Acquisitions

Marcus & Millichap Brokers $4.3M Sale of Mixed-Use Property in DC

by John Nelson February 17, 2025

WASHINGTON, D.C. — Marcus & Millichap has brokered the $4.3 million sale of 6400 Georgia Ave. NW, a 13-suite mixed-used property located in Washington, D.C. Situated in the northwestern neighborhood of Brightwood, the property totals 20,680 square feet across two floors. The first floor is fully leased with seven retail suites — including Subway and other long-term local businesses — that operate on a triple-net lease basis. The second floor features six office suites, all of which were vacant at the time of sale. According to LoopNet Inc., the property was built in 1952 and renovated in 2024 to include a new roof, sump pump and other building improvements. Lorenzo Wooten and Jacob Krens of Marcus & Millichap’s D.C. office marketed the property on behalf of the family that owned the property. The buyer was not disclosed.

February 17, 2025

Acquisitions California Multifamily Western

MJW Investments Acquires Coventry Square Apartments in Upland, California for $21M

by Amy Works February 17, 2025

UPLAND, CALIF. — MJW Investments has purchased Coventry Square Apartments, located at 1012 W. Arrow Highway in Upland, from the Tsang & Chan family for $21 million. Endri Hoxha of Coldwell Banker Commercial Realty and Philip Batlin of Marcus & Millichap represented the buyer, while Sarah Hillhouse of Coldwell Banker Commercial Realty represented the seller in the deal. Constructed in 1990, Coventry Square includes 92 two-bedroom/two-bath apartments with enclosed patios and in-unit washers/dryers. The approximately 1,178-square-foot apartments are spread across 46 single-story buildings, totaling 68,400 square feet. The community features 92 carport parking spaces, a central pool with community activities and park-like grounds with mature trees and landscapes.

February 17, 2025

Acquisitions Colorado Retail Western

Pinnacle Brokers Sale of 1,378 SF Retail Building in Denver

by Amy Works February 17, 2025

DENVER — Pinnacle Real Estate Advisors, on behalf of Sharing Connexion Inc., a Colorado-based nonprofit, has arranged the sale of a 1,378-square-foot retail property located at 472 N. Broadway in Denver. SCI – 472 Broadway LLC sold the asset to an undisclosed buyer for $1.2 million. Corey Sandberg of Pinnacle represented the seller in the deal.

February 17, 2025

Acquisitions Illinois Midwest Multifamily

Laramar Group Acquires Apartment Complex in Suburban Chicago for $72.1M

by Kristin Harlow February 17, 2025

DOWNERS GROVE, ILL. — Laramar Group has acquired ReNew Downers Grove, a 294-unit apartment complex in the Chicago suburb of Downers Grove, for $72.1 million. An affiliate of FPA Multifamily was the seller. The 17-year-old property features a pool, sun deck, fitness center and lounge. Laramar is expected to make unit upgrades. The 16-acre complex was just over 6 percent vacant at the time of sale. Kevin Girard, Mark Stern, Zachary Kaufman and Betsy Romenesko of JLL represented the seller. JLL also provided a $46.9 million Freddie Mac loan for the acquisition.

February 17, 2025

Acquisitions Illinois Industrial Midwest

Coldwell Banker Commercial Arranges $11.5M Sale of Warehouse in Champaign, Illinois

by Kristin Harlow February 17, 2025

CHAMPAIGN, ILL. — Coldwell Banker Commercial Devonshire Realty (CBCDR) has arranged the $11.5 million sale of a 182,084-square-foot warehouse in Champaign. The 30-acre property is located at 2802 Bloomington Road. AJ Thoma III of CBCDR represented the seller, Ravel Properties LLC. The intended use of the space is for an agricultural chemical company.

February 17, 2025

Acquisitions Illinois Midwest Retail

Quantum Negotiates $4.2M Sale of Retail Center in Bloomingdale, Illinois

by Kristin Harlow February 17, 2025

BLOOMINGDALE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 25,000-square-foot retail center in Bloomingdale for $4.2 million. The property at 125 E. Lake St. was 95 percent leased at the time of sale to a mix of local tenants. Brett Berlin of Quantum represented the undisclosed seller. The private buyer was based in Illinois.

February 17, 2025

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Brokers Sale of 34,078 SF Industrial Building in Itasca, Illinois

by Kristin Harlow February 17, 2025

ITASCA, ILL. — Lee & Associates has brokered the sale of a 34,078-square-foot industrial building in Itasca for an undisclosed price. Located at 1170 Ardmore Ave., the property features multiple bridge cranes, a temperature-controlled warehouse and heavy power. Chris Nelson and Jeff Janda of Lee & Associates represented the seller, Tech-Max Machine Inc., a large parts manufacturing company that will expand into a larger facility in Itasca. Melody Mueller of Compass represented the buyer, Pulsarlube USA Inc., an Elk Grove Village-based company that specializes in single-point automatic lubrication.

February 17, 2025

Acquisitions Florida Office Southeast

Partnership Acquires Bank of America Plaza Office Tower in Fort Lauderdale for $220M

by John Nelson February 14, 2025

FORT LAUDERDALE, FLA. — A partnership between affiliates of locally based firms Square2 Capital and Highline Real Estate Capital and Dallas-based Lone Star Funds has acquired Bank of America Plaza, a 410,561-square-foot office tower located at 401 East Las Olas Blvd. in Fort Lauderdale. The sales price was not disclosed, but South Florida Business Journal reports the property traded for more than $220 million. The 23-story tower — which was 94 percent leased at the time of sale — is situated on a full city block in the city’s Las Olas Financial District. Tenants at the property include Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions and UBS. CBRE represented the seller, a global investment manager, in the transaction, and arranged acquisition financing on behalf of the buyer. Mike Manno of Square2 Capital will lead the property management responsibilities at Bank of America Plaza on behalf of the new ownership.

February 14, 2025

Acquisitions Florida Office Southeast

Bradford Allen Buys Fort Lauderdale Office Complex for $208M, Plans to Invest $25M for Upgrades

by John Nelson February 14, 2025

FORT LAUDERDALE, FLA. — Chicago-based Bradford Allen Investment Advisors has acquired Las Olas Centre I and II, a 470,810-square-foot luxury office complex located in Fort Lauderdale. The sales price was not disclosed, but South Florida Business Journal reports the property traded for $208 million. Originally built in 1997, Bradford Allen will invest $25 million in renovations for the property, including new office lobbies, technologically advanced conference rooms, a fitness center and outdoor space. Situated at 350 and 450 E. Las Olas Blvd., the complex offers easy access to I-95, as well as the Brightline train line and several bus routes. The properties — which stand 15 and 18 stories tall — were 69 percent occupied at the time of sale. Amenities at the complex include casual and fine-dining restaurants, Starbucks Coffee, onsite property management, concierge and 24/7 security services and a variety of bank branches. Jon Blunk and Laurel Oswald of Tower Commercial Real Estate (TCRE) will provide leasing efforts for the complex. Bradford Allen will provide asset and property management services. Las Olas Centre marks Bradford Allen’s first acquisition in the South Florida region.

February 14, 2025

Acquisitions California Company News Western

Blackstone Real Estate Completes $4B Privatization of Retail Opportunities Investments Corp.

by Amy Works February 14, 2025

NEW YORK AND SAN DIEGO — Blackstone (NYSE: BX) and Retail Opportunities Investments Corp. (ROIC) have announced that Blackstone Real Estate Partners X has completed its previously announced acquisition of all outstanding common shares of ROIC for $17.50 per share in an all-cash transaction valued at $4 billion, including outstanding debt. J.P. Morgan acted as ROIC’s financial advisor. Clifford Chance US LLP served as ROIC’s legal counsel. Morgan Stanley & Co., BofA Securities, Citigroup, Wells Fargo, Newmark and Eastdil Secured acted as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel. The transaction was announced on Nov. 6, 2024.

February 14, 2025

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