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Acquisitions

AcquisitionsKentuckyMultifamilySoutheast

Morgan Properties Acquires Blankenbaker Crossings Apartments in Louisville for $39M

by John Nelson

LOUISVILLE, KY. — Morgan Properties has purchased Blankenbaker Crossings, a 236-unit, garden-style apartment community in Louisville, for $39 million. The acquisition represents the Pennsylvania-based investor’s first purchase in Kentucky. Craig Collins of Cushman & Wakefield | Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield, brokered the transaction. The seller was not disclosed. Built between 2005 and 2006, Blankenbaker Crossings was 96 percent occupied at the time of sale. Morgan Properties plans to invest $2.1 million in upgrades at the community, including renovating unit interiors, installing smart appliances and adding new amenities, including a pickleball court, dog parks and Amazon package hubs.

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AcquisitionsCaliforniaRestaurantRetailWestern

Valore Ventures Sells 3,895 SF Restaurant Property in Fontana, California

by Amy Works

FONTANA, CALIF.  — Valore Ventures has sold a 3,895-square-foot single-tenant restaurant property in the Los Angeles suburb of Fontana. McDonald’s occupies the property on a 20-year ground lease. Construction of the building was completed in December 2024. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners represented Valore Ventures in the transaction. Joe Linkogle of Marcus & Millichap represented the buyer, a private trust.

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AcquisitionsCivicMassachusettsNortheast

Colliers Arranges Sale of Former Cambridge Matignon School Campus in Metro Boston

by Taylor Williams

CAMBRIDGE, MASS. — Colliers has arranged the sale of the former Cambridge Matignon School campus in metro Boston. The 7.8-acre campus totals 83,136 square feet across two buildings that were originally constructed in 1945. The campus also houses playing fields, science labs, an auditorium and a gymnasium. James Elcock and John Real of Colliers represented the seller, the Archdiocese of Boston, in the transaction. The buyer was Benjamin Banneker Charter Public School. Cambridge Matignon School closed in 2023.

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 444,709 SF Shops at Centerpoint in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shops at Centerpoint in Grand Rapids for an undisclosed price. The 444,709-square-foot shopping center is home to TJ Maxx, HomeGoods, Sierra Trading Post, Nordstrom Rack, Golf Galaxy, Ulta, DSW, Old Navy, Dunham’s Sports and Planet Fitness. Ben Wineman, Joe Girardi and Daniel Stern of Mid-America represented the seller, a joint venture between New York City-based DRA Advisors and Chicago-based Pine Tree. The asset sold to Seattle-based Bridge33 Capital.

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AcquisitionsIllinoisMidwestRetail

Baum Realty Group Arranges Sale of 18,000 SF Retail Portfolio in Chicago

by Kristin Harlow

CHICAGO — Baum Realty Group LLC has arranged the sale of an 18,000-square-foot retail portfolio in Chicago’s Andersonville neighborhood for an undisclosed price. Wayland Real Estate Capital purchased the buildings, which are located at the northwest corner of Clark Street and Berwyn Avenue. The portfolio features four contiguous properties that are fully leased. Tenants include Starbucks, Potbelly Sandwich Works, Jeni’s Splendid Ice Creams, Ranalli’s of Andersonville, AlleyCat Comics and Lonesome Rose. The weighted average lease term is nearly eight years. Ari Topper, Tyler Dechter and Owen Wiesner of Baum represented the seller, a local investor.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates Sales of Two Multifamily Properties in Chicago for $4.7M

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sales of two multifamily properties in Chicago for a total of $4.7 million. A 16-unit building at 6405 N. Wayne Ave. in the Rogers Park neighborhood sold for $3.4 million and a five-unit rental property at 1933 S. May St. in the Pilsen neighborhood traded for $1.3 million. Brad Feldman of Interra represented both the buyer of 6405 N. Wayne, a Chicago-based private investor, and the seller, a local real estate partnership that Feldman also represented in the original acquisition in 2022. Feldman and colleague Jeremy Morton represented both the confidential seller of 1933 S. May and the seller, a local developer. Located within walking distance of Loyola University and originally constructed in 1929, 6405 N. Wayne was significantly refurbished in 2022. The property at 1933 S. May received a gut renovation in 2021. Both buildings were fully leased at the time of sale.

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Industrious
AcquisitionsCompany NewsNew YorkOfficeTexasTop Stories

CBRE to Acquire Coworking Operator Industrious, Create New Business Segment

by Hayden Spiess

DALLAS AND NEW YORK CITY — CBRE Group Inc. (NYSE: CBRE) has announced plans to acquire Industrious National Management Co. LLC, a flexible workspace provider. Dallas-based CBRE, which has invested in Industrious since late 2020 through roughly 40 percent equity interest and a $100 million convertible note, will purchase the remaining 60 percent equity stake for approximately $400 million, giving Industrious an overall valuation of $800 million. Founded in 2012, New York City-based Industrious offers workplaces with private offices, suites, meeting rooms and desks. The current Industrious portfolio features approximately 200 properties across 65 cities globally. According to a press release issued by CBRE, Industrious’ revenue has grown at a compound annual rate of more than 50 percent since 2021.  In addition to the acquisition, CBRE will establish a new business segment. Dubbed Building Operations & Experience (BOE), the new segment will “unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities,” according to CBRE.  Jamie Hodari, CEO and co-founder of Industrious, will lead CBRE’s BOE division, which will include CBRE’s Enterprise Facilities Management, Local Facilities Management and Property Management divisions, as well as Industrious. The new business …

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AcquisitionsMarylandRetailSoutheast

SRS Brokers $6.3M Sale of Strip Retail Center in Waldorf, Maryland

by John Nelson

WALDORF, MD. — SRS Real Estate Partners has brokered the $6.3 million sale of The Shoppes at Waldorf Park, a retail strip center situated within the larger Waldorf Park shopping center in Waldorf. Starbucks Coffee anchors the 8,484-square-foot property, which was built in 2022. Other tenants include Crumbl Cookies, Jersey Mike’s Subs and Aspen Dental. Andrew Fallon, Rick Fernandez, Ed Laycox and Philip Wellde Jr. of SRS represented the seller, Republic Land Development, in the transaction. TD Bank provided acquisition financing on behalf of the Maryland-based buyer.

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Virage-on-Memorial-Houston
AcquisitionsMultifamilyTexas

GAIA REIT Buys 372-Unit Virage on Memorial Apartments in Houston

by Taylor Williams

HOUSTON — New York City-based GAIA REIT has purchased Virage on Memorial, a 372-unit apartment community located about three miles west of downtown Houston. Built in 2014, the property offers one-, two- and three-bedroom units that range in size from 697 to 1,658 square feet. Amenities include a central courtyard with a pool, outdoor grilling and dining stations, a fitness center, dog park and a rooftop resident lounge. Thomas Alleman of Newmark represented the undisclosed seller in the transaction. Tip Strickland, also with Newmark, arranged acquisition financing for the deal on behalf of the new ownership, which plans to implement a capital improvement program.

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AcquisitionsMultifamilyTexas

Barker Pacific Acquires 124-Unit Chesapeake Apartments in Northwest Austin

by Taylor Williams

AUSTIN, TEXAS — Los Angeles-based investment firm Barker Pacific Group has acquired Chesapeake Apartments, a 124-unit multifamily complex in the Anderson Mill area of northwest Austin. The garden-style, seven-building complex was built in 1984 and houses one- and two-bedroom units, as well as a pool. Forrest Bass of Walker & Dunlop brokered the sale of the property, in which Barker Pacific assumed the undisclosed seller’s existing Fannie Mae loan, which is also being serviced by Walker & Dunlop. The new ownership plans to invest about $1.4 million in capital improvements to the property.

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