Acquisitions

Legacy Realty Negotiates Sale of 132,737 SF Shopping Center in Enterprise, Alabama

by John Nelson June 17, 2025

ENTERPRISE, ALA. — Legacy Realty Group has negotiated the sale of Westgate Shopping Center, a 132,737-square-foot shopping center located in Enterprise, roughly 30 miles east of Dothan. Piggly Wiggly anchors the center, which features a mix of additional tenants including Petsense, H&R Block, Rituals Salon & Day Spa, Rent-A-Center, Metro by T- Mobile, Beef ‘O’ Brady’s and Yancey Parker’s. Built in 1966, the property is situated on 6.4 acres, according to LoopNet. Jacob Baruch, Daniel Baruch and Ari Warshaw of Legacy Realty Group Advisors represented the buyer in the transaction. Pat Leggett of Century 21 Regency Realty represented the seller.

June 17, 2025

Acquisitions California Restaurant Retail Western

Goodyear Investments Acquires 10,513 SF Retail Property in West Hollywood

by Amy Works June 17, 2025

WEST HOLLYWOOD, CALIF. — Goodyear Investments, a private investor, has purchased The Shops at Hancock Lofts, a retail condominium property in West Hollywood, from an institutional owner for $13 million. Located at 8759, 8761 and 8763 Santa Monica Blvd., The Shops at Hancock Lofts features 10,513 square feet of fully leased retail space and a parking garage. Current tenants include Tender Greens, Thirty-2 Dentistry and Crossroads Trading. Patrick Wade and Alex Kozakov of CBRE represented the seller in the transaction.

June 17, 2025

Acquisitions California Retail Western

Tova Capital, Shopton Capital Buy Retail Building in Santa Monica, California for $5.5M

by Amy Works June 17, 2025

SANTA MONICA, CALIF. — A joint venture between Tova Capital and Shopton Capital has acquired a freestanding retail property located on a 15,000-square-foot corner lot at 801-805 Wilshire Blvd. in Santa Monica. The asset traded for $5.5 million. Originally developed in 1981, the single-story building offers 7,500 square feet of retail space. At closing, the property was 40 percent leased to Commercial Bank of California. The joint venture plans to make upgrades to the property including a new storefront, exterior lighting upgrades, paint and facade enhancements to lease vacancy and stabilize the asset. Luc Hawkshaw, Eric Mandell and Jeffrey Ahn of Ally Commercial represented the buyers in the deal. The name of the seller was not released. Ryan Gurman of CBRE has been retained to handle leasing activities at the property.

June 17, 2025

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates Sale of 249-Unit Apartment Complex in Westborough, Massachusetts

by Taylor Williams June 17, 2025

WESTBOROUGH, MASS. — CBRE has negotiated the sale of Parc Westborough, a 249-unit apartment complex located about 35 miles west of Boston. The four-story building was constructed in 2016 and offers one-, two- and three-bedroom units with an average size of 1,008 square feet. Amenities include a pool, fitness center and outdoor grilling and dining stations. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, Utah-based Cottonwood Residential, in the transaction. CBRE also procured the buyer, an undisclosed institutional investor.

June 17, 2025

Acquisitions Arizona Industrial Western

Industrial Outdoor Ventures Purchases 4.4-Acre Storage Site in Phoenix

by Amy Works June 17, 2025

PHOENIX — Industrial Outdoor Ventures (IOV) has completed its seventh acquisition in Phoenix with the purchase of 2115 S. 16th St., a 4.4-acre site in Phoenix. Situated one mile from Sky Harbor International Airport, the site features six maintenance and office buildings totaling 33,266 square feet. The six structures offer high-clearance maintenance bays, lower clearance shop space, will-call areas and several dedicated offices. Currently the property is leased to Action Scaffolding, a regional construction support firm utilizing the site for equipment storage, scaffold fabrication and its headquarters, and Johnson Controls, a global building systems and HVAC company. Terms of the acquisition were not disclosed.

June 17, 2025

Acquisitions Colorado Retail Western

SRS Real Estate Negotiates $3.6M Ground Lease Sale of Fuel Center in Aurora, Colorado

by Amy Works June 17, 2025

AURORA, COLO. — SRS Real Estate Partners has negotiated the ground lease (land ownership) sale of a retail property in Aurora. A Denver-based private investor acquired the asset from a national REIT for $3.6 million. Built in 2024, the 1,000-square-foot property is occupied by a King Soopers fuel center on a new 20-year corporate-guaranteed lease from parent company, The Kroger Co. The property is an outparcel to Arapahoe Crossings, a 528,000-square-foot power center anchored by King Soopers. Patrick McGlinchey, Brian Wolfman, Justin Gregory and Erik Christopher of SRS Real Estate represented the seller in the deal.

June 17, 2025

Acquisitions Arizona Healthcare Office Western

Cushman & Wakefield | PICOR Brokers $3.1M Sale of Medical Office Building in Tucson, Arizona

by Amy Works June 17, 2025

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 10,405-square-foot medical office building located at 2155 W. Orange Grove Road in Tucson. OGFP Building LLC sold the asset to The Kenneth M. Phrang & Cynthia L. Phrang Trust for $3.1 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Ryan Gonzales of Marcus & Millichap represented the buyer in the deal.

June 17, 2025

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $7M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams June 17, 2025

NEW YORK CITY — Marcus & Millichap has brokered the $7 million sale of an 8,282-square-foot multifamily development site in Brooklyn’s Prospect Heights neighborhood. The site at 918 Atlantic Ave. currently houses a car wash and can support 59,630 buildable square feet as of right and up to 74,538 buildable square feet with inclusionary housing bonus. Andrew Bronsteen, Shaun Riney and Jason Farese of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors, in the transaction.

June 17, 2025

Acquisitions Indiana Industrial Midwest

Marcus & Millichap Brokers $28M Sale of Carmel Tech Center in Metro Indianapolis

by Kristin Harlow June 17, 2025

CARMEL, IND. — Marcus & Millichap has brokered the $28 million sale of Carmel Tech Center, a three-building, 209,056-square-foot industrial flex portfolio in the Indianapolis suburb of Carmel. The properties include 833-887 Carmel Drive, a 58,430-square-foot building constructed in 1988 and renovated in 2022; 12302-12388 Hancock St., a 74,074-square-foot building completed in 1988 and renovated in 2016; and 12202-12292 Hancock St., a 76,552-square-foot asset constructed in 1988 and renovated in 2004. Anchor tenants across the portfolio include Vantiva, Stryker Orthopaedics, Live Nation, Option Care Health, Securitas Technology, Snap One Partner Store and T2 Systems. Julia Evinger of Marcus & Millichap represented the seller, a national commercial real estate investment and development company, and procured the buyer, a Midwest-based private commercial real estate investment company.

June 17, 2025

Acquisitions Midwest Ohio Retail

Next Realty Sells 67,000 SF Neighborhood Retail Center in Cincinnati

by Kristin Harlow June 17, 2025

CINCINNATI — An affiliate of Next Realty LLC has sold Kings Automall Shopping Center in Cincinnati for an undisclosed price. The asset was part of Next Realty Fund IX LP. The 67,000-square-foot neighborhood retail center sits at the entrance to the Kings Automall corridor, which is home to 14 auto dealerships representing 18 vehicle brands. Next Realty acquired the property in July 2021 and implemented a business plan focused on strengthening tenant retention and improving occupancy. During the time of ownership, Next Realty leased all vacancies and executed several lease extensions. Most recently, LensCrafters, a tenant at the center since 1997, completed a long-term lease renewal. The leasing activity resulted in a 25 percent increase in the property’s net operating income. The buyer was able to assume the in-place financing, which offered more favorable terms than currently available options.

June 17, 2025

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