MIDLAND, MICH. — Marcus & Millichap has arranged the $9.8 million sale of the Great Lakes Bay Surgery & Endoscopy Center in central Michigan’s Midland. The multi-tenant medical office building totals 23,420 square feet. Seth Haron, Ashish Vakhariya and Darin Gross of Marcus & Millichap represented the undisclosed buyer and seller. The deal closed in 30 days with an all-cash buyer.
HUDSON, OHIO — The Cooper Commercial Investment Group has brokered the $3 million sale of University Hospital’s Hudson Health Center in Hudson, a northern suburb of Akron. The medical office building totals 16,352 square feet and is situated on 2.3 acres. There are just under five years remaining on the lease, which features annual rental increases. Bob Havasi and Dan Cooper of Cooper Group represented the undisclosed seller. The asset sold to an all-cash buyer based in California. The sales price represented a cap rate of 7.77 percent.
ST. LOUIS — St. Louis-based HDA Architects is refocusing on its core business in a move that returns sole ownership of the company to HDA President Jack Holleran under a new name, HDA Design. In 2020, Green Street Real Estate Ventures acquired HDA. As part of the transition, HDA’s leadership team will work alongside Holleran. In August 2023, HDA promoted four key employees as part of its strategic plan. Patrick Holleran and Brice Zickuhr were named senior principals, and Josh Goodman and Kent Wagster were named principals. The firm currently has active projects in 12 states across the beverage wholesaler, industrial/distribution, adaptive reuse, office/commercial, automotive, multifamily, mixed-use and hospitality sectors. HDA is currently reviewing opportunities to relocate its headquarters within the St. Louis area. The new office will be designed by the firm.
HOUSTON — Dallas-based investment firm Sealy & Co. has acquired The Great 290 Distribution Center, a newly built, 500,840-square-foot industrial property located near the intersection of The Grand Parkway and I-290 in northwest Houston. Designed by Powers Brown Architecture and developed by Pagewood, The Great 290 Distribution Center occupies 41 acres within a 64-acre site, allowing tenants additional space for outdoor trailer parking or materials storage. The property was fully leased at the time of sale to HVAC systems provider Daikin Comfort Technologies. Trent Agnew and Charlie Strauss of JLL represented Pagewood in the transaction. Sealy & Co. was self-represented.
FORT WORTH, TEXAS — Green Courte Partners, a Chicago-based real estate private equity firm, has acquired a 40-acre industrial outdoor storage site in Fort Worth. The parcel is located at 5301 Wilbarger St. on the city’s southeast side. Green Courte plans to operate the site as a managed truck storage facility. The land seller was a joint venture between Timber Hill Group and Champion Realty Advisors. The sales price was not disclosed.
PORT CHARLOTTE, FLA. — JBM Institutional Multifamily Advisors has brokered the sale of Charlotte Commons, a 264-unit apartment community located in the Southwest Florida city of Port Charlotte. An unnamed New York-based company and Image Capital purchased the Class A property for $66.5 million. The seller, Indiana-based SC Bodner Co., developed Charlotte Commons in 2022. The property comprises 11 three-story buildings with studios, one- and two-bedroom apartments averaging 846 square feet in size. Amenities include a resort-style pool with a sun deck, grilling stations, shaded outdoor lounge area, fitness center, clubhouse with a business center, bark park, pickleball courts and 57 garages available for rent.
LAKE WORTH, FLA. — SRS Real Estate Partners has negotiated the $2.8 million sale of a single-tenant retail property located at 9955 Lake Worth Road in Lake Worth, a suburb of West Palm Beach. The South Florida store, which opened on a 0.6-acre parcel in August, has a 10-year corporate-guaranteed lease in place with MD Now, an urgent care provider with more than 60 locations. Patrick Nutt and William Wamble of SRS represented the seller, a locally based development firm, in the transaction. An unnamed private investor based in Florida purchased the store in a 1031 exchange. The 3,250-square-foot store is situated within Woods Walk Plaza, an 88,000-square-foot shopping center anchored by Publix.
READING, PA. — Cushman & Wakefield has brokered the sale of a 250,955-square-foot distribution center in Reading, about 60 miles northwest of Philadelphia. The property at 615 Aviation Road features 10,383 feet of office space, a clear height of 32 feet, 58 dock doors, 15 van dock doors and 10 drive-in doors. Chris Sheldon, Gerry Blinebury and Brendan McGeary of Cushman & Wakefield represented the developer and seller, SunCap Property Group, in the transaction. The buyer and sales price were not disclosed. At the time of sale, the property was fully leased to an undisclosed transportation and logistics company.
LAS VEGAS — Ares Management and CapRock Partners have completed the disposition of Spanish Ridge Industrial Park in Las Vegas. EastGroup Properties bought the Class A facility for $54.8 million. Spanish Ridge consists of three single- and multi-tenant buildings totaling 230,899 square feet in the southwest of the city. The park’s 133,075-square-foot, 75,836-square-foot and 21,988-square-foot buildings feature clear heights ranging from 24 feet to 30 feet, ESFR sprinklers, warehouse evaporative coolers, ample power, 128-foot to 180-foot concrete truck courts, and a combined 50 dock-high doors and 11 grade-level doors. Additionally, the park offers five office spaces totaling 2,000 square feet. At the time of sale, the property was fully leased to five investment-grade credit tenants. The industrial park is located at 5425 and 5365 S. Riley St. and 8875 W. Hacienda Ave. Andrew Briner and Bret Hardy of Newmark represented the sellers, with support from Rob Lujan and Jason Simon of JLL’s Industrial Las Vegas office. Terms of the deals were not disclosed.
WESTFIELD, N.J. — Marcus & Millichap has negotiated the $4.7 million sale of a single-tenant, 35,968-square-foot retail building in the Northern New Jersey community of Westfield. The Gap has occupied the two-story building at 207 E. Broad St. for nearly 30 years. Alan Cafiero, David Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
