CHICAGO — Greenstone Partners has brokered the sale of a flex industrial property in Chicago’s Irving Park neighborhood for nearly $17 million. Located at 3800 N. Milwaukee Ave., the 128,222-square-foot facility features a diverse tenant mix, including a daycare, multiple indoor sports facilities and an auto-related office and service operator. At the time of sale, the property was 98 percent leased. Danny Spitz and Brewster Hague of Greenstone represented the seller and procured the buyer, an Illinois-based private equity group.
Acquisitions
HOUSTON — JLL has brokered the sale of a portfolio of three industrial properties in Houston: Central Green Corporate Center (516,134 square feet), North Houston Logistics Center Building G (351,400 square feet) and West Little York (153,188 square feet). Known as the NxNW Houston Class A Logistics Portfolio by virtue of the properties’ locations on the city’s north and northwest sides, the approximately 1 million-square-foot portfolio comprises six buildings with an average vintage of 2016 and clear heights that range from 26 to 36 feet. Trent Agnew, Charlie Strauss, Lance Young, Brooke Petzold and Dawson Hastings of JLL represented the undisclosed seller in the transaction. The buyer was a fund backed by Ares Management Corp. The portfolio was 95 percent leased to 10 tenants at the time of sale.
DENTON, TEXAS — Mexico-based investment firm Vazma Capital has purchased a 73,104-square-foot industrial building in the North Texas city of Denton. The building at 2801 N. I-35 was built in 1979 and was formerly occupied by the seller, food and beverage distributor Ben E. Keith Co. Andrew Clark of Bradford Commercial Real Estate Services represented the buyer, which plans to use the building to expand its auto parts distribution network, in the transaction. David Walters and Brice Wells of CBRE represented the seller.
NEW YORK CITY — Newmark has brokered the $425 million sale of The Shops at Skyview, a 555,000-square-foot grocery-anchored retail center located in the Flushing neighborhood of Queens. Anchored by BJ’s Wholesale Club and Sky Foods, The Shops at Skyview was 97 percent leased at the time of sale. Additional tenants include Target, Nordstrom Rack, Bath & Body Works, Burlington, Adidas, Converse, Marshalls, Foot Locker, Old Navy, Sephora and Swarovski. Adam Spies, Adam Doneger, Conor Lalor and Ben Lushing of Newmark represented the seller, Perform Properties, in the transaction. Jordan Roeschlaub, Nick Scribani, John Caraviello and Tim Polglase, also with Newmark secured a $289 million acquisition loan through Mizuho on behalf of the buyer, a joint venture between Acadia Realty Trust and TPG Real Estate.
MAPLE GROVE, MINN. — CBRE has arranged the sale and acquisition financing for a 255,501-square-foot, two-property industrial portfolio in Maple Grove. Enclave purchased the portfolio from Artis REIT for $25.5 million. CBRE’s Judd Welliver, Bentley Smith, Zach Graham, Ryan Bain, Michael Caprile and Joe Horrigan represented the seller. CBRE’s Joel Torborg, Mike Vannelli and Billy Mork arranged a $15 million loan with a fixed interest rate and interest-only payments through a life insurance company. Located at 9200 Forestview Lane North and 9155 Cottonwood Lane, the properties are currently fully leased to two tenants.
WINNETKA, ILL. — SVN Chicago Commercial has negotiated the sale of a multi-parcel assemblage anchored at 911 Green Bay Road in the Chicago suburb of Winnetka, creating a mixed-use redevelopment opportunity in the city’s Hubbard Woods business district. The assemblage includes 1007 Tower Court, 911-913 Green Bay Road, 907-909 Green Bay Road and 901-905 Green Bay Road. John Joyce and Steven Hirsch of SVN Chicago brokered the transaction. One of the four properties sold was the last industrial-zoned parcel in Winnetka, marking a pivotal shift in land use. According to SVN, the last major redevelopment in the Hubbard Woods business district occurred in 1980 with McDonald’s. In recent years, the village has completed streetscape and infrastructure improvements, rebranding the corridor as the Hubbard Woods Design District. The assemblage required four coordinated sales across multiple ownership groups and legal teams. SVN was the only broker involved and has been retained to market the retail component of the redevelopment.
PORT WASHINGTON, WIS. — The Barry Co. has brokered the sale of a 23,267-square-foot industrial building with a separate 4,800-square-foot outbuilding in Port Washington. David Buckley of Barry represented the seller, while Mark Gorski of Summit Commercial Real Estate represented the buyer, Gurtz Electric of Port Washington LLC. Dr. Ag Services Inc. had previously bought the building in April 2024 and completed a strategic repositioning, increasing the property value by about 48 percent when sold again after 18 months.
MAITLAND, FLA. — Bell Partners has purchased Trelago, a 350-unit apartment community located at 601 Trelago Way in Maitland, about nine miles north of Orlando. The Greensboro, N.C.-based investment firm has rebranded the property as Bell Trelago. Bell Partners purchased the community on behalf of the company’s Bell Growth & Income Fund from the undisclosed seller. Walker & Dunlop brokered the transaction. The sales price was not disclosed. Built in 2019, Bell Trelago is situated on 20 acres and offers views of Lake Hope. Amenities include a resort-style pool and pool deck, fitness center and lakefront amenities. The property is part of the 135-acre Trelago mixed-use project that will feature a Trader Joe’s grocery store.
CLARKSVILLE, TENN. — The Dowd Cos. has brokered the $5.6 million sale of Clarksville Square, an 89,924-square-foot shopping center located at 1041 Riverside Drive in Clarksville, approximately 50 miles north of Nashville. John Dowd and Theresa Johnson of Dowd Cos. represented the undisclosed seller in the transaction. The buyer was a locally based investor. Built in 1967, Clarksville Square was fully leased at the time of sale to tenants including Dollar Tree, Big Lots and Farmers Home Furniture. The shopping center includes a retail outparcel leased to O’Reilly’s Auto Parts that was included in the sale.
JPI Closes on Development Site for 394-Unit Multifamily Project in Murrieta, California
by Amy Works
MURRIETA, CALIF. — JPI has closed on Parcel A at the intersection of Jefferson Avenue and Murrieta Hot Springs Road in Murrieta for the development of a multifamily property. Slated for delivery in second-quarter 2028, the four-story, garden-style community will feature 394 one-, two- and three-bedroom apartments, a fitness center with indoor workout space and stretching room, resident clubhouses and a covered logia with various lounge spaces, TVs and games. Additional amenities will include swimming pools, a lap pool, two hot tubs, multiple private cabanas, an outdoor kitchen with barbecues, outdoor fireplaces, community co-workspace, a pet spa, a large dog park, bicycle storage and repair space and electric vehicle parking.