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Acquisitions

325-331-Marine-Ave-Newport-Beach-CA
AcquisitionsCaliforniaMixed-UseMultifamilyRetailWestern

Faris Lee Investments, SSG Realty Corp. Broker $4.4M Sale of Mixed-Use Property in Newport Beach, California

by Amy Works

NEWPORT BEACH, CALIF. — Faris Lee Investments and SSG Realty Corp. have arranged the sale of 325-331 Marine Avenue, a mixed-use property on Newport Beach’s Balboa Island. The asset traded for $4.4 million, equating to $1,193 per square foot for the building and $842 per square foot for the land. Jeff Conover, Shaun Riley, Scott DeYoung and Greg Lukosky of Faris Lee Investments, along with Greg Swedelson and Jon-Eric Greene with SSG Realty Corp., represented the undisclosed buyer and seller in the transaction. Situated on two separate parcels, the property offers storefront retail with two second-floor residential units. The asset is currently home to two street-level retail shops and two residential tenants.

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AcquisitionsColoradoIndustrialSelf-StorageWestern

Marcus & Millichap Negotiates Sale of 486-Unit AC Self Storage in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of AC Self Storage, a self-storage facility in Colorado Springs. SmartStop Self Storage REIT acquired the asset from a Southern California-based limited liability company for an undisclosed price. Totaling 77,720 square feet, AC Self Storage consists of 16 single-story buildings comprising 486 non-climate-controlled drive-up units, 105 parking spaces and 30 office spaces. Facility amenities include a leasing office with retail display, security monitoring, perimeter fencing, elevated signage at all ingress/egress point, high-door units, expansion potential and wide-drive aisles. Adam Schlosser and Keith Phillips of The LeClaire-Schlosser Group of Marcus & Millichap represented the buyer and secured the seller in the transaction.

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AcquisitionsIndustrialSoutheastVirginia

JLL Arranges $85.4M Sale of Cold Storage Facility in Glen Allen, Virginia

by John Nelson

GLEN ALLEN, VA. — JLL has arranged the $85.4 million sale of Performance Food Group @ Cardinal North, a 328,335-square-foot cold storage facility in Glen Allen, a suburb of Richmond. Bill Prutting, Pete Pittroff, Craig Childs, Dave Andrews, Josh McArdle and Christopher Dale of JLL represented the seller, Scannell Properties, in the transaction. The team also secured the undisclosed buyer. Situated within one mile from I-95, the property was delivered last year and is fully leased to Richmond-based Performance Food Group. The facility includes 160,000 square feet of refrigerated space, a standalone vehicle maintenance and fueling facility, 32-foot clear heights, 52 dock-high doors and 138 trailer spaces. The 59.3-acre site offers room for two expansions that could potentially increase the square footage of the property by 40 percent, according to JLL.

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AcquisitionsIndustrialSoutheastVirginia

Terreno Realty Acquires Industrial Portfolio in Alexandria, Virginia for $84.3M

by John Nelson

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.

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AcquisitionsDevelopmentIndustrialNew JerseyNortheast

CBRE Arranges Sale of Industrial Development Site in Wharton, New Jersey

by Taylor Williams

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.

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AcquisitionsIllinoisMidwestMultifamily

Wingspan Development Sells Sixteen30 Luxury Multifamily Property in Plainfield, Illinois

by Kristin Harlow

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.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Brokers Sale of 191-Unit Berkshire Central Apartment Complex in Blaine, Minnesota

by Kristin Harlow

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.

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AcquisitionsIllinoisMidwestOffice

Stream Realty Partners Negotiates Sale of 247,000 SF Office Building in Chicago’s West Loop

by Kristin Harlow

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.

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AcquisitionsHealthcareMidwestMinnesotaWisconsin

Transwestern Arranges Sale of Three-Property Medical Office Portfolio in Minnesota, Wisconsin

by Kristin Harlow

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.

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AcquisitionsIndustrialUtahWestern

Cushman & Wakefield Brokers Sale of 179,400 SF Industrial Building in Salt Lake City

by Amy Works

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.

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