ALEXANDRIA, VA. — Terreno Realty Corp. has purchased a four-building industrial portfolio located at 6584-6674 Fleet Drive in Alexandria for $84.3 million. Situated on 19.1 acres near the intersection of I-95/395 and I-495 (Capital Beltway), the portfolio spans 357,000 square feet across four separate distribution centers. The buildings were fully leased to 21 tenants at the time of sale, with all leases expiring by 2031. The property features 67 dock-high doors, 38 grade-level loading positions and parking for 580 vehicles. The seller was not disclosed.
WHARTON, N.J. — CBRE has arranged the sale of an industrial development site at 100 E. Dewey Ave. in the Northern New Jersey community of Wharton. Thomas Mallaney and Denise Kokulak of CBRE represented the buyer, a partnership between Commercial Realty Group and North Jersey Development Group, in the transaction. NAI Hanson represented the seller, Air Products and Chemicals Inc. The new ownership plans to construct a 95,000-square-foot building with a clear height of 28 feet, with construction beginning in the coming weeks.
PLAINFIELD, ILL. — Wingspan Development Group has sold Sixteen30, a 284-unit luxury multifamily property in Plainfield, about 40 miles southwest of Chicago. Continental Properties was the buyer. The sales price was roughly $78 million, according to CoStar. Located at 14750 Wallin Drive and opened in August 2021, Sixteen30 features eight garden-style buildings surrounding a 7,500-square-foot clubhouse and pool. Designed by Eleni Interiors, the clubhouse features a great room, coffee bar, fitness center, yoga studio, coworking space, demonstration kitchen, pet spa and package room. Units range from 600 to 1,500 square feet. Sixteen30 was 95 percent occupied at the time of sale. The acquisition marks the 10th community in Illinois for Continental Properties.
BLAINE, MINN. — CBRE has brokered the sale of Berkshire Central, a 191-unit apartment complex in Blaine, a northern suburb of Minneapolis. The sales price was undisclosed. Built in 2017, the property features a range of studio, one- and two-bedroom units averaging 889 square feet. Amenities include a lounge, kitchen, garden, fitness center, yoga studio and pool. Keith Collins, Ted Abramson and Abe Appert of CBRE represented the seller, BMIRF Central LLC. Sentinel Management Co. was the buyer.
CHICAGO — Stream Realty Partners has negotiated the sale of 400 South Jefferson, a 247,000-square-foot office building in Chicago’s West Loop. The eight-story property is located at the intersection of Jefferson and Van Buren streets. Originally constructed in 1946 for the Newman-Rudolph Lithographing Co., the building underwent extensive renovations in 2013. Amenities include a town hall space, in-building parking for 80 cars, a rooftop deck, lounge and locker rooms. Mark Bâby and Patrick Russo of Stream represented the seller, Office Properties Income Trust. Jeff Skender and Craig Cassell of Cushman & Wakefield represented the buyer, The Chicago School. The RMR Group was the property manager.
MINNESOTA AND WISCONSIN — Transwestern Real Estate Services has arranged the sale of a three-property medical office portfolio totaling 50,853 square feet in Minnesota and Wisconsin. The sales price was undisclosed. The first building is 2380 Rosemary Way in Lino Lakes, Minn. The property totals 12,411 square feet. The second asset is 525 N. Knowles Ave. in New Richmond, Wis. The building totals 19,537 square feet. Also in the portfolio is 2950 Curve Crest Blvd. in Stillwater, Minn. The property totals 18,905 square feet. All of the buildings are fully leased. Frank Richie, Mike Salmen and Erik Coglianese of Transwestern represented the buyer, Hammes Partners. Dean Williamson and Ross Hedlund of Frauenshuh Inc. represented the seller on an internal basis.
SALT LAKE CITY — Cushman & Wakefield has arranged the sale of Mountain View Industrial Park Building B, an industrial property in Salt Lake City. Terms of the transaction were not released. Situated on 10.3 acres, the 179,400-square-foot Building B features 32-foot clear heights, 4,000 amps of power, off-dock trailer parking and abundant loading. WALT fully occupies the property. Building B is part of a larger industrial project known as Mountain View Industrial Park, which comprises three buildings totaling 1.25 million square feet. Jeff Chiate, Jeff Cole, Rick Ellison, Will Strong, Matt Leupold, Tom Freeman, Travis Healey, Jeremy Terry, Rob Rubano and Brian Share of Cushman & Wakefield’s National Industrial Advisory Group West team led the transaction.
CORONA, CALIF. — Pacific Petroleum Inc. has acquired Main Street Village, a retail center in Corona, from LJZ Corona LLC for $7.8 million. Located at 135, 175 and 265 E. Ontario Ave. in the Inland Empire, Main Street Village features 20,000 square feet of retail space. Alan Krueger and Vanessa Haddad of CBRE represented the all-cash buyer and the seller in the deal.
HOUSTON — Dallas-based Apricus Realty Capital has acquired an eight-acre industrial outdoor storage site in northeast Houston. The site at 9987 Wallisville Road is a fully fenced truck parking facility that houses 9,000 square feet of warehouse space and 2,000 square feet of office space, according to LoopNet Inc. Matt Haley, Garrett Marler and Cort Martin internally represented Apricus Realty, which acquired the property in partnership with ABR Capital, in the transaction. The seller and sales price were not disclosed.
ROSEMONT, ILL. AND HOLLAND, MICH. — Wintrust Financial Corp. (NASDAQ: WTFC) and Macatawa Bank Corp. (NASDAQ: MCBC) have entered into a definitive merger agreement for Wintrust to acquire Macatawa in an all-stock transaction valued at $510.3 million. Macatawa is the parent company of Macatawa Bank, a Michigan state-chartered bank that is headquartered in Holland, Mich., and operates a network of 26 full-service branches. Macatawa, which was founded in 1997, had approximately $2.7 billion in assets, $2.4 billion in deposits and $1.3 billion in loans as of Dec. 31. The purchase price of $14.85 per share represents a nearly 50 percent premium to Macatawa’s closing stock price on Monday, April 15. The transaction is subject to approval by banking regulators, approval of Macatawa’s shareholders and other customary closing conditions. The transaction is expected to close in the second half of 2024. Rosemont, Ill.-based Wintrust, which maintains approximately $57 billion in assets, operates 15 community bank subsidiaries with over 170 banking locations in the greater Chicago and southern Wisconsin markets.