Acquisitions

NAI Capital Negotiates $7.4M Sale of Office Building in Arcadia, California

by Amy Works April 21, 2025

ARCADIA, CALIF. — NAI Capital Commercial has arranged the sale of a multi-tenant office building located at 225 E. Santa Clara St. in Arcadia. Los Angeles District Church of the Nazarene sold the property to an undisclosed buyer for $7.4 million, or $341 per square foot. At the time of sale, the 21,673-square-foot building was fully occupied and offers abundant parking. The buyer plans to eventually occupy a portion of the property. Marie Taylor of NAI Capital Commercial represented the seller in the deal.

April 21, 2025

Acquisitions Colorado Office Western

Newmark Arranges $3.4M Sale of Office Building in Denver

by Amy Works April 21, 2025

DENVER — Newmark has negotiated the purchase of a 7,804-square-foot office property located at 1660 17th St. in Denver. 11th Avenue Residential LLC acquired the asset from Struby Warehouse First Floor LLC for $3.4 million. Reed Mclaughlin, Thomas Lee and Jonathan Tilton of Newmark represented the buyer, while Kentwood Commercial represented the seller in the transaction.

April 21, 2025

Acquisitions Hospitality Washington Western

Marcus & Millichap Brokers Sale of 20-Room Great House Motel in Sequim, Washington

by Amy Works April 21, 2025

SEQUIM, WASH. — Marcus & Millichap has arranged the sale of Great House Motel in Sequim. A private investor sold the property to a private investor for $1.2 million. Allan Miller, Chris Gomes, Huberth Marak and Skyler Cooper of Marcus & Millichap represented the seller, while Donaven Santana and Whitney Rhoades of Marcus & Millichap secured and represented the buyer in the deal. Originally built in 1965, Great House Motel offers 20 guest rooms, several with kitchenettes, and all equipped with TVs, microwaves and mini refrigerators. The property is located at 740 E. Washington St.

April 21, 2025

Acquisitions Illinois Midwest Retail

Performance Brokerage Services Negotiates Sale of Hyundai Dealership in Bourbonnais, Illinois

by Kristin Harlow April 21, 2025

BOURBONNAIS, ILL. — Performance Brokerage Services has negotiated the sale of the Phillips Hyundai of Bradley dealership in Bourbonnais, about 55 miles south of Chicago. Phillip Pascarella founded Phillips Auto Group in 1968. The company continues to own and operate Phillips Chevrolet locations in Bourbonnais, Frankfort and Lansing, Ill., and Phillips RV in Bourbonnais. Phillips Hyundai of Bradley opened in 2017. Paul Kechnie, Emily Bourne and Matt Willis of Performance Brokerage Services represented the seller. Patriot Motors was the buyer. Phillips Hyundai of Bradley will be renamed Patriot Hyundai of Bradley and will be relocated to William R Lathan Senior Drive.

April 21, 2025

Acquisitions Illinois Midwest Restaurant Retail

Boulder Group Brokers $2.8M Sale of Chipotle-Occupied Restaurant Property in Metro Chicago

by Kristin Harlow April 21, 2025

LAKE ZURICH, ILL. — The Boulder Group has brokered the $2.8 million sale of a restaurant property net leased to Chipotle in the Chicago suburb of Lake Zurich. The newly constructed building at 442 S. Rand Road features a drive-thru. Chipotle operates under a 15-year lease term with 10 percent rental escalations every five years and four five-year renewal options. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Chicago-area full-service commercial real estate company. A local individual was the buyer. There are 3,752 Chipotle locations worldwide as of 2025.

April 21, 2025

Acquisitions Northeast

Rugby Realty Buys 1 MSF Office Tower in Downtown Pittsburgh

by Taylor Williams April 21, 2025

PITTSBURGH — A group of investors led by local investment firm Rugby Realty has purchased One Oxford Centre, a 45-story office tower located at 301 Grant St. in downtown Pittsburgh. The 1 million-square-foot building occupies two city blocks and was 65 percent leased at the time of sale to tenants such as PwC and law firms Clark Hill and Pietragallo Gordon Alfano Bosick & Raspanti. Amenities include a full-service health/business club and a multi-level, 850-space parking garage. John Pelusi, Claudia Steeb, Nick Unkovic and Zach Barone of JLL arranged a three-year bridge loan of an undisclosed amount for the acquisition of the property through Dollar Bank.

April 21, 2025

Avalon-Wesmont-Station-Wood-Ridge-New-Jersey

Acquisitions Loans Multifamily New Jersey Northeast Top Stories

JLL Brokers $161.5M Sale of Northern New Jersey Apartment Community

by Taylor Williams April 21, 2025

WOOD-RIDGE, N.J. — JLL has brokered the $161.5 million sale of Avalon at Wesmont Station, a 406-unit apartment community located at 100 Rosie Square in Wood-Ridge, about 15 miles west of Manhattan. Avalon at Wesmont Station was built in 2012-2013 and offers one-, two- and three-bedroom units with an average size of 959 square feet. Amenities include a pool, outdoor grilling and dining stations, resident clubroom with workstations and a fitness center. The property also houses 18,000 square feet of ground-floor retail space that is fully leased. Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Virginia-based REIT AvalonBay Communities Inc. (NYSE: AVB), in the transaction. The buyer was New York-based Cammeby’s International Group. Ryan Koehler of NewPoint Real Estate Capital originated a $112 million Freddie Mac acquisition loan, which carried a 10-year term and six years of interest-only payments, for the deal. “The sale of Avalon at Wesmont Station demonstrates the continued investor appetite for well-located, institutional-quality multi-housing assets in strong suburban markets near New York City,” says Cruz. “This property’s strategic location, coupled with its value-add potential through unit renovations, made it an attractive investment opportunity in today’s market.” The apartment …

April 21, 2025

Acquisitions Mixed-Use Office Restaurant Retail Southeast Tennessee

JLL Negotiates $50M Sale of Mixed-Use Property in Nashville’s Music Row District

by John Nelson April 18, 2025

NASHVILLE, TENN. — JLL Capital Markets has facilitated the $50 million sale of Edgehill Village, a 58,468-square-foot mixed-use property located in Nashville’s Music Row district. Originally built in 1920 and 1934 and renovated in 2016, the property comprises 2.4 acres of retail and office space. Tenants at the property include Van Leeuwen Ice Cream, Barcelona, Consider the Wldflwrs, Warby Parker and Vow’d. Brad Buchanan and Jim Hamilton of JLL’s Investment Sales and Advisory team represented the seller, Charlotte-based Asana Partners, in the transaction. The buyer was not disclosed.

April 18, 2025

Acquisitions Maryland Office Southeast

Newmark Facilitates Sale of 132,207 SF Office Property in Suburban Baltimore

by John Nelson April 18, 2025

HUNT VALLEY, MD. — Newmark has facilitated the sale of 40 Wight Avenue, a 132,207-square-foot office property located in Hunt Valley, roughly 18 miles north of Baltimore. Built in 2017, the five-story office tower is situated near Hunt Valley Towne Center and a light rail station. Amenities at the property include an outdoor patio area, ample natural lighting and dining and retail offerings. The office complex was 90 percent leased at the time of sale. Nicholas Signor, Cristopher Abramson and Ben McCarty of Newmark represented the seller, an undisclosed national REIT, in the transaction. The buyer was an affiliate of Minnesota-based Onward Investors. The sales price was not disclosed.

April 18, 2025

Acquisitions Loans Multifamily Southeast Virginia

Greysteel Brokers Sale of 173-Unit Sherwood Forest Apartments in Norfolk, Virginia

by John Nelson April 18, 2025

NORFOLK, VA. — Greysteel has brokered the sale of Sherwood Forest, a 173-unit apartment community located at 2803 Early St. in Norfolk. Otto Snell of Greysteel represented the seller in the transaction. The buyer, seller and sales price were not disclosed. Jack Whitman of Greysteel arranged a $16 million acquisition loan through an undisclosed credit union that was underwritten with a fixed interest rate, 80 percent loan-to-value ratio, two years of interest-only payments and no prepayment penalty. The loan includes funds for property improvements at Sherwood Forest, which was originally delivered in 1965.

April 18, 2025

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