Acquisitions

Centerspace Acquires Sugarmont Apartments in Salt Lake City for $149M

by Amy Works June 18, 2025

SALT LAKE CITY — Centerspace (NYSE: CSR) has purchased Sugarmont Apartments, a Class A mid-rise multifamily property in Salt Lake City’s Sugar House neighborhood, from Cottonwood Communities for $149 million. Centerspace has retained Cottonwood as property manager for the asset, which is located at 2191 S. McClelland St. Built in 2021, Sugarmont Apartments features 341 units in a mix of studio, one-, two- and three-bedroom floor plans, along with townhomes. Residences offer quartz countertops with mosaic tile backsplashes, smart home features, private balconies, walk-in closets and luxury plank flooring. Community amenities include a resort-style pool and spa, two landscaped courtyard terraces with fire pits and grills, a fitness club and yoga studio, pet park and resident clubhouse. Mark Jensen, Rawley Nielsen and Darren Nielsen of Northmarq’s Salt Lake City Multifamily Investment Sales team represented the buyer in the transaction.

June 18, 2025

Acquisitions Arizona Retail Western

Continental Realty Buys 203,525 SF Sundance Towne Center Near Phoenix for $54.3M

by Amy Works June 18, 2025

BUCKEYE, ARIZ. — Continental Realty Corp. has expanded into the Phoenix market with the acquisition of Sundance Towne Center, a regional power center in Buckeye. Shin Yen Management sold the asset for $54.3 million. Located at 466 S. Watson Road, Sundance Towne Center features 203,525 square feet of retail space occupied by nearly 50 retailers and restaurants, including PetSmart, Boot Barn, Bealls Outlet, AutoZone, BMO Bank, Cracker Barrel, Dollar Tree, Dunn-Edwards Paints, Mattress Firm and Peter Piper Pizza. At the time of sale, the property was 94 percent leased. Michael Hackett, Jimmy Slusher, Ryan Schubert and Zach Aulick of CBRE represented the seller in the transaction.

June 18, 2025

Acquisitions Arizona Healthcare Office Western

MIG Real Estate Sells 163,311 SF Scottsdale Centre Medical Outpatient Building in Arizona

by Amy Works June 18, 2025

SCOTTSDALE, ARIZ. — MIG Real Estate has sold Scottsdale Centre, a medical outpatient building in Scottsdale, to an Arizona-based commercial real estate investment company for $44.6 million. Located at 7373 N. Scottsdale Blvd., the 163,311-square-foot Scottsdale Centre is 78 percent leased, of which 66 percent was medical and 34 percent was office tenancy. Current tenants include Palo Verde Cancer Specialists, Prosano Health and various other healthcare providers. Originally constructed in 1984 and upgraded and converted from office to primary medical space post-pandemic, Scottsdale Centre is a two-story building situated on 8.7 acres. The property features 254 surface parking spaces and 466 subterranean parking spaces. Travis Ives, Gino Lollio and Tyler Moses of Cushman & Wakefield’s U.S. Healthcare Capital Markets represented the Newport Beach, Calif.-based seller in the deal. Sheila Bale, Erika Eckblad, Tom Weinhold, Tim Whittemore and Patrick Schrimsher of Cushman & Wakefield provided local market leasing advisory on the sale and have been retained by the buyer to continue handling leasing for the property.

June 18, 2025

Acquisitions California Retail Western

Progressive Real Estate Brokers $5.7M Sale of Retail Property in Pomona, California

by Amy Works June 18, 2025

POMONA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant, triple-net leased retail property located at 601 E. Holt Ave. in Pomona. A private Southern California-based investor sold the asset to a Los Angeles-based private developer and investor for $5.7 million. Brad Umansky and Lance Mordachini of Progressive Real Estate Partners represented the seller, while Alex Smith of Rosewood Realty Corp. represented the buyer in the transaction. AutoZone Mega Hub occupies the 30,000-square-foot building, including mezzanine space. AutoZone Mega Hubs are larger format stores that feature a full-service retail storefront and a mini-distribution center for satellite stores in the surrounding region.

June 18, 2025

Acquisitions Illinois Life Sciences Midwest

Greenstone Partners Brokers $5.4M Sale of Life Sciences Property in Lisle, Illinois

by Kristin Harlow June 18, 2025

LISLE, ILL. — Greenstone Partners has brokered the $5.4 million sale of 2375 Cabot Drive, a 37,000-square-foot life sciences building in the Chicago suburb of Lisle. The headquarters property is fully leased to the Water Quality Association (WQA), a nonprofit trade organization that serves the residential, commercial and industrial water treatment industry. WQA signed a 12.5-year lease in 2020 that features annual rent escalations between 3 and 4.5 percent. Both the tenant and the landlord collectively invested more than $5 million into the property. Jason St. John of Greenstone represented the seller, a Chicago-based developer and owner, and procured the buyer, an out-of-state private investor.

June 18, 2025

Acquisitions Healthcare Midwest Missouri

Northmarq Arranges $4.4M Sale of Medical Office Building in St. Louis

by Kristin Harlow June 18, 2025

ST. LOUIS — Northmarq has arranged the sale and financing of the ChenMed primary care medical office building in St. Louis. Northmarq’s Isaiah Harf and David Annett represented both the seller, Atwater Group, and the buyer, Maple Street Management, in the $4.4 million deal. Jada Purchase of Northmarq arranged $2.8 million in permanent fixed-rate financing on behalf of the buyer through a credit union. The 10-year loan features a 30-year amortization schedule. The ChenMed facility was built in 1992 and features a 15,735-square-foot, single-tenant building on 1.3 acres. ChenMed is a primary care medical provider for seniors.

June 18, 2025

Acquisitions Healthcare Texas

Encore Enterprises Buys 61,356 SF Medical Office Building in Addison, Texas

by Taylor Williams June 17, 2025

ADDISON, TEXAS — Locally based investment firm Encore Enterprises has purchased a 61,356-square-foot medical office building located in the northern Dallas metro of Addison. The sales price was $7 million. The two-story building at 16980 N. Dallas Parkway was constructed on 3.1 acres in 1985 and was 58 percent leased at the time of sale to five tenants. Cadence Bank financed the acquisition of the property. The seller was not disclosed.

June 17, 2025

Acquisitions Louisiana Office Southeast

Gayle Benson to Acquire 27-Story Office Tower in Downtown New Orleans

by John Nelson June 17, 2025

NEW ORLEANS — Gayle Benson, owner of the NFL’s New Orleans Saints and NBA’s New Orleans Pelicans, plans to acquire 1515 Poydras, a 27-story office tower in downtown New Orleans’ central business district. Benson is under contract and the sale is expected to close in mid-July. The seller and sales price were not disclosed. Built in 1983, the tower comprises 529,000 rentable square feet of office space and a 494-space structured parking garage. The property occupies an entire city block bounded by Poydras, Perdido, LaSalle and Freret streets. Future development plans for 1515 Poydras were not disclosed, but Benson has shared she “has no plans” for the property to “compete in the traditional office tenant marketplace.” Benson has tapped Sue Tucker, formerly with JLL now with Corporate Realty Inc., to oversee property management at 1515 Poydras. Other New Orleans properties owned or once-owned by Benson include Dominion Tower (Benson Tower), the New Orleans Centre Mall (now Champions Square), the Mercedes-Benz Van Center of New Orleans and the 1,100-room Hyatt Regency Hotel.

June 17, 2025

Acquisitions Georgia Industrial Southeast

Stonemont Financial Sells 234,133 SF Distribution Center in Braselton, Georgia

by John Nelson June 17, 2025

BRASELTON, GA. — Stonemont Financial Group has sold Braselton Broadway 85, a 234,133-square-foot distribution center located at 1394 Broadway Ave. in Braselton, about 49 miles northeast of Atlanta. The facility, which was fully leased at the time of sale, sits on a 21.5-acre site along State Highway 124. Nuveen purchased Braselton Broadway 85 for an undisclosed price. Also in the metro Atlanta region, Stonemont Financial recently sold Chamblee International Logistics Park and is nearing completion on Stonemont Park 75 South in Locust Grove.

June 17, 2025

Acquisitions Industrial Texas

Stream Realty Partners Brokers Sale of 60,486 SF Industrial Building in Northwest Houston

by Taylor Williams June 17, 2025

HOUSTON — Stream Realty Partners has brokered the sale of a 60,486-square-foot industrial building in northwest Houston. According to LoopNet Inc., the building at 6450 Bingle Road was built on 3.6 acres in 1979 and features 18-foot clear heights, seven dock-high doors and 10,000 square feet of office space. Jack Rathe, Heath Donica and Tyler Maner of Stream Realty represented the seller, RAM Interests LP, in the transaction. Bill Ginder of Caldwell Cos. and Matt Catt of Kidder Matthews represented the buyer, an entity doing business as HS Property TX3 LLC.

June 17, 2025

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