersey Mike’s, Orangetheory Fitness and Panda Express. Brad Nathanson and JP Colussi of IPA represented the seller and developer, DeVimy Equities, in the transaction. The duo also procured the buyer, Ohio-based Last Mile Investments.
PHOENIX — A venture between Rockpoint and The Related Group has completed the disposition of Town Deer Valley, a multifamily community in Phoenix, to Goodman Real Estate for $131.1 million, or $337,887 per unit. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2024 on 18 acres, Town Deer Valley offers 388 apartments with stainless steel refrigerators, single-door access to patios and balconies with exterior storage, and smart home automation packages. Community amenities include a 5,900-square-foot clubhouse with an arts and crafts room, a poker room and La Galere sundry shop; a 3,800-square-foot fitness center building; and a pool area with a swimming pool and a wading pool with submerged loungers.
SPANAWAY, WASH. — SimonCRE has acquired an 89,002-square-foot retail center located in Spanaway, with plans to redevelop the property. Plans for the center include the addition of a grocery anchor, as well as other new tenants. According to SimonCRE, redevelopment efforts at the property will be focused on updating existing structures.