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Acquisitions

AcquisitionsIndianaIndustrialLoansMidwest

CBRE Arranges $107.3M Sale of Indianapolis Industrial Portfolio

by Kristin Harlow

INDIANAPOLIS — CBRE has arranged the sale of a 1.3 million-square-foot, seven-property industrial portfolio in Indianapolis for $107.3 million. Judd Welliver, Zach Graham, Ryan Bain, Bentley Smith, Michael Caprile and Joe Horrigan of CBRE represented the seller, Arcapita. Billy Mork, Mike Vannelli and Joel Torborg of CBRE arranged $64.4 million in acquisition financing on behalf of the buyer, Capital Partners. The fixed-rate loan features interest-only payments for the full term. CBRE’s JD Graves and Chris Black will handle marketing and leasing for the portfolio.

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Red Bird Center
AcquisitionsFloridaRetailSoutheast

JLL Arranges $62.1M Sale of Red Bird Shopping Center in Miami

by Abby Cox

MIAMI — JLL Capital Markets has arranged the $62.1 million sale of Red Bird Center, a 92,089-square-foot retail center located at the intersection of Bird and Red roads in Miami. Milam’s Markets, a regional grocer based in South Florida, anchors the property, which was fully occupied at the time of sale. Additional tenants at the center include Walgreens, Orion Fuels and Ace Hardware. Danny Finkle, Jorge Portela and Kim Flores of JLL’s Investment Sales and Advisory team represented the seller, Red Bird Associates, in the transaction. The buyer was Charlotte-based Asana Partners.

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AcquisitionsIllinoisMidwest

Nicholas Family of Cos. Buys Joseph Nicholas Construction Corp., Expands Auto Dealership Building Services

by Kristin Harlow

MOUNT PROSPECT, ILL. — The Nicholas Family of Cos. has acquired Schaumburg, Ill.-based Joseph Nicholas Construction Corp. (JNC), a construction firm specializing in auto dealerships. JNC will become a dedicated automotive facility construction studio within The Nicholas Family of Cos., which is based in Mount Prospect. JNC joins Nicholas & Associates, the Nicholas Family’s diversified construction arm, and will relocate its headquarters to Mount Prospect. Joey Mariconda, director of construction for JNC, will join Nicholas & Associates as director of its automotive construction studio. Both companies are second-generation, family-run operations.

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AcquisitionsIllinoisMidwestMultifamilyRetail

Marcus & Millichap Brokers $4.4M Sale of Apartment, Retail Building in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the $4.4 million sale of 2525 North Clark Street in Chicago’s Lincoln Park neighborhood. Totaling 7,851 rentable square feet, the asset includes 12 multifamily units and three commercial storefronts anchored by Starbucks. Kyle Stengle of Marcus & Millichap represented the seller. Mitchell Kiven of Marcus & Millichap procured the buyer, The Shiner Group, a Wilmette, Ill.-based developer and investor. The buyer plans to keep the current retailers in place and make targeted improvements to the apartment units for continued rent growth.

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Academy Sports + Outdoors
AcquisitionsLouisianaRetailSoutheast

SRS Negotiates $10.4M Sale of Retail Property in Shreveport, Louisiana Leased to Academy Sports

by Abby Cox

SHREVEPORT, LA. — SRS Real Estate Partners has negotiated the $10.4 million sale of a single-tenant retail property in Shreveport leased to Academy Sports + Outdoors. The Texas-based sporting goods retailer occupies the 72,525-square-foot building on an absolute triple-net, corporate-guaranteed lease with 13 years remaining. Built in 2018, the property is situated on roughly 7.7 acres. Michael Berk, Patrick Nutt and Chip Watson of SRS’ Capital Markets team represented the seller, a private investor, in the transaction. The buyer was a publicly traded REIT. Both parties requested anonymity.

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AcquisitionsIndustrialMidwestOhio

SVN Summit Negotiates $2.7M Sale of Two-Building Industrial Property in Akron, Ohio

by Kristin Harlow

AKRON, OHIO — SVN Summit Commercial Real Estate Advisors has negotiated the $2.7 million sale of a two-building, multi-tenant industrial property at 555-557 E. Tallmadge Ave. in Akron. Graydon Fox of SVN Summit represented the seller, while Jerry Fiume of SVN Summit represented the buyer. Situated in the North Hill industrial corridor, the 68,369-square-foot property features convenient access to State Route 8. FedEx Ground is a longtime anchor tenant at the facility.

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AcquisitionsDevelopmentMultifamilyNew YorkNortheast

JLL Brokers $54.3M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams

NEW YORK CITY — JLL has brokered the $54.3 million sale of a multifamily development site in Brooklyn. The site at 970 Franklin Ave. is located in the Crown Heights neighborhood and is approved for the development of up to roughly 290,000 buildable square feet of product across 355 apartments, all within a 10-story building. The Continuum Co. sold the site to private investor Isaac Schwartz. Andrew Scandalios, Ethan Stanton, Brendan Maddigan and Michael Mazzara of JLL represented both parties in the transaction.

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AcquisitionsDelawareDevelopmentIndustrialNortheast

NAI Emory Hill Buys 46-Acre Industrial Development Site in Dover, Delaware

by Taylor Williams

DOVER, DEL. — NAI Emory Hill, in partnership with NS Development Partners, has purchased a 46-acre industrial development site in Dover. The parcel is located within Garrison Oak Technology Park and is zoned for manufacturing, logistics and technology uses. The seller and sales price were not disclosed. According to Becker Morgan Group, the architecture and engineering firm that designed Garrison Oak Technology Park, the development spans 389 acres across 15 parcels.

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AcquisitionsHealthcareMassachusettsNortheast

Marcus & Millichap Negotiates $4.1M Sale of Healthcare Property in Milford, Massachusetts

by Taylor Williams

MILFORD, MASS. — Marcus & Millichap has negotiated the $4.1 million sale of a 39,424-square-foot healthcare property in Milford, located southwest of Boston. Built on 3.5 acres in 1985, Hill Office Park was 76 percent leased at the time of sale to 12 tenants, including Milford Regional Medical Center, Metro West Oral Surgery and Asthma Allergy Physicians. Harrison Klein of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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AcquisitionsMultifamilyTexas

Marcus & Millichap Brokers Sale of 373-Unit Apartment Community in North Dallas

by Taylor Williams

DALLAS — Marcus & Millichap has brokered the sale of Infinity on the Mark, a 373-unit apartment community located in the Lake Highlands area of North Dallas. The garden-style property sits on a 10-acre site and offers one- and two-bedroom units with an average size of 760 square feet. Amenities include three pools, a covered outdoor kitchen, fitness center and a clubhouse. A California-based limited liability company sold the property to Archway Equities for an undisclosed price. Wes Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap, in conjunction with Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and William Hubbard of Institutional Property Advisors, a division of Marcus & Millichap, represented both parties in the transaction.

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