NORTHBROOK, ILL. — A joint venture partnership between Clear Height Properties and ICP Funds has acquired two light industrial buildings in Sky Harbor Industrial Park in Northbrook, a northern suburb of Chicago. The purchase price was undisclosed. The multi-tenant buildings total 93,059 square feet and are fully leased. The properties are located on Landwehr Road and Era Drive. Sean Devaney, Kurt Sarbaugh and John Huguenard of JLL brokered the transaction.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $5 million sale of a 60-unit apartment building located at 560-562 W. 175th St. in Manhattan’s Washington Heights neighborhood. The five-story, walk-up building was originally constructed in 1924 and includes two commercial spaces. Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer and seller, both of which were private investors, in the transaction. The deal traded at a cap rate of 8.8 percent.
NORFOLK, VA. — Houston-based Lovett Industrial and Chicago-based Heitman LLC have acquired Diamond Hill Distribution Center, a four-building industrial park in Norfolk spanning 720,000 square feet. The seller and sales price were not disclosed. Cushman & Wakefield brokered the transaction, and John Alascio of Cushman & Wakefield arranged an undisclosed amount of acquisition financing through Voya Financial on behalf of the buyers. Located on State Route 168 with adjacent access to I-64 and I-464, Diamond Hill is situated near Chesapeake and Virginia Beach, as well as the Port of Virginia’s Norfolk International Terminal and Virginia International Gateway port terminals. The park’s four buildings all have rail spurs that are activable for Norfolk Southern’s main line. The property was fully leased at the time of sale to four tenants and features a combined 96 loading positions, additional trailer parking, over 520 auto parking stalls and 27- to 29-foot clear heights. Lovett Industrial and Heitman have tapped Charles Dickinson of Harvey Lindsey Commercial Real Estate to lease and market Diamond Hill.
TEMECULA, CALIF. — Level Asset Capital has acquired Tower Office Plaza, an office property in Temecula, for $13.8 million. Located at 27555 Ynez Road, the four-story asset is situated within Tower Plaza, a grocery-anchored retail center. The four-story, 71,775-square-foot office building includes a two-story parking structure and an oversized pond water feature. At the time of sale, the property was 94 percent occupied with tenants ranging from medical providers to banking services. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE Investment Properties represented the seller, Providence Real Estate Group. Hugo Cosio of Level Asset Capital represented the buyer in the transaction.
SOUTH BRUNSWICK, N.J. — JLL has brokered the sale of a 216,000-square-foot warehouse in South Brunswick, located just outside of Trenton. Built in 1991, the cross-dock facility at 152 Ridge Road features a clear height of 30 feet and 33 loading docks and was fully leased at the time of sale to an undisclosed, third-party logistics company. The unnamed owner sold the asset to Atlanta-based Invesco Real Estate for an undisclosed price. Jordan Avanzato, Marc Duval, Nicholas Stefans, Jason Lundy, Jose Cruz and Conor Walsh of JLL brokered the deal.
LOS ANGELES — Lee & Associates – LA North/Ventura has brokered the acquisition of an industrial property located at 10643 Glenoaks Blvd. in the Pacoima neighborhood of Los Angeles. Greater Los Angeles Vector Control District, a local government health entity, acquired the asset from Glenoaks Partners for $13.1 million. Chris McKenzie of Lee & Associates – LA North/Ventura represented the seller in the transaction. The asset features 38,063 square feet of industrial space with 13,086 square feet of office space and high-power capabilities.
LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of an office building in Lakewood, a first-ring suburb of Denver. A private investor purchased the asset from a limited liability company for $2.1 million. Located at 3405 Yarrow St., the property offers 7,053 square feet of Class B office space. Built in 2023, the building is fully occupied by Stanbrick Dental and Dental Care Alliance. Erik Enstad, Chadd Nelson and Brandon Kramer of Marcus & Millichap’s Denver office represented the seller, while Chris Lind, Mark Ruble, Zack House and Sean Lenchner of Marcus & Millichap’s Phoenix office represented the buyer in the deal. Adam Lewis of Marcus & Millichap served as Colorado broker of record.
URBANA, ILL. — Berkadia has brokered the $38 million sale of Town & Country, a 662-unit multifamily property in Urbana. Located at 1032 E. Kerr Ave., the garden-style community offers convenient access to the University of Illinois. Town & Country was built in phases between 1970 and 2007, and was 98 percent occupied at the time of sale. Ralph DePasquale of Berkadia represented the seller, Colorado-based Monarch Investment and Management Group. The buyer was Michigan-based MF Capital. The transaction also included an adjacent 52-unit self-storage facility.
TECUMESH, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of the former Herrick Memorial Hospital property located at 500 E. Pottawatamie St. in Tecumesh, about 60 miles southwest of Detroit. The sales price was undisclosed. James Mitchell of Dominion represented the buyer, Greater Midwest Group LLC. The hospital operated as a 50-bed acute care facility until it closed in September 2020. The new owner plans to use the 188,179-square-foot property as a behavioral health facility.
VALLEY PARK, MO. — The Boulder Group has brokered the $2.5 million sale of a restaurant property occupied by Freddy’s Frozen Custard & Steakburgers in Valley Park, a western suburb of St. Louis. The building is located at 2945 Dougherty Ferry Road. Zach Wright and Brandon Wright of Boulder represented the seller, a Midwest-based development company. The asset sold to an all-cash 1031 exchange buyer based in the western U.S. This Freddy’s location features a long-term lease with 10 percent rental increases every five years. The lease is guaranteed by M&M Custard, the third-largest Freddy’s franchisee. Freddy’s maintains approximately 500 locations nationwide.
