NORMAL, ILL. — Marcus & Millichap has negotiated the $2.5 million sale of two retail centers located in the college town of Normal. The adjacent properties are located on Northbrook Drive near Illinois State University. Totaling approximately 17,500 square feet, the centers are leased to mostly local tenants such as a marijuana dispensary, coffee shop, pizza parlor, regional medical provider and laundromat. Eric Bell, Jordan Callaway and Mitchell Kiven of Marcus & Millichap represented the seller, a real estate developer. Buyer information was not provided.
AXIS 360, Lee & Associates Arrange $2.3M Sale of Former Gold’s Gym Property in Bloomington, Illinois
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists and Lee & Associates have arranged the $2.3 million sale of a 45,749-square-foot building formerly occupied by Gold’s Gym in Bloomington. The two-story property features areas for workout equipment, locker rooms, offices, physical therapy areas and a childcare area. Greg Yount of AXIS 360 and Rick Scardino of Lee & Associates represented the seller, Citizen’s First Bank. Sherye Przybyla of Berkshire Hathaway represented the undisclosed buyer, which plans a remodel of the building in the coming months.
OAK LAWN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $2.1 million sale of a two-tenant retail property in the Chicago suburb of Oak Lawn. The center recently underwent a full renovation, including new pylon signage. At the time of sale, the property was fully leased to Chicago Title and Hassleless Mattress. Chad Firsel and Brett Berlin of Quantum represented the seller, a joint venture between affiliates of Core Acquisitions and T2 Capital Management. The buyer was a California-based 1031 exchange investor.
NASHVILLE, TENN. — Noble Investment Group has acquired the Holiday Inn Express | Nashville Downtown hotel. The seller, number of rooms and sales price were not disclosed, but the Nashville Business Journal reports that the Atlanta-based investment firm paid approximately $82 million for the property. The publication also reports that the price is nearly a third less than what the previous owner paid for the property. Located at 920 Broadway in the city’s entertainment district, the hotel is located within walking distance of more than 100 live music venues, the Music City Center, Bridgestone Arena, more than 500 bars and restaurants and over 100 shopping outlets. The hotel’s physical amenities include an outdoor pool and a business center. “Nashville remains among the most dynamic growth markets in the country, with a highly diversified demand base across multiple segments,” says Dustin Fisher, vice president at Noble Investment Group. Nashville has been a consistent growth center in the Southeast for over 30 years, growing by more than 2 percent every year from 1991 to 2020, according to Macrotrends. The metro-area population more than doubled in that time, from 643,000 in 1994 to more than 1.3 million in 2024. — Taylor Williams
SMYRNA, GA. — Cushman & Wakefield has arranged the sale of Harlow, a newly constructed, 303-unit multifamily community located in Smyrna, roughly 15 miles northwest of Atlanta. RA Capital Partners acquired the property from the developer, South City Partners, for an undisclosed price. Situated in proximity to The Battery and Truist Park, home stadium of the MLB’s Atlanta Braves, the community features 6,000 square feet of activity and amenity space. Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay and Sim Patrick of Cushman & Wakefield represented the seller in the transaction.
ATLANTA — Innova Solutions has acquired 1455 Lincoln Parkway, a 186,846-square-foot office building in Atlanta. The global talent and IT solution company plans to relocate its headquarters to the property and occupy two floors totaling 50,010 square feet. Florida-based Parmenter Realty Partners, which acquired the property in 2015, sold the building for an undisclosed price. Built in 1986, the building features an onsite café, conference center and a fitness center with shower and locker facilities. Innova Solutions will bring the property to 82 percent occupancy. Brian Howell and Jack Arnold of Bridger Properties will continue to manage leasing at the property on behalf of Innova Solutions. Jay O’Meara, Nima Ghomghani and Paul Holmes of CBRE represented the buyer in the transaction.
MIAMI — JLL has brokered the $38.5 million sale of Milpa & Wesley Center, an industrial portfolio located at 6801-7500 N.W. 77th Ave. in Miami. The property, which was 91 percent occupied at the time of sale, comprises 182,575 square feet across six buildings. Cofe Properties LLC sold the portfolio to Miami Palmetto Property LLC, an entity co-sponsored by East Capital Partners and ABR Capital Partners’ GP Investment Program. Luis Castillo, Cody Brais, Wells Waller, Taylor Osborne and Aaliyah St. Louis of JLL represented the seller in the transaction. The property features 17- to 19-foot clear heights, 12 dock-high and 101 grade-level doors and 275 parking spaces.
LAKE WORTH, FLA. — BEB Lending has provided a $9.7 million loan for the acquisition of an industrial property located at 1800 Hypoluxo Road in Lake Worth, a city in South Florida’s Palm Beach County. The 77,657-square-foot property is leased to a mix of small-bay and self-storage industrial tenants. Sean Silverbrook of BEB originated the 24-month bridge loan. Juda Hersh represented the borrower, Hersh Equity Group (HEG), on an in-house basis.
ARLINGTON, TEXAS — Locally based private equity firm Reap Capital has acquired Brookside Apartments, a 288-unit multifamily community in Arlington. Brookside comprises 22 buildings that house one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling and dining stations, a business center, playground, pet park and onsite laundry facilities. Wesley Racht, Nick Fluellen, Bard Hoover and Chris Pearson of Marcus & Millichap represented the undisclosed seller in the transaction and procured Reap Capital as the buyer.
DALLAS — Lee & Associates has brokered the sale of a 148,538-square-foot industrial building in southwest Dallas. The building at 5050 Investment Drive was originally constructed in 1978 and features 21- to 24-foot clear heights. Colton Rhodes and Stephen Williamson of Lee & Associates represented the buyer, Boston-based Longpoint Realty Partners, in the transaction. The seller was an entity doing business as IMCD US. The sales price was not disclosed.