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.
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.
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.
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.
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.
