FALL RIVER, MASS. — Massachusetts-based development and investment firm VMD Cos. will develop The Campus at Innovation Way, a 900,000-square-foot industrial park that will be located near the Massachusetts-Rhode Island border in Fall River. The Campus at Innovation Way will consist of four buildings ranging in size from 203,800 to 291,200 square feet. Each building will feature a clear height of 36 feet, 48 tailboard loading docks and 180-foot truck court depths. The development is fully entitled, and VMD Cos. expects to break ground in the coming days. Delivery is slated for the second quarter of 2025. Newmark has been appointed as the leasing agent.
NEW YORK CITY — JLL has brokered the $47 million sale of a multifamily development site located at 45-40 Vernon Blvd. in the Long Island City area of Queens. The site formerly housed the Paragon Paint factory and is approved for approximately 192,000 square feet of development. The seller, a joint venture between Quadrum Global, Baron Property Group and Simon Development, previously retained Morris Adjmi Architects to design a 21-story, 202-unit property. The buyer was locally based investment and development firm ZD Jasper Realty. Brendan Maddigan, Rob Hinckley, Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu of JLL brokered the deal.
BUCKEYE, ARIZ. — Philadelphia-based EQT Exeter has acquired an industrial building, located at 440 N. 215th Ave. in Buckeye, from BET Investments for $60.1 million. The buyer plans to rebrand the property as I-10 Gateway. Buckeye is located approximately 30 miles west of Phoenix. Situated on 40 acres, I-10 Gateway features 641,906 square feet of Class A industrial and logistics space. At the time of sale, the property was fully vacant. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller and buyer in the deal. EQT Exeter retained Andy Markham and Mike Haenel of Cushman & Wakefield to serve as the project’s leasing team.
LAS VEGAS — Northcap Commercial has arranged the sale of Sierra Park Apartments, a multifamily property at 557 Sierra Vista Drive in Las Vegas. The asset traded for $7 million, or $111,111 per unit. Built in 1979, Sierra Park Apartments offers 63 units. Devin Lee, Robin Willett and Jerad Roberts of Northcap Commercial brokered the transaction. The names of the seller and buyer were not released.
ATLANTA AND NEW YORK CITY — Private equity giant Blackstone has entered into a definitive merger agreement to acquire Tropical Smoothie Cafe, a franchiser of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal values the Atlanta-based smoothie chain at around $2 billion, including debt, according to The Wall Street Journal. Tropical Smoothie Cafe began as a single location in Destin, Fla., in 1997. The chain has grown to more than 1,400 locations in 44 states today. The company opened more than 175 locations in 2023, 70 percent of which were opened by existing franchisees. In addition to smoothies, the company sells menu items like sandwiches, salads and bowls. In the first quarter of this year, Tropical Smoothie Cafe completed 64 franchise agreements and opened 39 new stores. Its newest airport location opened at Hartsfield-Jackson Atlanta International Airport. The launch of new menu items such as Tropic Bowls helped drive overall sales, which were above the industry average in the first quarter, according to the company. “Tropical Smoothie Cafe has had an impressive growth trajectory, consistently building on its loyal customer base as it has scaled nationwide,” says Peter Wallace, a senior managing director in Blackstone’s private equity business. “Blackstone …
KATY, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 78-unit seniors housing property in the western Houston suburb of Katy. Opened in 2018, the unnamed property consists of 70 short-term rehab beds and 34 assisted living beds across 78 units. The seller was a privately held investment and development firm. Ignite Medical Resorts acquired the property for an undisclosed price. Amy Sitzman, Michael Segal and Giancarlo Riso of Blueprint brokered the deal.
COON RAPIDS, MINN. — JLL Capital Markets has arranged the sale of Oakmont Apartments in Coon Rapids, a northern suburb of Minneapolis. The sales price was undisclosed. Built in 1974, the 48-unit multifamily property features an onsite laundry facility, garage parking and access to the neighboring Pheasant Ridge Park. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. The asset was part of Gaughan’s Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. The buyer was a local private investor.
TROY, MICH. — Colliers Detroit has brokered the sale of Maple Commerce Center, a 39,058-square-foot office and industrial asset in Troy. The sales price was undisclosed. Located at 950 W. Maple Road, the property was originally built as a truck repair facility in 1962. In the 1980s, Maple Commerce Center underwent significant renovations to serve an automotive engineering company. Later, Colliers worked with developer Cooke Management on a repositioning strategy to transform the property into multi-tenant use. Tenants include Superior Ambulance, Krav Maga, Italmoda, F.A.S.T. and R&B Dance Studio. The asset is fully leased. Gary Grochowski and Bryan Barnas of Colliers represented the seller, Cooke Management. Berge Avesian of Colliers represented the buyer, Barbat Group.
PHOENIX — Top 10 Properties has acquired Pinnacle Peak Commerce Center, a freestanding, Class A light industrial building in Phoenix’s Deer Valley submarket. An undisclosed seller divested of the asset for $21.8 million. With immediate access to Interstate 17, Pinnacle Peak Commerce Center features 93,725 square feet of industrial space. At the time of sale, the property was 100 percent leased to three tenants. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, in partnership with Tracy Cartledge and Robert Buckley of Cushman & Wakefield, brokered the transaction for the buyer and seller. Trevor McKendry and Chris Rogers of DAUM Commercial provided lease advisory.
THORNTON, COLO. — Faris Lee Investments has arranged the sale of Thornton Town Center. The retail property is located at the southeast corner of Interstate 25 Freeway and E. 104th Street in Thornton, a suburb north of Denver. A Southern California-based private investor sold the property to a Southern California-based value-add investor for $14.4 million. Thornton Town Center offers 265,181 square feet of retail space. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal.