TEMPE, ARIZ. — Captiva Partners has purchased a multi-tenant, small-bay industrial property located at 2209-2211 W. 1st St. in Tempe in an off-market transaction for an undisclosed price. Captiva plans to rebrand the 40,075-square-foot property as First Street Commerce Center and implement a comprehensive value-add business plan to elevate its appeal and functionality. Planned renovations include new signage, refreshed landscaping, exterior painting and upgraded interiors. Cory Breinholt of Commercial Properties represented the buyer and seller in the deal.
STRONGSVILLE, OHIO — Berkadia has arranged a $49.1 million acquisition loan for Chestnut Lake in Strongsville, a southern suburb of Cleveland. The 788-unit multifamily property is located at 17721 Whitney Road and offers amenities such as an outdoor pool, playground, fitness center, hair salon and grilling and picnic areas. Robert Lipson of Berkadia arranged the Fannie Mae loan on behalf of the buyer, New Jersey-based Brookhaven Property Group. The 10-year loan featured a 5.71 percent interest rate and a 30-year amortization schedule.
CHICAGO — Greenstone Partners has negotiated the $5.3 million sale of a creative loft office building located at 405 W. Superior St. in Chicago’s River North neighborhood. The value-add property features a diverse tenant mix, including one retail tenant as well as full-floor occupants spanning a variety of technology, energy and marketing companies. There are also more than two dozen tenants operating under short-term coworking agreements with the Expansive shared office brand. The floor plates are 7,200 square feet. Jason St. John and Danny Spitz of Greenstone represented the seller, Expansive. Mitchell Loveman and Jimena Sayavedra of Newmark represented the buyer, Self-Help Ventures Fund.
Boulder Group Brokers $4.2M Sale of Restaurant Property Leased to Uncle Julio’s in Lombard, Illinois
LOMBARD, ILL. — The Boulder Group has brokered the $4.2 million sale of a 10,682-square-foot restaurant property occupied by Uncle Julio’s in the Chicago suburb of Lombard. The single-tenant building is located at 2360 Fountain Square Drive. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. The buyer was a private investor from Illinois. Headquartered in Irving, Texas, Uncle Julio’s is a chain of Mexican restaurants.
HOUSTON — CBRE has brokered the sale of Woodlake Square, a 157,465-square-foot shopping center in Houston’s Westchase District. Woodlake Square was 80 percent leased to 21 tenants at the time of sale. Grocer Randalls and Walgreens have jointly anchored the center, which was redeveloped in 2010, since the 1970s. Mark Witcher, Jolie Duhon, Chris Cozby, Jim Batjer and Harrison Tye of CBRE represented the seller, Edens, in the transaction. Houston-based investment firm Wu Properties purchased the center for an undisclosed price.
HOUSTON — Provident Industrial, a division of Dallas-based developer Provident, has sold Hall Road Distribution Center, a 139,000-square-foot building in southeast Houston. The newly constructed building is located about 20 miles from both of Port Houston’s main shipping terminals and features 32-foot clear heights, 32 dock doors and two ramps. Provident developed Hall Road Distribution Center in partnership with Junction Commercial Real Estate and Singerman Real Estate. The buyer, local seafood logistics company Ocean Kingdom, will also occupy the property.
PLYMOUTH, MASS. — A joint venture between Alliance Realty Partners and an undisclosed institutional investor has sold Marq at The Pinehills, a 220-unit apartment complex in Plymouth, located south of Boston. Built on seven acres in 2016 within the 3,200-acre Pinehills master-planned development, the property offers one- and two-bedroom units with an average size of just over 1,000 square feet. Amenities include a clubroom, outdoor heated pool with a sundeck, fitness center and coworking space. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the joint venture in the transaction. The buyer and sales price were not disclosed.
LUMBERTON, N.J. — Dallas-based investment firm Dalfen Industrial has acquired a 219,123-square-foot industrial building in Lumberton, located outside of Philadelphia in Southern New Jersey. The building is located along State Route 38 and is demise-able for single or multi-tenant occupancy. Building features include a clear height of 40 feet and 35 fully dressed loading positions, and Dalfen is in the process of adding 2,500 square feet of office space to the facility. The seller and sales price were not disclosed.
ASHLAND, MASS. — Regional brokerage firm Atlantic Capital Partners has negotiated the $21.2 million sale of a 99,601-square-foot shopping center located in the western Boston suburb of Ashland. Shaw’s Supermarket anchors the center, which was 94 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
WYCKOFF, N.J. — Marcus & Millichap has brokered the $4.3 million sale of a 10,912-square-foot retail center in Wyckoff, located near the New York-New Jersey border. Built in 1990 and renovated in 2020, the property at 403-411 Goffle Road is home to JAG-ONE Physical Therapy and several local service-oriented tenants. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.