Acquisitions

Mid-America Negotiates Sale of 124,005 SF Downers Park Plaza Shopping Center in Suburban Chicago

by Kristin Harlow March 7, 2024

DOWNERS GROVE, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Downers Park Plaza, a 124,005-square-foot shopping center in the western Chicago suburb of Downers Grove. Anchored by Shop & Save Market, the property is 94 percent leased. Additional tenants include Dollar Tree, Phenix Salon Suites, Super CDA, Quilters Quest, CosmoProf, AAA and Hallmark. The center, situated at the northeast corner of 75th Street and Lemont Road, is shadow anchored by TJ Maxx, Best Buy and Old Navy. Ben Wineman and Emily Gadomski of Mid-America represented the seller, PMAT Real Estate Investments. Detroit-based Broder & Sachse Real Estate was the buyer.

March 7, 2024

Acquisitions Massachusetts Multifamily Northeast

JLL Arranges Recapitalization of 36-Story Boston Apartment Tower

by Taylor Williams March 7, 2024

BOSTON — JLL has arranged the recapitalization of The Sudbury, a 36-story apartment tower located within the Bulfinch Crossing development in downtown Boston that was completed in 2020. Units come in one-, two- and three-bedroom floor plans and have an average size of 855 square feet. The Sudbury also houses 55 condos. Amenities include a pool, fitness center, golf simulator, rooftop terrace, children’s playroom, coworking space and a private dining room. Riaz Cassum, Roberto Casas, Martha Nay, Kellie Coveney, Madeline Joyce and Ari Bogen of JLL represented the owner, a partnership between National Real Estate Investors and HYM Investment Group, in the transaction. The team also procured the new equity partner, Carmel Partners.

March 7, 2024

Acquisitions Illinois Midwest Retail

Interra Realty Brokers $10.5M Sale of Redevelopment Site in Chicago’s Logan Square

by Kristin Harlow March 7, 2024

CHICAGO — Interra Realty has brokered the $10.5 million sale of a 2.3-acre retail redevelopment site in Chicago’s Logan Square neighborhood. The property is located at 2053 N. Milwaukee Ave. near the intersection of Milwaukee, Western and Armitage avenues. The site currently houses a vacant 25,473-square-foot retail building, formerly a CVS store, and approximately 125 parking spaces. Colin O’Malley of Interra represented the seller, a local real estate owner and investor. The undisclosed buyer is hoping to redevelop the site under the existing zoning, according to Interra.

March 7, 2024

Acquisitions Hospitality Michigan Midwest

Marcus & Millichap Arranges Sale of 115-Room Hotel in Lansing, Michigan

by Kristin Harlow March 7, 2024

LANSING, MICH. — Marcus & Millichap has arranged the sale of the Quality Suites Lansing, a 115-room hotel in Lansing. The sales price was undisclosed. Located at 901 Delta Commerce Drive, the property features a fitness center, business center, conference room, event space and a sauna. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. Chris Gomes and Allan Miller of Marcus & Millichap were also listed on the deal as supporting brokers, and Steven Chaben, broker of record in Michigan, assisted in closing the transaction.

March 7, 2024

Acquisitions Florida Industrial Southeast

Azora Acquires Greyhound-Leased Industrial Outdoor Storage Facility in Miami for $12.8M

by John Nelson March 7, 2024

MIAMI — Azora, a private equity manager based in Madrid, has purchased an industrial outdoor storage facility located on a 2.6-acre site in Miami. The undisclosed seller sold the property, which features a bus maintenance facility, for $12.8 million. Situated near Miami International Airport, the facility was delivered in 2016 as a build-to-suit for Greyhound Lines, which will continue to use the property as a parking and repair center for another five years. The site includes developable land, plans for which were not disclosed.

March 7, 2024

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $12.5M Sale of Lehigh Valley Shopping Center

by Taylor Williams March 7, 2024

ALLENTOWN, PA. — Marcus & Millichap has brokered the $12.5 million sale of Parkway Shopping Center, a 133,314-square-foot retail center in the Lehigh Valley city of Allentown. The center was built in 1959 and is home to tenants such as Subway, Dollar Tree, IHOP and State Farm Insurance. Colin Reder, Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the deal. Neil Campbell and Ian Nordfors of Institutional Property Advisors, a division of Marcus & Millichap, arranged acquisition financing on behalf of the buyer.

March 7, 2024

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates Sale of 60-Unit Apartment Portfolio in Hartford, Connecticut

by Taylor Williams March 7, 2024

HARTFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a portfolio of four apartment buildings totaling 60 units in Hartford. The buildings are located at 125–131 Washington St. and 338-342 Jefferson St. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

March 7, 2024

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 10-Acre Industrial Development Site in South Dallas

by Taylor Williams March 6, 2024

DALLAS — Lee & Associates has brokered the sale of a 10-acre industrial development site comprising two parcels at 4225 and 4551 Cedardale Drive in South Dallas. Alex Wilson and Jarrett Huge of Lee & Associates represented the buyer, LDSR Real Property, which plans to construct an industrial service facility on the site. The name and representative of the seller were not disclosed.

March 6, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $46.9M Sale of Two-Property Creekside Park Multifamily Portfolio in Napa, California

by Amy Works March 6, 2024

NAPA, CALIF. — Marcus & Millichap has negotiated the sale of Creekside Park I and II, a two-property multifamily portfolio in Napa. The assets traded for $46.9 million, or $249,734 per unit. Constructed in two phases in 1983 and 1985, Creekside Park consists of 15 two-story residential buildings and two single-story amenity buildings on more than 10 acres. The 188 one-, two- and three-bedroom units feature ceiling fans and air conditioning. Renovated units offer new flooring, cabinet faces, hardware, fixtures and countertops. Community amenities include a leasing office, swimming pool, two spas, fitness center, children’s play area, laundry facilities and manicured grounds. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer, and procured the undisclosed buyer in the transaction.

March 6, 2024

Acquisitions Multifamily Oregon Retail Western

Newmark Negotiates Sale of The Beverly Retail, Multifamily Property in Portland, Oregon

by Amy Works March 6, 2024

PORTLAND, ORE. — Newmark has arranged the sale of The Beverly, a boutique mixed-use asset in Portland’s Hollywood District. Terms of the transaction were not disclosed. Originally delivered as condominiums in 2009, the 48,684-square-foot community features ground-floor retail space and 53 high-end residential units above. Whole Foods Market anchors the retail space. Nick Kucha, Nick Bicardo, Jakob Nicholls, Robert Black and Sam Lawhead of Newmark represented the undisclosed seller, while Tim Sotoodeh represented the undisclosed buyer in the deal.

March 6, 2024

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