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Acquisitions

AcquisitionsIllinoisIndustrialMidwest

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

by Kristin Harlow

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.

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AcquisitionsKansasMidwestRetail

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

by Kristin Harlow

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.

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AcquisitionsMidwestMultifamilyWisconsin

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

by Kristin Harlow

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.

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AcquisitionsMultifamilyTexas

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

by Taylor Williams

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.

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AcquisitionsIndustrialTexas

M2G Ventures Fund Buys 150,000 SF Industrial Portfolio in Southwest Dallas

by Taylor Williams

DALLAS — Grey Swan I, a general partner equity fund backed by North Texas-based development and investment firm M2G Ventures, has purchased a two-building, 150,000-square-foot industrial portfolio in southwest Dallas. The multi-tenant, shallow-bay buildings are situated on a seven-acre site at 4647 Mint Way. According to LoopNet Inc., the site is located within Mint Way Business Park, and the buildings were constructed in 1975 and feature 20-foot clear heights. Chase Miller of NAI Robert Lynn represented M2G Ventures in the transaction. The seller and sales price were not disclosed.

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AcquisitionsIndustrialLee & AssociatesTexas

Alterra IOS Acquires Two Sites Totaling 7.2 Acres in Baytown, Texas

by Taylor Williams

HOUSTON — Alterra IOS has acquired two industrial outdoor storage sites totaling 7.2 acres in the eastern Houston suburb of Baytown. The sites at 8121 and 8223 Parkside Ave. are located within Bay 10 Business Park and house a combined 50,000 square feet of warehouse space. Lee & Associates brokered the sale. The seller and sales price were not disclosed. Alterra IOS plans to make capital improvements into the sites, including adding speculative office space and a reinforced concrete yard at 8121 Parkside.

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AcquisitionsDevelopmentGeorgiaRetailSoutheast

Gwinnett County Acquires 23-Acre Macy’s Site at Gwinnett Place Mall in Metro Atlanta

by John Nelson

DULUTH, GA. — Gwinnett County’s Urban Redevelopment Agency has acquired a Macy’s department store and furniture store at Gwinnett Place Mall, a beleaguered regional shopping mall in the northeast Atlanta suburb of Duluth. In 2021, the county initially purchased a 39-acre portion of the Gwinnett Place Mall site, and with this 23-acre acquisition, will own a total 76 acres. The mall originally opened in 1984. Gwinnett County’s Urban Redevelopment Agency purchased the two Macy’s stores, which span 293,059 square feet, in a sale-leaseback with the New York-based retail giant. Macy’s will continue to operate the two stores through early 2025. The county purchased the stores for $16.5 million and will issue bonds to finance the transaction, which is expected to close in November. “The acquisition of the Macy’s site marks a pivotal step forward in the redevelopment of Gwinnett Place Mall, setting the stage for Gwinnett County to establish a national — and possibly international — model for equitable and impactful transformation,” says Nicole Love Hendrickson, Gwinnett County chairwoman. “This redevelopment will be a catalyst for change, creating transformative opportunities that enhance property values, align with neighboring investments and drive growth for a new generation of entrepreneurs, residents and local …

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AcquisitionsRetailSoutheastUncategorizedVirginia

Cushman & Wakefield Brokers Sale of 397,605 SF Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of White Oak Village Center, a 397,605-square-foot shopping center located at 4501-4591 S. Laburnum Ave. in Richmond. Pennsylvania-based Triple BAR Group acquired the property, which was 94 percent leased at the time of sale, from an undisclosed seller. The sales price was also not disclosed. Publix, Michaels, PetSmart and JCPenney anchor the center. John Owendoff of Cushman & Wakefield, along with Catharine Spangler of Cushman & Wakefield | Thalhimer, represented the seller in the transaction.

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AcquisitionsDevelopmentHealthcareNorth CarolinaOfficeSoutheastUncategorized

Flagship Acquires Former Verizon Office Building in Wilmington, Plans Conversion to Healthcare Campus

by John Nelson

WILMINGTON, N.C. — Flagship Healthcare Properties has purchased a 153,526-square-foot office building located at 3601 Converse Road in Wilmington. The Charlotte-based company acquired the property through Flagship Healthcare Trust for an undisclosed price. The seller was also not disclosed. The three-story office building was built as a single-tenant property and was formerly home to Verizon Wireless. Flagship is underway on the conversion of the office building into an outpatient healthcare campus dubbed Flagship Medical Plaza. Novant Health has signed a lease to occupy two floors at the project beginning in 2025. The tenant’s planned services at the clinic will include specialized physicians, lab services, imaging and infusion therapy, according to Ernie Bovio, president of Novant’s coastal region. Novant operates the Novant Health New Hanover Regional Medical Center hospital, which is located two miles from Flagship Medical Plaza.

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AcquisitionsLoansMultifamilySoutheastTennessee

Colliers Mortgage Provides $9.5M Agency Acquisition Loan for East Memphis Apartment Community

by John Nelson

MEMPHIS, TENN. — Colliers Mortgage has provided a $9.5 million Fannie Mae loan for the acquisition of Oak Grove Flats, a 163-unit apartment community located at 595 Cadraca Drive in east Memphis. The garden-style property features one-, two- and three-bedroom apartments and features onsite laundry facilities and property management, according to Apartments.com. Randy Engel of Colliers Mortgage’s Memphis office originated the agency loan on behalf of the borrower, an undisclosed sponsor that is a repeat client of Colliers Mortgage.

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