DENVER — Asset Preservation has completed the disposition of an office property located at 1321 N. Bannock St. in Denver. DAMF Realty acquired the asset for $8.1 million. Kittie Hood of Newmark represented the buyer in the transaction. Further details were not disclosed.
MOKENA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Prairie Crossings, a 109,079-square-foot shopping center in Mokena, a southern suburb of Chicago. Tenants at the property include Chipotle, Panera, Hair Cuttery, Massage Envy, Botti Chiropractic and Sloan Stevens Salon. Rick Drogosz, Ben Wineman and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. First-Tek Inc. was the buyer. Pine Tree served as property manager.
INVER GROVE HEIGHTS, MINN. — Marcus & Millichap has brokered the $7.5 million sale of The Commons, a four-building multifamily property in Inver Grove Heights, a southern suburb of St. Paul. Located at 8213 College Trail and constructed in 1987, the community features 60 units. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed buyer and seller. The property has undergone renovations for new countertops, appliances and cabinetry.
BOCA RATON, FLA. — Basis Industrial, a privately held real estate owner and operator headquartered in Boca Raton, has acquired four commercial properties in Florida and Texas for a total of approximately $160 million. Bank United, Banesco and Thorofare provided roughly $110 million in financing for the transaction. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the borrowers, Basis and NexPoint, providing the remaining funds. In addition to the acquisitions, the loans and equity will fund a $60 million refinancing for two of the borrowers’ existing commercial properties in Florida. The six properties, including those being refinanced, total over 1.3 million square feet. The four acquired properties include: The properties that Basis refinanced were Crystal Pointe and Gateway & Commercial Point. Crystal Pointe is a 96,888-square-foot property located at 4500-4870 North Powerline Road in Deerfield Beach, Florida. Crystal Pointe is currently 100 percent leased. Gateway & Commercial Point is a 253,701-square-foot asset located at 7550-7800 Southland Blvd. in Orlando. The property is currently 97.6 percent leased. “This is a huge step for Basis’ growth and my vision,” says Daniel Weinstein, founder and CEO of Basis Industrial. “We expect to add millions of square feet over the next few years in targeted …
ATLANTA — Investors in the multifamily sector are having trouble getting deals done in 2023, and 2024 isn’t looking to start out much better. The culprit is the bid-ask spread — the gap between what sellers believe their property is worth and what buyers are willing to pay. That’s according to a panel of multifamily investors, several of whom described transacting in the present environment to be a “slog.” The panel, titled “Investment Outlook: When will the Bid-Ask Gap Narrow, the Market Stabilize and Transactions Resume in Earnest?,” was held yesterday at France Media’s InterFace Multifamily Southeast conference at the Westin Buckhead in Atlanta. The panel included Brian Grant, senior vice president of acquisitions of Equity Residential; John Leonard, first vice president/regional manager of Marcus & Millichap; Eddy O’Brien, managing partner and co-founder of Blaze Capital Partners; Matt Trammell, chief financial officer of Wood Partners; Kristina Lynn, senior director, of housing and alternative investments in the Americas at Nuveen Real Estate; and moderator Paul Berry, president and chief operating officer of Mesa Capital Partners, who recently joined the firm from CBRE. Berry kicked off the discussion by noting that “the bid-ask spread affects all of us.” While he noted that …
LAS VEGAS — Calmwater Capital has provided $23.2 million in short-term, first-mortgage debt to a Los Angeles-based private investor for the purchase of Decatur 215 Plaza, a shopping center in northwest Las Vegas. Built in 2013, the 126,678-square-foot property is fully leased to a mix of national and regional tenants including Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. Approximately 90 percent of the tenants have occupied the center since 2016. Zachary Novatt, Larry Grantham and DaJuan Bennett of Calmwater originated the loan for the borrower.
RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant retail property located at 9008 Foothill Blvd. in Rancho Cucamonga. Red Mountain Group sold the asset to Celery Realty Investments LLC for $4.9 million in an all-cash deal. Dollar Tree occupies the 16,560-square-foot property on a triple-net, 10-year, corporate-backed lease. Brad Umansky, Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the seller, while Katherine Quach and Wendy Wong of Treelane Realty Group represented the buyer in the deal.
ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of Superior Self Storage of Rockford, a 31,210-square-foot self-storage facility in Rockford. The sales price was undisclosed. Located at 1711 York Ave., the property features 204 non-climate-controlled units, an onsite manager’s office, four rental apartments and one-single family residence. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company.
DALLAS — Lee & Associates has brokered the sale of a 9,800-square-foot industrial building in West Dallas. According to LoopNet Inc., the single-tenant building at 9101 Sovereign Row was originally constructed in 1957. Stephen Williamson of Lee & Associates represented the undisclosed seller in the transaction. Turner Peterson of Mercer Co. represented the buyer, Apel Construction Services.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty has arranged the $10.7 million sale of a portfolio of four multifamily buildings totaling 17 units in Brooklyn. The portfolio includes a five-unit building at 461 Lorimer St.; a four-unit building at 110 S. Second St.; a two-unit structure at 384 S. Second St.; and a six-unit property at 211 Johnson Ave. Each of the buildings rises three stories and was built between 1910 and 1920. Ben Khakshoor, Alex Fuchs, Aaron Jungreis and Eli Shayestehpour of Rosewood represented the buyer, Mendel Gold, and the seller, a private family, in the transaction.