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Acquisitions

AcquisitionsMidwestOhioRetail

Cooper Group Brokers $7.1M Sale of Kruse Commons Retail Property in Solon, Ohio

by Kristin Harlow

SOLON, OHIO — The Cooper Commercial Investment Group has brokered the $7.1 million sale of Kruse Commons in Solon, a suburb of Cleveland. The two-building retail property is anchored by Panera Bread and ice cream shop Mitchell’s Homemade. Dan Cooper of Cooper Group represented the seller, a private investment group out of the Cleveland area. A Midwest-based fund purchased the asset at full price, representing a cap rate of 6.75 percent and $276 per square foot. Kruse Commons was 78 percent leased at the time of sale.

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AcquisitionsIllinoisMidwestRetail

Fortec Sells Early Childhood Education Facility in Suburban Chicago for $4.9M

by Kristin Harlow

BARRINGTON, ILL. — Fortec has sold an early childhood education facility on nearly 2 acres in the Chicago suburb of Barrington for $4.9 million. The developer purchased the property at 310 E. James St. in early 2024 for $695,000. Previously serving as the headquarters of the Barrington School District from the early 1970s until 2019, the property was redeveloped for The Nest Schools, an early childhood education operator with over 50 locations nationwide. At the time, Fortec signed a 17-year lease with The Nest Schools. The 12,413-square-foot building serves approximately 200 students from ages six weeks to 12 years old. As part of the project, Fortec invested $2.8 million to extensively renovate the existing structure and construct an adjacent playground. The lease will transition to the buyer, Autumn Ridge LLC. Milo Spector of Northmarq represented Fortec in the sale.

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AcquisitionsFloridaHealthcareSoutheast

Marcus & Millichap Facilitates $23.4M Sale of Medical Office Building in Fort Walton Beach, Florida

by John Nelson

FORT WALTON BEACH, FLA. — Marcus & Millichap has facilitated the $25.4 million sale of a 46,992-square-foot, multi-tenant medical office building in the Florida Panhandle city of Fort Walton Beach. Built in 2008, the three-story property is fully occupied by Orthopaedic Associates and Surgical Specialists ASC on a 15-year triple-net lease basis. Frank Roti, Brett Rodgers and Alex Sacks of Marcus & Millichap represented the seller, Emerald Coast Diversified Properties LLC, and procured the buyer, Montecito Medical Real Estate, in the transaction. Ryan Nee served as Marcus & Millichap’s broker of record in Florida for the deal.

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AcquisitionsMarylandRetailSoutheast

Continental Realty Sells Shopping Center in Suburban Baltimore for $9.6M

by John Nelson

GLEN BURNIE, MD — Continental Realty Corp. (CRC) has sold Governors Commons, a 129,242-square-foot shopping center in suburban Baltimore, for $9.6 million. The center is situated in the Baltimore suburb of Glen Burnie at 7311 Governor Richie Highway. Dean Zang and David Crotts of Marcus & Millichap represented CRC in the transaction. The buyer was not disclosed. CRC previously sold off three outparcels at Governors Crossing, giving the total gross sales price of the shopping center $20.6 million. CRC originally acquired the property in 2019 via its Continental Realty Fund V LP for $16.2 million. Founded in 1960, CRC currently owns and manages more than 8 million square feet of retail space across 13 states.

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Sweetwater-at-Buckingham-Richardson
AcquisitionsMultifamilyTexas

DVO Real Estate Buys 312-Unit Apartment Community in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — DVO Real Estate has purchased Sweetwater at Buckingham, a 312-unit apartment community in the northeastern Dallas suburb of Richardson. The property offers one-, two- and three-bedroom units with an average size of 889 square feet. Amenities include a pool, fitness center, business center and a playground. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, William Hubbard, Cameron Purse and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, REM Finance, in the transaction. The team also procured DVO as the buyer.

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AcquisitionsRetailTexas

Younger Partners Acquires 150,775 SF Shopping Center in Longview, Texas

by Taylor Williams

LONGVIEW, TEXAS — Dallas-based Younger Partners Investments has acquired Longview Towne Crossing, a 150,775-square-foot shopping center located about 120 miles east of Dallas. PetSmart, Five Below and Old Navy anchor the center, which was built in 2008 and was 95.6 percent leased at the time of sale. Other tenants include James Avery, Cowboy Chicken, Sport Clips, Ulta Beauty, Crumbl Cookies, Sleep Number and Lane Bryant. Development firm Weber & Co. was the seller.

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AcquisitionsOfficeTexas

JLL Brokers Sale of 105,493 SF Office Building in West Houston

by Taylor Williams

HOUSTON — JLL has brokered the sale of Ten Plaza West, a 105,493-square-foot office building in West Houston. The six-story, recently renovated building was 76 percent leased at the time of sale to tenants in industries such as oil and gas, construction, financial services and law. Marty Hogan led the JLL team that represented the seller, Los Angeles-based Parkview Financial, in the transaction. The buyer was an undisclosed private investor.

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Baker-Chocolate-Factory-Boston
AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 133-Unit Boston Apartment Complex

by Taylor Williams

BOSTON — CBRE has brokered the sale of a 133-unit apartment complex located in the Dorchester Lower Mills area of Boston. The site originally housed the Baker Chocolate Factory, and the building was converted to residential usage in the 1980s and subsequently renovated in 2008. Units come in studio, one- and two-bedroom floor plans and have an average size of 793 square feet. Amenities include a fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership created and operated by Makor Capital LLC, in the transaction. The team also procured the buyer, an affiliate of Wingate Multifamily LLC.

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AcquisitionsLoansMultifamilyNew JerseyNortheast

NewPoint Provides $17.7M in Acquisition Financing for Northern New Jersey Multifamily Property

by Taylor Williams

SOMERSET, N.J. — NewPoint Real Estate Capital has provided $17.7 million in bridge-to-HUD financing for the acquisition of Brentwood Park, a 77-unit multifamily property located in the Northern New Jersey community of Somerset. Built in 2023, Brentwood Park consists of two four-story buildings that house studio, one- and two-bedroom units, as well as 3,125 square feet of commercial space. Matthew Meskill of NewPoint originated the financing, which was structured with a floating interest rate and a two-year initial term, on behalf of the undisclosed buyer. Adam Zweibel of Hudson Atlantic brokered the sale.

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IMT-Desert-Ridge-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

IMT Acquires 370-Unit Apartment Community in Phoenix

by Amy Works

PHOENIX — Los Angeles-based IMT Capital, along with its affiliated property management company IMT Residential, has purchased Marquis at Desert Ridge from a national multifamily investor and operator for an undisclosed price. IMT will rebrand the community as IMT Desert Ridge. Built in 2014, the community features 370 one- and two-bedroom units with select upgrades, including wood-style plank flooring, quartz countertops in the kitchen and baths, stainless steel appliances, custom cabinetry with brushed nickel hardware, full-size washers/dryers, 9- to 14-foot ceilings, open-concept floor plans and private balconies or patios. Onsite amenities include a resort-style swimming pool and spa area with a sundeck lounge and cabanas, an outdoor kitchen and grill stations, a 24-hour fitness center, residential clubhouse with an entertaining kitchen, billiard room and a business center. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Green of CBRE represented the seller in the transaction.

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