Tuesday, July 8, 2025
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Acquisitions

615-Aviation-Road-Reading-Pennsylvania
AcquisitionsIndustrialNortheastPennsylvania

Cushman & Wakefield Brokers Sale of 250,955 SF Distribution Center in Reading, Pennsylvania

by Taylor Williams

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.

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AcquisitionsIndustrialNevadaWestern

Ares Management, CapRock Partners Sell 230,899 SF Spanish Ridge Industrial Park in Las Vegas for $54.8M

by Amy Works

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.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Negotiates $4.7M Sale of Northern New Jersey Retail Building

by Taylor Williams

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.

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AcquisitionsArizonaHealthcareOfficeWestern

Banner Health Divests of Three-Building Medical Office Portfolio in Arizona for $32M

by Amy Works

MESA, GILBERT AND QUEEN CREEK, ARIZ. — Banner Health has completed the disposition of an outpatient medical building portfolio in Arizona totaling 80,315 square feet. Stockdale Capital Partners acquired the portfolio for $32 million. Banner Health fully occupies the three assets in Mesa, Gilbert and Queen Creek. The properties were constructed in 2013 and 2014. Mindy Berman, Pat Williams, Matt DiCesare and Liam Sorensen of the JLL Medical Properties Group investment advisory sales team represented the seller. John Chun, Daniel Digerness and Liam Sorensen of the JLL Medical Properties Group debt advisory team secured $25 million in acquisition financing for the buyer.

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Belmar-Villas-Lakewood-CO
AcquisitionsColoradoMultifamilyWestern

ColRich Multifamily Buys 318-Unit Belmar Villas in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — San Diego-based ColRich Multifamily has acquired Belmar Villas, an apartment property located at 700 S. Reed Court in Lakewood, a first-ring suburb west of Denver. The name of the seller and acquisition price were not released. Built in 1970, Belmar Villas features 17 residential buildings totaling 318 units and a leasing office on 18 acres. The property offers one-, two- and three-bedroom layouts with an average unit size of 856 square feet. Community amenities include a fitness center, resort-style pool and hot tub, clubhouse, playground and basketball court. Terrance Hunt, Shane Ozment, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE’s multifamily investment properties team in Denver represented the seller. Troy Tegeler, Trevor Breaux and Ryan Greer of CBRE Debt & Structured Finance in Greater Los Angeles arranged acquisition financing for the buyer.

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AcquisitionsColoradoHealthcareOfficeWestern

NavPoint Real Estate Group Brokers $13.5M Sale of Medical Rehabilitation Center in Castle Rock, Colorado

by Amy Works

CASTLE ROCK, COLO. — NavPoint Real Estate Group has negotiated the sale of 1055 Perry St., a Class A medical rehabilitation facility in Castle Rock, approximately 30 miles south of Denver. C.R.H.I. LLC sold the asset to JTLC CR CO LLC for $13.5 million. Situated on 2.3 acres, the two-story building totals 28,704 square feet of medical office space. The facility also features landscaping, modern interior finishes, multiple outdoor patios and terraces, a dining hall and physical therapy suite. Matt Call and Mike Quinlan of NavPoint Real Estate Group represented the seller in the off-market transaction.

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AcquisitionsColoradoRetailWestern

CBRE Arranges $12.9M Acquisition of The Shops at Mesa Ridge in Fountain, Colorado

by Amy Works

FOUNTAIN, COLO. — CBRE has brokered the purchase of The Shops at Mesa Ridge, a multi-tenant retail property located at 6859-6885 and 6965 Mesa Ridge Parkway in Fountain, a suburb of Colorado Springs. A private investor acquired the asset from an undisclosed seller for $12.9 million. Built in 2001, the 29,309-square-foot asset features two multi-tenant buildings that were 95.7 percent occupied at the time of sale. Pizza Hut, ENT Credit Union and Buffalo Wild Wings are three of the 16 current tenants. Mark Shaffer, Gary Stache, Gerard Poutier and Chris Martin of CBRE Capital Markets Investment Properties represented the buyer in the transaction.

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AcquisitionsHospitalityMidwestMinnesota

Partnership Agrees to Acquire 251-Room Loews Minneapolis Hotel

by Kristin Harlow

MINNEAPOLIS — A partnership between Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park Investments has agreed to acquire the Loews Minneapolis Hotel. The purchase price and seller were undisclosed. Upon closing, Marcus will assume management of the hotel, which will be rebranded under another major global hotel system. Situated in downtown Minneapolis, the full-service luxury hotel features 251 rooms, more than 12,500 square feet of flexible meeting space and a full-service restaurant and lobby bar. The property is connected by skywalk to the Target Center, home of the NBA’s Minnesota Timberwolves, and is one block from Target Field, home of the MLB’s Minnesota Twins. The transaction is expected to close at the beginning of March.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers Sale of 168-Unit Multifamily Property in Oswego, Illinois

by Kristin Harlow

OSWEGO, ILL. — Marcus & Millichap has brokered the sale of Light Road Apartments in Oswego for an undisclosed price. Built in 1972, the 168-unit multifamily property is situated on 10 acres. One-bedroom units average 561 square feet, and two-bedroom floor plans average 750 square feet. Amenities include a clubhouse, pool and laundry facility. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the seller, a private investor. The duo procured the buyer, a private investor, in conjunction with colleague Zack Mahoney.

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AcquisitionsIndianaIndustrialMidwest

DWG Capital Partners Acquires 65,256 SF Industrial Facility in South Bend Via Sale-Leaseback

by Kristin Harlow

SOUTH BEND, IND. — DWG Capital Partners has acquired a 65,256-square-foot industrial facility located at 301 E. Sample St. in South Bend. The sales price was undisclosed. The single-story property is situated on four acres and features a clear height of 24 feet, a drive-in door and two dock doors. Structured as a sale-leaseback, the transaction was completed with private equity firm JAL Equity, which simultaneously acquired the longtime tenant, Mossberg & Co. The tenant is a provider of technology-based print and marketing solutions. Bryan Huber and Michael Soleimani of SAB Capital represented the seller.

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