LOMBARD, ILL. — Marcus & Millichap has brokered the $5.6 million sale of Highlands of Lombard, a retail strip center totaling 16,223 square feet in the Chicago suburb of Lombard. Built in 2007, the six-suite property is located at 2820 S. Highland Ave. across from Yorktown Center mall. The fully occupied asset features a mix of food, health and service-based tenants. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor based in the Chicagoland area who had owned the property for more than 17 years. The agents also procured the out-of-state buyer.
Acquisitions
CHICAGO — Greenstone Partners has arranged the $2.3 million sale of 1151 West Erie Street, a nine-unit multifamily property located at the edge of Chicago’s West Town and Fulton Market neighborhoods. The building went under contract within the first week of marketing. Jordan Multack of Greenstone represented the seller, a Chicago-based private investor group, as well as the buyers, a pair of locally based 1031 exchange investors.
PNC Agrees to Acquire FirstBank for $4.1B, Adding 95 Retail Branches in Colorado and Arizona
by John Nelson
PITTSBURGH AND LAKEWOOD, COLO. — The PNC Financial Services Group Inc. (NYSE: PNC) has entered into a definitive agreement to acquire Lakewood-based FirstBank Holding Co., including its banking subsidiary FirstBank, in a deal valued at $4.1 billion. Founded in 1963, FirstBank Holding has $26.8 billion in assets under management as of June 30 and provides commercial and retail banking services across Colorado and Arizona. The bank operates 95 FirstBank retail bank branches. PNC plans to retain all of FirstBank’s retail branches, as well as the onsite banking team members. The bank branches will be rebranded as PNC Bank branches following the closing of the merger, after which FirstBank will be fully merged into PNC Bank NA. “For decades, FirstBank has been proud to serve Colorado and Arizona with a strong community focus, deep customer relationships and dedicated commitment to our employees,” says Kevin Classen, CEO of FirstBank. “In PNC, we have found a partner that not only values this legacy but is committed to building on it. Their scale, technology and breadth of financial services will allow us to offer even more to our customers, while ensuring that our employees and communities continue to thrive.” Upon completion of the merger, Classen …
MANSFIELD, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Mason + Mill, a 349-unit apartment community located in the southern Fort Worth suburb of Mansfield. Completed in 2024, the property offers studio, one- and two-bedroom units that have an average size of 883 square feet. Residences are furnished with stainless steel appliances, individual washers and dryers, built-in wine racks and desks and various pieces of smart-home technology. The amenity package comprises a pool, fitness center, outdoor grilling and dining stations, a resident clubroom with a pool table and arcade, pet park, private work suites, indoor and outdoor lounges and a hospitality bar. Drew Kile, Joey Tumminello, Taylor Hill, Michael Ware and Shelby Clark of IPA represented the undisclosed seller in the transaction and procured the buyer, Utah-based Millburn & Co.
AUSTIN, TEXAS — Northmarq has brokered the sale of two residential rental properties totaling 38 units in the Austin area. Redbud Cove is a 15-unit build-to-rent complex in West Lake Hills, located west of the state capital, that was built in 1976 and recently renovated. Zilker Place is a 23-unit apartment complex located in south-central Austin that offers studio, one- and two-bedroom units. Will Collier, Jordan Vaughn and Hayden Schnieders of Northmarq represented the seller, locally based development and investment firm Rastegar Property Co., in the transaction. The buyer was Aperture Capital Partners.
AUSTIN, TEXAS — Woodside Health, a private equity healthcare real estate firm based in Cleveland, has acquired Twelve Oaks Professional Center, a medical office complex in northwest Austin. The property consists of five buildings totaling 42,500 square feet on a five-acre site. Woodside purchased Twelve Oaks Professional Center with global investment management firm Heitman. The seller and sales price were not disclosed.
Northwind Group Provides $98M for Acquisition, Redevelopment of 1250 West Avenue in Miami Beach
by Abby Cox
MIAMI — Northwind Group has provided a $98 million senior loan for the acquisition and redevelopment of 1250 West Ave., an existing 238-room condominium building located in Miami Beach. Terra is leading the project in partnership with JDS Development Group, Rafi Gibly and Gianluca Vacchi, which acquired more than 95 percent of the units at the property. The group plans to transform the property into a luxury condominium tower on Biscayne Bay, with new entitlements permitting development up to 330 feet in height, with an anticipated 100-unit residential program. Northwind Group originated the loan through its Northwind debt investment fund III. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian of Walker & Dunlop arranged the financing on behalf of the borrower.
CHELMSFORD, MASS. — Newmark has brokered the $11.5 million sale of 1 Executive Drive, a 112,440-square-foot life sciences building located northwest of Boston in Chelmsford. The building was 87 percent leased at the time of sale, with AMETEK affiliate Spectro Scientific and semiconductor manufacturer Qorvo serving as the anchor tenants. Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, Boston-based Foxfield, in the transaction and procured the buyer, Rhino Capital Advisors. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr., Bobby Alvarado and Conor Reenstierna, also with Newmark, arranged acquisition financing on behalf of the buyer.
KENT, SEATTLE AND SHORELINE, WASH. — The Simon | Anderson Multifamily team at Kidder Mathews has completed the sale of a four-property apartment portfolio in the Seattle area. John Stephanus sold the four-property portfolio and used the proceeds to acquire The Postmark, a 243-unit multifamily community in Shoreline. The purchase was executed through a series of transactions that were previously announced in August. The portfolio includes the 108-unit Swiss Gables Apartments in Kent, the 67-unit Charbern Apartments in Seattle’s Capitol Hill, the 76-unit Stockbridge Apartments in Seattle’s First Hill and the 72-unit Carolina Court Apartments in Seattle’s South Lake Union. Delivered in 2020, The Postmark offers 243 studio, one-, two- and three-bedroom units with high-end finishes and modern layouts. Amenities include a fitness center, yoga studio, resident lounge, rooftop deck, package lockers, bike storage and secure parking. Dylan Simon, Jerrid Anderson, Matt Laird and JD Fuller of the Simon | Anderson Multifamily team at Kidder Mathews represented John Stephanus in the transactions.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Casa Estrella del Norte, an apartment community in Tucson. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. Terms of the deal were not released. Built in 1959 on 7.4 acres, Casa Estrella del Norte features 196 studio and one-bedroom apartments spread across eight residential buildings and a standalone clubhouse.