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Acquisitions

Chandler-Airport-Business-Park-Chandler-AZ
AcquisitionsArizonaIndustrialWestern

CapRock Partners Buys 318,683 SF Industrial Park in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — CapRock Partners has acquired Chandler Airport Business Park, a newly finished, Class A industrial asset in Chandler. The 318,683-square-foot property features four freestanding warehouse buildings ranging in size from 56,756 square feet to 103,639 square feet, as well as access to Phoenix’s Southeast Valley region. Chandler Airport Business Park features ESFR sprinklers; ample power; large, secured, concrete truck courts; and space for 428 auto stalls, including electric vehicle charging stations. Individual building specifications include: The 20-acre property is located at the northwest corner of Cooper Road and Queen Creek Road. Stein Koss, Tom Louer and Fenton Kelly at Lee & Associates represented CapRock Partners in the transaction. The team is also leading leasing for the property.

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AcquisitionsCaliforniaNet LeaseRestaurantRetailWestern

Hanley Negotiates $8.2M Sales of Adjacent 7-Eleven, Starbucks Drive-Thru Properties in Merced, California

by Amy Works

MERCED, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sales of two newly constructed, adjacent, single-tenant retail properties in the San Joaquin Valley city of Merced. Two individual private buyers purchased the assets in separate transactions totaling $8.2 million. In both transactions, Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Glendale-based Chase Partners. A Los Angeles-based private investor acquired the first asset for $5.3 million. Constructed in 2023, the 4,088-square-foot convenience store and gas station is located at 1995 W. Olive Ave. 7-Eleven occupies the building under a new, corporate, 15-year, triple-net lease. Nicholas Borrelli of Coldwell Banker Commercial George Realty in Arcadia represented the buyer in the deal. A Los Angeles-based private investor purchased the second building for $2.9 million. Michael Mehdizadeh of Los Angeles represented the buyer in the deal. Located at 1993 W. Olive Ave., Starbucks occupies the 1,000-square-foot, drive-thru-only building under a new, corporate, 10-year, triple-net lease.

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AcquisitionsIndustrialTexas

CMI Brokerage Arranges Sale of 24,000 SF Industrial Property in La Marque, Texas

by Taylor Williams

LA MARQUE, TEXAS — Locally based firm CMI Brokerage has arranged the sale of a 24,000-square-foot industrial property in La Marque, located southeast of Houston. The property spans 3.6 acres at 412-500 Main St. Trent Vacek of CMI Brokerage represented the seller in the transaction, and Debbie Grigg of Nexthome First Source represented the buyer. Both parties requested anonymity.

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AcquisitionsHealthcareMidwestMinnesota

Transwestern Brokers $8M Sale of Medical Office Building in Maple Grove, Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — Transwestern Real Estate Services has brokered the $8 million sale of Maple Grove Executive Plaza, a 58,000-square-foot medical office building in the Minneapolis suburb of Maple Grove. The property at 7767 Elm Creek Blvd. is home to Children’s Minnesota Specialty Center, iSpine Clinics and Edina Realty. The building is 92 percent occupied, and 66 percent of the tenants are in the medical field. Mike Salmen, Erik Coglianese and Bryan Beltrand of Transwestern represented the seller, Merchant Development LLC. The buyer was an entity linked to MSP Commercial, a real estate firm focused on developing, acquiring and managing healthcare properties in the Twin Cities. MSP is planning capital improvements and extensive renovations to the building, including updating the common areas. The firm plans to prioritize bringing additional medical tenants to the building.

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AcquisitionsMichiganMidwestMultifamilySeniors Housing

Commonwealth Senior Living Acquires 102-Unit Community in Suburban Grand Rapids

by Kristin Harlow

WYOMING, MICH. — Commonwealth Senior Living has acquired American House Wyoming, a 102-unit assisted living and memory care community in the Grand Rapids suburb of Wyoming. The purchase price and seller were undisclosed. The buyer will rebrand the facility as Commonwealth Senior Living at North Byron. The acquisition marks the third community for Commonwealth in the Grand Rapids area. Commonwealth plans to renovate the property, primarily focused on enhancing the secure memory care neighborhood.

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AcquisitionsMidwestMinnesotaRetail

Marcus & Millichap Arranges $1.3M Sale of Strip Retail Center in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Marcus & Millichap has arranged the sale of Blaine Strip Center in Minneapolis for $1.3 million. The 14,005-square-foot retail property is located at 12050 Central Ave. NE. Tom Gommels of Marcus & Millichap represented the buyer, an individual trust completing a 1031 exchange. According to Marcus & Millichap, the asset traded at an above-market cap rate and features below-market rents.

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AcquisitionsMassachusettsNortheastOffice

NEPCG Negotiates $3.5M Sale of Metro Boston Office Building

by Taylor Williams

WOBURN, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $3.5 million sale of a 26,960-square-foot office building in Woburn, a northern suburb of Boston. The building at 110 Winn St. was constructed in the 1990s in the downtown area and houses 17 suites. Francis Saenz, Drew Kirkland and Jim Casey of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsMultifamilyNew YorkNortheast

Rosewood Realty Arranges $2M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $2 million sale of a 29-unit apartment building located at 407 W. 205th St. in Manhattan’s Inwood neighborhood. The five-story building was originally constructed in 1911. Ben Khakshoor, Aaron Jungreis and Alex Fuchs of Rosewood represented both the buyer, Gilman Management, and the seller, family office Ramer & Saperstein, in the transaction. The deal traded at a cap rate of 7.8 percent.

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AcquisitionsCompany NewsHospitalitySoutheastTennesseeVirginia

Hilton to Acquire Graduate Hotels for $210M

by John Nelson

MCLEAN, VA. — Hilton plans to acquire Graduate Hotels, a hospitality brand with hotels in college towns such as Ann Arbor, Mich., and Chapel Hill, N.C. The brand was founded in 2014 and has grown to include hotels across the country, as well as in Oxford and Cambridge, United Kingdom. Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed pipeline Graduate Hotels, and become responsible for the brand’s future development and growth. Adventurous Journey Capital Partners (AJ Capital) will remain the owner of the more than 35 operating and pipeline Graduate properties, each of which will be operated under long-term Hilton franchise agreements. Hilton expects the deal to close in the second quarter, subject to customary closing conditions.

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AcquisitionsFloridaLoansMultifamilySoutheast

Berkadia Arranges $21.2M Acquisition Loan for Two Multifamily Communities in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Berkadia has arranged a $21.2 million acquisition loan for two garden-style apartment communities in Jacksonville. The properties, which total 328 units combined, include Colonial Forest at 5928 Firestone Road and Northwood Apartments at 1601 Dunn Ave. Matthew Robbins, Wesley Moczul, Mitch Sinberg, Scott Wadler and Brad Williamson of Berkadia arranged the bridge loan through The Bancorp on behalf of the borrower, Fort Lauderdale, Fla.-based Southeast Property Group. The fixed-rate, three-year loan includes $9.6 million for future capital expenditures. The seller of Colonial Forest and Northwood Apartments was not disclosed.

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