Acquisitions

NAI Capital Brokers $9.8M Sale of Industrial Building in Los Angeles

by Amy Works February 25, 2025

LOS ANGELES — NAI Capital Commercial has arranged the sale of an industrial property located at 13030 Raymer St. in the North Hollywood neighborhood of Los Angeles. Tiptop Restoration acquired the asset from 13030 Raymer LLC for $9.8 million. Tiptop will use the 30,000-square-foot property as its corporate headquarters, as well as warehouse, storage and distribution space. Built in 1996, the property underwent significant renovations in 2022. Renovations included remodeled office space, kitchen and restrooms, new paint and upgraded LED warehouse lighting. The asset offers dock-high and ground-level loading, 1,200 amps of power, a 17-foot warehouse clearance height, fire sprinklers and a fenced rear yard. Chad Gahr and David Young of NAI Capital Commercial represented the seller, while Daniel O’Neil and Parker Jones of Rancho Realty Group Corp. represented the buyer in the off-market transaction.

February 25, 2025

Acquisitions Development Midwest Missouri Retail

Block & Co. Buys 18-Acre Retail Development Site in Suburban St. Louis

by Kristin Harlow February 25, 2025

WENTZVILLE, MO. — A Block & Co. Inc. Realtors-headed investment group comprised of investors from Kansas City and St. Louis has purchased 18 acres of land at Wentzville Parkway and Will Ron Drive in Wentzville, a suburb of St. Louis. Wentzville Parkway serves as a major commercial corridor and is located near General Motors’ $2 billion manufacturing campus and Mercy’s new $650 million hospital. The development plan calls for a retail project, with over 10 acres available for ground lease or build-to-suit opportunities. Zach Albrecht and David Block of Block & Co., along with Eddie Cherry of Manor Real Estate will co-list the development. The trio also negotiated the sale on behalf of the buyer, while Danny Wappelhorst of Cissell Mueller represented the undisclosed seller.

February 25, 2025

Acquisitions Illinois Midwest Office

Special Olympics Illinois Purchases Flex Office Building in Chicago for $4.7M

by Kristin Harlow February 25, 2025

CHICAGO — Special Olympics Illinois has purchased a 20,000-square-foot flex office building and event space at 2324 W. Fulton St. in Chicago for $4.7 million. Aubrey Englund of NAI Hiffman and Mike Lombard of Blue Star Properties represented the buyer in the transaction. Matt Cowie and Larry Goldwasser of CBRE represented the seller, a local private investment group. Special Olympics Illinois is expanding its Chicago regional office from 6,000 square feet of leased space at 820 W. Jackson Blvd. and will relocate this summer. Approximately 15 employees will work at the new office. Originally constructed as a foundry, the property was transformed by Helios Construction Services in 2014 into a modern building for its own offices. The building’s design was a collaborative effort with the late architect Brad Lynch of Brininstool + Lynch. In 2017, Helios executed another renovation at the building to expand the office space with the addition of four glass-enclosed offices, meeting rooms and amenities, including a gym, lounge and kitchen. Private event venue Ovation Chicago will remain a tenant at the property. The space opened in late 2014.

February 25, 2025

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 102-Unit Apartment Complex in Wilton, Connecticut

by Taylor Williams February 25, 2025

WILTON, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a 102-unit apartment complex in Wilton, located in southern Connecticut’s Fairfield County. Avalon Wilton on River Road is an eight-building complex that was built in 1996 and renovated in 2012. The property offers 64 townhome-style residences and 38 garden-style units in two- and three-bedroom floor plans that have an average size of 1,552 square feet. Amenities include a pool and outdoor grilling and dining stations. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Virginia-based REIT AvalonBay Communities, in the transaction and procured the buyer, AEW Capital Management.

February 25, 2025

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $14M Sale of Shopping Center in Winsted, Connecticut

by Taylor Williams February 25, 2025

WINSTED, CONN. — Marcus & Millichap has brokered the $14 million sale of The Shops at Ledgebrook, a 105,499-square-foot shopping center in Winsted, located northwest of Hartford. Grocer Stop & Shop anchors the center, which was built on 14 acres in 1989, with a 52,704-square-foot store. Other tenants include Webster Bank, Sophia’s Pizza Restaurant and China Delight. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the New York-based seller in the transaction and procured the New Jersey-based buyer. Both parties were private investors that requested anonymity.

February 25, 2025

Acquisitions Industrial Maryland Minnesota Top Stories

Investcorp Acquires Two Industrial Portfolios in Minneapolis, Baltimore Totaling $335M

by Hayden Spiess February 25, 2025

MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties. The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed. “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.” According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc. Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …

February 25, 2025

Acquisitions Industrial Texas

JLL Brokers Sale of 1.6 MSF Industrial Complex in Lancaster, Texas

by Taylor Williams February 24, 2025

LANCASTER, TEXAS — JLL has brokered the sale of Midpoint Logistics Center, an approximately 1.6 million-square-foot industrial complex in Lancaster, a southern suburb of Dallas. Completed in 2023, Midpoint Logistics Center comprises two cross-dock distribution facilities with 38- to 40-foot clear heights, ESFR sprinkler systems, LED lighting and ample trailer and vehicle parking. Midpoint Logistics Center was 100 percent leased at the time of sale to two global firms: logistics provider DSV Solutions and appliance manufacturer Electrolux Consumer Products. Trent Agnew, Tom Weber, Parker McCormack, Pauli Kerr, Matthew Barge and Brennan Fewin of JLL represented the seller, California-based Panattoni Development, in the transaction. The buyer and sales price were not disclosed.

February 24, 2025

Acquisitions Texas

Woodmont Co. Arranges Sale of 10,472 Property in Oak Point, Texas Leased to Goddard School

by Taylor Williams February 24, 2025

OAK POINT, TEXAS — Fort Worth-based brokerage firm The Woodmont Co. has arranged the sale of a 10,472-square-foot building in Oak Point, located north of the metroplex in Denton County, that is leased to The Goddard School. The school occupies the newly constructed building on a 15-year, triple-net lease. Russel Wehsener of The Woodmont Co. represented the buyer in the transaction, while Sands Investment Group represented the seller. Both parties requested anonymity.

February 24, 2025

Acquisitions Loans Oregon Retail Western

Ethos Commercial Advisors Secures Acquisition Financing for Eastport Plaza Shopping Center in Portland

by Amy Works February 24, 2025

PORTLAND, ORE. — Ethos Commercial Advisors has arranged acquisition financing for Eastport Plaza, a neighborhood shopping center in Portland. Situated in Portland’s Jade District, the 275,518-square-foot property is anchored by Ross Dress for Less, LA Fitness, Dollar Tree, a Regal movie theater and an assortment of national and local tenants. The buyers successfully backfilled the former Joanne’s Fabric with a national tenant to occupy 28,000 square feet to bring the center to 95 percent occupancy. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors arranged the five-year, fixed-rate loan with a life insurance company. The loan featured a 66 percent loan-to-value ratio.

February 24, 2025

Acquisitions California Multifamily Western

CPP Acquires 60-Unit Sundance Apartments in Bakersfield, California

by Amy Works February 24, 2025

BAKERSFIELD, CALIF. — Community Preservation Partners (CPP), in partnership with Bettencourt Properties and The Beneficial Housing Foundation, has acquired Sundance Apartments, an affordable housing complex in Bakersfield, with plans to renovate the asset. Located at 6000 White Lane in Bakersfield’s Spice Tract neighborhood, Sundance Apartments was originally built in 1981 and comprises 10 two-story buildings and a single-story building with a community room, laundry room and leasing office. Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP’s total development investment is approximately $32.5 million, which includes the purchase price of $20 million and estimated renovation costs of approximately $80,000 per unit. The property will receive significant renovations to improve energy efficiency and modernizations. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades will include the modernization of bath and kitchen surrounds and fixtures and replacement of unit flooring. Exterior improvements will include roofing replacement, repairs to the property’s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property’s community room. CPP is partnering with LifeSTEPS to provide onsite adult education, health and wellness, and skill-building classes and services …

February 24, 2025

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