ST. CHARLES, ILL. — Greenstone Partners has negotiated the $1.9 million sale of a 4,083-square-foot, two-tenant retail center located at 2701 E. Main St. in St. Charles. The property, which features a drive-thru, is occupied by Dunkin’ and Options Medical, a weight loss facility with 40 locations across the U.S. Both tenants operate under net lease structures. Brewster Hague, AJ Patel and Tom Galvin of Greenstone represented the seller, a private partnership. The buyer was a local investor.
MADISON, N.J. — JLL has brokered the sale of 2 Giralda Farms, a 146,366-square-foot office building located within the 181-acre Giralda Farms corporate campus in the Northern New Jersey community of Madison. The four-story building, which was constructed in 2001, formerly served as the U.S. headquarters for global shipping giant Maersk before being leased by pharmaceutical company Merck through mid-2025. Jeremy Neuer, Jose Cruz, Ryan Robertson, Tim Greiner and Mike Pietrowicz of JLL represented the undisclosed institutional seller in the transaction. The team also procured the buyer, a subsidiary of Gellert Global Group.
MEMPHIS, TENN. — The City of Memphis has acquired the Sheraton Memphis Downtown, a 600-room hotel located at 250 N. Main St. in downtown Memphis. The seller, an undisclosed institutional hotel investment firm, and the sales price were not disclosed, though local media outlets are reporting the asset traded for $22 million. Spencer Davidson and Tim Osborne of Hunter Hotel Advisors brokered the transaction. The city is partnering with Carlisle Development Group to overhaul and rebrand the property as Marriott Hotel Downtown Memphis. The hotel currently features 18,131 square feet of onsite meeting space, an indoor pool, fitness center and direct access via an enclosed skywalk to the 300,000-square-foot Renasant Convention Center, which recently underwent a $200 million modernization. Specific plans and construction timelines for the hotel redevelopment project were not released.
MESA, ARIZ. — Chicago-based investment firm Rockwell Property Co. has acquired Cimarron Apartments in the Phoenix suburb of Mesa for $33 million. The seller was a local family that had owned Cimarron as part of a portfolio for approximately 10 years. The acquisition marks Rockwell’s sixth purchase in Arizona and the first in the city of Mesa. Built in 1985, the 210-unit garden-style community spans about 5 acres and features gated parking, an interior courtyard, a fitness center, a resort-style pool and hot tub, a dog park and a lawn games area. Rockwell is planning a value-add program that will focus on select unit upgrades and amenity enhancements. The site includes developable land for additional apartments on the northeast corner of the site.
BEAUMONT, CALIF. AND PHOENIX — Brixton Capital has recapitalized two of its grocery-anchored retail properties in a joint venture with TriPost Capital Partners, which acquired a stake in the two-property portfolio. This transaction marks the second investment out of TriPost’s Asset Solutions strategy. The portfolio includes Marketplace Beaumont, a 177,000-square-foot shopping center in Beaumont, and Palmilla Center, a 104,000-square-foot property in Phoenix. Marketplace Beaumont is 99 percent occupied by Aldi, Ross, HomeGoods and Best Buy, and Palmilla Center is 99 percent occupied by OfficeMax, PetSmart and Dollar Tree.
NORTH OGDEN, UTAH — Blueprint has brokered the sale of The Lodge at North Ogden, a 122-unit senior living property located in North Ogden, roughly 50 miles north of Salt Lake City. Opened in 2019, the community features independent living, assisted living and memory care residences. An undisclosed, non-traded REIT partnered with a regional operator and acquired the property for an undisclosed price. Amy Sitzman and Giancarlo Riso of Blueprint arranged the transaction on behalf of the seller.
ROLLING MEADOWS, ILL. — Marcus & Millichap has brokered the $12.5 million sale of a 130,200-square-foot retail property occupied by Walmart in the Chicago suburb of Rolling Meadows. Built in 2000 and renovated in 2016, the single-tenant property sits on 9.8 acres at 1460 Golf Road. Walmart, which recently signed a long-term lease extension with an absolute net structure backed by a corporate guarantee, has occupied the space for nearly 25 years. Ashish Vakhariya, Seth Haron, Darin Gross and Steven Weinstock of Marcus & Millichap represented the private equity fund seller and procured the institutional buyer.
ALBERTVILLE, MINN. — Colliers has negotiated the $11.2 million sale of Albertville Meadows, a 75-unit affordable housing community in the Twin Cities suburb of Albertville. Built in 1993, the property is located along I-94. The asset benefits from Minnesota’s new 4d(1) property tax classification, effective 2025, which implemented a major tax reduction for affordable housing properties. Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of Colliers represented the seller, Dominium. The buyer was undisclosed.
HOUSTON — Whitestone REIT has purchased Ashford Village Center, an 81,407-square-foot grocery-anchored shopping center located in Houston. Ashford Village Center was originally built in 1979, according to LoopNet Inc. Tenants include Thanjai Mess, Ramen Bar Ichi, Japan House, Dollar Tree, Giggles and Fun, Salon Village and Japanese grocer Seiwa Market, which anchors the property. John Indelli, Ryan West, Dawson Hastings and Max Myers of JLL represented the seller in the transaction.
HAVERTOWN, PA. — CBRE has brokered the sale of The Quarry Center, a 222,512-square-foot shopping center in Havertown, located west of Philadelphia. Grocer Giant and Lowe’s Home Improvement anchor the center, which was fully leased at the time of sale. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE represented the seller, an entity doing business as Quarry Center Limited Partnership, in the transaction. The team also procured the undisclosed buyer.
