SCHAUMBURG, ILL. — Matthews Real Estate Investment Services has brokered the $7.8 million sale of a cannabis dispensary occupied by Enlightened Dispensary in the Chicago suburb of Schaumburg. Located at 820 E. Golf Road, the property features a gross leasable area of 9,296 square feet. Enlightened Dispensary, a corporate-backed, multi-state cannabis operator, has 12 years remaining on its lease with two additional five-year options. Alexander Machado, Daniel Gonzalez, Robert Goldberg and Ben Snyder of Matthews brokered the sale. Buyer and seller information was not provided.
COLUMBUS, OHIO — Reynolds Asset Management has purchased Hyde Park Townhomes, a 176-unit multifamily rental property in Columbus. The purchase price and seller were undisclosed. Built in 1974 and located at 5650 Knighthood Lane, the property consists of three-story townhomes and flats that vary between one- and three-bedroom layouts. Joni Sweetwood and Rob Holland of Kislak Co. brokered the sale. Matt Pizzalato, Tom Diddio, Max Custer, Sal Buzzerio and Mike Mataras of JLL arranged acquisition financing through Fannie Mae.
FORT WORTH, TEXAS — Pinnacle Bank has taken back the keys at Burnett Plaza, a 40-story office tower in Fort Worth, via a $12.3 million auction sale, according to reports from multiple news outlets including the Dallas Business Journal and Fox Business. The former publication reports that the previous owner, an affiliate of New York-based investment firm Opal Holdings, bought the building for $137.5 million in 2021 and recently defaulted on a $13 million loan. Fox Business reports that Burnett Plaza, which spans more than 1 million square feet and was originally built in 1983, had a 22 percent vacancy rate as of the first quarter of this year.
HOUSTON — David Z Mafrige Interests (DZMI) has acquired The Tower at 290, a 12-story, 245,846-square-foot office building located near the junction of U.S. Highway 290 and Loop 610 in northwest Houston. The new ownership plans to implement a value-add program and has tapped Stream Realty Partners as the leasing agent. A renovation of the lobby is already underway, and enhancements of various common and amenity spaces are also forthcoming. The seller and sales price were not disclosed.
OKLAHOMA CITY — TruCore Investments, a Tulsa-based firm specializing in Class B industrial deals, has acquired a 142,115-square-foot property in Oklahoma City in a sale-leaseback with an undisclosed tenant. The building sits on 8.5 acres at 13131 Broadway Extension. According to LoopNet Inc., the property was originally built in 1979 and features 22-foot clear heights and 12 dock-high loading doors. Rusty Smith and Allan Meadors of Cushman & Wakefield brokered the deal. TruCore plans to implement a value-add program.
EAST SETAUKET, N.Y. — New York City-based Brixmor Property Group has acquired West Center, a 41,920-square-foot shopping center located in East Setauket on Long Island. The site along State Route 25A is adjacent to Brixmor’s Three Village Shopping Center and boasts a daily traffic count in excess of 18,000 vehicles. Grocer Wild by Nature anchors the property. Other tenants include Walgreens, Pure Barre, Starbucks and AT&T. The seller and sales price were not disclosed.
BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $8.9 million sale of Birdseye Apartments, an 81-unit multifamily complex located in the southern coastal Connecticut city of Bridgeport. According to Apartments.com, the property was built in 1962 and offers studio, one- and two-bedroom units. Brad Balletto, Jeff Wright and Rich Edwards of NEPCG represented the seller in the transaction and procured the buyer, SPA Management Group.
CONOVER, N.C. — JLL has arranged the sale of BSN Medical Distribution Facility, a 149,987-square-foot industrial property located at 1011 Keisler Road in Conover, about 44 miles northwest of Charlotte via N.C. Highway 16. Pete Pittroff, Dave Andrews, Josh McArdle, Michael Scarnato and Allan Parrott of JLL represented the seller, Founders Properties LLC, and procured the buyer, Diamond Properties. The sales price was not disclosed. The tenant, BSN Medical Inc., has more than five years of lease term remaining at the facility. The property was renovated in 2009 and features rear- and side-load configurations, 27 dock-high doors and 82 parking spaces spanning 17.2 acres, which provides potential expansion capacity at the site.
KANSAS CITY, MO. — Bentley Legacy Holdings (BLH) and Pendant Capital have acquired The Raphael Hotel, Autograph Collection, in Kansas City for an undisclosed price. Bentley Legacy Group, the management arm of BLH, has immediately assumed management of the hotel. Located just off Country Club Plaza, The Raphael Hotel has been a Kansas City fixture since 1928. The property originally served as an apartment building before being transformed into a hotel in 1975. The new owners plan to renovate the guest rooms and make enhancements to the lobby and other public spaces. Chaz on the Plaza, the onsite restaurant, will continue operating. The property is designated as a Historic Hotel of America through the National Trust for Preservation and is also listed on the National Register of Historic Places.
WHITESTOWN, IND. — Hudson Investing and Midloch Investment Partners have acquired Jackson Run Townhomes, an 84-unit build-to-rent community in the northwest Indianapolis suburb of Whitestown. The purchase price was undisclosed. Completed in 2023, the property features three- and four-bedroom units averaging 1,897 square feet. The two-story townhomes feature two-car garages and ADT home security systems. Hudson is planning several amenity upgrades, including expansion and enhancement of the existing pet park and the addition of an outdoor gas grilling pavilion.