Acquisitions

Cushman & Wakefield Brokers $2.2M Sale of Columbine West Apartments in Pueblo West, Colorado

by Amy Works October 4, 2023

PUEBLO WEST, COLO. — Cushman & Wakefield has negotiated the sale of Columbine West Apartments, a multifamily asset in Pueblo West. A Denver-based buyer acquired the community from S&J Rental Properties for $2.2 million, or $137,500 per unit. Located at 1010-1016 E. Mallon Drive, the single-story property features 16 residential units. Lee Wagner, Jeff Dimmen and Nic Polaski of Cushman & Wakefield’s multifamily investment services team in Colorado Springs represented the seller, while Wagner also represented the buyer in the transaction.

October 4, 2023

Acquisitions Illinois Industrial Midwest

Venture One Purchases 63,382 SF Industrial Building in Bedford Park, Illinois

by Kristin Harlow October 4, 2023

BEDFORD PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has purchased a 63,382-square-foot industrial building in the Chicago suburb of Bedford Park. Located at 7333 Lockwood Ave., the property was vacant at the time of acquisition. The single-tenant building features six docks, one drive-in door, parking for 43 cars and a two-ton crane. Prior to closing, Venture One received a 6B tax incentive from Bedford Park. Venture One plans to make improvements to the property such as office renovations, warehouse paint, parking lot paving, energy-efficient warehouse lights, roof replacement and sprinkler system upgrades. Rown McDonnell, Traci Payette and Stephanie Park of CBRE represented the undisclosed seller and will be retained to complete lease-up. VK Industrial VI, which is co-sponsored by Venture One and Kovitz Investment Group, targets industrial acquisitions in the Chicago, Northeast and Florida markets.

October 4, 2023

Acquisitions Colorado Multifamily Western

Berkadia Arranges Sale of 35-Unit The Roost Multifamily Property in Denver

by Amy Works October 4, 2023

DENVER — Berkadia has brokered the sale of The Roost, an apartment building in Denver’s Jefferson Park neighborhood. Terms of the transaction were not released. Nick Steele and Nate Moyer of Berkadia Denver represented the undisclosed seller in the deal. Located at 2434 Federal Blvd., The Roost features 33 studio units and two one-bedroom apartments. The building was built in 2022.

October 4, 2023

Acquisitions Alabama Retail Southeast

Dorsey Development Purchases 59,822 SF Island Road Shopping Center in Theodore, Alabama

by John Nelson October 3, 2023

THEODORE, ALA. — Dorsey Development, an entity owned and operated by G. Paul Dorsey III, has purchased Island Road Shopping Center at 5827 Highway 90 W in Theodore. Winn-Dixie anchors the property, which totals 59,822 square feet. Other tenants at the center include Pizza Hut, Subway, Buddy’s Home Furnishings and Premier Nails. The seller and sales price were not disclosed.

October 3, 2023

Acquisitions Florida Retail Southeast

Thompson Thrift Sells Two Retail Buildings in Cape Coral, Florida Totaling 24,000 SF

by John Nelson October 3, 2023

CAPE CORAL, FLA. —Thompson Thrift has sold two retail buildings in Cape Coral totaling 24,000 square feet. Situated within Cape Coral Commons, the multi-tenant buildings each comprise 12,000 square feet. Tenants scheduled to open at the properties include First Watch, Mission BBQ, Firehouse Subs, Tire Kingdom, Paragon Healthcare, Crumbl Cookies, PJ’s Coffee and Visionworks. David Hoppe of Atlantic Retail arranged the sale on behalf of Thompson Thrift. A California-based buyer acquired the buildings for an undisclosed price. Cape Coral Commons also features a third multi-tenant building currently under construction, as well as four one- to two-acre outparcels.

October 3, 2023

Acquisitions Office Texas

Parkway Acquires 1.2 MSF Post Oak Central Office Campus in Uptown Houston

by Taylor Williams October 3, 2023

HOUSTON — Parkway, which is a partnership between Orlando-based Parkway Property Investments and Houston-based Midway, has acquired Post Oak Central, a 1.2 million-square-foot office campus in Uptown Houston. Designed by Philip Johnson and constructed between 1975 and 1981, the campus consists of three buildings on a 17-acre site. Post Oak Central also features 90,000 square feet of retail and restaurant space, including both fine dining and fast-casual concepts, as well as onsite medical and banking services. Eastdil Secured represented the undisclosed seller, which previously owned an interest in the property, in the transaction. Parkway will continue to operate Post Oak Central, and Parkway’s development partner, Midway, will oversee the redevelopment of the property.

October 3, 2023

Acquisitions Illinois Midwest Multifamily

Rany Management Acquires Remaining Condo Units at Multifamily Building in Chicago

by Kristin Harlow October 3, 2023

CHICAGO — An affiliate of Chicago-based Rany Management has acquired the remaining owned condominium units of the building at 4180 N. Marine Drive in Chicago’s Buena Park neighborhood. The purchase price for the approximately 8.9 percent of remaining units not previously owned by Rany affiliate, 4180 Holdings, was not disclosed. Formerly known as Polo Towers Condominium Association, the property will be renamed Marine Terrace Apartments. The 16-story building features 190 units and was built in 1957. The fully occupied property is located at the intersection of Marine Drive and Gordon Terrace. Amalgamated Bank of Chicago has been a lending partner on the project since 2013.

October 3, 2023

Acquisitions Industrial Texas

Partners Real Estate Arranges Sale of 13,530 SF Industrial Property in Irving

by Taylor Williams October 3, 2023

IRVING, TEXAS — Partners Real Estate has arranged the sale of a 13,530-square-foot industrial property in Houston. According to LoopNet Inc., the facility at 2300 Penn St. was built in 1984 and features 14-foot clear heights and six grade-level doors. Hanes Chatham Jr. and Graham Dressel of Partners represented the seller in the transaction. Rad Realty Group LLC represented the buyer, Garcia Laser Screeding. Quinn Conway of Partners arranged acquisition financing for the deal.

October 3, 2023

Acquisitions Illinois Midwest Restaurant Retail

SVN Chicago Commercial Brokers $1M Sale of Commercial Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow October 3, 2023

CHICAGO — SVN Chicago Commercial has brokered the $1 million sale of a 5,000-square-foot commercial building along with the business sale of the ground-floor restaurant space at 5352 N. Broadway in Chicago’s Edgewater neighborhood. A local restaurant buyer purchased the building, which sits directly across the street from the CTA’s $2 billion Red/Purple Line modernization, which is set for completion in late 2024. Marcus Sullivan and Tim Rasmussen of SVN represented the undisclosed seller. The restaurant space was formerly home to Pearl’s.

October 3, 2023

Acquisitions Multifamily Washington Western

IPA Brokers $34.3M Sale of Two Multifamily Properties in Des Moines, Washington

by Amy Works October 3, 2023

DES MOINES, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment communities in Des Moines. Spinnaker Landing and Regatta sold for a combined $34.3 million, or $225,987 per unit. Philip Assouad, Giovanni Napoli, Nicholas Ruggiergo, Ryan Harmon and Anthony Palladino of IPA represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner, in the transaction. Centrally located between Seattle and Tacoma, Wash., the two garden-style properties are surrounded by office and flex industrial space, including the headquarters of the Federal Aviation Administration and Alaska Airlines. Built in 1987, Spinnaker Landing features 66 units, and Regatta, which was built in 1983, features 86 units.

October 3, 2023

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