Acquisitions

GPI Purchases 292-Unit Lofts at NoHo Commons Apartments in Los Angeles

by Amy Works September 20, 2024

LOS ANGELES — GPI Cos. has acquired The Lofts at NoHo Commons, a Class A multifamily property in the North Hollywood neighborhood of Los Angeles. Terms of the transaction were not released. The transit-oriented, mixed-used property was originally built in 2006 and extensively renovated in 2017. The Lofts at NoHo Commons’ 292 apartments offer 11-foot to 14-foot ceilings and open floorplates. Community amenities include outdoor space, open-air corridors and a large amenity deck. GPI Cos. has tapped South Carolina-based Greystar to manage the property.

September 20, 2024

Bldg-C-Madison-Logistics-Center-Nampa-ID

Acquisitions Idaho Industrial Western

LDK Ventures Disposes Portion of Madison Logistics Center in Nampa, Idaho for $21M

by Amy Works September 20, 2024

NAMPA, IDAHO — LDK Ventures has completed the disposition of Building C at Madison Logistics Center in Nampa to Marlay Partners for $21 million. The facility sits approximately 21 miles west of Boise, Idaho via I-84. Building C is one of the industrial park’s three 115,008-square-foot buildings, which in total offer 345,024 square feet of industrial space. At the time of sale, Building C was fully occupied by tenants including a Fortune 50 retailer, UTZ Quality Foods and Carroll’s. Madison Logistics Center features 32-foot warehouse clear heights, an ESFR sprinkler system, ample dock doors, trailer parking stalls and roofing prepped for solar panels.

September 20, 2024

Acquisitions California Office Western

RMR Group Sells 64,000 SF R&D Office Building in Silicon Valley

by Amy Works September 20, 2024

SAN JOSE, CALIF. — The RMR Group has completed the disposition of a research and development (R&D) office building in San Jose. A confidential buyer acquired the Silicon Valley asset for $10.8 million. Situated on 4.2 acres at 3939 N. First St., the 64,000-square-foot building features modernized interiors, including a lobby, tenant spaces, kitchen/breakroom area and extensive lab infrastructure. Additionally, the building offers 3,000 amps of power and rear-covered dock loading. Joe Moriarty, Michael Taquino, Kyle Kovac, Bob Steinbock and Kati Thabit of CBRE represented the seller in the deal.

September 20, 2024

Acquisitions Florida Retail Southeast

SRS Brokers $8M Sale of New Retail Strip Center in Davenport, Florida

by John Nelson September 20, 2024

DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $8 million sale of Legacy Shoppes, a 10,744-square-foot, multi-tenant strip retail center located at 942 Heritage Pass in Davenport. Patrick Nutt and William Wamble of SRS represented the seller, a private development firm based in Florida, in the transaction. The buyer was a private investor that is also based in Florida. Legacy Shoppes was fully leased at the time of sale to three tenants — Another Broken Egg, Orlando Health and Encore Nails — all of which have 10-year triple-net leases in place. The property was delivered earlier this year and sits on a 3.4-acre site roughly 26 miles southwest of Orlando.

September 20, 2024

Acquisitions Mississippi Multifamily Southeast

Marcus & Millichap Arranges Sale of 56-Unit Apartment Community in Ocean Springs, Mississippi

by John Nelson September 20, 2024

OCEAN SPRINGS, MISS. — Marcus & Millichap has arranged the sale of Dominion Apartments, a 56-unit community located at 310 Holcomb Blvd. in Ocean Springs, a little over four miles east of Biloxi. Built in 2008, Dominion Apartments sits on 3.1 acres and features a mix of one-, two- and three-bedroom floor plans. The property represents the first Mississippi acquisition for the buyer, 3H Management. Preston Cooper and Matt Smith of Marcus & Millichap’s Birmingham office represented the seller, Hattiesburg, Miss.-based Dearman Properties, in the transaction. Mickey Davis served as Marcus & Millichap’s broker of record for Mississippi in the deal.

September 20, 2024

Acquisitions Illinois Industrial Midwest

JLL Negotiates Sales of Two Industrial Buildings Totaling 335,806 SF in Metro Chicago

by Kristin Harlow September 20, 2024

CAROL STREAM AND ELMHURST, ILL. — JLL Capital Markets has negotiated the sales of two Class A industrial assets in Chicago’s North DuPage County submarket for undisclosed prices. Carol Stream Logistics Center in Carol Stream totals 185,796 square feet, while I-290 Distribution Center in Elmhurst spans 150,010 square feet. Kurt Sarbaugh, Ed Halaburt, Sean Devaney and John Huguenard of JLL represented the seller in both transactions. Brian Walsh, Lucas Borges and Matt Stewart of JLL arranged acquisition financing through a life insurance company for I-290 Distribution Center. Constructed in 2020, Carol Stream Logistics Center features a clear height of 32 feet, 190-foot truck court depth, full concrete parking lots, ESFR fire protection and ample trailer parking capacity. The building, situated in the Carol Point Business Center, is fully leased to a single tenant with approximately five years of lease term remaining. Prologis was the buyer. The I-290 Distribution Center, completed in 2022, features a clear height of 32 feet, separate ingress/egress for truck and car traffic, ESFR fire protection, LED motion sensors, a 130-foot truck court, 15 dock-high doors and 138 parking spaces. The property is fully leased to a global packaging manufacturing company.

September 20, 2024

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of Three-Building Industrial Portfolio in Bolingbrook, Illinois

by Kristin Harlow September 20, 2024

BOLINGBROOK, ILL. — Colliers has brokered the sale of a three-building industrial portfolio totaling 187,485 square feet in the Chicago suburb of Bolingbrook for an undisclosed price. The properties are located on Territorial Drive within the heart of the I-55 Corridor, which links the Joliet intermodal yards to metro Chicago. The buildings are fully leased to two tenants with a weighted average lease term just under two years. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, an institutional real estate investor. The buyer was an institutional real estate private equity fund.

September 20, 2024

Acquisitions Kansas Midwest Retail

Block & Co. Sells 46,538 SF Former Best Buy Building in Kansas City to Planet Fitness

by Kristin Harlow September 20, 2024

KANSAS CITY, KAN. — Block & Co. Inc. Realtors has sold a 46,538-square-foot retail building formerly occupied by Best Buy in Kansas City for an undisclosed price. The property at 10500 Parallel Parkway sits on four acres within the 850,000-square-foot Plaza at the Speedway shopping center. Planet Fitness plans to utilize approximately 25,000 square feet of the building with remaining space available for lease. Construction is slated to begin immediately. Block & Co. headed the shopping center investment group that originally developed Plaza at the Speedway, which included the Best Buy building. The Best Buy property was sold to a national company and then repurchased by a Block & Co.-headed investment group in 2020. David Block, Max Kosoglad and Alex Block represented Block & Co. on an internal basis in the sale to Planet Fitness.

September 20, 2024

Acquisitions Midwest Multifamily Wisconsin

Marcus & Millichap Negotiates Sale of 87-Unit Southport Apartments in Milwaukee

by Kristin Harlow September 20, 2024

MILWAUKEE — Marcus & Millichap has negotiated the sale of Southport Apartments in Milwaukee for an undisclosed price. The 87-unit multifamily property is located at 2536 W. Warnimont Ave. and features a mix of one- and two-bedroom floor plans. Matthew Whiteside of Marcus & Millichap represented the sellers, Devo Southport LLC and 905 East Meinecke Ave LLC, and procured the buyer, 3 Sharks Properties LLC. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction. The buyer plans to enhance units and common areas.

September 20, 2024

Acquisitions Multifamily Texas

IPA Negotiates Sale of 206-Unit Grand Riviera Apartments in Irving

by Taylor Williams September 19, 2024

IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Grand Riviera, a 206-unit apartment complex in Irving. The property was built in 1972 and offers one-, two- and three-bedroom units with an average size of 1,113 square feet. Amenities include two pools, outdoor grilling and dining stations, a clubhouse and a dog park. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and William Hubbard of IPA represented the seller, Eagle Property Capital, in the transaction and procured the buyer, Lone Star Capital.

September 19, 2024

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