PHOENIX — Westwood Financial has sold Ahwatukee Mercado, a 125,716-square-foot retail center in Phoenix. A private buyer bought the asset for an undisclosed price. Built in 1985, Safeway anchors the property. Other tenants at the center, which was 95 percent leased at the time of sale, include Great Clips, H&R Block, Subway, Dogtopia and Biscuits Restaurants. Westwood acquired the center in 2019.
SAN DIEGO — Beta Agency has arranged the $5.8 million sale of a freestanding retail property in San Diego. CVS/pharmacy occupies the 16,972-square-foot building. Adam Friedlander of Beta represented the buyer, a private local investor. Connor Olandt of Matthews REIS represented the seller, Tian Ren Di LLC.
CHICAGO — Interra Realty has brokered the $4.2 million sale of a three-building multifamily portfolio in Chicago’s Pilsen neighborhood. The 14-unit building at 1924 S. Throop St. underwent recent capital improvements that included new exterior doors, freshly painted hallways and LED lighting. The property was 43 percent vacant at the time of sale. The building on South Oakley Avenue features 10 units with renovated kitchens, bathroom and flooring. The property also includes one ground-floor retail space and has received a new rear porch, window replacements, a new perimeter fence and electrical upgrades. Located at 2300 W. 23rd St., the third property in the portfolio features seven apartment units and one ground-floor retail space. Most of the units have undergone renovations such as updated kitchens, bathrooms and flooring. Additional improvements include in-unit electrical upgrades and new individual HVAC and tankless hot water systems. Jeremy Morton of Interra represented both the private buyer and seller.
ELK GROVE VILLAGE, ILL. — Colliers has arranged the sale-leaseback of a 49,793-square-foot industrial service facility in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. Located at 700 Chase Ave., the property is home to RT Group Logistics. The trucking company signed a lease to remain at the property, which includes a truck maintenance facility with parking for 40 trailers. Patrick Turner, Tom Rodeno and Joe Connor of Colliers represented RT Group in the sale. The undisclosed buyer plans to make improvements to the property when the tenant’s lease expires in three years.
MARLBOROUGH, MASS. — Pharmaceutical giant Moderna Inc. has acquired a newly constructed biomanufacturing facility totaling 140,000 square feet in the Boston suburb of Marlborough for $91 million. Oxford Properties Group sold the speculative property, which is located at 149 Hayes Memorial Drive. Oxford originally acquired the vacant, 24-acre site in 2021 and developed it into a two-story, purpose-built biomanufacturing facility. The development features a clear height of 36 feet, four loading docks and multiple freight elevators. The facility is scheduled to open in late 2024 after undergoing substantial build-out for Moderna, which plans to generate more than 200 new jobs in Marlborough by 2026. “While initially developed with a plan to lease the asset and hold for the long term, Moderna’s unsolicited offer to acquire the property allowed us to expedite our business plan execution,” says Chad Remis, Oxford’s North America executive vice president. Oxford’s biomanufacturing portfolio in North America totals 1.4 million square feet with an additional development pipeline of roughly 600,000 square feet. Its largest concentration of facilities is in the Boston region. The Boston metro area ended 2022 with $6.7 billion in life sciences venture capital funding, according to Oxford. “Boston continues to be an unparalleled market …
HENRICO AND MIDLOTHIAN, VA. — H.I.G. Realty Partners has purchased a shopping center portfolio for $110 million and formed a joint venture partnership with Rosenthal Properties and FarmViewVentures. Totaling 592,000 square feet, the portfolio includes Parham Plaza, Ridge Shopping Center and Staples Mill Square in Henrico, roughly 10 miles outside Richmond, and Stonehenge Village Center in Midlothian, roughly 15 miles outside Richmond. The portfolio was approximately 95 percent leased at the time of sale to tenants including Wegmans, Walmart, The Fresh Market and Aldi. Todd Soloway, Danielle Schechner, Ari Tran, Benjamin Teig, Kyle Miller, Nicholas Ratsep, David Saltzman and Michael Kumar of Pryor Cashman represented H.I.G in connection with the acquisition and financing of the shopping center portfolio. The seller and direct lender for the acquisition financing were not disclosed.
MIAMI BEACH, FLA. — CBRE has brokered the $15 million sale of Greenview Hotel, a 45-room boutique hotel located at 1671 Washington Ave. in Miami Beach. Natalie Castillo and Austin LaPoten of CBRE Hotels represented the seller, an entity doing business as Greenview Hotel LLC, in the transaction. The buyer was a private investor with other South Florida hotels in its portfolio.
ORLANDO, FLA. — Marcus & Millichap has arranged the $7.2 million sale of a single-tenant building located at 2701 South Orange Ave. in Orlando. CVS occupies the building, which comprises 13,616 square feet, on a net-lease basis. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap represented the undisclosed seller in the transaction.
HILLIARD, OHIO — Tempus Realty Partners has sold a 114,485-square-foot industrial building in Hilliard, a northwest suburb of Columbus. An entity doing business as DP 149 LLC purchased the asset for $7.6 million. The property is fully leased to metal fabricator S&G Manufacturing and features seven dock doors, three overhead doors and clear heights ranging from 20 to 24 feet. Tempus, an Arkansas-based real estate investment partnership, acquired the building in December 2020 for $5.7 million.
LESLIE, MICH. — Friedman Real Estate has brokered the sale of a 123,596-square-foot industrial facility in Leslie, about 24 miles south of Lansing. The sales price was undisclosed. The property sits on nearly 15 acres at 815 Rice St. Friedman’s Ryan Stipp represented the seller. Additional terms of the transaction were not provided.