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.
CLEVELAND — Namdar Realty Group and Mason Asset Management have acquired 200 Public Square, a 1.3 million-square-foot office tower in Cleveland. Originally built for BP America in 1985, the building has undergone recent improvements. The buyers aim to enhance the property’s appearance, amenities, atrium and aging infrastructure. The building currently has 357,767 square feet of available office space being marketed for lease by Colliers. Chase Johnson and Caleb Riebe of Cushman & Wakefield arranged $45.7 million in acquisition financing through a life insurance company.
BRYAN, OHIO — SVN Wilson Commercial Group has arranged the sale of a Sheperd Storage facility in Bryan, a city in northwest Ohio. The sales price and buyer were undisclosed. The two-building property features 98 indoor units with four outdoor parking spaces. The 12,000-square-foot facility sits on a five-acre site with room for expansion. Ryan Mitchell of SVN Wilson Commercial Group represented the seller, Charles Sheperd.
SPARKS AND RENO, NEV. — Dornin Investment Group has acquired a 20-building portfolio in Sparks and Reno for approximately $70 million. Totaling 413,172 square feet, the portfolio includes light industrial, retail and medical office properties. The majority of the buildings were constructed between 1977 and 1991, with retail assets built in 2005 to 2006. The portfolio collectively has more than 180 total tenants with a median size of 1,640 square feet. The office buildout of the warehouse units is 21.7 percent. The industrial buildings offer clear heights ranging from 12 feet to 16 feet. Mark Nicoletti, Maxwell Shapiro and Julia Lewitt of Allen Matkins provided legal expertise in the transaction. Bill Bernard and Tami Haworth of Stewart Title provided title and escrow services.
PEORIA, ARIZ. — Phoenix-based Western Retail Advisors has brokered the sale of 83 Marketplace, a newly built retail center located on the corner of 83rd Avenue and Happy Valley Road in Peoria, a suburb northwest of Phoenix. A franchisee of Hawaii-based Seven Brothers Burgers acquired the asset for $11.1 million. Developed by Scottsdale-based Cavan Cos., 83 Marketplace features three buildings offering a total of 19,800 square feet. The buyer plans to open a Seven Brothers restaurant concept at the corner of the center. Other tenants of the property include Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful and Heartland Dental. Brian Gausden and Jake McClaughry of Western Retail Advisors represented the seller, Cavan Cos., while Scott Johnson of Omni Commercial represented the buyer in the transaction.
BOULDER CITY, NEV. — The Bascom Group has purchased Homestead at Boulder City, a seniors housing property located in the Las Vegas suburb of Boulder City, for $3 million. The name of the seller was not released. Built in 1999, Homestead at Boulder City features 72 apartments with an average unit size of 467 square feet. Situated on 6.4 acres, the community offers 71 parking spaces, a private dining room, atrium, library, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment and laundry facilities. Bascom plans to implement a renovation program that includes upgraded appliances, countertops, lighting, fixtures and wood plank flooring. Common-area improvements are planned for the leasing office, gym and entertainment lounges. Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Co. as the lender. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage arranged the sale. Apartment Management Consultants will provide property management and SD-CAP will provide construction management for the property.
ATLANTA — Dermody Properties has purchased two industrial facilities within Gillem Logistics Center, an industrial park in south Atlanta. The developer, locally based Robinson Weeks Partners, sold the assets for an undisclosed price. The properties include Building 700, a 169,520-square-foot facility, and Building 1200, a 378,520-square-foot building. Wes Hardy represented Dermody in the transaction on an internal basis, and Trey Barry of CBRE represented Robinson Weeks.
GRAYSON COUNTY, TEXAS — Dallas-based brokerage firm Younger Partners has arranged the sale of a 76-acre industrial development site located along FM 1417 in Grayson County, about 70 miles north of Dallas. The site offers immediate proximity to Texas Instruments’ semiconductor manufacturing plant in Sherman and will be marketed to industrial users supporting that facility. John St. Clair, Davis Willoughby and Tyler Hemenway of Younger Partners represented the seller, a family estate, in the transaction. The buyer was a local entity doing business as Investment Catalysts LLC.
