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Acquisitions

Price-Chopper-Plaza-Binghamton
AcquisitionsNew YorkNortheastRetail

IPA Negotiates $14M Sale of Upstate New York Shopping Center

by Taylor Williams

BINGHAMTON, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $14 million sale of Price Chopper Plaza, a 127,000-square-foot shopping center located in the upstate New York community of Binghamton. Regional grocer Price Chopper has been the anchor tenant at the center, which was 97 percent leased at the time of sale, since 1987. Other tenants include Planet Fitness, Big Lots and Dollar Tree. Jim Koury of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsIndustrialNew YorkNortheastOffice

Marcus & Millichap Brokers $8.5M Sale of Two Industrial, Office Buildings in Queens

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $8.5 million sale of two industrial and office buildings in the Long Island City area of Queens. The adjacent properties are located at 37-11 Vernon Blvd. and 814 37th Ave. and include a total of 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. The buildings also feature 20-foot ceilings, conference rooms and overhead crane space. Jakub Nowak of Marcus & Millichap represented the seller, Vernon Associates LLC, in the transaction and procured the buyer, an undisclosed local private investor.

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Prentice-Plaza-Greenwood-Village-CO
AcquisitionsColoradoOfficeWestern

Dunton Commercial Acquires 162,184 SF Prentice Plaza Office Building in Denver Tech Center

by Amy Works

GREENWOOD VILLAGE, COLO. — Dunton Commercial has purchased Prentice Plaza, a Class A office building in Greenwood Village, a suburb 12 miles south of Denver. Granite Properties sold the asset for $14.3 million, or $88 per square foot. Located at 8101 E. Prentice Ave. within the Denver Tech Center, the 12-story, 162,184-square-foot building was 73 percent occupied at closing.

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3961-Channel-Dr-West-Sacramento-CA
AcquisitionsCaliforniaIndustrialLee & AssociatesWestern

Lee & Associates Facilitates $17.9M Sale of Industrial Property in West Sacramento

by Amy Works

WEST SACRAMENTO, CALIF. — Lee & Associates has arranged the sale of a heavy industrial-zoned property at 3961 Channel Drive in West Sacramento. Yara North America sold the asset Greencycle Properties, an affiliate of Teichert Inc., for $17.9 million. Alex Weiss and Greg Pieratt of Lee & Associates represented the seller in the transaction. The site, which was formerly used by Yara International as a fertilizer supply port, was decommissioned a year ago. Situated on 23.4 acres, the asset includes one existing building, rail spurs, 5.5 acres of undeveloped industrial land and direct access to the Sacramento Deep Water Ship Channel.

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AcquisitionsIllinoisMidwestMultifamily

AmTrust RE Acquires 213-Unit Parkline Chicago Luxury Apartment Tower in East Loop

by Kristin Harlow

CHICAGO — AmTrust RE has acquired Parkline Chicago, a 213-unit luxury apartment tower in Chicago’s East Loop neighborhood. The sales price and seller were undisclosed. The 26-story property is located at 60 E. Randolph St. Totaling 210,000 square feet, the building features 189 rental units and 24 penthouses. Amenities include a two-story sky lounge, fitness and yoga studio, indoor/outdoor pool with attached sundeck and private dog run. Commercial tenants in the building’s 6,200 square feet of retail space include Smoothie King and Starbucks. Parkline Chicago features unobstructed views of Millennium Park, Buckingham Fountain and Lake Michigan. AmTrust is a longtime investor in the Chicago office market. John Jaeger, Justin Puppi and Jason Zyck of CBRE brokered the transaction.

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AcquisitionsIowaMidwestRetail

Cleeman Realty Group Arranges Sale of Orchard Corners Shopping Center in Shenandoah, Iowa

by Kristin Harlow

SHENANDOAH, IOWA — Cleeman Realty Group has arranged the sale of Orchard Corners, a retail center anchored by Hy-Vee in Shenandoah, a city in southwest Iowa. The sales price was undisclosed. Situated on 6.5 acres and shadow anchored by Tractor Supply Co., the property features more than 50,000 square feet of gross leasable area as well as Scooter’s Coffee and McDonald’s outparcels. At the time of sale, the center was 87 percent occupied. Hy-Vee has operated at the property since 1975. Jeremy Scheer of Cleeman represented the buyer and seller, neither of which were disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Purchases 59,735 SF Industrial Building in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a 59,735-square-foot industrial building in Itasca for an undisclosed price. Constructed in 1972 and located at 700 District Drive, the facility features clear heights ranging from 18 to 24 feet, three docks, two drive-in doors and parking for 77 cars. Venture One signed a long-term lease with a tenant prior to closing on the property. Jeff Janda of Lee & Associates represented the undisclosed seller, while Cal Payne of CBRE represented Venture One and the tenant. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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AcquisitionsIowaMidwestRetail

Marcus & Millichap Brokers $2.3M Sale of Retail Strip Center in Davenport, Iowa

by Kristin Harlow

DAVENPORT, IOWA — Marcus & Millichap has brokered the $2.3 million sale of Elmore Avenue Shoppes in Davenport. The fully occupied, six-unit retail strip center is located at 4810 Elmore Ave. just off I-74. Tenants at the 9,835-square-foot property, built in 2002, include GameStop, Hungry Hobo, Computer Repair Center, Indy Smoke Time, Novel Nail Time and 100% Chiropractic. Jeff Rowlett of Marcus & Millichap represented the seller, GPH Davenport Retail LLC. Jon Ruzicka, broker of record in Iowa, assisted in closing the transaction. The sale closed within 50 days to an unnamed buyer.

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AcquisitionsFloridaIndustrialSoutheast

Equus Capital Partners Acquires Industrial Property in Lakeland, Florida for $38M

by John Nelson

LAKELAND, FLA. — Equus Capital Partners Ltd. has acquired a two-building industrial property located at 900 and 920 N. Chestnut Road in Lakeland, about 35 miles east of Tampa. An affiliate of High Street Logistics Properties sold the 299,241-square-foot property for $38 million. Frank Fallon and Jose Lobon of CBRE represented the seller in the transaction. Equus Capital purchased the property on behalf of a programmatic joint venture between one of its affiliates and a domestic public pension plan. The two industrial buildings were built in 2021 and were fully leased at the time of sale to two tenants: Gruma and Safelite. The property sits 1.5 miles from I-4 and a little over four miles from Lakeland Linder International Airport.

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AcquisitionsMarylandRetailSoutheast

KLNB Brokers $16.7M Sale of Arbutus Shopping Center in Metro Baltimore

by John Nelson

ARBUTUS, MD. — KLNB has brokered the $16.7 million sale of Arbutus Shopping Center in Arbutus, roughly 10 miles outside Baltimore. Weis Markets anchors the property, which totals 87,939 square feet and was 95 percent occupied at the time of sale. Other tenants at the center include Walgreens, Advance Auto Parts, Dollar Tree and Truist Bank. Meir Duke of Duke Arbutus acquired Arbutus Shopping Center from AmCap Inc., which acquired the property in 1981. Chris Burnham and Vito Lupo of KLNB represented the seller in the transaction, and MFI Realty represented the buyer.

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