CAMPBELL, CALIF. — Marcus & Millichap, on behalf of an individual/personal trust, has brokered the $1.8 million sale of a retail property in Campbell, a suburb of San Jose. Located at 2615 S. Bascom Ave. and 835 Union Ave., the property offers 5,896 square feet of multi-tenant retail space and ample parking. Yuri Sergunin and J.J. Taughinbaugh of Marcus & Millichap’s Palo Alto office represented the seller in the deal. The name of the buyer was not released.
CHICAGO — A joint venture between The Prime Group Inc. and CRG, the development and investment management arm of Clayco, has acquired the 40-story historic Jewelers Building in Chicago. Located at 35 E. Wacker Drive, the Jewelers Building comprises 556,200 square feet of rentable office space. The building is currently 70 percent occupied. Designed by Giaver & Dinkelber, the Jewelers Building was originally built in 1926. At the time of its completion, it was the tallest building west of New York City. The building is recognized by the National Register of Historic Places. Chicago-based architecture firm Goettsch Partners recently renovated the lobby, main entry and storefronts at the property. The price was not disclosed. According to CoStar, the price was expected to be more than $70 per square foot, which would equate to approximately $39 million. However, those numbers were based on Prime’s original offer in November before CRG was brought in as a partner. The previous owner had defaulted on over $50 million in debt on the building, according to multiple sources, leading to the sale. Although Prime Group’s initial plans for the property in November called for a potential hotel conversion, that concept has apparently been sidelined. As an existing tenant …
PLANO, TEXAS — Cushman & Wakefield has arranged the sale of the Plano Industrial Portfolio, a collection of eight buildings totaling 846,261 square feet located on the northeastern outskirts of Dallas. The buildings range in size from 53,833 to 210,560 square feet. At the time of sale, the portfolio was 100 percent leased to 15 tenants with an average tenure of 10 years. Jim Carpenter, Jud Clements, Robby Rieke, Madeleine Supplee and Trevor Berry of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was New York City-based investment firm DRA Advisors. The sales price was not disclosed.
KATY, TEXAS — JLL has brokered the sale of Banyan Kingsland Heights, a 97-unit build-to-rent residential complex located in the western Houston suburb of Katy. Built on 27 acres in 2021, Banyan Kingsland Heights features three- and four-bedroom floor plans with an average size of 1,876 square feet. Matthew Putterman, Jim Humphries, Daniele Colbertaldo and Rhett Robins of JLL represented the seller, Los Angeles-based Banyan Residential, in the transaction. The buyer was not disclosed.
ATLANTA — TSB Realty has brokered the sale of 100 Midtown, a 330-bed student housing community located near the Georgia Tech campus in Atlanta’s Midtown neighborhood. Pope & Land Real Estate purchased the property from an undisclosed seller. In addition to TSB Realty brokering the sale, TSB Capital Advisors acted as consultant for acquisition financing with First Carolina Bank. 100 Midtown offers fully furnished two- and four-bedroom units. Shared amenities include a fitness center, clubhouse, film lounge, business center and private study rooms. The property was originally developed in 1968 and repositioned as student housing in 2004. The community was 98 percent occupied at the time of sale.
FLORENCE, KY. — Walker & Dunlop has negotiated the sale of Legacy Living Florence, a 128-unit seniors housing community in Florence, just south of Cincinnati. Built in 2022, Legacy Living features independent living, assisted living and memory care units. The buyer was an undisclosed REIT. The seller and sales price were also not disclosed. Alex Vice, Joshua Jandris and Brett Gardner led the Walker & Dunlop Investment Sales team in brokering the sale.
CHATTANOOGA, TENN. — Marcus & Millichap has secured the $5.3 million sale of South Terrace Plaza, a 46,700-square-foot retail center located at 5076-5084 S. Terrace in Chattanooga. The property is shadow-anchored by AMC Theatres and is located near the I-75 transition into I-24. South Terrace Plaza was 94 percent leased at the time of sale to 12 tenants that have an average 23-year tenure at the property. According to Marcus & Millichap, six new leases were executed at the center in the past year. Zach Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office represented the seller, a Tennessee-based developer, in the transaction. Jody McKibben of Marcus & Millichap served as the broker of record in Tennessee in the deal. The buyer was not disclosed. “The strength of the Chattanooga market and the significant upside potential of the center created a highly competitive bid process for this property,” says Taylor.
DETROIT — Bedrock has acquired the Millender Center, including the attached garage and retail atrium, in Detroit for an undisclosed price. Completed in 1985, the 729,079-square-foot property includes 1,738 parking spaces and eight dining and retail tenants. Current Millender Center tenants will continue to occupy the eight-story building. Bedrock says the acquisition provides synergies to its Courtyard Detroit Downtown hotel property as well as mixed-use amenities in the area. An affiliate of General Motors Co. was the seller, according to Crain’s Detroit Business. The property is situated across from GM’s Renaissance Center. Bedrock, the real estate arm of Quicken Loans founder Dan Gilbert, has invested more than $7.5 billion to developing and restoring over 140 properties totaling 21 million square feet since 2011.
BROOKFIELD, WIS. — Mid-America Real Estate has brokered the sale of the Galleria West shopping center in the Milwaukee suburb of Brookfield for an undisclosed price. Located at 18900 W. Bluemound Road, the property totals 65,000 square feet. Tenants include Allen Edmonds, Allure Intimate Apparel, Picardy Shoe Parlour, Bullwinkle’s and Kopp’s Frozen Custard. Dan Rosenfeld of Mid-America represented the buyer, Last Mile Investments, a North American Properties portfolio company based in Cincinnati. Rosenfeld also represented the seller, Galleria West Associates, which has owned and operated the center since the early 1980s. Last Mile Investments plans to begin capital improvements shortly, including a new 20-foot monument sign to enhance visibility for tenants, façade improvements to refresh the exterior and enhanced patio opportunities to accommodate future restaurants and retailers. Andrew Prater of Mid-America will handle leasing.
ELLENSBURG, WASH. — Community Preservation Partners (CPP) has purchased Crestview Terrace, an affordable housing development in Ellensburg, approximately 110 miles southeast of Seattle. Terms of the transaction were not released. CPP plans to renovate the 168 units at Crestview Terrace, which was built in 1970 and last renovated in 2008. Comprising 76 single-story buildings, the community offers 95 one-bedroom, 36 two-bedroom, 26 three-bedroom and nine four-bedroom units. The property is restricted to residents earning between 40 percent and 50 percent of area median income. Interior upgrades will include the installation of new kitchen cabinets, countertops, flooring, Energy Star refrigerators, dishwashers, ranges, hoods, sinks faucets, low-flow toilets and showerheads, mini-split HVAC units, water heaters, ceiling fans and LED lighting. Exterior upgrades will include window replacement, new roofing and siding, sealcoat and striping of the parking lot, landscape improvements, ADA unit conversions and path-of-travel improvements, as well as the addition of a dog park and community garden. Construction is scheduled to begin this month, with completion slated for July 2025. Each household will be temporarily relocated for seven to 10 days at no cost to the tenants, after which they will return to a fully renovated apartment. The property’s affordability status was set …
