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Acquisitions

83-Marketplace-Peoria-AZ
AcquisitionsArizonaRetailWestern

Western Retail Advisors Arranges $11.1M Sale of Retail Center in Peoria, Arizona

by Amy Works

PEORIA, ARIZ. — Phoenix-based Western Retail Advisors has brokered the sale of 83 Marketplace, a newly built retail center located on the corner of 83rd Avenue and Happy Valley Road in Peoria, a suburb northwest of Phoenix. A franchisee of Hawaii-based Seven Brothers Burgers acquired the asset for $11.1 million. Developed by Scottsdale-based Cavan Cos., 83 Marketplace features three buildings offering a total of 19,800 square feet. The buyer plans to open a Seven Brothers restaurant concept at the corner of the center. Other tenants of the property include Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful and Heartland Dental. Brian Gausden and Jake McClaughry of Western Retail Advisors represented the seller, Cavan Cos., while Scott Johnson of Omni Commercial represented the buyer in the transaction.

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AcquisitionsMultifamilyNevadaSeniors HousingWestern

Bascom Group Buys 72-Unit Seniors Housing Community in Boulder City, Nevada

by Amy Works

BOULDER CITY, NEV. — The Bascom Group has purchased Homestead at Boulder City, a seniors housing property located in the Las Vegas suburb of Boulder City, for $3 million. The name of the seller was not released. Built in 1999, Homestead at Boulder City features 72 apartments with an average unit size of 467 square feet. Situated on 6.4 acres, the community offers 71 parking spaces, a private dining room, atrium, library, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment and laundry facilities. Bascom plans to implement a renovation program that includes upgraded appliances, countertops, lighting, fixtures and wood plank flooring. Common-area improvements are planned for the leasing office, gym and entertainment lounges. Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Co. as the lender. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage arranged the sale. Apartment Management Consultants will provide property management and SD-CAP will provide construction management for the property.

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AcquisitionsGeorgiaIndustrialSoutheast

Dermody Properties Acquires Two Industrial Facilities at Gillem Logistics Center in Atlanta Totaling 548,040 SF

by John Nelson

ATLANTA — Dermody Properties has purchased two industrial facilities within Gillem Logistics Center, an industrial park in south Atlanta. The developer, locally based Robinson Weeks Partners, sold the assets for an undisclosed price. The properties include Building 700, a 169,520-square-foot facility, and Building 1200, a 378,520-square-foot building. Wes Hardy represented Dermody in the transaction on an internal basis, and Trey Barry of CBRE represented Robinson Weeks.

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AcquisitionsDevelopmentIndustrialTexas

Younger Partners Arranges Sale of 76-Acre Industrial Development Site in Grayson County, Texas

by Taylor Williams

GRAYSON COUNTY, TEXAS — Dallas-based brokerage firm Younger Partners has arranged the sale of a 76-acre industrial development site located along FM 1417 in Grayson County, about 70 miles north of Dallas. The site offers immediate proximity to Texas Instruments’ semiconductor manufacturing plant in Sherman and will be marketed to industrial users supporting that facility. John St. Clair, Davis Willoughby and Tyler Hemenway of Younger Partners represented the seller, a family estate, in the transaction. The buyer was a local entity doing business as Investment Catalysts LLC.

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AcquisitionsOfficeTexas

Newmark Brokers Sale of 120,789 SF Office Building in Southwest Austin

by Taylor Williams

AUSTIN, TEXAS — Newmark has brokered the sale of Plaza on the Lake, a 120,789-square-foot office building in southwest Austin. The three-story building was originally constructed on 4.6 acres in 1985 and underwent a $5 million renovation in 2021. Chris Murphy, Robert Hill and Gary Carr of Newmark represented the seller, an undisclosed institutional investment firm, in the transaction. The buyer was an affiliate of Austin-based Endeavor Real Estate Group.

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AcquisitionsLife SciencesMidwestOhio

IRA Capital Acquires 237,000 SF Life Sciences Campus in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — IRA Capital has acquired a 237,000-square-foot life sciences campus consisting of four buildings in the Easton submarket of Columbus. The purchase price was undisclosed. The property is near I-270, the John Glenn Columbus International Airport and across from Easton Town Center, the 1.7 million-square-foot retail destination. The buildings are mostly leased to biopharmaceutical company Sarepta Therapeutics and houses the company’s Gene Therapies Center of Excellence. Sarepta specializes in genetic medicines for rare diseases and has four FDA-approved drugs treating Duchenne Muscular Dystrophy. IRA closed the acquisition on an all-cash basis.

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AcquisitionsIllinoisMidwestRetail

Mid-America Negotiates Sale of 116,941 SF Marketplace at Six Corners Shopping Center in Chicago

by Kristin Harlow

CHICAGO — Mid-America Real Estate Corp. has negotiated the sale of Marketplace at Six Corners, a 116,941-square-foot shopping center in Chicago. Newmark Merrill purchased the asset for an undisclosed price. Anchor tenants include Jewel-Osco, Marshalls, PetSmart and Famous Footwear. Rick Drogosz of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. The property was managed by Pine Tree.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Brokers Sale of Granite Shores Multifamily Property in Suburban Minneapolis for $12.6M

by Kristin Harlow

ELK RIVER, MINN. — CBRE has brokered the sale of Granite Shores in the Minneapolis suburb of Elk River for $12.6 million. The 67-unit multifamily property is located at 633 Main St. NW. The asset was originally built as condominiums in 2008 and later converted into a rental property in 2011. Granite Shores features one- and two-bedroom floor plans averaging 996 square feet and an additional 9,803 square feet of ground-floor commercial space. Amenities include a fitness center, pet washing station, community room and outdoor deck. Keith Collins, Ted Abramson, Abe Appert and Drew Rafshol of CBRE represented the seller, Granite Shores LLC. Gary Hegenes was the buyer.

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1111-Sixth-Ave-San-Diego-CA
AcquisitionsCaliforniaMixed-UseOfficeWestern

Coworking Company Sells 70,602 SF Mixed-Use Building in San Diego for $7.8M

by Amy Works

SAN DIEGO — Marcus & Millichap has arranged the sale of The Arte Building, a mixed-use property in San Diego. Salwan Komo acquired the property from 1111 6th Ave LLC for $7.8 million. The seller operated its coworking business, Expansive, at the 70,602-square-foot building. At the time of sale, Expansive leased back approximately 35,000 square feet, resulting in the property being 80 percent occupied. Ross Sanchez and Nick Totah of Marcus & Millichap’s San Diego downtown office represented the seller and procured the buyer in the transaction. Located at 1111 Sixth Ave., The Arte Building was built in 1913 and extensively renovated in 2017. Amenities at the property include subterranean parking, a rooftop lounge, indoor lounge areas, conference rooms, phone booths and a game room.

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1005-1017-W-14th-Ave-Denver-CO
AcquisitionsColoradoMultifamilyWestern

Kaufman Hagan Commercial Real Estate Brokers $2.8M Sale of Multifamily Building in Denver

by Amy Works

DENVER — Kaufman Hagan Commercial Real Estate has arranged the sale of a townhome-style apartment building, located at 1005-1017 W. 14th Ave. in downtown Denver. The property traded for $2.8 million, or $350,000 per unit. The 15,033-square-foot building offers eight apartments. Brandon Kaufman of Kaufman Hagan Commercial Real Estate represented the undisclosed seller and buyer in the deal.

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