Acquisitions

Cawley Chicago Arranges Sale of 52-Acre Truck Terminal in Peru, Illinois

by Kristin Harlow June 27, 2023

PERU, ILL. — Cawley Chicago has arranged the sale of a 52-acre truck terminal property in Peru, a city in Central Illinois. The sales price was undisclosed. Located at 5005 Plank Road, the property consists of 27 acres of heavy-duty parking, a terminal building with 146 docks, 10,000 square feet of office space and a 9,600-square-foot mechanic’s shop with six drive-through bays. Originally developed by Consolidated Freight, the asset has been in continuous operation by various less-than-truckload (LTL) companies. LTL is a ground transportation method that consolidates multiple shippers’ freight onto single semi-trucks. Jon Chamlin, Joshua Hearne and Reinier Pranger of Cawley Chicago brokered the sale, further details of which were not provided.

June 27, 2023

Acquisitions Illinois Midwest Restaurant Retail

SVN Chicago Commercial Negotiates $2.6M Sale of Former MK Restaurant Property in River North Neighborhood

by Kristin Harlow June 27, 2023

CHICAGO — SVN Chicago Commercial has negotiated the sale of the former MK restaurant property in Chicago’s River North neighborhood for $2.6 million. The buyer plans to redevelop the 9,600-square-foot building, which is located at 868 N. Franklin St. Marcus Cook of SVN Chicago represented the buyer, while colleagues Wayne Caplan and Michael Elam represented the seller, a Los Angeles-based investment firm.

June 27, 2023

Acquisitions Colorado Industrial Western

Unique Properties Negotiates $3.1M Sale of Warehouse in Centennial, Colorado

by Jeff Shaw June 27, 2023

CENTENNIAL, COLO. — Unique Properties, Inc. / TCN Worldwide has arranged the $3.1 million sale of a 12,600-square-foot warehouse in Centennial, approximately 15 miles south of Denver. The nearly four-acre space is located at 14156 and 14105 E. Easter Ave. The site primarily consists of outdoor material, truck and equipment storage. Keesen Landscape, a commercial landscaping company, fully occupies the property on long-term, triple-net lease. Brett MacDougall and Michael DeSantis and Hudson Cramer with Unique Properties, Inc. / TCN Worldwide represented the unnamed seller. The buyer was also not disclosed.

June 27, 2023

Acquisitions Connecticut Northeast Retail

GreenLake Provides $34.4M in Financing for Shopping Center in Shelton, Connecticut

by Taylor Williams June 27, 2023

SHELTON, CONN. — Los Angeles-based GreenLake Asset Management has provided $34.4 million in financing for Fountain Square, a shopping center that is under development in Shelton, located in Connecticut’s Fairfield County. The undisclosed sponsor will use the proceeds to refinance the property’s existing debt, including more than 60 liens from vendors, as well as to buy out the existing ownership and resume construction. Tenants that have already committed to Fountain Square include Chick-fil-A, Panera Bread and Taco Bell.

June 27, 2023

Acquisitions Industrial NAI New Jersey Northeast

NAI Hanson Brokers Sale of 9,560 SF Industrial Flex Building in Denville, New Jersey

by Taylor Williams June 27, 2023

DENVILLE, N.J. — NAI Hanson has brokered the sale of a 9,560-square-foot industrial flex building in the Northern New Jersey community of Denville. According to LoopNet Inc., the single-tenant property at 305 Palmer Road was built in 1981 and renovated in 1988. Joseph Vindigni of NAI Hanson represented the seller, Venturini Investments Group, in the deal. Charity Realty International represented the buyer, Groome Industrial Service Group.

June 27, 2023

Acquisitions Georgia Retail Southeast

JLL Brokers Sale of 53,559 SF Retail Center in Metro Atlanta

by John Nelson June 26, 2023

MARIETTA, GA. — JLL Capital Markets has brokered the sale of Merchant’s Festival, a 53,559-square-foot retail center located at 1401 Johnson Ferry Road in Marietta, roughly 20 miles northwest of Atlanta. Target shadow-anchors the center. Jim Hamilton, Brad Buchanan and Anton Serafini of JLL represented the seller, a real estate fund advised by Crow Holdings Capital. Last Mile Investments acquired the property for an undisclosed price. Tenants at Merchant’s Festival, which was 85 percent leased at the time of sale, include Which Wich, Leslie’s Swimming Pool Supplies, Verizon Wiresless, Orangetheory Fitness, Pearle Vision Express and Learning Express Gifts.

June 26, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $6.1M Sale of Multifamily Property in Chicago’s Logan Square

by Kristin Harlow June 26, 2023

CHICAGO — Interra Realty has brokered the sale of a 16-unit multifamily property in Chicago’s Logan Square neighborhood for $6.1 million. Located at 2543 N. California Ave., the building was constructed in 1902 and renovated in 2018. There are eight two-bedroom units, five three-bedroom units, one four-bedroom layout and two commercial spaces. Starbucks has been a long-term tenant in one of the commercial spaces. Brad Feldman of Interra represented the seller, Chicago-based Barnett Capital Ltd. Feldman also represented the local private buyer.

June 26, 2023

Acquisitions Midwest Ohio Retail

Cooper Group Arranges $2M Sale of Retail Center in Salem, Ohio

by Kristin Harlow June 26, 2023

SALEM, OHIO — The Cooper Commercial Investment Group has arranged the $2 million sale of Salem Market Place in Salem, a city in Northeast Ohio. Tenants at the 16,252-square-foot property include Super Cuts, Sally Beauty Supply, GameStop, Little Caesar’s, Gadget Lab, Alternative Smokes, Hibachi Express and Drayer Physical Therapy. The center is 83 percent occupied. Dan Cooper and Bob Havasi of Cooper Group represented the seller, a West Coast-based investor. The sales price represented a cap rate of 7.73 percent and approximately 98 percent of the list price.

June 26, 2023

Acquisitions Affordable Housing Loans Montana Multifamily Seniors Housing Western

PGIM Provides $16.1M HUD Loan for South Forty Apartments in Billings, Montana

by Jeff Shaw June 26, 2023

BILLINGS, MONT. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings. The property features 101 units and is 100 percent subsidized by a Section 8 contract. The property also has a tax credit LURA on title restricting half of the units to residents earning up to 50 percent of area median income (AMI) and the other half at 60 percent AMI through 2069. LAC plans to complete an extensive rehabilitation of the property that will address deferred maintenance at the property, revitalize the apartments and update site amenities. The property was originally constructed in 1987 and was last renovated in 2007. LAC’s scope of work will include new kitchens and baths, new windows throughout, upgrades to the clubhouse, new solar panels and accessibility repairs. Alex Viorst, executive director at PGIM Real Estate, led the financing on behalf of the firm.

June 26, 2023

Acquisitions Colorado Healthcare Office Western

JV Buys 68,195 SF Dry Creek Medical Campus in Englewood, Colorado

by Jeff Shaw June 26, 2023

ENGLEWOOD, COLO. — Remedy Medical Properties and Kayne Anderson Real Estate have acquired the Dry Creek Medical Campus in the Denver suburb of Englewood. The portfolio includes two buildings totaling 68,195 square feet. They are fully leased by healthcare providers. Services are centered around a full-service ambulatory surgery center leased to Orthopedic Centers of Colorado in partnership with SCA Health, which UnitedHealth Group owns. Dr. Metz Bariatric Surgery, which is also on the campus, recently became part of HealthOne, one of the leading health systems in Colorado. Other specialties housed in the properties include imaging, spine, orthopedics, anesthesia and dermatology. CBRE U.S. Healthcare & Life Sciences brokered the transaction.

June 26, 2023

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