Acquisitions

Venture One Purchases 59,735 SF Industrial Building in Itasca, Illinois

by Kristin Harlow September 23, 2024

ITASCA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a 59,735-square-foot industrial building in Itasca for an undisclosed price. Constructed in 1972 and located at 700 District Drive, the facility features clear heights ranging from 18 to 24 feet, three docks, two drive-in doors and parking for 77 cars. Venture One signed a long-term lease with a tenant prior to closing on the property. Jeff Janda of Lee & Associates represented the undisclosed seller, while Cal Payne of CBRE represented Venture One and the tenant. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

September 23, 2024

Acquisitions Iowa Midwest Retail

Marcus & Millichap Brokers $2.3M Sale of Retail Strip Center in Davenport, Iowa

by Kristin Harlow September 23, 2024

DAVENPORT, IOWA — Marcus & Millichap has brokered the $2.3 million sale of Elmore Avenue Shoppes in Davenport. The fully occupied, six-unit retail strip center is located at 4810 Elmore Ave. just off I-74. Tenants at the 9,835-square-foot property, built in 2002, include GameStop, Hungry Hobo, Computer Repair Center, Indy Smoke Time, Novel Nail Time and 100% Chiropractic. Jeff Rowlett of Marcus & Millichap represented the seller, GPH Davenport Retail LLC. Jon Ruzicka, broker of record in Iowa, assisted in closing the transaction. The sale closed within 50 days to an unnamed buyer.

September 23, 2024

Acquisitions Florida Industrial Southeast

Equus Capital Partners Acquires Industrial Property in Lakeland, Florida for $38M

by John Nelson September 23, 2024

LAKELAND, FLA. — Equus Capital Partners Ltd. has acquired a two-building industrial property located at 900 and 920 N. Chestnut Road in Lakeland, about 35 miles east of Tampa. An affiliate of High Street Logistics Properties sold the 299,241-square-foot property for $38 million. Frank Fallon and Jose Lobon of CBRE represented the seller in the transaction. Equus Capital purchased the property on behalf of a programmatic joint venture between one of its affiliates and a domestic public pension plan. The two industrial buildings were built in 2021 and were fully leased at the time of sale to two tenants: Gruma and Safelite. The property sits 1.5 miles from I-4 and a little over four miles from Lakeland Linder International Airport.

September 23, 2024

Acquisitions Maryland Retail Southeast

KLNB Brokers $16.7M Sale of Arbutus Shopping Center in Metro Baltimore

by John Nelson September 23, 2024

ARBUTUS, MD. — KLNB has brokered the $16.7 million sale of Arbutus Shopping Center in Arbutus, roughly 10 miles outside Baltimore. Weis Markets anchors the property, which totals 87,939 square feet and was 95 percent occupied at the time of sale. Other tenants at the center include Walgreens, Advance Auto Parts, Dollar Tree and Truist Bank. Meir Duke of Duke Arbutus acquired Arbutus Shopping Center from AmCap Inc., which acquired the property in 1981. Chris Burnham and Vito Lupo of KLNB represented the seller in the transaction, and MFI Realty represented the buyer.

September 23, 2024

Acquisitions Florida Retail Southeast

Marcus & Millichap Negotiates $6M Sale of Retail Center in Orlando

by John Nelson September 23, 2024

ORLANDO, FLA. — Marcus & Millichap has negotiated the $6 million sale of Orange Avenue Plaza, a retail center located in Orlando’s Ivanhoe Village. Situated near Orlando’s downtown business district, the property comprises seven units leased to tenants including White Wolf Café; Fluent, a cannabis dispensary; Miscellaneous Market, a local boutique shop; Better Than Sex, a dessert eatery; the Savoy Orlando nightclub; El Cigarro smoke shop; and Rare Earth gift shop. Tarek Chbeir of Marcus & Millichap represented the undisclosed, privately held seller in the transaction.

September 23, 2024

Acquisitions Development Office Texas

Partnership Buys Two North Dallas Office Buildings Totaling 230,000 SF, Plans Renovations

by Taylor Williams September 20, 2024

DALLAS — A partnership between locally based oil and gas company Gulf Coast Western and regional investment firm Enverra Real Estate Partners has purchased Parkway Office Center North and South in North Dallas. The two nine-story buildings total 230,000 square feet. JLL represented the seller, Principal Financial, the property’s previous lender that sold its interest in the loan, in the transaction. As part of the purchase, the partnership acquired the loan and foreclosed on the previous borrower. Gulf Coast Western has been the a tenant at the property for the past 12 years, and the partnership plans to undertake capital improvements. Renovations will include façade upgrades; garage and landscaping enhancements; construction of 38,000 square feet of spec suites; facelifts to lobbies, cafés and common areas; and the addition of amenities such as a fitness center, lounge, conference room and a golf simulator.

September 20, 2024

Acquisitions California Multifamily Western

Waterton Buys 410-Unit L Seven Apartment Property in San Francisco

by Amy Works September 20, 2024

SAN FRANCISCO — Chicago-based Waterton has expanded its presence in San Francisco with the acquisition of L Seven, a multifamily community at 1222 Hamilton St. in the city’s SoMa neighborhood. Terms of the transaction and the seller were not released, though many media outlets have reported that the previous owner was Brookfield Properties. Built in 2017, L Seven offers 410 studio, one- and two-bedroom apartments, as well as two-story townhomes and loft-like penthouse residences. Apartments feature modern finishes, and, in select residences, floor-to-ceiling windows, private balconies, in-unit washers/dryers and direct-access garages. The community offers 31,000 square feet of ground-floor commercial space, a rooftop amenity deck with a beer garden, grilling stations and a fire pit. L Seven also features a resident lounge and coworking space that Waterton will upgrade with various nooks and areas for increased privacy for remote workers. Additionally, Waterton will institute a light value-add program focused on enhancing underutilized amenity spaces while prolonging the life of the asset.

September 20, 2024

Acquisitions Industrial Texas

Alterra IOS Acquires Five-Acre Site in Pasadena, Texas

by Taylor Williams September 20, 2024

PASADENA, TEXAS — Alterra IOS has acquired a five-acre industrial outdoor storage site in the eastern Houston suburb of Pasadena. The site at 5100 Underwood Road currently houses 57,500 square feet of warehouse space and was acquired off-market via a sale-leaseback with the seller and tenant, an undisclosed national industrial chemical cleaning company. The sale-leaseback agreement spans 10 years and also includes two other properties.

September 20, 2024

Acquisitions Retail Texas

STRIVE Arranges Sale of 10,157 SF Retail Strip Center in Princeton, Texas

by Taylor Williams September 20, 2024

PRINCETON, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of Victory Shops at Princeton, a 10,157-square-foot retail strip center located northeast of Dallas. The center was fully leased at the time of sale to tenants such as Dunkin’ and Jersey Mike’s. Hudson Lambert and Jennifer Pierson of STRIVE represented the seller, a local developer, in the transaction and procured the out-of-state buyer.

September 20, 2024

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $42M Sale of Multifamily Community in Louisville, Colorado

by Amy Works September 20, 2024

LOUISVILLE, COLO. — Pinnacle Real Estate Advisors has arranged the $42 million sale of Delo Apartments, a multifamily property located at 1140 Cannon St. in Louisville. Situated roughly 21 miles north of Denver and nine miles east of Boulder, Delo Apartments offers 130 apartments. Michael Krebsbach and Kenny Clarke of Pinnacle represented the buyer and seller in the off-market transaction. Both parties requested anonymity.

September 20, 2024

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