Acquisitions

Real Capital Solutions Purchases DC Office Building for $29.3M

by John Nelson January 3, 2025

WASHINGTON, D.C. — Real Capital Solutions (RCS) has purchased an 11-story office building located at 1501 M St. NW in Washington, D.C.’s East End submarket for $29.3 million. Gerry Trainor of Transwestern brokered the transaction. The seller was not disclosed. Designed by Hartman-Cox Architects, the office building features 178,510 rentable square feet. The previous owner invested $13 million to upgrade the building’s lobby, restrooms, fitness center and a three-story “town hall” amenity space. RCS plans to add further improvements, including a spec suite program and the expansion of the town hall concept to the seventh and eighth floors.

January 3, 2025

Acquisitions Louisiana Multifamily Southeast

Audubon Sells Local on Severn Apartments in Metairie, Louisiana for $17.6M

by John Nelson January 3, 2025

METAIRIE, LA. — Chamblee, Ga.-based Audubon has sold The Local on Severn, a 161-unit apartment community in Metairie, for $17.6 million. The buyer was a Texas-based property management firm that has multiple Louisiana apartment communities in its portfolio. Located southeast of Baton Rouge via I-10, The Local on Severn offers studio, one-, two- and three-bedroom apartments, as well as two swimming pools and sundecks.

January 3, 2025

Acquisitions Life Sciences Massachusetts Northeast Office

Davis Acquires 308,970 SF Office, Life Sciences Facility in Andover, Massachusetts

by Taylor Williams January 3, 2025

ANDOVER, MASS. — Locally based investment firm The Davis Cos. has acquired a 308,970-square-foot office and life sciences facility in Andover, a northern suburb of Boston. The building at 100 Minuteman Drive houses the headquarters of both dental products provider Straumann Manufacturing Inc. and law firm Zwicker & Associates. Building amenities include an interior courtyard, fitness center and an onsite café. Newmark represented the undisclosed seller in the transaction.

January 3, 2025

Acquisitions New Jersey Northeast Retail

JLL Brokers Sale of 110,453 SF Shopping Center in Bedminster, New Jersey

by Taylor Williams January 3, 2025

BEDMINSTER, N.J. — JLL has brokered the sale of The Hills Village Center, a 110,453-square-foot shopping center in Bedminster, about 40 miles west of Manhattan. Kings Food Market anchors the center, which was built on 13 acres in 1988 and is also home to tenants such as CVS, Cold Stone Creamery, PNC Bank, Starbucks, Great Clips and Orangetheory Fitness. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the undisclosed seller in the transaction and procured the buyer, Boston-based Longpoint Partners.

January 3, 2025

Acquisitions Office Retail Washington Western

Jay Bhullar Buys Historic Colman Building in Seattle

by Amy Works January 3, 2025

SEATTLE — Jay Bhullar has acquired the Colman Building, a historic retail and office building in downtown Seattle, through a receivership partnership. Kidder Mathews’ Darren Tappen, Andy Miller, Pete Beauchamp and Nathan Thinnes represented John A. Rothschild of Newmark, the court-appointed receiver, in facilitating the sale. Terms of the transaction were not released. Constructed more than 125 years ago, the 143,922-square-foot Colman Building is located at 811 1st Ave. The property offers proximity to the ferry terminal, Marion Street Pedestrian Bridge and Seattle Waterfront. The buyer plans to reactivate the property’s street-level retail spaces, which were vacated during the pandemic, and lease out the vacant office suites across the building’s upper five floors.

January 3, 2025

Acquisitions Arizona Industrial Western

Discount Tire Acquires 275,208 SF Desert Ridge Corporate Center in Phoenix

by Amy Works January 3, 2025

PHOENIX — Discount Tire, through its affiliate real estate division Halle Properties LLC, has purchased Desert Ridge Corporate Center I and II in Phoenix. Terms of the transaction were not released. Desert Ridge includes 275,208 square feet of multi-tenant office space across two four-story office buildings originally constructed in 2005 and 2007. The asset also offers a three-level parking structure. Discount Tire currently occupies an entire floor at Desert Ridge, which houses a part of the national retailer’s corporate functions. Founded in 1960 by Bruce T. Halle, Discount Tire operates more than 1,200 tire retail stores across the United States, as well as an online tire and wheel shopping platform. The 12.2-acre Desert Ridge site is located 4.7 miles from the Discount Tire headquarters and one mile from the 35-acre site Discount Tire acquired in December 2022.

January 3, 2025

Acquisitions Retail Washington Western

CBRE Negotiates $13.9M Sale of Multi-Tenant Retail Property in North Seattle

by Amy Works January 3, 2025

SEATTLE — CBRE has facilitated the $13.9 million sale of a multi-tenant retail property in North Seattle. A private investor acquired the property from Madison Development, which originally developed in the asset in 2007. Dino Christophilis and Daniel Tibeau of CBRE represented seller in the deal. Situated on 3.7 acres at 13244 Aurora Ave. N., the 51,329-square-foot property consists of two components — a 45,000-square-foot building leased to LA Fitness and a 6,329-square-foot pad building that is fully leased to Jersey Mike’s Subs, IRG Physical Therapy and T-Mobile.

January 3, 2025

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $24.5M Sale of Apartment Community in Forest Lake, Minnesota

by Kristin Harlow January 3, 2025

FOREST LAKE, MINN. — JLL Capital Markets has arranged the $24.5 million sale of Village Apartments in Forest Lake, about 27 miles northeast of St. Paul. The 252-unit apartment community was constructed in 1969 and consists of three buildings. Amenities include picnic areas, a playground, pool and bike racks. Josh Talberg of JLL represented the seller, Gaughan Cos. The buyer was undisclosed. Village Apartments marks the seventh property to trade in the larger 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.

January 3, 2025

Acquisitions Industrial Midwest Self-Storage Wisconsin

NAI Pfefferle Brokers Sale of Two Self-Storage Facilities in Pulaski, Wisconsin

by Kristin Harlow January 3, 2025

PULASKI, WIS. — NAI Pfefferle has brokered the sale of two self-storage facilities totaling 441 units in Pulaski, about 20 miles northwest of Green Bay. The sales price was not disclosed, but the asking price was $4.3 million. The properties total 98,740 square feet. Jonathan Glassco and Nick Schmidt of NAI Pfefferle arranged the sale.

January 3, 2025

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $3.4M Sale of Retail Strip Center in Aurora, Illinois

by Kristin Harlow January 3, 2025

AURORA, ILL. — Marcus & Millichap has negotiated the $3.4 million sale of a six-suite retail strip center in Aurora. The 12,684-square-foot property was fully occupied at the time of sale to local restaurants, healthcare providers and technology retailers. Built in 2010, the asset is located at 5 N. Root St. Coult Greenwell and Mitchell Kiven of Marcus & Millichap represented the seller, a private investor based in the western Chicago suburbs. The duo also procured the buyer, a private investor who is in the process of growing a portfolio of neighborhood retail centers.

January 3, 2025

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