Acquisitions

MAG Capital Purchases 105,986 SF Manufacturing Facility in Northern Alabama in Sale-Leaseback Deal

by John Nelson April 24, 2024

HARTSELLE, ALA. — MAG Capital Partners has purchased a 105,986-square-foot manufacturing facility located at 1101 Young Drive SE in Hartselle, a city in northern Alabama. The Dallas-based investor purchased the single-story asset from the tenant, Excel Interior Door, a manufacturer of interior wooden doors. Daniel Macks and Phil DiGennaro of Stream Realty Partners represented the seller in the sale-leaseback transaction, the terms of which were not released. Situated on a 10-acre site, the facility features 20-foot clear heights, four loading docks and 22 grade-level doors.

April 24, 2024

Acquisitions Multifamily Washington Western

Cushman & Wakefield Brokers $3.1M Sale of James Bon Apartments in Seattle

by Amy Works April 24, 2024

SEATTLE — Cushman & Wakefield has arranged the sale of James Bon Apartments, a multifamily building at 8541 Phinney Ave. N. in Seattle’s Phinney Ridge neighborhood. A local apartment operator acquired the property from a local family investor for $3.1 million, or $258,000 per unit. Jacob Odegard, Dan Chhan, Tim McKay, Dylan Roeter and Matt Kemper of Cushman & Wakefield represented the buyer and seller in the deal. Originally constructed nearly 45 years ago, James Bon offers 12 apartments, an on-site laundry facility and secured access at two entry/exit points.

April 24, 2024

Acquisitions Florida Retail Southeast

ASG Equities Sells Retail Property in Miami’s Design District for $14M

by John Nelson April 23, 2024

MIAMI — New York City-based ASG Equities has sold a 4,500-square-foot retail building located at 70-74 N.E. 40th St. in Miami’s Design District. Dacra acquired the property, which was fully leased to luxury brands Ksubi and Orlean at the time of sale, for $14 million. The transaction marks the final step for ASG’s three-property portfolio that it has sold in recent months, the others being buildings at 80 and 101 N.E. 40th St. The company is actively developing a 500,000-square-foot mixed-use development nearby called Parterre 42 with co-developer Helm Equities.

April 23, 2024

Acquisitions Midwest Retail Wisconsin

Legacy Realty Group Arranges $27.6M Sale of Plaza 50 Shopping Center in Kenosha, Wisconsin

by Kristin Harlow April 23, 2024

KENOSHA, WIS. — Legacy Realty Group Advisors LLC has arranged the $27.6 million sale of Plaza 50, a 199,217-square-foot shopping center in Kenosha. The property is home to tenants such as Burlington, Marshalls, Ross Dress for Less and Pick ‘n Save. Jacob Baruch, Daniel Baruch and Jonah Warshaw of Legacy represented the buyer and seller, neither of which were disclosed.

April 23, 2024

Acquisitions Indiana Industrial Midwest Missouri Self-Storage

StorageMart Acquires Properties in Indiana, Missouri Totaling 550 Units

by Kristin Harlow April 23, 2024

GREENWOOD, IND. AND COLUMBIA, MO. — StorageMart has acquired two facilities in Indiana and Missouri totaling 550 units. The Columbia, Mo., property is located at 1500 Creekwood Parkway and includes 312 units across 42,200 square feet. The Greenwood, Ind., facility is located at 994 S. State Road 135 and comprises 238 units across 37,475 square feet. The properties will undergo enhancements to align with StorageMart standards.

April 23, 2024

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 112,290 SF Industrial Building in Mount Prospect, Illinois

by Kristin Harlow April 23, 2024

MOUNT PROSPECT, ILL. — Entre Commercial Realty has brokered the sale of a 112,290-square-foot industrial building in the Chicago suburb of Mount Pleasant for an undisclosed price. The property, which features a clear height of 24 feet, is located at 1450 Feehanville Drive within the Kensington Business Center. Dan Jones and Sam Deihs of Entre represented the buyer, a joint venture between Nicholas & Associates and Parenti & Raffaelli. The buyers intend to occupy a portion of the facility and lease the remainder. Nicholas & Associates is a full-service construction management and development company specializing in public projects, private sector work and multifamily developments in Illinois, Wisconsin and Florida. Parenti & Raffaelli is a custom woodworking company specializing in custom finished millwork. Planned renovations for the property include a new entrance façade, office area, truck docks, landscaping, lighting and parking improvements. Mike Sedjo and Jack Brennan of CBRE represented the undisclosed seller.

April 23, 2024

Acquisitions Arizona Loans Multifamily Western

IPA Brokers Sale of Hangar at Thunderbird Multifamily Property in Glendale, Arizona for $69M

by Amy Works April 23, 2024

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Hangar at Thunderbird, a multifamily community in Glendale. P.B. Bell sold the asset to Decron Properties for $69 million, or $259,398 per unit. Completed in 2023, Hangar at Thunderbird features 266 apartments with nine-foot ceilings, wood-style vinyl plank flooring, laundry closets with full-size washers and dryers, closets with build-in shelving, and patios or balconies with exterior storage. The garden-style, controlled-access community offers a swimming pool, spa, adjacent outdoor game patio and shaded community playground with evening lighting. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $40 million in acquisition financing.

April 23, 2024

Acquisitions California Loans Multifamily Western

Interstate Equities Sells Majority Stake in The Gates at Marina Apartments in Marina, California

by Amy Works April 23, 2024

MARINA, CALIF. — Interstate Equities Corp. (IEC) has finalized the recapitalization of The Gates at Marina, an apartment community in Marina. The deal gives a co-mingled fund advised by New York-based Clarion Partners a majority stake in the property, while IEC retains a minority equity position and will continue its onsite management. IEC acquired The Gates in January 2021 for $39.3 million, and the recapitalization values it at $45 million. Located at 299 Carmel Ave., The Gates at Marina offers 136 units in predominantly a mix of two- and three-bedroom units with balconies or patios, plus updated kitchens, bathrooms, flooring and appliances. Scott MacDonald and Jason Parr of Berkadia led the marketing efforts, while Hank Workman of Berkadia placed the debt.

April 23, 2024

Acquisitions Arizona Healthcare Western

Golden Parachute Properties Buys 11,200 SF Medical Office Space in Tucson, Arizona

by Amy Works April 23, 2024

TUCSON, ARIZ. — Golden Parachute Properties has acquired 11,200 square feet of medical office space at 6452 E. Carondelet Drive in Tucson. AM Properties LLC sold the asset for $3.2 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Matt Bollinger and John Allen Smith with Smith & Bollinger-Long Realty Co. represented the buyer in the transaction.

April 23, 2024

Acquisitions New Jersey Northeast Office

Columbia Pacific Advisors Takes Ownership of Two Office Buildings in Short Hills, New Jersey

by Taylor Williams April 23, 2024

SHORT HILLS, N.J. — Columbia Pacific Advisors has taken ownership of two office buildings totaling 320,196 square feet in the Northern New Jersey community of Short Hills. The six-story building at 101 JFK Parkway spans 197,196 square feet and is home to tenants such as Franklin Mutual, Citizens Bank, Citibank, global law firm Dentons and Virtu Financial. The four-story building at 103 JFK Parkway totals 123,000 square feet and is currently vacant. Columbia, which was previously the lender on the buildings, has hired JLL to market the assets for lease.

April 23, 2024

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