SPRING, TEXAS — Marcus & Millichap has brokered the sale of a 251-unit self-storage facility located in the northern Houston suburb of Spring. Spring Cypress Self Storage was built on 4.4 acres in 1970 and totals 74,872 net rentable square feet across 18 single-story buildings. A private investor sold the property to a limited liability company, with both parties requesting anonymity. Dave Knobler of Marcus & Millichap represented both sides in the transaction.
LEBEC, CALIF. — Dedeaux Properties and joint venture partner Basis Investment Group have completed the sale of a warehouse building, located at 5665 Dennis McCarthy Drive in Lebec, approximately 90 miles northwest of Los Angeles. An owner/user acquired the asset for $37.1 million, or $159 per square foot, in an off-market transaction. The buyer, a national clothing and textile distributor, will relocate its operations to the 233,217-square-foot building, which features 36-foot clear heights, 29 dock-high doors and parking for 90 trailers. The property is on 12.3 acres in Tejon Ranch Commerce Center, a 20-million-square-foot, master-planned development on Interstate 5.
LAKE WORTH, TEXAS —Dallas-based investment firm Vista Property has purchased Lake Worth Marketplace, a 197,553-square-foot shopping center located on the northwestern outskirts of Fort Worth. Built in phases between 2005 and 2007, the center was 93 percent leased at the time of sale to tenants such as Kohl’s, Marshalls, Burlington, pOpshelf, Lane Bryant and Bath & Body Works. Barry Brown, Chris Gerard, Erin Lazarus, Keenan Ryan and Ben Pollack of JLL represented the undisclosed seller in the transaction.
CHANDLER, ARIZ. — CapRock Partners has acquired Chandler Airport Business Park, a newly finished, Class A industrial asset in Chandler. The 318,683-square-foot property features four freestanding warehouse buildings ranging in size from 56,756 square feet to 103,639 square feet, as well as access to Phoenix’s Southeast Valley region. Chandler Airport Business Park features ESFR sprinklers; ample power; large, secured, concrete truck courts; and space for 428 auto stalls, including electric vehicle charging stations. Individual building specifications include: The 20-acre property is located at the northwest corner of Cooper Road and Queen Creek Road. Stein Koss, Tom Louer and Fenton Kelly at Lee & Associates represented CapRock Partners in the transaction. The team is also leading leasing for the property.
MERCED, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sales of two newly constructed, adjacent, single-tenant retail properties in the San Joaquin Valley city of Merced. Two individual private buyers purchased the assets in separate transactions totaling $8.2 million. In both transactions, Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Glendale-based Chase Partners. A Los Angeles-based private investor acquired the first asset for $5.3 million. Constructed in 2023, the 4,088-square-foot convenience store and gas station is located at 1995 W. Olive Ave. 7-Eleven occupies the building under a new, corporate, 15-year, triple-net lease. Nicholas Borrelli of Coldwell Banker Commercial George Realty in Arcadia represented the buyer in the deal. A Los Angeles-based private investor purchased the second building for $2.9 million. Michael Mehdizadeh of Los Angeles represented the buyer in the deal. Located at 1993 W. Olive Ave., Starbucks occupies the 1,000-square-foot, drive-thru-only building under a new, corporate, 10-year, triple-net lease.
LA MARQUE, TEXAS — Locally based firm CMI Brokerage has arranged the sale of a 24,000-square-foot industrial property in La Marque, located southeast of Houston. The property spans 3.6 acres at 412-500 Main St. Trent Vacek of CMI Brokerage represented the seller in the transaction, and Debbie Grigg of Nexthome First Source represented the buyer. Both parties requested anonymity.
MAPLE GROVE, MINN. — Transwestern Real Estate Services has brokered the $8 million sale of Maple Grove Executive Plaza, a 58,000-square-foot medical office building in the Minneapolis suburb of Maple Grove. The property at 7767 Elm Creek Blvd. is home to Children’s Minnesota Specialty Center, iSpine Clinics and Edina Realty. The building is 92 percent occupied, and 66 percent of the tenants are in the medical field. Mike Salmen, Erik Coglianese and Bryan Beltrand of Transwestern represented the seller, Merchant Development LLC. The buyer was an entity linked to MSP Commercial, a real estate firm focused on developing, acquiring and managing healthcare properties in the Twin Cities. MSP is planning capital improvements and extensive renovations to the building, including updating the common areas. The firm plans to prioritize bringing additional medical tenants to the building.
WYOMING, MICH. — Commonwealth Senior Living has acquired American House Wyoming, a 102-unit assisted living and memory care community in the Grand Rapids suburb of Wyoming. The purchase price and seller were undisclosed. The buyer will rebrand the facility as Commonwealth Senior Living at North Byron. The acquisition marks the third community for Commonwealth in the Grand Rapids area. Commonwealth plans to renovate the property, primarily focused on enhancing the secure memory care neighborhood.
MINNEAPOLIS — Marcus & Millichap has arranged the sale of Blaine Strip Center in Minneapolis for $1.3 million. The 14,005-square-foot retail property is located at 12050 Central Ave. NE. Tom Gommels of Marcus & Millichap represented the buyer, an individual trust completing a 1031 exchange. According to Marcus & Millichap, the asset traded at an above-market cap rate and features below-market rents.
WOBURN, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $3.5 million sale of a 26,960-square-foot office building in Woburn, a northern suburb of Boston. The building at 110 Winn St. was constructed in the 1990s in the downtown area and houses 17 suites. Francis Saenz, Drew Kirkland and Jim Casey of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.