BARTLETT, ILL. — Brown Commercial Group has negotiated a land sale that will bring a new 166,573-square-foot industrial building to Bartlett in suburban Chicago. The project on the southeast corner of Kenyon Road and Illinois Route 25 will support warehousing, distribution or e-commerce tenants. Dan Brown of Brown Commercial Group represented Cratos Industrial in the acquisition. The project team includes Cornerstone Architects and DSI Group. The project will be divisible by three units of 45,000 to 65,000 square feet. Plans call for a clear height of 32 feet, 36 exterior truck docks, three-drive in doors and 202 parking spaces. Occupancy is slated for 2025.
DELAWARE, OHIO — Marcus & Millichap has brokered the sale of Premier Storage of Delaware, a 489-unit self-storage property in Delaware near Columbus. The sales price was undisclosed. The facility offers a mix of climate-controlled units, non-climate-controlled units and parking options across 68,053 square feet. Originally built in 1999 with an expansion in 2024, the asset spans a nearly 11-acre lot with room for additional growth. Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap represented the undisclosed seller and procured the local buyer. Michael Glass, broker of record in Ohio, assisted in the transaction.
LACEY, WASH. — Glencrest Group has purchased Meadowscape Apartments in Lacey for $40.9 million. The property was acquired as part of the bankruptcy proceedings of Tacoma-based Harbor Custom Development. Located at 7641 3rd Way SE, Meadowscape features 177 units in a mix of studio, one- and two-bedroom apartments with high ceilings, modern finishes, in-unit laundry and private patios and balconies. Community amenities include a heated pool, barbecue area, dog run and oversized clubhouse with fitness center, entertainment lounge, business center and package lockers. At the time of sale, Meadowscape was 50 percent leased.
SANDY, UTAH — Pacific Retail Capital Partners (PRCP) has completed the sale of The Shops at South Town in Sandy to Smith Entertainment Group (SEG) for an undisclosed price. SEG plans to develop a state-of-the-art practice and training facility for its incoming National Hockey League franchise on the 111-acre site to create a mixed-use destination. PRCP plans to use the proceeds from the sale to pay off the outstanding balance of the loan in full and reinvest elsewhere in its portfolio. PRCP will continue to manage and lease The Shops at South Town to ensure continuity with the ownership transition and minimize disruption for consumers. PRCP will lead SEG’s leasing efforts for The Shops at South Town, in partnership with Woodley Real Estate.
GREAT FALLS, MONT. — SSG Realty Partners and Hanley Investment Group Real Estate Advisors have arranged the sale of Westwood Plaza, a regional shopping center in Great Falls. A Michigan-based private investor sold the asset to an East Coast-based private investment firm for an undisclosed price. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners, Bill Asher and Beau Velten of Hanley Investment Group and Scott Reid of ParaSell Inc. represented the seller, while the buyer was self-represented in the transaction. Built in 2017, Westwood Plaza features 69,909 square feet of fully occupied retail space. Current tenants include TJ Maxx, Staples, Dollar Tree, ULTA Beauty and Mattress Firm. The asset is located at 135-209 Northwest Bypass.
LA HABRA, CALIF. — Marcus & Millichap has brokered the sale of Harbor West Medical Plaza, an office property located at 860 E. La Habra Blvd. in the Orange County city of La Habra. An undisclosed seller sold the asset to a private investor for $1.8 million. The two-story Harbor West Medical Plaza features 12,760 square feet of medical and professional office space with 22 suites, most of which were occupied at close of escrow. Alex Mobin and Greg Bassirpou of Marcus & Millichap’s Orange County office represented the seller in the deal.
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Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M
CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …
DULUTH, MINN. — Standard Communities led a public-private partnership in acquiring Lenox Place Apartments in Duluth, an eastern Minnesota city along Lake Superior. The transaction is capitalized at $37.1 million. Built in 1980 and located at 701 W. Superior St., the affordable housing property features 152 units. There are 143 one-bedroom units and nine two-bedroom residences for seniors and individuals with disabilities. Standard will extend the affordability of Lenox Place Apartments for 30 years, with resident income restricted to 60 percent of the area median income. Funding for the acquisition included Low-Income Housing Tax Credits secured through the Minnesota Housing Finance Agency, and the Housing Redevelopment Authority of Duluth issued tax-exempt bonds. Huntington Bank provided the tax credit equity. Standard will significantly renovate the 14-story property at a cost of approximately $12 million. Residents will not be relocated during the renovations.
BELVIDERE, ILL. — MAG Capital Partners has purchased a 336,204-square-foot manufacturing facility in Belvidere near Rockford for an undisclosed price. Located at 775 Logistics Drive and built in 2017, the property was designed for heavy manufacturing needs and features clear heights ranging from 27 to 35 feet, 24 fully equipped raised docks and three grade-level doors. Upon closing, Piranha, a manufacturer and assembler of metal cutting, fabrication and bending equipment, signed a long-term lease for the space. MAG Capital Partners, led by principals Dax Mitchell and Andrew Gi, invests in industrial real estate and operating companies throughout the continental U.S. JC Asensio, Andrew Sandquist and Briggs Goldberg of Newmark represented the seller, STAG Industrial Holdings LLC.
HOUSTON — Austin-based Capital Commercial Investments has purchased The Offices at Greenhouse, a 203,284-square-foot office complex located in the Energy Corridor area of West Houston. The property offers a conference center, tenant lounge, outdoor green space, bike storage space and onsite car wash/detailing services. Capital Commercial plans to upgrade certain areas of the property and has tapped Transwestern as the leasing agent. The seller and sales price were not disclosed.