EAST STROUDSBURG, PA. — Marcus & Millichap has brokered the $12.6 million sale of a 40,000-square-foot healthcare building in East Stroudsburg, located about 100 miles north of Philadelphia. The building at 125 Smithfield Lane is an outpatient facility for St. Luke’s Health System and is located within the 120-acre Smithfield Gateway mixed-use development. The tenant has invested more than $3 million in the build-out of the space since taking occupancy, and the lease includes 13.5 years of remaining term with two five-year renewal options. Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
MILLBURN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4 million sale of a 15-unit apartment complex in the Northern New Jersey community of Millburn. The three-story building at 357 Millburn Ave. was originally constructed in 1927 and houses 11 one-bedroom units and four two-bedroom units that were fully occupied at the time of sale, as well as four retail spaces. Jeff Squires of Kislak represented the seller, P&D Partners LP, in the transaction and procured the buyer, an entity doing business as Walton Millburn LLC.
MESA, ARIZ. — SimonCRE has acquired 64 acres of land for a new mixed-use development dubbed Medina Station in Mesa, roughly 20 miles outside Phoenix. Plans for the roughly 305,335-square-foot project include a multi-tenant retail center, retail outparcels, a restaurant district and a multifamily complex. Tenants at Medina Station will include Boot Barn, Einstein Bros. Bagels, Zara Nails, Café Zupas, GoodVets, U.S. Bank and Hawaiian Bros Island Grill. A Target store and a two-story, 80,000-square-foot Dick’s Sporting Goods will anchor the development. SimonCRE plans to break ground on the project in 2025, with initial tenant openings expected for 2026.
GILBERT, ARIZ. — CBRE has brokered the sale of The Forum at Gilbert Ranch, a Class A, 97,000-square-foot office campus in Gilbert. A private, high-net-worth 1031 exchange investor acquired the asset from a private seller for $23.5 million. The Forum at Gilbert Ranch consists of a single-story building and four two-story buildings, with an average suite size of 4,500 square feet. Additionally, the property offers onsite amenities and covered parking. The asset is situated on 6.5 acres at 1475, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive. At the time of sale, the property was 96 percent leased. Geoff Turbow, Anthony DeLorenzo, Matt Pourcho and Charlie von Arentschildt of CBRE represented the seller in the deal. The buyer was self-represented.
TEMPE, ARIZ. — Diversified Healthcare Trust has completed the $16.8 million disposition of an industrial building, located at 1415 W. Third St. in Tempe, to an undisclosed buyer. Evan Koplan and Charlie von Arenstchildt of CBRE represented the seller in the transaction. Situated on 5.3 acres, the 82,266-square-foot building features a floor plate divisible to 23,000 square feet, 18- to 20-foot clear heights, a double truck well, four grade-level doors, 100 percent air conditioning and 265 parking stalls. The facility was built in 1981. The asset includes 3 acres of excess land for heavy parking, yard use or future building expansion.
DENVER — Echo Real Estate Capital has acquired Rampart Medical Campus, a two-building portfolio of medical outpatient buildings located at 125 and 130 Rampart Way in Denver. Terms of the transaction were not released. Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jennett and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Schornstein of CBRE’s Denver Advisory and Transaction team to represent the undisclosed seller in the transaction. Rampart Medical Campus’ two buildings offer a total of 70,631 square feet of space. Originally built in 1942, the properties were repositioned into medical outpatient facilities in 2000 and 2008 to capitalize on the expanding local healthcare network with seven hospitals totaling more than 2,900 inpatient beds in the area. At the time of sale, the property was 50 percent occupied.
CHICAGO — JLL Capital Markets has negotiated the $88.2 million sale of Cobbler Square, an historic, 292-unit apartment property in Chicago’s Old Town neighborhood. The community occupies an entire city block at 1350 N. Wells St. Originally built in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The property offers a mix of studios, one- and two-bedroom, loft-style units with ceiling heights ranging from 12 to 18 feet. The asset also features 19,038 square feet of retail space that is fully leased. Cobbler Square presents value-add potential with opportunities to continue the programmatic renovation plan for unit interiors. The property also offers development opportunities — potential construction on an adjacent parking lot and the possibility of adding units above an existing parking garage. Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL represented the undisclosed seller. JDL Development LLC and Centaur Capital Partners purchased the property.
WAUWATOSA, WIS. — CBRE has arranged the sale of Tosa Health Center, a 100,977-square-foot Class A medical office building in the Milwaukee suburb of Wauwatosa, for an undisclosed price. The three-story facility at 1155 N. Mayfair Road is fully leased to the Medical College of Wisconsin (MCW). Originally constructed as a build-to-suit for MCW, the facility was later expanded to accommodate MCW’s growth. A wide range of services are offered from the building, including primary care, urgent care, internal medicine, OB-GYN, mental health services, family medicine, spine care, imaging, laboratory, pharmacy, physical therapy, occupational medicine, plastic surgery and a vein center. Chris Bodnar, Brannan Knott, Mindy Berman, Zack Holderman, Cole Reethof, Trent Jemmett, Jesse Greshin and Devin Tessmer of CBRE represented the undisclosed seller. Hammes Partners was the buyer.
COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has brokered the $8.2 million sale of two newly constructed retail buildings in the Minneapolis suburb of Coon Rapids. The transaction included a 3,893-square-foot, single-tenant property occupied by Café Zupas and a 6,297-square-foot, two-tenant building home to Dave’s Hot Chicken and Chapter Aesthetic Studio. Both properties feature drive-thrus and are located at the signalized entrance to Riverdale Commons, a shopping center anchored by Target and Home Depot. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with Robert Wise and Jeff Jiovanazzo of CBRE, represented the seller, TOLD Development Co. Curbline Properties was the buyer.
CHICAGO — Greenstone Partners has negotiated the $3.3 million sale of a 4,747-square-foot retail property in Chicago’s Wicker Park neighborhood. The asset on North Damen Avenue is fully leased to Chipotle and Playa Bowls and sold for 99 percent of the list price. Chipotle has operated at the property since 2004 and recently exercised its last remaining five-year renewal option. Playa Bowls entered into a new 10-year lease. Danny Spitz and Brewster Hague of Greenstone represented the seller, a Chicago-based investment and development company. Buyer information was not provided.