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Acquisitions

AcquisitionsMidwestRetailWisconsin

Marcus & Millichap Brokers $3.6M Sale of Retail Strip Center in Whitewater, Wisconsin

by Kristin Harlow

WHITEWATER, WIS. — Marcus & Millichap has brokered the $3.6 million sale of Whitewater Plaza, a 24,211-square-foot retail strip center in Whitewater, about 50 miles southwest of Milwaukee. Located at 1139 W. Main St., the property is 94 percent occupied by tenants such as Jimmy Johns, Anytime Fitness, Cozumel Mexican Restaurant and Beijing Buffet. Dominic Sulo and Sam Malato of Marcus & Millichap represented the undisclosed seller. The buyer was also undisclosed. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.

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AcquisitionsIndustrialMassachusettsNortheast

Marcus & Millichap Brokers $2.8M Sale of Vacant Industrial Building in Holliston, Massachusetts

by Taylor Williams

HOLLISTON, MASS. — Marcus & Millichap has negotiated the $2.8 million sale of a vacant industrial building in Holliston, a southwestern suburb of Boston. The building at 91 Kuniholm Drive totals 52,000 square feet and features multiple loading docks and a clear height of 16 feet. Harrison Klein of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The new ownership plans to renovate the building to be able to support multiple small users.

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AcquisitionsBuild-to-RentCaliforniaSingle-Family RentalWestern

Bascom Group Buys Old River Place Build-to-Rent Community in Bakersfield, California for $56.6M

by Amy Works

BAKERSFIELD, CALIF. — Bascom Group has acquired Old River Place, a build-to-rent single-family multifamily property in Bakersfield’s Southwest submarket, from an undisclosed seller for $56.6 million, or $227,444 per unit. Annette Rice and Jamie Kline of JLL arranged the debt financing for the acquisition with TPG Real Estate Finance Trust as the lender. Mark Bonas of The Mogharebi Group led the firm’s investment sales team that represented the undisclosed seller. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management. Old River Place features 249 two- and three-bedroom apartments in a low-density, single-family residential-style community.

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AcquisitionsCaliforniaRetailWestern

Grupe Huber Acquires 400,000 SF Promenade Shops at Orchard Valley in Manteca, California

by Amy Works

MANTECA, CALIF. — Grupe Huber has purchased The Promenade Shops at Orchard Valley, a regional shopping center in Manteca, located east of the Bay Area and south of Sacramento. Terms of the transaction were not released. Guper Huber plans to revitalize the retail property. Situated on 54 acres, the asset offers nearly 400,000 square feet of retail space. Current tenants include Bass Pro Shop, AMC Theatre, JC Penney and Valley Fitness. Sutter Health recently leased 17,500 square feet of space and will open in early 2025. Built in 2008, The Promenade Shops at Orchard Valley is located off Highway 120 at Union Road. JLL handles leasing and management of the property.

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690-N-Cofco-Center-Ct-Phoenix-AZ
AcquisitionsArizonaHealthcareOfficeWestern

Cushman & Wakefield Brokers Sale of 77,386 SF Gateway Medical Center in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has negotiated the sale of a medical office building, located at 690 N. Cofco Center Court in Phoenix. An entity managed by a subsidiary of LNR Partner sold the asset to an undisclosed buyer for $7.2 million. Built in 2002 on 4.8 acres, the two-story, 77,386-square-foot property is commonly known as Gateway Medical Center. At the time of sale, the multi-tenant property was 35 percent leased. The asset features a newly renovated, two-story lobby with a staircase, elevator service and covered canopy parking. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller in the deal.

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AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers Sales of Four Car Wash Properties in California’s Inland Empire

by Amy Works

APPLE VALLEY, HESPERIA, POMONA AND SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sales of four non-operating car wash properties in Apple Valley, Hesperia, Pomona and San Bernardino, all located in the Inland Empire region. Three different Southern California-based private investors acquired the properties in four separate transactions for undisclosed prices. Victor Buendia of Progressive Real Estate Partners represented the seller, an Arizona-based institutional investor, in all four transactions. The assets include: The car washes in Pomona, Hesperia and Apple Valley have re-opened under the new ownerships, and the San Bernardino car wash is slated to re-open in 2025.

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AcquisitionsIndustrialTexas

Partners Capital Acquires 74,335 SF Industrial Flex Building in Southwest Austin

by Taylor Williams

AUSTIN, TEXAS — Partners Capital, the investment arm of full-service commercial real estate firm Partners Real Estate, has acquired Monterey Tech Center, a 74,335-square-foot industrial flex building in southwest Austin. The site at 4407 Monterey Oaks Blvd. lies just beyond the intersection of U.S. Highway 290 and MoPac Expressway, and the building was 16 percent leased at the time of sale. Veritex Community Bank provided an undisclosed amount of acquisition financing for the deal. The seller and sales price were also not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale of Three-Building Woodridge Commerce Center in Suburban Chicago

by Kristin Harlow

WOODRIDGE, ILL. — Colliers has arranged the sale of Woodridge Commerce Center, a three-building industrial complex in the southwest Chicago suburb of Woodridge. The sales price was undisclosed. Built in 2006, the buildings are situated on 12 acres in the center of International Centre Business Park. They feature clear heights ranging from 18 to 20 feet, a mix of private and shared loading and parking for 447 cars. Woodridge Commerce Center is 96 percent leased to 22 tenants. The weighted average lease term is nearly three years with in-place rents that average 15 to 20 percent below current market rates. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, Unilev Capital and an affiliate of Palladius Capital Management. The buyer was a Chicago-area limited liability company. Colliers also arranged the property’s sale to Unilev in 2021.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Arranges $2.3M Sale of Chipotle-Occupied Property in Lansing, Illinois

by Kristin Harlow

LANSING, ILL. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property net leased to Chipotle in Lansing, a southern suburb of Chicago. Chipotle maintains a 15-year lease with 10 percent rental escalations every five years and four five-year renewal options at the newly constructed building, which is located at 2302 Thornton Lansing Road. Randy Blankstein and Jimmy Goodman of Boulder represented the 1031 exchange buyer and the seller, a Midwest-based developer.  

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AcquisitionsMultifamilyNew YorkNortheast

Rosewood Realty Group Negotiates Sale of 123-Unit Apartment Building in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a 123-unit apartment building in Brooklyn. The seven-story building at 275 Park Ave., which was originally built in 1920 and renovated earlier this year, also houses five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, Fairstead, in the transaction and procured the buyer, Thor Equities. The sales price was not disclosed, but the 184,411-square-foot building sold for $325 per square foot.

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